Earnings Season - BrickTalk - The New Age of Disclosure

Episode Date: August 22, 2026

Recorded live on X Spaces on 2026-08-21.Listen to the original Space: https://x.com/i/spaces/1RKZzBpoEodKBBrickTalk is the weekly Jamaican markets conversation from the Earnings Season podcast, recorded live on X Spaces. ★ Support this podcast ★

Yes, this night. The night, everybody, that night. Can you hear me? Yes. Yep. What's on, bro? Not much. Still hearing me?

Yep, yep, yep. Perfect. Just make sure I do have one more time. Still hearing me? A third time, yeah, I was hearing myself. All right, I think we're good to go. Very good. Yeah, so it's still fine on your end, right?

Mm-hmm. All right, perfect. I saw she, so she's dropping in, but I guess she went more soon as she gets on. We can have a drop in, but in the meantime, we get going, and I, let me not even jinx it and say the wrong thing, yeah, man. I let's just get started let's just get started I was scared at how well the um I'm scared at all well the the sound uh may be going all right so I think we're good to go hi everybody welcome and you'll hear me set in a second again as we as we uh get started

uh with everything else everything else being of course just the video for those that you prefer prefer the video. So one second and we will be doing that very, very weary, right? I think we should be good. So actually going early, going live with the video early. Everybody, welcome to this week's Brick Talk. As always, I'm Randy and as usual, I start off and remind everybody that you shouldn't embarrass it anything that's spoken about on this, on this show just because we're talking

about it on the show, right? Make all your investment decisions with the help of a license investment advisor and this show, nothing on the show should be taken in a way, shape, or form as investment advice, right? Then it's a licensed investment advisor, but while he's on the show, he's not acting as a license investment advisor. Just one of the guys talking about investment, business, stuff with love, right? And if you weren't aware of that, I'm sorry and feel free to leave.

and if you are aware of that, feel free to participate. We'd love to hear from you. Now, having said that welcome to everybody that's listening on Twitter and also watching on all of the various platforms, YouTube, or if you're watching the future, I have welcome. So this week, that I, how you stay, how you feel? Yeah, I want to do this week with you on the market. Interesting week on the market, yeah? Yeah. Good. I was traded. I was traded more. So I think.

And that's what I was, what you're looking at. There's some changes on the portfolio. Yeah, we never more active, I feel like, you know. I feel like there's more happening in that way. Because I'm literally doing more. So I guess that's it. Yeah, that's a secret to all the news, right? You see it more, so you figure more is happening because you see it more.

Same way. I'm the same way to it. Anytime, whatever I'm doing more in the market, you know, the market feels real to me. I'm so mad it's because the waiting period is bad or anything. It's just, oh, you're actually looking at this. So that's really it. And regardless, I mean, there are a lot of things happen on the market this week, especially coming right up into Brick talk at the end.

I mean, we see the Scotia. We saw the Scotia notice come out today, right? Right at the end, well, that's what, maybe two hours ago. about then or was it early there? A few hours ago, I don't know it's after market close. I know it's after market close. So, I mean, I know it's a big deal. I know waiting on that one fall.

I should say waiting for a little while, can look at them moving fast, huh? I said that before, but I am surprised that how fast they're moving. Some people, I don't know things before them and still later than they, and still not reach it. Exactly. Yeah, I mean, about the last set of,

the last set of, uh, uh, uh, uh, the same the same exact thing. I mean, who have to do it recently? Scoti obviously did it worse, doing the exact same thing, I mean. Not the exact same thing because obviously in the market leaving process, but who else do we know that has actually done the exact same thing, meaning gone through the court process? The scheme of arrangement. I don't know how the name. Marita.

missing select Sagit course True yeah yeah Sartic course So Sartic court

and still after they after they get court approval and everything Nothing has happened yet Correct And we've seen also The same thing with

I mean almost all the financials I've done it Mayberry did it To do the whole MILMGL move And I thought the Mayberry one know is relatively fast.

