I'm new to FRM. hoping some longer term investors can shed some...

I'm new to FRM. hoping some longer term investors can shed some light on the company history.
just dropping my research notes for critique & input.

I see some interesting price history during 2016
0.105 in sept 2013.steep climb to 2.61 in July 2016, steep fall to 0.755 in March 2019, fast fall to 0.21 in April 2019.

a quick and crude comparison of FRM against SPY, XJO & GNC (graincorp) show FRM has not fared well in the last 3 years.
https://www.tradingview.com/chart/FRM/pngwT137-Where-will-ASX-FRM-go-as-grain-prices-escalate/the price spike 2015-2016 and fall in 2017-2019 are at odds with the general market.

the steep rise in grain company price suggests FRM will continue to fall.

That said - at what stage will FRM turn around? We are currently at historic lows. Short of a grossly incompetant board or financial catastrophe as the industry transitions from cage to free-range eggs, I'm expecting a recovery in FRM charts.

But I'm new to FRM.

I saw the resignation of auditors Pitcher Partners in 2016, seems to be the product of competitive tender won by Ernst & Young. so no alarms there.

page 4 charmans report in the October 2016 'Annual Report to shareholders' mentions national supply shortage due to cold & wet weather + underinvestment in free range production.
Chairman also mentions the ACCC appeal on the federal court case against Australian Egg Corporation & Farm Pride Foods.

https://www.accc.gov.au/media-release/accc-appeals-aecl-decision
https://www.accc.gov.au/media-release/full-federal-court-dismisses-accc%E2%80%99s-appeal-in-australian-egg-corporation-case

"The ACCC initially instituted proceedings in the Federal Court in May 2014.The Federal Court of Australia found the parties did not attempt to induce a cartel arrangement in February 2016. The ACCC appealed the decision later in February 2016.In May 2016, the Federal Court ordered Mr Zelko Lendich, a former director of the Australian Egg Corporation Limited (AECL) and the former managing director of Farm Pride Foods Ltd (Farm Pride), to pay a pecuniary penalty of $120,000 for an attempt to induce a cartel arrangement between competing egg producers."

ASX announcement : Mr Zelko Lendich resigned as Managing Director on 02/05/2014
I'm left wondering if the departure of Mr Phillip Ashley Campbell on 02/10/2016 was under similar circumstances.


West Coast Eggs Limited 49.8% shareholding noted.
Dun & Bradstreet nominate only 14 employees. (are West Coast Eggs skimming profits?)
seems West Coast Eggs operate various egg 'brands' (?)
https://au.companiesdb.net/companies/west-coast-eggs-limited/

from p7 of ASX 2021 AGM announcement.
• Industry growth outlook is forecast at 1.1% annual growth over next 5 years. COVID is likely to impact negatively on initial term industry growth.• Capital investment will continue to increase in the next 5 years as cage free dominates with grower/processor returns challenged as retailers demand lower and ‘sub cost’ pricing for cage free eggs (and jettison more profitable cage eggs).

feels like this will kill any increase in share price for years. Maybe there will be a sentiment change in consumer egg demands and preferences.