Plant Impact Share Discussion Threads

[wan] 05/12/2017 09:19

Sector news -

KEY U.S. PANEL SEES NO NATIONAL SECURITY BARRIERS TO BAYER TAKEOVER OF MONSANTO

By Chuck Abbott
4th Dec 2017


Sumitomo along with conventional chemistry still coming onto my radar -

DES MOINES, Iowa, and WALNUT CREEK, Calif., Dec. 4, 2017 –DuPont and Sumitomo Chemical Company, Limited announced today a global agreement to collaborate on the development, registration and commercialization of seed-applied technologies for use in key crops around the world.

DuPont and Sumitomo Chemical formed this collaboration out of a shared objective to accelerate development and commercialization of novel seed-applied technologies to improve early plant growth and yields. The global agreement leverages the strengths of both companies, combining the conventional chemical and biological pipeline from Sumitomo Chemical, with the advanced seed technology and development and commercialization capability of DuPont Crop Protection, a business unit of DowDuPont Agriculture Division.

Full release -

Another news story of note -

4th Dec 2017

BRAZIL’S FARMERS INVEST IN SOYBEANS, NOT CORN CROPS

Input sales are a good thermometer to evaluate crop performance. When the outlook is good, the producer opens the wallet and invests more in technology. According to input retailers, the 2017/2018 soybean crop is doing well.

SOYBEAN INVESTMENTS
Agromave has eight stores for resale of inputs (seeds, pesticides, and fertilizers) located in the Mid-North region of Mato Grosso, the largest soybean producing state. “The producer has invested more in soil correction in this harvest and is taking very good care of the nutritional aspect in soybean fields,” says Camargo.

With this scenario, Camargo estimates a 20% increase in Agromave’s total revenues from the sale of inputs in 2017. “The producer continues to invest in traditional pesticides, but is now investing more in multisite fungicides, called protective fungicides. This type of product promotes the rotation of molecules,” he says.

CROP PROTECTION
According to Camargo, in the Mid-North region of Mato Grosso more than 4 million hectares are cultivated with soybeans. He says that as the soybean crop is developing well in this region, there is currently a strong demand for products to protect the crop. “The producer is investing more and respecting the cost-benefit question. He’s using a mix of patented and generic products.”

He also said that the delay of 10 days at planting has already been minimized in the region. “The impact of sowing delay has been minimized by early soybean varieties,” says Camargo. “In our region the planting was already finished in November, the rains have normalized, and the crops are developing well.”

In the state of Mato Grosso do Sul, the soybean crop is also developing well, according to Jonis Assmann, a partner-owner of the resale company Pantanal Agrícola. “Here the crop is developing within normality, but the producer is complaining that profitability is small,” he says.

ADDITIONAL PURCHASES
Pantanal Agrícola has eight stores in the states Mato Grosso, Goiás, and Mato Grosso do Sul. “For soybeans, the producer made a good investment seeking maximum productivity and they are still making occasional purchases of foliar fertilizer, insecticide, and fungicide,” he says. “But if it keeps raining a lot here in the region, we can have a higher incidence of Asian rust, and the producer will spend more on fungicide.”

In addition to reselling inputs, Jonis Assmann is a grain producer and is growing 15,000 hectares (37,065 acres) of soybeans this season. According to him, the cost of soy production in Mato Grosso do Sul is approaching R$ 3 thousand (reais) per hectare and producers are worried about the finances. “We need to have productivity above 60 bags (60-kilo bag) per hectare to have a satisfactory financial return.”

Full story -

[wan] 02/12/2017 07:51

The stock market looks forward, so it will be interesting to see when the market will look past the "temporary" setback that will (all things being equal) still see full year revenues to July 2018 in the order of £13m.

With this in mind, PI are part way through a very busy 2017/18, in terms of field trials, demonstrations, optimisation and testing fungicide combinations in the US. This heightened level of activity will continue, if not intensify, in Brazil and the US through 2018, along with potential product registrations and product launches in 2018, and of course beyond 2018 (hence PI see the pull-back in growth as temporary).

The recent commentary from Bayer regarding their commitment to biostimulants and mentioning PI was, in the scheme of things, quite reassuring. Far from moving away from this sector......they are embracing it. Importantly, they are not the only one doing so!

