So, we are to approve a merger with Beston Technologies which is owned by Beston Global Foods, an ASX listed company since 2015. Let's have a look at it. According to their annual reports and FY 18 half yearly report, BFC accumulated during those 3.5 years losses of some $14 million, at the end of 2017 had liabilities at $30 million and cash reserves down by 82% to some 5 million. BFC share price seems to be some 30% lower that 11 months ago. None of the BFC reports mention any revenue from Beston Technologies.
So what do we as shareholders gain from the merger - after some basic math and reading from DDT and BFC material in public domain:
Huge share dilution and I mean huge!! Do own 0.6% (600 000 shares) of the company? After merger you will be lucky to own 0.18%. How much is that in actual $$ for you?
3 Additional Corporate Directors
OZIRIS verification system which seems to be available from many other vendors
As per public documentation, BFC profit to from the merger will be somewhere between $8 - 10 million!
Where are the benefits for us? No word on that! So we just have to shut up and suck it up, but we are already used to that.......... I say NO to the merger. Bring new management to DDT and get the company going where it should be. The current boys at DDT are grasping at straws, simple as that.
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