Finally got a reply after i resent my email. Please it attached.
Thank you for your email and your interest in BFC.
At the outset let me say that BFC takes its disclosure obligations very seriously and has made 53 total announcements to the market since the date of listing. That is more than 1 per week. BFC is implementing a number of strategies as set out in the prospectus for the IPO and as announced to the market. It is also pursuing a number of opportunities. However, as you will appreciate not every development or step taken justifies announcement to the market. Also with new opportunities it may be premature to make any announcement about them as they may only be incomplete proposals or the details not certain enough to justify disclosure. It should also be borne in mind that events at the investee company level, while significant to that company, may not be significant at the BFC level.
Having said that, BFC has endeavoured to inform the market of developments beyond what it is required to do as evidenced by the market update we released at the time of releasing our results for the 6 months to 31 Dec 2015.
Turning now to your specific queries, please see our responses below in blue.
I am an investor within BFC and am completely disappointed in the relay of information to investors. Four key situations come to mind that have all occured recently.
Firstly, given BFC has a 26.5% interest in Paris Creek and the fact that Roger Sexton is quoted in a media article on the fact clearly shows it is intended to have a positive effect for shareholders. Yet NO ANNOUNCEMENT to the MARKET!!!! Why???
We refer to the article “B.-d. Farm gears up for first China milk exports” released by The Advertiser, which provided some update about B.-d. Farm Paris Creek extending its facilities to include a new extended shelf line (ESL) for milk.
The ESL milk production line at Paris Creek was outlined as one of the uses of funds in the Prospectus for the IPO. Please note that this was also mentioned to the market at our AGM in November 2015 (slide 29 in AGM Presentation).
Secondly, where are updates on Oziris. When the trials were announced it was claimed that BFC were in negotiations with large producers. We are yet to see one materialize or any detail on it.
Per Appendix 4D of our Half Year Result, consistent with our objective to provide access for other Australian food producers to access BFC technologies, production capabilities and marketing and distribution infrastructure, BFC has entered into international distribution arrangements with a number of non BFC companies.
The criteria for inclusion in our product portfolio require that the products fit our healthy nutritious value for money theme and are capable of being verified as having honesty and integrity in their ingredients and formulation.
In addition, see Chairman's presentation to the Agribusiness Association of Australia which was disclosed to the ASX on 2 March 2016 for further details of developments with Oziris and other developments.
Thirdly, Dashang Group a major shareholder committed to taking about $40mil of product this year. The last announcement made where this was mentioned was saying they were still testing the market, Is this figure still going to be reached? If not why not?
In relation to sales revenues, the management team at BFC has been involved in a wide range of discussions over the last four months with many different actual and potential customers for our products, many of which are commercial in confidence at this point. It is the intention to provide a comprehensive update to Investors on these discussions, as soon as it is factually and practically possible to do so.
Fourthly, BFC has done a great job on securing distribution contracts and joint venture yet there is a lack of detail being provided to the market.
Again, all material distribution and joint venture agreements which have been concluded have been announced to the market.
These are all unacceptable given ongoing disclosures of material effect should be announced to the market. Please clarify and explain the point addressed above.
Please refer to the above.
BFC Price at posting:
40.0¢ Sentiment: Buy Disclosure: Held
(20min delay)
