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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Aquatic Food | AFG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 12.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 12.50 | 12.50 |
| Top Posts |
|---|
Posted at 29/12/2017 10:00 by galeforce1 brwo - the NEDs did visit the AFG operations in Shandong province, and they reported a large physical infrastructure, branded products etc. They certainly believed there was a a real business here. But maybe you are right and they were cleverly deceived into thinking there was a much larger business than in fact exists. |
Posted at 30/6/2017 17:30 by someuwin Press Release30 June 2017 Aquatic Foods Group Plc ("Aquatic Foods" or "AFG" or the "Group" or the "Company") Aquatic Foods Group Plc (AIM: AFG), a leading Chinese marine foods and seafood processor and producer supplying to export and local markets announces that the Company's Finance Director, Po Ling Low, has resigned from the Company and will cease to be a director of the Company with immediate effect. Ms. Low will continue to assist the Company with the finalisation and publication of its accounts for the year ended 31 December 2016 in the near term. A search for a replacement has been initiated and further announcements will be made in due course. |
Posted at 29/6/2017 11:16 by caradog JQW,Sorbic etc etcNot to mention multiple similar scams in Germany. Any remaining shareholders should ponder this: If they can't transfer money to pay accountants in Jersey, how will they transfer cash for dividend payments? How can they buy fish from Norway? |
Posted at 29/6/2017 07:18 by someuwin Annual accounts and suspension of tradingAquatic Foods Group Plc (AIM: AFG), a leading Chinese marine foods and seafood processor and producer supplying to export and local markets announces that the Company expects that it will not be in a position to publish its audited report and accounts for the year ended 31 December 2016 by 30 June 2017 in accordance with Rule 19 of the AIM Rules for Companies. As a result trading in the Company's shares shall therefore be suspended from trading on AIM pursuant to AIM Rule 40 pending publication of the accounts. The suspension will commence at 7.30 a.m. today. Work to complete the Company's audit and accounts is substantially complete with audited results and cash balances expected to be in line with the Company's trading update for the year ended 31 December 2016 which was announced on 20 March 2017. While the Group maintains a strong cash balance, the Company has faced continued difficulties in remitting funds from its operating entities in China to the Jersey holding company resulting in the delay of payments to a number of parties whose assistance is required for the finalisation of the audited accounts. The Board is putting short term measures in place, through the provision of directors loans to the Jersey holding company, to ensure that these critical payments are made in order for the accounts to be released as soon as possible but it is expected that a number of parties including the Company's Directors and Nominated Adviser will still be owed fees by the Company. The Company's Directors are seeking to establish a framework for ensuring that ongoing UK expenses can be met in a timely manner going forward notwithstanding more stringent cross border fund remittance control by the PRC State Administration of Foreign Exchange (SAFE) which the board understands to have been prevalent of late. Until the resolution of matters relating to the ongoing transfer of funds from the Group's operating subsidiaries to the Company, the Directors have determined not to declare further dividends and do not currently intend to declare a final dividend in respect of the year ended 31 December 2016. The Company anticipates that its accounts will be published during July and will provide further updates as appropriate in relation to the UK payments situation and publication of the report and accounts. Notwithstanding the suspension of trading in the ordinary shares, the Company will continue to make announcements as and when there are any developments that require announcement under the AIM Rules. |
Posted at 28/6/2017 11:33 by wstirrup I know gale, I've been waiting to put some capital to one side, so I could top up below 10p, but maybe I've missed my chance?If wages and thus buying power are rising in China, maybe the consumer moves up the food wealth chain, and buys more higher value foods? I'd be interested to see the Data to see where on the price/value chain AFG comes... Perhaps they need better marketing/PR, but as I highlighted some time ago, Fukushima and the water poured in to cool it is spreading irradiation across the Pacific, and no doubt the South China sea (and all points close by), which MUST put off some buyers? W. |