I note elsewhere that certain product launches have "built-in" elements that improve the performance of the launched product (EG version 2 or 3 etc). So, products that are "proven" to enhance yield are of great interest, if the product is also "proven" to enhance the performance of an important input e.g. a fungicide or herbicide, then the interest will be greater, from both the farmer, and indeed the owner/s of said fungicides or herbicides.

In short, I am looking beyond the current fear driven selling (my interpretation) and being at least a little bit greedy, when fear over the shorter term outlook, compared to the more favourable prospects over the longer term outlook, appears to be the main driver.

[wan] 30/11/2017 07:40

In my post 1376, I incorrectly stated that the Biostimulant Congress starts today, what I should have stated was that the Congress concludes today.

Survey shows growing interest in biostimulants
News
29 Nov 2017
Marianne Curtis

Results of a perception survey released today at CropTec Show indicate that use of biostimulant products will increase in the future, due to building pressure from pesticide restrictions and a need to embrace new technologies.

Full story -

Staying with the UK, the Agriculture and Horticulture Development Board (AHDB) recently produced a document covering biostimulants and their potential use on UK cereal and oilseed rape crops -

Crop biostimulants
24 November 2017

[wan] 29/11/2017 15:48

It remains to be seen if the current share price presents for a good buying opportunity, but nevertheless I decided it was worth adding further my holdings.

[wan] 29/11/2017 09:11

The following is particularly interesting from an industry perspective, because a company, part of Koch Industries, that has been scaling up in terms of offering biological solutions has just done an exclusivity deal with a company for its chemistry crop enhancement product.

Recall PI's Research and Development Platform and Pipeline, and in particular page 11 The crop enhancement industry landscape today. Also listed in the chemistry column is a company called Asilomar Bio (pre-revenue/pilot sales stage)-

HYDRAULIC ENHANCEMENT OF CROPS
We are a team of agronomists, biologists, and chemists building products that improve harvest yields for growers. We have developed insights into the physiology of plant water use, and have developed a pipeline of chemistry that results in hydraulic enhancement of crops. Hydraulic enhanced crops show higher field trial yields under both irrigated and dryland conditions, compared to untreated control plots. We are currently developing our first product from this pipeline, a first-in-class chemistry for row crops that can be applied as a seed treatment or foliar spray. We are currently performing field trials across the US corn belt, Europe, and the Southern Hemisphere.



I note from yesterday the following announcement -

Koch Biological Solutions and Asilomar Bio Agree to Exclusive Commercial License of Leading Yield Enhancement Technology
November 28, 2017

Koch Biological Solutions, LLC (Koch) has secured exclusive global rights to commercialize and market products containing Asilomar Bio’s flagship yield enhancement technology for foliar, in-furrow, and other modes of application on a broad set of crops, including all major row crops and plantation forestry. The patent-pending technology represents a new class of active ingredient, which enhances crop yield potential through a novel mode-of-action.



With the comments further above from Bayer, the World Congress on the Use of Biostimulants in Agriculture which will be attended by more than 600 companies and numerous researchers (starts tomorrow), the above deal (along with others), implies that there is real and growing interest in biostimlants, and indeed interest in the chemistry approach. All of which provides further evidence that biostimulants and the category of crop enhancement will play an important and significant role in increasing food supply.

[wan] 29/11/2017 08:41

It's currently challenging to be optimistic from a share price perspective, but I note a few things that suggests that perhaps the backdrop is not half as bad as the share price suggests (hopefully!). Here's one -

Anne Suty Heinze
Biostimulants – Enabling Stronger Crops

Agricultural practices are constantly evolving and the use of Biostimulants in plant production systems is increasing year by year with the objective of improving crop productivity.

The 3rd World Congress on the Use of Biostimulants in Agriculture will be taking place from November 27-30, 2017 in Miami. As the largest conference on agricultural Biostimulants, this event is a great opportunity to share, learn and exchange the latest trends and findings in the area of Biostimulants. As a provider of innovative solutions for sustainable agriculture, Bayer is committed to contribute to the development of this field of activity.

