SVR - Savor Ltd (Formerly MOA)

[Balance]

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.

They were 'in-the-money' options effectively and valued as such, would be worth around 25 cents per share to the holders at least - so they have certainly cost shareholders.

If they were really honorable, they would either take up the pref shares (cash for the company) or forgo the rights issue.

They convinced the market their ideas were worth tens of millions of dollars - be really great if they put some of their own millions to back up the ideas?

[biker]

They were 'in-the-money' options effectively and valued as such, would be worth around 25 cents per share to the holders at least - so they have certainly cost shareholders.

If they were really honorable, they would either take up the pref shares (cash for the company) or forgo the rights issue.

But they weren't in the money. Never have been.


They have foregone the rights issue by redeeming the shares! ( which they were entitled to take up)

[Balance]

But they weren't in the money. Never have been.


They have foregone the rights issue by redeeming the shares! ( which they were entitled to take up)

My understanding is that if they take up the rights, the price of the prefs are then locked in at $1.25?

So better for them to forego the rights.

[biker]

My understanding is that if they take up the rights, the price of the prefs are then locked in at $1.25?

So better for them to forego the rights.

The rights attached to the prefs were unrelated to share price but they have been redeemed, so there are now no pref rights to take up.

[winner69]

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

If Moa even get within cooee of Little World Beverages (Little Creatures) they will have done very well

Little World returned over 500% profit from IPO to when Kirin took them over for A$350m odd

The inflated multiple mentioned only resulted because Kirrin wanted total control (had 35% odd) and at the end of the day the cost was really peanuts .... and don't forget that Little World was a real business making real profits.

Even mentioning Little World seems to confirm that Ross is more keen on the premium bulk stuff rather than true 'craft beer'. I would not have called Little Creatures 'craft beer' but at $12 a bottle at Shed 5 it sure is expensive.

Don't know if the LWB thread still exists but it was fun while they existed.

[noodles]

I tried their sessionable brew this week. It reminds me of my old home brews. Cloudly with sediment and a wierd flavour. Still is was better than montieths new southern ipa.

[klid]

I think the 23 pages on here are enough to tell you whether to invest in MOA or not...

Shoulda bought then sold eh looks like it's still going to trend down???

About their beer, quite nice. Noticed at the start you'd pay quite a lot for a 6 pack. Now you see a 12 box for about $22.

[warthog]

Link for the Moa people:
http://m.motherjones.com/tom-philpot...t-beer-revival

[whatsup]

Todays buy = .31, sell = .56 !!

[goldfish]

Yes whatsup with the depth, i thought it was a error at first.