Posted at 01/6/2017 08:43 by galeforce1 There was a Q1 2017 trading update on May 21st, which I missed.On the positive side the cash position has improved further, as outstanding debtors have reduced. There's a £10m rise in cash on balance sheet from the year end at 31/12/16. 485m RMB (GBP 54m) at end of Q1. This must partly reflect an effective new CFO in charge (Lo Ping, who has come from West China Cement). On the negative side the turnover remains static, and the costs continue to increase. The gross margins are down to 22% and the net margins are at 6%, which is a big fall from last year's 10% (which was itself a reduction from 2015). That suggests net profits in 2017 will be in the GBP £6-7m range. Quite a lot lower than than in 2016 (finals not yet out, but expected to show a profit of around £10m for 2016). The outlook suggests that operating conditions are likely to remain challenging. They are still looking for an acquisition, inside or outside China. We might get the Finals tomorrow. They are often on a Friday. There probably won't be much new information, but the critical thing will be whether they continue to pay a reasonable dividend. Last year the final div was 0.7p. I think they'll cut this to 0.5p. It's remarkable how fast wages in China are increasing. I spoke to a company yesterday with a factory in NW England and a factory in Shanghai. The office staff in China are now earning the same as the office staff in the UK, and will soon be earning more. The differential between manual workers is still quite big. From AFG's point of view I suppose this is good and bad. A richer China can buy more fish. On the other hand the employees in Yantai have to be paid more. |
Posted at 13/5/2017 18:53 by galeforce1 Stirrup - it's definitely tempting to top up here, despite the big spread and despite the lack of news. But I think I think I'll wait to see details of the final dividend, even if that means paying more per share. It's not so much because of the actual GBP involved in the dividend. I'm concerned that if the company slashes the final divi (in the way they did with the interim divi) then credibility in the company won't improve, nor will liquidity and the share price will go on lingering at these current ultra-cheap levels, where the market cap in about a quarter of the cash on the balance sheet.If they pay a decent final dividend and state that they intend to go on doing this, then I think the share price could do quite well. A return to the IPO level would be a rise of about 5x. |
Posted at 04/5/2017 09:37 by galeforce1 I heard that AFG's NOMAD and the UK auditors are off to Yantai this month to take a look at AFG's operations. That seems positive. If AFG are paying for the NOMAD and auditors to visit them, that suggests a continuing commitment to a UK listing.I'm sure we won't get the Finals until that visit has taken place, so that means end of May/beginning of June. If the board decides to hold the final dividend at last year's level of 0.7p then we should see a decent rise in the share price. But whether they will do that is anyone's guess. I think they will probably reduce to 0.5p. At the current share price that would be total yield of about 6%. |
Posted at 21/3/2017 08:37 by galeforce1 Cara - those scandals in 2015 involving Chinese companies on AIM were a disgrace. I completely agree there.They caused a lot of embarrassment to the Chinese authorities, which I'm sure are now being more vigilant. With AFG, as with WCC, it's important to see both the opportunity and the risk. Sure, there is clearly some risk in a pure-play Chinese domestic company. But there is also opportunity. Here is a large, profitable business with a good niche in a country rapidly getting richer. It can be bought on a p/e of 1. That's an opportunity. AFG reminds me very much at WCC when I first invested. WCC rose about 10x. I'm not expecting the same with AFG. But a 5x rise to a p/e of 5 is quite possible. AFG's appointment last year of LO Ping, a high-calibre CFO, was a big confirmation for me with this stock. |
Posted at 24/1/2017 11:50 by galeforce1 AFG paid a dividend of 1.4p for the financial year 2015. That was about a 10% yield at average prices over the last 6 or 9 months.They did cut the interim divi for 2016 from .7p to .2p, on the basis that they were making less money in 2016. It wasn't completely unreasonable, but it did send the wrong signals to investors. There was a lot of negative publicity about frauds in Chinese companies from Fujian province in 2015 - Naibu, Camkids etc. But AFG is from Shandong province. Also, I think those Chinese scandals are in the past now. AFG quite recently appointed a high-grade CFO (called Lo Ping) who has trained in PWC Luala Lumpur then was CFO at West China Cement. There's no way she would risk her career in a dodgy business. There's a massive discount to value here and this provides an opportunity. The free float is very small. Any buying and this is going to fly. |
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