Yeah, relatively fast. Yeah. The Scotia boy, the Scotia moving. And you know what I like about it moving is fast? Same thing like with our favorite broker

where it shows what about it said. Exactly. Exactly. Yeah, man. Which is, which is my footnote for the memory,

they move fast because it's not as it's not. be possible. It's just some people take long because they want to take long. Exactly. So one of the things are obviously like when I do in grow is I tell people that for certain things that certain parts of the process is not that this thing have to take long is that the people that do it take long because it can be done quickly. I mean, when I say any part of the process, something like when I'm telling people about getting a brokerage account and I explained to them that, hey, opening a brokerage account and getting started.

talking about getting started and billing your whole portfolio, but just getting a brokerage account and being able to use it is something that can happen within a day, start to finish within a day. But it's like I say to people and they say, them don't believe me. And I know them do believe in sometimes because I actually say it and I'm saying, yeah, but you hear them talk like, they don't believe it. No, can you talk to them and hear people sitting sometime like, I don't people tell me they've waited weeks or months to get a brokerage account home because hiccup after hiccup. And I'm telling them that, you know, I've had that process done in a day, within the day. Like within the day, start the process and able to use J-A trader before

trading close. And this was when Mark used to lock at one o'clock. So it's, it's good to see when the process is run in the way that, you know, it can be run. And it gives, I guess, very similar to the idea that I put out there that listen a lot of these things, a lot of the processes are done this way because it benefits somebody for it to be done this way. Or maybe somebody's inefficiency or just, you know, somebody coming and why would I... With the specific idea you think that with the account opening very often inefficiency, more often than that we're taking longer. Um, so we're in that somewhere somewhere in the process too can

rooted or somebody in the process is making, it's a sitting on something. Yeah. After the case. I feel like for the for the account opening one is that the people coming, because like I think that's like a process, you know, they give someone at the front end, the front, you know, front. You know, front desk handling it. And that person likely, they probably haven't been there for years. So they get a process and I'm here how it going. You come and you see somebody take along with it.

So why am I going to try and do it any better, all right? The thing that usually takes long in that one is is understanding between the salesperson and the baddisc and what exactly is required. So it's often, oh, this document isn't, you go this a million times or somehow you have this document that shouldn't be accepted or something like that. Or even, in most cases it's something like that or that document doesn't pass. you need to get back a better one. Yeah.

Well, and then you wonder, very often. We do it a million times. How we still get in around like that? Yeah, you know, sometimes just as some of those processes go there,

as much as you try and handle it, you know, you can set a process in different when you have employees running the process. You get all kind of inefficiencies. And that's where management comes in. That's where it gets harder. But maybe to swing us back to our actual stated topic for this,

So this evening we're talking about the age of disclosure, right? So I usually, I come up with, as I said before, we've done Brick talk for so many years at this point. Side note and that that is probably a Brick talk thing, or an in season thing, the tangents. I'm knocking myself hard because last week I forgot to mention it. You know, last week was, I think the seventh year anniversary of us doing this, then I? Yeah? Yeah, blew my mind. After I came up a site, I think it was on the actual date, it was on the actual Friday.

I have it in there as an actual seven year anniversary. So big up to us doing this. I hope it has helped a lot of people. And I hope it helped a whole lot more. And I say all that to say that something that I spoke about, I think last week or the week before, is that I often wonder like, you know, why is it hard sometimes with us with the topics. And I remember that when we started it, we do it as a podcast. So we would have the conversations or we don't always have like a theme or

or we have something that we want to talk about, a couple of things we want to talk about, but we would have a set theme. And then we'd have the conversation, and then, you know, it'd be processed and uploaded and whatever. And by that point, we know, okay, based on our conversation, we know what we want to title it and it comes out, which is completely different from nowhere,

because we put it out early, I'll put the notes about it early, and then we come on and we have that conversation live. A lot of times we stray off topic, or the tangent carries us down one or the other lanes, right? which I don't mind, but it was just something that it took a while for it to click in my mind. Oh, that's why, you know, even though we might be saying, even though we might be saying, like whatever the topic is, we don't always end up actually going up because maybe somebody comes

on and they have the conversation with us or they come on and they have the conversation with us and which are some other tangent comes up and the tangent so good and that becomes the that becomes the episode so I say all that as intro for our official topic for this evening which is the age of disclosure which as I put it is as I put it is around the age of disclosure or really how things have changed on the market in terms of what we hear about, what we have to hear about, and how companies have changed in how they approach speaking to market participants, what they put out there.

