RE:EC, There was no bigger believer in this company Thanks for the additional colour. Sorry for your loss. That is a big investment to watch evaporate while everyone on staff and the board continues to be paid and hold no risk and have no skin in the game. Which does worry me and make me want to ask why? I agree with you, they need to come out a plan, and a good one and in my mind be willing to put their own money behind and have something to lose. They have to show they believe and are willing to bet with the shareholders.
So I shop around for fertilizer and try to find good deals, but have to factor in the costs of logistics and of course cash flow. When I have gone around to the various fertilizer retailers, none of them have heard of Karnalyte or have heard from the Exec team. They all expressed interest in being able to buy local and would lock in good prices if they could get it and then pass that on to me. Both assuming they and I would have to have cash in hand to make a deal. This late winter/early spring when oil prices collapsed myself and all my neighbours bought all the diesel we could. I filled up every tank, tractor, machine and jug I could. The same would happen work N if there was even a bit of a deal. Farmers cannot avoid having to buy fuel and fertilizer. We have to buy. So if done right and well, Karnalyte with expertise and our natural advantages of being close to a supply of natural gas and close to the demand from farmers for N - then Karnalyte should be in a good position if they go out and make a deal with the local independent retailers like Blair's Fertilizer and others who have been able to survive against Nutrien taking over as many retailers as possible. The Co-op has also built a couple fertilizer distribution centres in Sask as well. They are not manufacturing so they must be buying from someone. Likewise with some of the other grain companies. Happened to meet Mr. Petit who runs the Pioneer terminal and fertilizer complex in Warman. They buy and resell as well and had not heard of Karnalyte or from anyone there. Same as at Blair's and the Co-op, or Nutrien, but my contacts there were not at the top executive level.
Couldn't Karnalyte give me a discount on spot prices or on a future contract if I pay upfront and or are able to buy or get a discount based on shares I have in the company?
Very much, like you said. No news since the announcement of Nitrogen. No location, no plan, no disclosure which made me worry about the Execs and the Board just taking money out until there is none left and the last one there turns off the lights.
I could be wrong but thought there was supposed to be a name change and some branding around that? Did that happen? If so when? I can't find it? If not, why not? What happened? Things like they make me think they are a slow play to continue to get paid and not own shares. Especially when I ask at retailers and they have never heard of this but like the idea. Okay, I am older and don't know the big wheels, egos and icons at all those fertilizer retailers, but my contacts there like the idea.
I do hope something comes out soon that can help you move towards recouping your investment. My loss is small compared to yours but I saw it as an opportunity to have a Saskatchewan success story and be able to shove it down Trudeau and the Liberal throats. We should be able to use our own resources despite what Trudeau, the Greens and Greta says.