Ann: Appendix 4C - quarterly, page-15

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saltocan

3,790 Posts.

03/02/17

17:36

Post #: 22359803
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Originally posted by andrew a ↑

Hi Saltocan, you really have to wonder about the agenda of the Board & also given Mr Xu owns so much of the stock.

Sales have really fallen off a cliff ( note back to 2011 levels $55m ) - if you look at the last two quarters compared to the corresponding prior periods ( Dec 16 is down 47% & Sep 16 is down 34%) - these are big drops - something is seriously wrong - it is if so the brand and everything assocaited with it is being ignored- customers running away in droves -despite millions being spent on distributor branding & company owned stores. Nothing but a sea of red for all those dollars spent & nothing seems to be done about it- just more marketing spend.

Or is there something more sinister ?- fact Mr Xu could now attempt to buy back the remaining 54% of stock he does not own for a measily $5m ( 254m at say 2c) - this $5m investment would return him assets in his own country - 100% control of his company, audited shareholders funds of $62m - comprising liquid cash of $28m land & buildings $7m , and working capital & other assets of $17m. So how long before and at what price will he act ?

Last year shareholders sent a message - forceing the Chair to consider his position ( subsequently resigned) plus initiating a 1st strike on the remuneration resolution - it seems this was not enough as there has been no sign of change. So yes the new Chair is nothing more than a puppet ( no change at the top) ....

Yes take 2 this AGM ... but I feel that the Board will be much more prepared this time and ensure that there is some chinese friendly fire (eg on their side voting).

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I don't think the main man is In it To buy back..all announcements talk about growth...a bolt on .conserve cash....
Sales have dropped significantly...even with the two online sales channels....The stock was sold at large discounts...but all the other retailers would be hurting too..hopefully some will be short of cash and sbb can get their bolt on.
I also think that sbb anticipated the current down turn and conserved cash for this reason..
Shareholders have the right to vote against the chairman as a protest to get a message to the board..
Dyor

SBB Price at posting: 1.7¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

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