I'm out, page-58

Borrowing from the posts above, I’ve written to the investor relations email address today with the note below. I’ll revert with any response received (though I’m not holding my breath!):

As a concerned and disappointed shareholder, I write with regard to the statement made by the CEO at last year’s AGM that “since our Initial Public Offering in August 2015, we have naturally been concerned with the lack of market coverage on BFC, especially given the changes occurring in the food industry. We have therefore commissioned an independent research report on our company from Independent Investment Research Pty Ltd (IRR) which we expect to be completed prior to the end of this half year (December) and will be provided to shareholders.”

With no further announcements from the company on this matter (or indeed any other business matter in the past 2 months), and a share price that continues to perform poorly, can the company please provide some enlightenment to its shareholders?

I would be particularly interested to see if the research report cites the management fees paid to BPAM as a drag on the share price and disincentive to potential investors, as it seems that BPAM (and by extension the directors of both companies) continue to make money despite the lack of tangible profitability in the company, at the expense of ordinary holders. It is also interesting to note that these management fees are based upon BFC’s asset portfolio value, which is often spruiked by management as the great demonstration of increasing value in the company. One has to wonder if this creates a conflict of interest for directors - after all, asset value is really only of any relevance to the ordinary holder in a sale situation, and only profitability will ultimately increase shareholder wealth.

Your thoughts and response would be appreciated.