And we've seen the whole gamut, right? We've seen everything from companies that don't say not at all, of the silent companies, to know, and I have to say that's a no thing. That it always wasn't this way, but like, no, we have actual earnings calls, right? and always see people coming on on podcasts. We've had how many listed company CEOs on Brick Talk on earnings season. We've had quite a few chairman on earning season Brick Talk. We've had people come on and that's a complete change from,

I would say maybe 10, definitely 20 years ago, where it wasn't happening that way. And I think it's one of the things that is a sign of our market maturing. I even put hitting the nail on the head even earlier. I was listening to Limitless. and they had a conversation with Dean L. Barnes on, who is the CEO of Atlantic, actually, is a Dean L in the space with us here. But I don't know if you'll be able to jump on, but any time he wants, he can.

But yeah, here that's CEO talking on a podcast about his company, which is not unusual. Now we have like Mayberry with their, is that thing weekly? I don't know if he's weaker, maybe every earning season you have them talking about companies and having company figures on. runs a gamut there where you know you have more of a voice coming out from the companies. And we also have companies now giving more details, right? When you look from the angle of the finance rules, you have companies giving more details, more just overall disclosure about what it is that is happening and what they expect to happen.

And well, sometimes what they expect to happen, but also, what has happened and why? Because we know that the numbers give quite a view, but the number is the story about what happened. It's not the whole story in itself, right? And the number can hide many, many things. So, as I said, I think it's a good conversation for us to have just generally about disclosure,

things that we like seeing things that we have seen in terms of disclosure and how it changes and things that we want to see. And of course, anything else that you guys want to talk about, right? As usual, I always encourage anybody that you want. send a speaking request and we'd love to hear from you. If you have a point you want to talk about,

then a speaking request, I would love to hear from you, we'd love to hear your thought on our points. And also, if you want to talk about something completely different, right? If you want to ask how the Trans-Jamaica doing, what's happening with Trans-Jamaica this week? And if Trans-Jameca is up or down this week,

up today. 0.18% up today on the J&D side. Yeah, send us a speaking request. I would love to hear from you. So, yeah, but our main theme is the age of disclosure. disclosure from the companies how it has shifted over the years, how it's changed. And I just like, I started off in the simple way, like things that you've seen, things that you like to see, things that you want to see. So I'll start it off with you, well, I'll start off with you then I can't tell me I mean some of the stuff that you've seen or any disclosures that you're interested in.

And of course, you have the conversation there. And for Shay, I don't know if you're hearing me, I've sent you to the speaking request. uh you are hearing me you uh you might need to jump off and jump back on and then we'll be able to hear you because it's still showing you as a list now but yeah then i how you're doing and then are you muted by the way yeah okay my boy there we go yeah i'll say i'll bring up my money how are you doing oh yay yeah yeah i'm doing good i'm doing good i'm doing good guys i'm sorry for being all right no big dm is online is not really very right yeah

plus the text you to working with us this week yeah yeah yeah but this is a really really good topic something something that's I think is very important very timely as well so looking forward to getting into it all right yeah but

then I was saying it's on like you have something already in mind uh you have something anything you all you have disclosure around or anything about the new to be completely honest when you when we can't with when it when you came up with a topic, I was thinking more globally. I don't know, my mind worked like that where I go really wide and then narrow down.

So I was actually thinking of it in terms of why now. You know, like, all right, let me see if I can. Information sharing is very, very popular right now. in different industries. Even in entertainment, the way people are able to engage with celebrities, that's never happened before. It's not a thing that used to happen. So I was thinking about it more globally.

