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Thread: Blue Sky Meats

  1. #51
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    Quote Originally Posted by percy View Post
    And to think I thought they were not worth buying at $1.30...
    Wrong again...lol
    $1.30 only valued the company at $15m, but share price hasn't really gone anywhere for years and divvy's haven't been a compelling to buy in.

  2. #52
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    Blu_Takeover_Notice2.pdf (usx.co.nz)

    Looks like the 3rd largest shareholder (Blue Star) is on board, giving them 46%.

    Saying BSP needs an investment of $30m for capital expenditure.

  3. #53
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    Further takeover documents here:

    Letter_-_Despatch_Notice.pdf (usx.co.nz)
    Question #8551 - Project Citrus Tree (Sell side_Target) (usx.co.nz)

    Interesting comment in one of the documents:

    Participants in New Zealand’s meat processing sector, including Blue Sky, are currently experiencing very favourable trading conditions. In seven month-period to 31 January 2022, Blue Sky’s earnings before interest, tax, depreciation and amortisation (“EBITDA”) was $11,358,777 (based on unaudited management accounts).1 This represents a 1340% increase in earnings in comparison to EBITDA in the prior comparative period (being, an EBITDA loss of $(915,817) for the seven-months to 31 January 2021)

  4. #54
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    Quote Originally Posted by Sideshow Bob View Post
    Further takeover documents here:

    Letter_-_Despatch_Notice.pdf (usx.co.nz)
    Question #8551 - Project Citrus Tree (Sell side_Target) (usx.co.nz)

    Interesting comment in one of the documents:

    Participants in New Zealand’s meat processing sector, including Blue Sky, are currently experiencing very favourable trading conditions. In seven month-period to 31 January 2022, Blue Sky’s earnings before interest, tax, depreciation and amortisation (“EBITDA”) was $11,358,777 (based on unaudited management accounts).1 This represents a 1340% increase in earnings in comparison to EBITDA in the prior comparative period (being, an EBITDA loss of $(915,817) for the seven-months to 31 January 2021)
    That is an incredible turn around.

  5. #55
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    I believe in the New Zealand primary produce sector, but it’s so bl**dy hard to invest into. And as a Bluesky shareholder, I’m p*ssed off.
    What I’ve got is Southern Lamb telling me that Bluesky is a company with a great future, which is worth a lot more than the current market valuation, and that they’re prepared to pay me well over that valuation for my shares.

    All well and good. Indeed hoorah!

    However the long-term intention is to take the company private by delisting from Unlisted, while what I want is to participate in this growth story.

    As things stand, if I don’t sell, I’m up for my share of a $30m capital raising in an illiquid company from which I have no clear exit, with the added risk of a compulsory purchase if Southern Lamb crack the 90% threshold.

  6. #56
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    Quote Originally Posted by GTM 3442 View Post
    I believe in the New Zealand primary produce sector, but it’s so bl**dy hard to invest into. And as a Bluesky shareholder, I’m p*ssed off.
    What I’ve got is Southern Lamb telling me that Bluesky is a company with a great future, which is worth a lot more than the current market valuation, and that they’re prepared to pay me well over that valuation for my shares.

    All well and good. Indeed hoorah!

    However the long-term intention is to take the company private by delisting from Unlisted, while what I want is to participate in this growth story.

    As things stand, if I don’t sell, I’m up for my share of a $30m capital raising in an illiquid company from which I have no clear exit, with the added risk of a compulsory purchase if Southern Lamb crack the 90% threshold.
    Possibly SFF meets all your critera;\
    Multiple plants.
    Diversified .ie Beef,Lamb and Venison.
    Strong balance sheet . no need for further capital.
    Great cash flow from operations.
    Pays an excellent fully imputed dividend.
    Liquidity a lot better than Blue Skies.
    Trading at a huge discount to NTA.
    Last edited by percy; 20-03-2022 at 11:13 AM.

  7. #57
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    Quote Originally Posted by percy View Post
    Possibly SFF meets all your critera;\
    Multiple plants.
    Diversified .ie Beef,Lamb and Venison.
    Strong balance sheet . no need for further capital.
    Great cash flow from operations.
    Pays an excellent fully imputed dividend.
    Liquidity a lot better than Blue Skies.
    Trading at a huge discount to NTA.
    Thanks Percy.

    They do indeed tick all the boxes, especially with an entry price of about 40c all those years ago - around the time of the speculation as to whether they'd be able to repay their bond issue.

    And now, where else is there in the NZ primary sector to stick the Bluesky money? Apart from the usual suspects like SCL,SEK, ALF, PGW, SML & ATM of course. . .

    NZ Merino looks promising, but I'm wide open to suggestions!
    Last edited by GTM 3442; 20-03-2022 at 11:51 AM.

  8. #58
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    Quote Originally Posted by GTM 3442 View Post
    Thanks Percy.

    They do indeed tick all the boxes, especially with an entry price of about 40c all those years ago - around the time of the speculation as to whether they'd be able to repay their bond issue.

    And now, where else is there in the NZ primary sector to stick the Bluesky money? Apart from the usual suspects like SCL,SEK, ALF, PGW, SML & ATM of course. . .

    NZ Merino looks promising, but I'm wide open to suggestions!
    Agree NZ Merino looks interesting.
    I hold a reasonable holding in SEK and a lot smaller holding in the wife's name ALF.
    Sold out of SCL some time ago,but still rate them highly.
    PGW appears fully priced to me and I do not hold ATM or SML.REL I no longer follow.
    My largest holding is PAZ.Covid logistics have caused them huge delays,however their growth path looks very exciting.
    My second largest holding is SFF.
    Last edited by percy; 20-03-2022 at 12:33 PM.

  9. #59
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    Thanks again Percy. Much appreciated.

    As I have complained before - "It's so bl**dy hard to put money into New Zealand Primary Sector".

  10. #60
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    Quote Originally Posted by GTM 3442 View Post
    Thanks again Percy. Much appreciated.

    As I have complained before - "It's so bl**dy hard to put money into New Zealand Primary Sector".
    I totally agree with you. I have a very large proportion of my portfolio in primary producers, PAZ, SFF, SEK and PGW. But my 2 biggest are on the Unlisted with the added risk of lack of liquidity and SFF, as great an investment as it has been and continues to be for me (can´t wait for the upcoming annual results announcement), also has the added complication of being a co-op. Which is a great strength for the company but an added risk & complication for none supplier SH.

    Some time ago (couple of years !) I remember reading about a potential ETF type fund for primary producers in NZ, which I though was an interesting and wortwhile idea. Haven´t heard anything more about it since !
    It is very disappointing for such a huge primary producer as NZ is, that we have such limited investment opportunities for retail investors.

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