And, as far-fetched as it might sound I do think that the company name is, for the lazy investor (which is most of us), a deterrent to committing time to researching the business.
(Keytone Dairy... nothing whatsoever to do with owning or operating a dairy, and I'm not sure what Keytone references)
@madamswer
You’re right: I wouldn’t have dreamt of spending time researching this Company, just based on its name and sector, had it not popped up on one of my market scanners (the most rudimentary one, in fact, simply filtering the ASX by high Revenue Growth and low Price/Sales ratio).
And I, too, had a gasp of horror when I first spotted the number of performance shares on issue, only to find out shortly thereafter that, given how far high most of the hurdles were, one would actually hope for the full conversion to occur.
Then, with my initial reluctance fully out of the way, I started crunching the numbers and realised that this was indeed an intriguing corporate situation: as you have aptly summarised (and assuming this Management team keeps delivering as they have so far), this looks like a business with every chance to be valued in time at multiples of where it currently is.
I also had the good fortune of doing my due diligence on KTD in collaboration with another investor I think highly of, who arrived independently at similar conclusions.
And so, here we all are, then. It will be interesting, and hopefully rewarding, to see this plot unfold.