At Bayer, we are looking at Biostimulants as one additional way to help farmers increase the productivity of their crops and marketable quality in a sustainable manner. Besides our own Research activities, we are partnering with Biostimulants companies like SICIT 2000 S.p.A. or Plant Impact Plc to complement our crop protection range with high qualitative science-based Biostimulants that meet high safety and efficacy standards. If you plan to attend, I recommend that you listen to the presentation from Steven Adams from Plant Impact Plc on Thursday, November 30th. He will show how a soybean crop enhancer containing an advanced Calcium technology was developed using high agronomic standards. This product helps the soybean plant’s ability to fixate flowers and pods, thus contributing to filling grains. The benefit: better yield and enhanced profitability for the growers.

Full story -

[pugugly] 28/11/2017 16:09

Looks as though share price falling might be sector related (if one defines sector as excluding basis fertilisers) Plant Health care has also fallen back some 30%.
Volume also building

[wan] 28/11/2017 09:11

Monday - November 27, 2017
Bayer ForwardFarming expands to Latin America

New farms in Argentina and Brazil join the global network / Demonstrating how unique regional challenges in sustainable agriculture can be effectively addressed / Growth to continue in the region in 2018

Each region of the world faces unique challenges addressing and implementing sustainable agricultural practices. There is therefore a critical need for ForwardFarms that represent diverse regions, climates and conditions. Beside this diversity, Latin America is responsible for a significant amount of the world's agricultural production and the use of innovation and sustainable practices on farming in the region is therefore necessary to increase productivity and supply food for the global demand.

“We are really proud to extend now our ForwardFarm network to Latin America. Argentina and Brazil are very important agricultural markets, both absolutely essential in producing food and feed for a growing world demand, but also in driving agricultural innovation,” said Bernd Naaf, head of Business Affairs and Communications at Bayer’s Crop Science Division. “This is a great opportunity to partner with local independent farmers and demonstrate that high-quality seeds, innovative crop protection products and digital technologies can be effective not just many years in the future but right now, helping farmers produce enough safe food.”

“The addition of these farms in Latin America will encourage progressive, and increasingly globalized, dialog with farmers and other players across the value chain, as well as with society, about all aspects of sustainable agriculture in practice,” said Dr. Klaus Kirsch, global manager for Bayer ForwardFarming. “We are excited about the expansion of the ForwardFarming network across continents.”

Full release -

[wan] 28/11/2017 08:49

Apparently Bayer will be introducing their Delaro foliar fungicide, mostly for corn and soybeans, to the US market in 2018.

It would appear that Bayer has identified the fact that as there are a number of fungicide choices on the market, with virtually all of them having similarities, Delaro will help fill the gap in terms of the rotation of fungicides (between different modes of action), which is recommended to avoid disease resistance.

Interestingly Delaro appears to have a wider application window than Bayer's Stratego YLD.

Food for thought; Fortalis also has a wider application window. Recall also that PI and Bayer aim to move to higher volume strategies and recognise that the current commercial arrangements may need to be flexed to achieve that objective.

If my interpretation is anywhere near correct, that Bayer are moving to a higher volume strategy by way of introducing new fungicides alongside their existing fungicides, then this might provide some form of clue. As always though, I could be wrong, so please conduct your own research to form opinions or make investing decisions etc.

[wan] 25/11/2017 09:52

The crop protection unit, AgroSolutions Divisions of Sumitomo Chemical has been coming onto on my radar quite regularly recently. I think that Sumitomo's activity is worth noting due the fact that they, like PI, are focused on the chemistry approach, so news flow from them might provide a useful industry guide. On that note, I thought that the following was quite interesting -

November 22, 2017 6:12 am JST
Sumitomo Chemical to buy Aussie natural insecticide giant
Japanese group spending $133m to grow green-agrochemical business

TOKYO -- Sumitomo Chemical will acquire an Australia-based supplier of a natural insecticide ingredient as part of a larger push toward environmentally friendly agrochemicals.

Full story -


Description of the Crop Protection and Enhancement Business of Sumitomo Chemical, the chemical approach -

[wan] 23/11/2017 12:25

Just to add to Horace's post. Indeed only one institution actually reduced, which was not due to the dilution from the placing. Polar Capital shares held reduced by 250,000 shares (compared to 2016).

Out of the eight listed substantial shareholders in the AR, the majority has either stayed the same in terms of shares held (subsequently reduced by the dilution compared to 2016) or have actually increased their shareholdings -

Arysta lifesciences
Enterprise Ventures
New City Investment Managers

All of the above three substantial shareholders stayed the same in terms of shares held, but were reduced/diluted in percentage terms by the recent placing (presumably Richard Sneller dropped off the list due to dilution and going under 3%).

