Hhhhmmm... some interesting reading, but a somewhat...

Hhhhmmm... some interesting reading, but a somewhat disappointing breakdown in terms of the amount of space devoted to director remunerations compared to actual operations.

Approx 30% of the report seems to be about director remuneration.

And there is only a page or two about actual operations, which probably comes from having a board who are majority finance types.

There are 6 directors now.
1 Commerce degree
1 Agri-business degree
1 Engineering degree
2 Chartered Accountants - do they actually need two (2) chartered accountants on the board ?
1 No qualifications stated.

Most of us would like an interesting and detailed report on operations, not to criticise or judge, but just because we are interested in seafood operations and the way things work, and because this is the exciting side of the company - I'm talking about the actual catch operations, because it is interesting. Some photo's and some happy fishing staff holding up big prawns and crabs wouldn't go astray.

Of course, it's difficult to get a read on the actual state of the company this year, since they have only recently begun trading as MTM. We'll have to wait until next year's report to get a full year of operations.

Good to see they collected $16 million in revenue, which is a good start to the business, and means it shows some promise.

Disappointing to see they have $12,000 in cash.
I expect a Capital Raising is just around the corner, and is why the share price has been beaten down.
They may raise at 20 cents in the near future, which is the original IPO price, if so, then I will participate at that price.

This will not suit some directors, who have performance rights due if the price keeps above 22 cents for a defined period of time. It sank to 21.5 cents today, so we may see some support to keep it above or equal to 22 cents in the near future, and they may even attempt a capital raising at 22 cents because of the director performance rights, but only with the majority shareholder agreement (Sea Harvest hold 56%).

They are saying the Shark Bay catches so far this season are below average for all fisheries, but that this is being somewhat compensated for by higher prices.

They have done some good promotional work, leading to new sales in Portugal and Spain, and additional sales in China and Japan - well done.

They may also do a capital raising for acquisitions, because they are looking to acquire small bolt on companies, and even larger agri-business deals, either in seafood or on the land - watch this space.

Overall, it's a reasonable start. The new management needed to do a lot of work cleaning out the old so they can feel like they are commencing something fresh and new. It's just about there.

The 2017 FY promises to be an interesting one, and the real start to the journey.

Gw