JaCKSnap - AGM Points!JaCKSnap, please read my entire previous post before assuming I would display a picture of an ex- CEO; the link was public knowledge of how to get in contact with Kenneth Clement, as he is the culprit of why our share price is making new lows. No to attending the AGM, but all relevant info is as follows: From the FB VIVO innvestors page:(not by me) To all members of The VIVO investors Group I attended the Annual General meeting on June 4th, 2019 at 10:00 I arrived at 9:30. By 9:55, we were told the meeting was going to be late as some investors were not aware of the address change. As per Richard, it was not even posted on their web site. I suggested that there should have been a separate release just for the change of venue and not have the change berried in another press release. Paul Lucas, chairman, was first to speak and officially started the Special meeting. He went through the resolutions and list to vote on, one by one. As per the governance of the Company, they only require 5% of investors to vote to pass a resolution. The total on line and mailed in votes were 41% of shares. We were welcomed into a small boardroom. We were 18 sitting around the table and 3 others seated behind, no room at the table. One investors was very surprised of the turnout and stated that he expected 200 investors would attend seeing the SP was at 61. I was also very put back that only a dozen investors were present. I must also add that Our Facebook group was very well represented: Richard, Peter Luis and myself were present. 1/3 of investors They had their lawyer present and Craig MacPhail of National (the IR firm). Once the chairman completed the voting, Mr Barry Fishman, made his presentation, which was very similar to the web site presentation. He did take questions during the presentation if they were about the subject he was discussing in the presentation. He mentioned that he would take any other questions at the end of the meeting. - They are talking to many Beverage and Edible partners. We should here some news within the next 2 to 3 months. - They will be in the premier side of Beverage and Edibles. - They have a distribution partner in Germany: They have had pre-audits. Will pass GMP by the end of the year. Will receive the narcotics licence also by end of the year. - The acknowledged that they must do a better job at marketing Canna Farm, as it is in the top 5 in the industry. - Canada: they have 3 strategic partners, Choom, Westleaf and NAC - Quebec is not important to them, even though the second largest market in Canada because the margins in Quebec are the lowest in Canada. So no push for them to have a presence there. - They do not have enough product at the moment to expand to other provinces. - Adult use in these provinces: Ontario, Alberta, B.C., Manitoba, Yukon. - They have had many discussion with Kenneth Clements. They have not been able to come up with an agreement. They have also attempted to bring in an investor to buy his shares. - As per the Paul Lucas, who has been friends with Kenneth for many many years, he feels that Kenneth is NOT intentionally selling shares to bring the SP down. - Mr Lucas feel that there are other reason and factors for the dropping SP, his personal feeling, bit did not want to share them at this time. - They were asked about the large US Market: They have made a choice to limit their business to Canada, Europe and Australia. - Because of the Year end of December 31st then the First Quarter results, all Directors have been in a blackout period for buying or selling shares. Therefore that is the reason for no insider trading since the beginning of the year. They were all able to insider trade as of today, June 5. - They have currently 27,000 patience of a total of 350,000 registered patience in Canada. - Germany is very interesting as cannabis is covered by Universal drug program. - They would not give any guidance of profits or sales for the current fiscal year. - XLY, Auxly: could not discuss. Lawyer took over the answer and said they were in mediation with them and all in confidential. - Product: Their plan is 50% premium indoor, 20 exterior, 30% third party. - They are in the top 10 LPs in Canada with a pro-forma of 17 million. - They did have a 4% share of dried cannabis in 2018 in Canada. - We are not a bunch of cowbows. We will not take bad risks. They have been approached by many companies, but they are very picky with whom they want to do business with. - They are hoping to start a monthly call in with National, IR, National. - It was suggested to have the Annual meeting webcasted and they found the idea a good one and took note of it. - They were very embarrassed by the Year-end financial and having to make changes a few hours later. Apparently the law firm published the wrong approved statement. It was by now 12:00 pm and the adjourned the meeting stating that they were having a Directors meeting and needed to leave. They could not have a questions period after the presentation. Unfortunately, I was unable to ask the question I had from my list, even though many were answered but I did ask some questions and made suggestion during the presentation, which were covered above. I did state that I was representing a Facebook group of 1,142 member and had other questions from the group and myself. Mr Michael Bumby requested that I send him these to his personal attention. As soon as I get the reply I will post. My personal observations. i) The team seemed upbeat, even though the SP is so low. ii) They are following their plan to the letter. iii) They only answered question after getting a nod from the lawyer. iv) I was sitting next to her and Mr Fishman would always look at her to get her OK before replying. v) The lawyer did answer 4-5 questions I lieu of My Fishman. vi) They feel the SP should not be where it is and feel they are on the right track to show the market that they are increasing sales and show profits and are not a fly by night. vii) I felt like I could trust My Bumby. He seemed like a seasoned straight arrow. He sounded truthful. viii) As for Mr Fishman, I feel a bit better about him. He is a business man and not a sales rep. That is for sure. He lack enthusiasm, excitement about his company. But he did make a clear and concise presentation. He replied to all questions in his best ability. ix) I did come out of the meeting slightly disappointed that they ran out of time but I did leave feeling better about VIVO and there plan. x) Again I must be careful to say that they did make many promises for 2019 and we have all been disappointed in the past. But I will give them the benefit of the doubt. xi) I felt that the dozen investors were a hell of a lot more upbeat compared to the beginning of the meeting.