Hargreaves (now under Canaccord Genuity Group) increased their shareholding by 2,369,372 shares via the placing and subsequently joined the list as their shareholding increased from 2.96% to 5.05%

Living Bridge increased their shareholding by 6,456,078 shares via the placing and subsequently joined the list as their shareholding increased from 2.48% to 8.96%

FIL investments needed further scrutiny as on the face of it they appeared to have reduced. This was due to the dilution from the placing, but they then increased their shareholding by 149,266 shares via market purchase/s and not via the placing. 2016 shares held 5,668,830 = 6.95% 2017 shares held 5,818,096 = 6.15% (purchased after the date directors were notified for the AR)

From the 2017 AR -

Substantial shareholdings
The Directors have been notified of the following shareholdings exceeding 3% of the Group’s share capital as of 6 October 2017:

New City Investment Managers 8,811,208 9.31%
Livingbridge VC LLP 8,475,612 8.96%
Enterprise Ventures Ltd 6,677,131 7.06%
Polar Capital LLP 6,647,000 7.03%
FIL Investments International 5,668,830 5.99%
Canaccord Genuity Group Inc. 4,786,542 5.06%
Arysta LifeScience Corporation 4,560,530 4.82%
Mr Michael Bennett 4,071,667 4.30%

SUBSTANTIAL SHAREHOLDINGS
The Directors have been notified of the following shareholdings exceeding 3% of
the Group’s share capital as of 30 October 2016:

New City Investment Managers 8,811,208 10.80%
Polar Capital LLP 6,897,000 8.45%
Enterprise Ventures 6,677,131 8.18%
FIL Investments International 5,668,830 6.95%
Arysta LifeScience Corporation 4,560,530 5.59%
Mr Michael Bennett 3,339,571 4.09%
Mr Richard Sneller 2,493,000 3.06%

[glenglen] 23/11/2017 09:41

All noted Wan

In response and my defence my posting was a mere tongue in cheek comment to what Bigglesbingham stated on 17 November, viz:

"some manipulation of price here"

As to my lack of knowledge that is somewhat unfair - educated to Masters level in Corporate and Insolvency law and having worked in a highly regulated offshore environment for some 35 years my understanding of risk associated with investments of all colours has been integral to my career.

Like you I see nothing unusual (from a legality perspective) in the price drops and put this down to the market simply not buying into the PI story. The price of PI reached 60p a few months back and as I saw it this was due to the "story" being told - that story is now being questioned hence the price now around 24p - highlighting that share prices can and do go down!. Only time will tell if buying now will be a profitable opportunity - I hope it is the case and the current setback, as management state, is "temporary".

[wan] 22/11/2017 10:14

Glen...I am certainly no expert and I appreciate we have all got to learn, but I am not sure you should be investing directly in shares, or even commenting given your obvious lack of knowledge, especially in terms of the risks.....share prices can and do go down as well as up! I appreciate your frustration when an investment goes the wrong way, but buying shares is not a one-way street to making money!

Fwiw, I have level 2 access and I don't see anything unusual in the price movements, other than individual trades (inc delayed/late reported) as causing PI's share price to move (up or down).

Recall that PI see the current setback as "temporary", so depending on where you are in terms of risk and understanding the company, its potential and its markets, one could argue that the current share price could be offering a decent opportunity, but only time will prove whether that is the case or not!

[glenglen] 22/11/2017 08:42

It seems to me that there is suspicion of price manipulation by a number of parties with this particular company - is this not illegal (in fact treated as criminal with severe penalties) so should be reported - just saying..........?

[wan] 19/11/2017 17:33

17th November 2017

In the search for champions
Bayer launches "Soja de Primera" contest for client producers

The 10th National Maximum Productivity Challenge, promoted by the Soja Brasil Strategic Committee (CESB), is a reference in soybean management and productivity. The event has been gaining fans year after year and in this edition it gains one more attraction: the "Soja De Primera" contest, a new initiative of Bayer that rewards producers and their consultants in five regions of the country.

For the producer to qualify as a "Soja De Primera" participant, it is mandatory to use the Fox fungicide in the first and second applications as well as another Bayer product in its crop: CropStar, Certero, Belt, Larvin, Oberon, Connect, PodiumEW, Finale , Liberty, Sphere Max or Veritas. Products must be purchased from Bayer authorized distributors. The CESB will audit the registered properties.