So everybody, like, feel like, yeah, me need to know. Why, I mean I know? It's very popular for people to expect information about, about people, about things nowadays. It's just, I think globally, that's where we are. It's a big saying that's changed. Yeah, yeah.

We expect to know. We expect for no. We expect to hear about it. And hear about it more quickly. We expect to hear quickly. We expect to hear more just generally now. Yeah, we expect On the flip side, I say one of the negatives I think about that is that because we hear so much,

there are many things that, and I'm bringing it home to the market and stocks, you know, there are many things that you don't necessarily, like there are processes, there are things that happen. If you understand the process, you know that you're not necessarily going to be told or you're not going to be told immediately. Or if you are told, you know, you're told in a certain way or something you just have to go and search yourself. There's like some things it's nobody's responsibility to tell you. I have expectation on both sides where

generally we think we should be told everything. Yeah, no, I'm not saying that we should, you know, I'm just saying that that is the expectation. As the expectation generally. People then take their expectations as where the base time for reality should be. So I'm not told this by whoever It's a mark against you And whether good or bad or just something You're like, how I never hear about this?

How come I never get up and tell me in the way I want to hear? Yeah And truth is oftentimes you are told It's just never in a way that you are looking for Or you want to hear it like that. Yeah Yeah, man, so interesting topic. Let's do unpack.

What was the question you like to do, Randy? You're asking me. Is there anything I want to hear or is there a disclosure I want to see or is I disclosed that I have seen as a phone interesting? Or was the actual question? Both. Both of those actually. Yeah. Both of those are.

Yeah. The disclosures that you want to see. But you hit the nail and the head just now with that. You said it better than I was saying it, which is exactly that because it ties into what we're saying. We're because we're told so much. we have information overload nowadays that we forget or don't know or or make the mistake of not knowing the things that is nobody's responsibility to tell us right and like it's the responsibility to find out for yourself and everyone then you come across those cases where

it's something important but it's nobody's job to tell you right is your job to know and so you you think You just see the reactions around it. And for me, again, bringing it home to the market, for me, why I always try to do, especially us as investors, retail investors, especially, is to point out certain things and point out how the responsibility for certain things is on us. Like, ultimately, talking about the stock market,

ultimately these companies are companies that we own. It's all company, right? Nobody goes, nobody would look on Michael Leaching, and expect him to expect to be told XYZ in NCV. The reason he's told XYZ in NCB is because it's his, and he set up the processes and the people and him know what it is, right? And if something is external to it, you get the people and you find out and you dig. Or if you don't know, you find somebody who should know,

and you question them, and you test what you get, versus just being served everything. And because we in the age of information overload and we get served so many things, we make the mistake of thinking that everything is to be served in the same way and that's doubly dangerous in the case where there are things that that maybe you don't want maybe they don't want to tell you right I always joke about like the I always joke about the JSC notices how well where they are the ones specifically from JSC I mean like I remember when what was it last year was it like when was that big deal being made um i think enough time has passed now so

that that big deal being made last year about trade is it trade info oh yeah yeah yeah man yeah we think yeah yes uh and i was saying that same so trading for yeah yes i's saying i's saying that you know i point that when you say the reaction i'm surprised that whole visceral reaction is from people like it's almost like the anger I say like hey your stockholding is not private information yeah and people are like no it must be and I understand it because you're used to thinking like your bank account my bank balance is private information it's private to me right um my light bill is private information it's private to me but shareholdings of a public company traded on a public market is not private information.

