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Audited annual results due in a week or less


Two working days.


If on time, expect nothing. If a NZX waiver is granted, claiming more time needed because of whatever, then the MBO is close. Very close. I would not be surprised at all to see this because the NZX is a little boys club and this is the Hughie and Luke Show.


Another signal something is about to go down is yesterdays announcement about their government sourced loan being forgiven. Not repaid. Just wiped off the books by the swish of a pen. I don't know what is happening with these loans in general as a policy but if this forgiveness was specific to Arborgen rather than standard policy then there in lies a clue something is about to go down because it removes a very powerful creditor off the books.




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Here are the details on the loan forgiveness. It is a timely policy setting it would seem.

Guess that means we can expect a similar announcement soon about the second loan.


2 March 2021

ArborGen Holdings announced today that its wholly owned subsidiary in the US,

ArborGen Inc., has received approval and funding from the Small Business

Administration (SBA) under the CARES Act Paycheck Protection Program (PPP)

for a second loan in the amount of US$1.95 million. The funds are to be used

to fund payroll costs including benefits and other business related costs due

to the uncertainties caused by COVID-19.


The SBA will forgive loans if all employees are kept on the payroll for eight

weeks and the money is used for payroll costs, rent, mortgage interest, or

utilities payments over the 8 weeks after receiving the loan. At least 60% of

the forgiven amount must have been used for payroll costs which includes

employee salaries, hourly wages, sick or medical leave, and group health

insurance premiums.


As announced previously, ArborGen applied for a PPP loan early last year,

subsequently receiving $2.335 million in May 2020. This funding allowed

ArborGen to retain all employees and avoid any lay-offs during a period of

significant uncertainty. ArborGen applied for forgiveness of this first PPP

loan in accordance with the guidelines late last year. While this forgiveness

application is still being processed, ArborGen believes it has provided the

documents necessary to support the full forgiveness of the loan.


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Strange how they announced the closing date for director nominations this year but not last. That date was a week ago now but there isn't any AGM notice so far. To be fair though, last year they announced it on the same day as the annual report which was the 29th.

Might still be a little while before the MBO happens.


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We have movement. JP Morgan makes a reappearance, as does Citibank along side that word rehypothecation and a strategic review is underway. Do you think that might include a MBO?


So much for the twin company strategy where all the shareholders are locked out of any legal entitlement of the subsidiary.


We await the AGM documents. Maybe then we will see how badly shareholders are going to be stiffed.


It is the Hughie and Luke Show after all.

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Wouldn't be at all surprised if we see a return of Mr. Perry. Pulling the same tricks he did when Gibbs and Brierley were on the register with GPG.

The margin bit might explain the price appreciation.


Rehypothecation happens if a customer leaves a number of securities with a broker as a deposit, most often in a margin account, and the broker then uses the securities as a pledge for the margin on his own margin account or as backing for a loan.


From the announcement. Wouldn't mind betting its the limited partner trust that involved Tenon and some people may've had a conflict of interest at the time.


30 June 2021 - Global advanced genetics seedling company, ArborGen Holdings

Limited (NZX:ARB) (ArborGen or the Company) advises that the Company has

received a confidential, non-binding, indicative, incomplete and highly

conditional proposal from a credible third party to acquire all of the shares

in, or assets of, ArborGen by way of a scheme of arrangement or other

alternative acquisition structure (the Proposal)

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Where's Graeme Hart? He once owned Carter Holt Harvey and I believe he contributed to Arborgen's cloning processes through IP and the seedling enterprise in Te Teko.


Bet he didn't do it for nothing or no reason.


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