(the above has been translated) -

[bigglesbingham] 17/11/2017 13:05

As I said manipulation of share price. Price reduced 7.5% on no volume to enable a purchase of 150000 at 22.5 wouldn't surprise me if another convenient substantial buy then miraculously it reverts to start of day price.

[bigglesbingham] 17/11/2017 10:05

Some manipulation of price here

[bigglesbingham] 14/11/2017 09:42

This has been one hell of a tree shake by the market makers hopefully a tick up to 30p then an good rns taking us to 40p

[wan] 14/11/2017 09:04

Biggles...Obviously company specific news will help the uncertainty factor, in the meantime we will have to be content with looking at the market backdrop and news flow else where as providing some sort of gauge on the outlook for PI.

As of yesterday the US soybean harvest was 93% complete. With harvest completion I am hoping that we get some excellent results for Fortalis, and subsequently an upbeat marketing plan for 2018.

Soybean planting in Brazil has advanced due to improved weather conditions in most producing states (some regions suffered from irregular rainfall in October). Due to excellent growing conditions last year, it is unlikely that we will see a repeat of such condition that helped reduce the need for inputs such as fungicides. And even though some readers think that the weather conditions do not matter much, they clearly do have an impact!

[bigglesbingham] 13/11/2017 23:24

Nice post Wan id argue s bit of both. PI discount overblown down to uncertainty Eden is too pricey on optimism. Very fickle investors, a few positive rns's and PI will be quickly recovering , no news - then shareprice will remain suppressed as private investors such as rlivsey sell out.

[wan] 13/11/2017 14:13

I have been looking for comparisons in regard to what valuation the market put's on PI and their research pipeline/platform, and I would be interested if others have made any comparisons (negative or positive examples).

Nothing will be a perfect comparison, but here is just one I had a look at recently;

Eden Research is an IP-led technology development and commercialisation company focused on plant protection, animal and human health, and biocides.

The Company has a number of patents and a pipeline of products at differing stages of development targeting specific market opportunities. The Company has invested in the region of £12m in developing and protecting its intellectual property and seeking regulatory approval for products that rely upon the Company’s technologies.

To date, the Company has concentrated on securing patent protection for its intellectual property, gaining regulatory approvals, identifying suitable industrial partners, and signing commercial agreements and is now entering the commercial stage of its development.


£12m invested in IP & registrations
9 countries have granted product authorisation
5 Current trials on 5 continents
Our vision is to be the leader in sustainable bioactive products enabled or enhanced by our novel encapsulation and delivery technologies

Product sales have commenced and the company’s commercial pipeline is strong
Eden has regulatory clearance for its first product in multiple countries
Our initial focus is on protecting high-value crops - improving crop yields and value

Our products are based upon natural chemistries but deliver performance, ease of use, and cost on par with conventional pesticides – without residues

There is substantial scope for exploitation of the core technologies beyond crop protection



Eden's most recent financials -

interim results for the six months ended 30 June 2017.

Financial highlights

· Revenue for the period increased to £1.03m (H1 2016: £0.11m)
· Operating Profit for the period increased to £0.21m (H1 2016: loss of £0.86m)
· Cash and cash equivalents of £3.66m (H1 2016: £2.01m)
· Strategic investment of £2.2m by Sipcam and placing of £0.2m (gross) to institutional investors
· Expanding investment in regulatory clearances unlocking commercial potential in new, important territories

Business highlights

Commercial, Regulatory and IP:
· Multiple commercial agreements signed with Sipcam SpA (Sipcam) including an Evaluation and Option Agreement for which a fee of €0.6m (£0.5m) was paid to Eden, establishing a long term collaborative partnership
· EU approval of Eden's first agrochemical, fungicide product, 3AEY, gained in France and first commercial sales achieved
· Further EU approvals received in Cyprus, Albania and Portugal (post period end)
· Label extensions received in Kenya now include authorisation for the treatment of roses
· Extension of 3AEY patent protection in Spain, Greece and Cyprus and nematicide patent granted in US
· New terms agreed with University of Massachusetts Medical School ("UMMS") for licence to next-generation technology

Eden's market cap is circa £20m on half year revenues of £1m. Pi has a similar market cap of circa £20m


PI's most recent financials -

Highlights from preliminary results for the year ended 31 July 2017.

