Actually, it's not hard to research and figure out the basis for the balance sheet.
The IPO'd at $17 or so a few years back. Big names brought them public (Credit Suisse, if I recall). They raked in a crapload of cash, like $180mm from the IPO.
Had a lot of internal governance issues, class action lawsuit, etc., as the stock tanked. They had to pay out a boatload to an operating subsidiary and its management.
Anyway, they are left with $80+mm and shares in a NZ company.
No denying the accounting struggles and the operational struggles--for sure.
But the assets on the balance sheet are real, and this stock is trading WAY WAY below book value, and WAY below tangible asset value (cash+cash equivalents).
They also have new management--some people from PriceWaterhouseCoopers--and purportedly better corporate governance.
Obviously, we're all waiting to see what the June filing looks like; it'll be nice to have their financials up-to-date finally. It may not be very pretty, but the share price is crazy low.
I just wish David Pasquale would do his job and get out some press, meet with investors, or SOMETHING....
And the company should be BUYING BACK SHARES AT THESE LEVELS!
with all due respect, you have absolutely no idea what's going with this company, my friend, and the obscure data you provided IS really laughable, and the SP action since my comment confirms this.
That is what I thought quite a while back. But I had the same problem with GU.
These companies have no respect whatsoever for the shareholder, regardless of balance sheet, prospects and what not.
Unless I see a real change in management, I do not believe it is worth the risk.
Do your own DD
I've been watching this one since it was a top rec from oxford club at five bucks. It's timing, it had value at five bucks, but it hasn't traded like its value. the Chinese people are spending more on food and this is a play that sells to growers and so hasn't so much risk, as long as they keep their prices competitive they'll stay in strong business and when the demand is clearer and the future more predictable it'll go up on growth. Now it's a steal, and was at anything less than two, so a buck twenty five is cheap, but then if the investors aren't flocking to food stocks, it won't go up. Even seed is back down to close to its old price, and they're doing gtreat with patents for seeds. I do think the Chinese companies don't hype their stocks and don't care about traders much, but those companies that do are also on a downward trend, maybe because of the world economy - but but but - gro is for domestic food, and that demand is growing.