Just thought I would drop a message tonight, just to get the anger out of my system. Then hopefully I can start being a normal person again (as far as i can be). Not usually so emotional about a stock but I guess that as a former victim of the debacle of Bellamy's I am so disappointed. Its not about my loss, since the high I am $1 million dollars down (still well in the green but that's not the point). I also have no intention of selling. So why angry?
I embrace the product, the fair price given to farmers, the welfare standards and the deliciousness of the product. I am still a believer in a2.
1. I have a professional occupation that I take very seriously. As a forensic accountant I am accredited with two separate bodies and take my obligations seriously and am very aware of the legal ramifications of stepping outside those worlds. For the life of me I cannot see how this management team, and BOD have gotten it so wrong? Not in a month, nothing has changed or what they talked about last month just pissing in the wind and we were downstream? Where is the accountability? I was waiting for a message from the Boss (the CEO not the joke of a Chairman), but nothing yet, no doubt any communication is being held up by their legal team (real value add)
2. I have written to them on three separate occasions through the proper channels asking them to explain the shortage / no IF product on numerous high volume stores and feed back from Store managers saying they just cant get hold of it and have eventually surrendered the shelf space to others. At the time I did think it was demand led, but the lack of response from a2 to a shareholder with over 100K shares (not that that should matter), makes me feel like they couldn't give a shxt and someone is asleep at the wheel. LOST SALES right here in Oz, is unforgivable. Lack of response to a shareholder (read owner) unforgivable. You know I got a call from the CFO of Bellamy's (the new one Nigel) when I raised a query there, got my money back and moved on. That's called Integrity.
3. I don't want a share buyback scheme, I don't want Dividends. I want action, I want accountability, I want shareholders to be valued and I want my MY MONEY working for me. Not sitting in a bank losing $100's millions every year in opportunity costs. The model hasn't changed and before anyone says yes it has, I mean the product is excellent, its the delivery, range and diversity of customer that's the issue. Lots of highly paid management and really in the four years I have been a shareholder, not that many ideas. The Daigou issue should have been managed out ages ago, yes this is a Pandemic but have you heard of Crisis Management? Its a Risk Management basic.
4. Yes I am annoyed I have "lost" a million dollars (don't cry for me I have cash elsewhere that's doing ok). I expect some management buy back or surrender of share profits from the management team who must have known (whatever way I cut it I just cant see how sales have dropped that much in a month). I know neither will happen. Feels like Enron encouraging their staff to buy shares (not execs) and then shafting them. Heads (not a head) should roll. Again I don't think that will happen. The last industry I consulted in, and it was a Government body, that had a major material issue the entire board and most of the Exec was rolled.
The industry I am working in now.....not to blow my own trumpet but I run risk, we planned, had planned and stayed open. Operating costs increased, investment in innovation increased four fold, a lot of people have had no holidays, worked in difficult situations, and some sales steams disappeared (one of which was 40% of our revenue) but we still increased revenue by 60% and returned more money to shareholders than ever before (during a pandemic). we flexed, we had multiple action plans, we increased our sales footprint and increased our customer base by 44% (by looking at opportunities other industries weren't taking). Our management team receive a salary and NO bonus.
5. Someone said today that maybe the management team have just been sitting there and things have happened for them in the past (fate), I think that a little unfair, but I do think that have been found out. I have always worried about many multi millionaires running a company for many years and how they maintain their passion...maybe they don't. Maybe Jayne wasn't that bad and she wanted to get rid of some of the dead wood? (controversial I know but lets see how Jetstar goes).
6. Just pxssed off. Yes I loved this company and I feel like they haven't loved me back. I finally paid off my ex wife and was looking forward to buying a boat, maybe a nice car and having a big trip with my daughter (shelved shelved shelved). Management are now under the spotlight and ASIC should get involved here. I want some moved on. Chair, Marketing, Risk, Distribution in Oz, Innovation. I want something done with my money.
Feel better now. Going out for a beer in my local pub. Will kiss the dog, get in a fight and see you all on Monday for more loss (will hit $8). I am comfortable i will get my money back, but my personal sell target is now a lot lower, Ricky (The Shotgun) Banker will be less enthusiastic sadly and all will be right with the world. Its just money right. PLEASE in a years time when an analyst says oh my god a2 made 40% this year write to them and remind they that everything goes up, its called statistics, and that history should be considered before BS is sprouted.
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