· Revenue increased 17% to £8.5m (2016: £7.2m), primarily reflecting Veritas® sales in Brazil
- Reported revenue growth reflects the strength of the US Dollar - constant currency revenue growth was 2%
- First sales of Veritas®/Fortalis® in the USA, Argentina, Paraguay and Bolivia
- Veritas® purchase plan agreed for 2017/18 Brazil growing season based on our commercial partner's end-user sales targets
- Increased sales of Banzai™ cocoa product

· Gross profit increased 19% to £6.7m (2016: £5.6m)

· Total R&D investment increased 43% to £4.2m (2016: £2.9m), including £1.6m of capitalised costs (2016: £1.2m) with novel new compounds identified and pipeline progress achieved

· R&D pipeline summary issued in August 2017 to give greater visibility to investors and industry partners of our progress in R&D
- Complete season-long portfolio of soybean products being tested over 2017/18 Brazil growing season
- Discovery phase activities increased with expanded molecule discovery capability yielding new compounds - new academic partnerships announced
- Early indications of product extension potential beyond current target crops

· Sales and marketing costs increased to £5.3m (2016: £2.9m) with expansion of commercial activities in the USA and Argentina and additional marketing investment in Brazil and West Africa.

· Cash at 31 July 2017 of £7.2m (31 July 2016: £5.6m), reflecting a successful placing announced on 26 July 2017 to raise £4.0m before expenses

The market applies a similar market cap to PI for full year revenues of £8.5m and forecast revenues of circa £13m. Eden has made a very small profit at the half year of £200k on sales of £1m and presumably there will be a subsequent and continuing increase for the full year.

Arguably PI are far more advanced commercially. Obviously we are not able to compare the pipelines, and obviously it's not a perfect comparison, but again and in my opinion, PI are more advanced. Whether this demonstrates in any way that there might be too much of discount being applied to PI (rather than too high a price for Eden) is up to the reader to analyse further and decide.

[wan] 13/11/2017 08:22

"Sustainability" should be ringing in everyone's ears! I lost count of how many times recently that Bayer refers to/quoted sustainability and transparency!

With regard to food, there is no doubt that the public are interested in both -

Report: 69% of consumers want more transparency about company sustainability practices
By Jeff Wells • Nov. 8, 2017

Dive Brief:

A report from The Hartman Group found that about 70% of consumers say they want retailers to be more transparent about their sustainability efforts. The results come from a survey of 1,500 people.

Respondents also named Whole Foods, Walmart and Target among the most transparent companies when it comes to sustainability efforts.

Increasing transparency, according to Hartman, allows companies to show the suppliers and processes behind the products they stock. At the shelf level, transparency increases a product's chances of being selected over an otherwise identical product, Hartman found.

Full story -

[wan] 13/11/2017 08:11

I thought that the following large scale study was interesting and notable, especially as this is likely to apply to other crops -

Breeding highly productive corn has reduced its ability to adapt
November 9, 2017 By Eric Hamilton

The massive experiment is only possible because of a collaboration that de Leon, UW–Madison agronomy Professor Shawn Kaeppler and others lead, called Genomes to Fields. The project stretches across 20 states and into Canada, providing precisely the range of different field conditions that is required to tease apart the different contributions of the genomes and environments to the final traits of corn that were used in the new study.

De Leon and her collaborators found that the regions of the corn genome that have undergone a high degree of selection — for example, gene regions that contribute to high yield in a particular location — were associated with a reduced capacity of corn to respond to variable environments than genomic regions that weren’t directly acted on by breeders. The upshot is that the modern corn varieties are very productive in the environments they are grown in, but might have a harder time handling changes in those environments.

“The data seem to point to the idea that by selecting genotypes that are better suited to be more productive, we are eroding variability that might be important as we move into a world where climate might be more erratic and where we might need to move cultivars into places where they haven’t been grown before,” de Leon says.

Yet this loss of flexibility is an inherent tradeoff for highly productive cultivars of corn, she says.

“When you try to adapt cultivars to many different environments, you end up with plants that are not great anywhere,” says de Leon. “The cost of maintaining this plasticity is at the detriment of maximum productivity.”

Full story -