Asian Citrus Share Discussion Threads

[mw16] 29/12/2015 16:19

I rest my case. They will eventually close all the plantations and leave shareholders with a citric taste in their mouth.

[mw16] 18/12/2015 16:46

They may as well have said they don't have anything and that they are so sorry for not knowing anything about growing oranges.

[roundup] 18/12/2015 16:20

That is a typical downbeat depressive RNS which led me to decide I could not continue to hold. Glad I'm out.

[varies] 18/12/2015 15:57

It is hard to see any gleam of light here but I look forward to Hunan contributing from 2016/17.

[mw16] 18/12/2015 12:59

I think they should give the man from del Monte a buzz.

[spob] 18/12/2015 11:26

Arrrrggh, that's another kick in the balls from ACHL :)

[jeffian] 18/12/2015 11:01

Certainly consistent, this company. Never fails to disappoint.

[mw16] 18/12/2015 10:59

My sides are splitting. That update is first class. Next they will tell us how the bogey man ate all the oranges on Chinese New year. Treacherous little rats

[cockerhoop] 13/10/2015 21:03

Yes, but the all the bad news and suspending of dividends hasn't stopped them siphoning money into an unregistered company.

[varies] 13/10/2015 15:12

Bad news can come to an end or to a pause at least.
If we are spared typhoons and cankers for a couple of years, production at Hepu and Xinfeng will recover and Hunan comes on stream in 2016.
Two more years like these last would, however, wipe out our remaining cash reserves and leave us skint.

[taffer87] 13/10/2015 12:38

In that case we should all know they raised a lot of money at much higher share price than the original placing price of 11.2p. And then didn't even use the money for the acquisition it was meant for. Think the funds raised were at 70-80p range (after the stock split). So a massive amount of value has been lost - not 22%.

[cockerhoop] 13/10/2015 12:09

Fair point Zangdook but i'd suggest the articles are worth reading to see the process and personalities involved in Chinese companies coming to AIM.

[henchard] 13/10/2015 12:03

Not so bad then: lost only 22% of its value over 10 years ;)

[cockerhoop] 05/10/2015 07:53

From Results regards Phantom Fertilser Supplier

Pretty damning imo, massive red flag.

Basis for qualified opinion

During the year ended 30 June 2015, the Group recorded purchases of fertilisers from an enterprise in the People's Republic of China (the "Supplier") with a reported value of RMB104,317,000 and a corresponding recorded trade payable balance with a carrying amount of RMB24,800,000 as at 30 June 2015.

We note that the Supplier's business registration is not currently included in the records of the State Administration for Industry & Commerce of the People's Republic of China. Consequently, we performed appropriate additional audit procedures to ascertain the occurrence and commercial substance of the recorded transactions and the existence and valuation of the recorded trade payable balance.


We were unable to obtain sufficient appropriate audit evidence relating to the recorded purchases from the Supplier and the corresponding recorded trade payable because (a) we were unable to obtain adequate appropriate documentary audit evidence to satisfy ourselves of the identity of the Supplier and the recorded recipient of the Group's payments for the recorded purchases; (b) we were unable to obtain satisfactory documentary audit evidence to explain how the Supplier was able to conduct the recorded transactions with and receive the recorded payments from the Group while not possessing a valid business licence; and (c) there were no alternative audit procedures that we could perform to satisfy ourselves as to whether the recorded purchases referred to above and trade payable balance of the Supplier were free from material misstatement or whether any adjustments to these recorded purchases or balance may be necessary.

[taffer87] 05/10/2015 05:31

New typhoon?

[nehpets81] 04/10/2015 11:52

I am really surprised this hasn't fallen further. It looks as though they have been using the increased requirement for fertilizers as a cover to siphon off some cash to a fertilizer supplier that doesn't actually exist...

On another note, I am surprised that more is not made of the fact the banana plants may actually produce some fruit this year - surely this is going to add a bit of a boost but it seems to have just been mentioned as an after thought.

[rupe1958] 02/10/2015 11:58

Terrible year. Total orange production of 130k tonnes.
Hopefully we will see that rise to more like 215k tonnes in 2015-16, with perhaps a 25k tonne contribution from Hunan.

[rjmahan] 29/9/2015 19:49

To be fair revenue is depressed as their oranges have had canker...

[cockerhoop] 29/9/2015 13:28

Is no-one concerned about the cost of fertilizer and pesticides at ACHL?

Fertilizer 52% of revenue, Pesticides 17.4% of revenue of that side of the business. Significantly higher than comparable businesses elsewhere in the world.

I don't suppose the auditor has finally cottoned on to this and is demanding evidence to see all the bags of fertilizer purchased have been delivered (possibly still from connected parties) on site. Perhaps we'll find out tomorrow.

Edit: Should read % of cost of sales

[cockerhoop] 29/9/2015 12:59

A nice rant from highly respected Carmensfella over at TMF

[rjmahan] 28/9/2015 22:12

Skez - what were the red flags ???

[rjmahan] 28/9/2015 22:12

Selling ACHL.

Accounting fraud may well beginning of end - price hasnt fallen so liquidating now...

Even if it isn't fraud - its not likely to rise so the good trade now is to get out and wait and see...

hxxps://deepvalueinvestments.wordpress.com/2015/09/28/achl-selling-due-to-accounting-uncertainty-70-loss/