SVR - Savor Ltd (Formerly MOA)

[Schrodinger]

Isnt Moa's real game overseas? Having a domestic market is great but I thought they were heavily focused on exporting the stuff. One concern is WTF is happening with the Brewery? Most of the cash was raised for this purpose. Good to see volumes improve and hence this can help with margins (making it a more common purchase means then hopefully can charge more in future) and ultimately profitability.

[biker]

Who here has tried and will continue to drink Moa beer?

I really enjoy the Sessionable pale ale. RRP about $30 a dozen but buy it at around $24 usually. A good hoppy beer not too high in alcohol. ( 4.7%)

[sommelier]

Back out. 16m share capital raising on 30.4m share market cap doesn't really appeal to me. In the past year rights issues have consistently acted as price targets.

[Balance]

Notice how the company is now going to redeem the preference shares issued to major shareholders, directors and management at $1.25 per share? These shares were funded by interest free loans from Moa and convertible at $1.25 per share to ordinary share.

Heads they win, tails you lose.

[sommelier]

65,000 share sell at 50c just disappeared. 86,000 share buy at 50c just appeared.

[Balance]

65,000 share sell at 50c just disappeared. 86,000 share buy at 50c just appeared.

They will be doing their best to massage the share price to achieve whatever outcome they want?

[Balance]

No wonder once you're into the big boys club it's hard as hell to fall out. Screw the little guy eh?

The small guys piled into the IPOs of Ecoya and Moa - nobody asked them to.

[biker]

Interesting valuation references from the meeting yesterday.


Market cap of Moa, assuming pricing of 50 cents is $15m
($2.0m cash on hand)
Emerson - (Lion bought brand only) for $8m
(Moa more than 6x bigger)
Tuatara - We understand valued at approximately $9.0m
(Moa significantly bigger than Tuatara, estimated more than double)
Little Creatures - 5.5x net revenue when bought by Lion in 2012

[Balance]

Interesting valuation references from the meeting yesterday.


Market cap of Moa, assuming pricing of 50 cents is $15m
($2.0m cash on hand)
Emerson - (Lion bought brand only) for $8m
(Moa more than 6x bigger)
Tuatara - We understand valued at approximately $9.0m
(Moa significantly bigger than Tuatara, estimated more than double)
Little Creatures - 5.5x net revenue when bought by Lion in 2012

These guys spend too much time at the AGM talking about the share price when they should be focused 100% on delivering on their prospectus forecasts.

They obviously had huge valuations for their ideas - and enough of the market bought the valuation - refer Ecoya as well, but in getting the company to redeem their preference shares, show they have no real conviction.

Just remember Ross's marketing background when you read anything from them.

So far, investors have made bugger all from their ideas combined - 42 Below, Ecoya and Moa.

But they have reaped huge fees and salaries from their 'ideas'.

Good on them but beware.

[biker]

Notice how the company is now going to redeem the preference shares issued to major shareholders, directors and management at $1.25 per share? These shares were funded by interest free loans from Moa and convertible at $1.25 per share to ordinary share.

Heads they win, tails you lose.

Balance, these preference shares were effectively cancelled by the Board. They were only ever going to be of interest if the share price reached 2.2x the IPO price (ie $2.75) after 3 years. when they could be taken up by paying $1.25
Because they were issued shares, they were effectively financed on the books by a non recourse loan. There has been no gain whatsoever to the holders or cost to shareholders.
These shares were also entitled to the rights issue regardless of the current shareprice being well below $1.25. However, the board decided that wasn't really fair so redeemed or effectively cancelled them and they are now a total non issue. I think in this case the board has acted honourably.