Not private. It's very interesting. Yeah, but almost everybody involved in that process knows that if they say that to you, they're going to, the reaction is so visceral. So why would I piss the custom off? Just have them think otherwise, right? I just don't do anything. And then so when something happened, like what happened last year,

you were like, how could they know? How could they know when it was talk about, um, the market and and twice the and what was said I think in the night the journalists the journey yeah the journalists and and the trades that happened along with certain articles and in that case I also non-disclosure I think was a factor in that case I'm like no how could they know and I'm like why are we concentrating how could they know you should concentrate on whether or not it's true. And then that gets uncomfortable, right? But we're also in a space that

annoying thing about the market is that there are lots of things in the space that. Yeah, a lot of things about that was very funny, real. Because, because, and think about the space actually in where the moment something, like, I move outside of the journalist's scenario, right? think of how people treat knowing these things everybody wants to know when oh Randy owns this amount of shares Randy O'er how often

many people in the space are quick to share certain things as a oh I find this thing when it's not public it's not private you know how quick we want to share these things but it suddenly in this scenario we it was a

oh boy how where are you looking at this very often on the opposite side, you know, people want to know, people want to be able to feel that they're prying. People want to feel that they can find out this thing about this thing. Think how often we'll have this. Somebody comes with a fake page or I think an anonymous page that comes into some scoop behind the scenes of, oh, this letter sent by whoever to whoever, and I'm posting it on this fake page. And it's because this whole thing on Twitter, within the same space of the oh i find out this and you know then what whatever feelings about it's very much so

and nobody says and in those moments how could they how could they know nobody's looking at the page disclosing those things as how could they know why would they know this very often when those pages are actually sharing confidential things private things but then in this scenario it was it was hope it became how could they know you know you know you know you know you know you know you know And again, we're not focusing on what's being said, whether or not it's true. It was, yeah, it was seen as this big injustice. So to me that reality was very funny, but not, not to laugh. Yeah, it's not funny.

But it brings back to disclosure and for us as retail investors, what it looks like there is us having to know what's actually, like what is our right to know. What is the thing that we have to be told versus what are the things that we may want to be told? And they don't necessarily have to tell us, right? And removing the emotions from that, removing the emotions from it. Or, you know, you understand markets. If you feel away about something, the option to sell is always there, as long as there's somebody else willing to buy, right? that is also that's also something that we have to kind of get used. Like what is it that companies have to tell us?

Another thing I teach at Gras point out that when it comes to investing on the market and reporting, because one of the clearest disclosures that companies give us on the market is that they report their numbers every three months, right? They tell you how they've done each quarter. If you think about that, it is actually big, in to the process a gap. Yeah, there's a gap baked into the process. That's not a month and a half gap at minimum is baked into the process.

A company can choose to be early if they want. I've seen companies be early in the past, usually when it benefits them. But, but yeah, baked into the whole process is a gap, which means, you know, the guys at, the guys at, um, jim and b, they know how much they're, they're, they know how the quarter ended. They're well aware of how the quarter ended. Um, they're well aware of the quarter ends one second after the quarter has ended, right? And they're not going to be telling you about it until a month and a half from now at best. Yes, sir. Right? Sometimes it's two months, sometimes and it's three months after and that's just how the rules are.

So as a retail investor, understanding that I'm baking that into your own process, knowing the things that you should know, you must know, you should be told, and separating that from the things that you'd like to be told, but they don't have to. Like, no company has to legally tell you how sales are going currently. We'd love to hear it, of course, right? In the times when companies tell us we're very, very happy to hear it. Again, short, you know, out limitless. And I heard Daniel Barr in South and Atlantic, you were saying, he made a couple of points around the receivables management, right?

And I got as happy because I'm like, hey, we're hearing something that isn't out yet, right? No, he isn't given any hard numbers in not, in not breaking any rules. In fact, there are no rules to break their companies can tell you if they choose to reduce, they choose not to. But that's something good to look out for. And it's important to know the difference between a gift and a requirement. Because what happens when you get the gift, you think it's a requirement. Very often. If you get a gift too often and then suddenly the moment they don't get it, it's why, how dare you stop?

Exactly. Exactly. And for shrewd investors, you also know to look out for when the gift is being given. And if the gift stops, right? I remember that quarter when I think Barita was, was it last end during the APO? The last APO they did. Could have that rum, but I think so on the last APO that I did. And they reported within, I want to say a week or two weeks. I want to like, like the quarter ended and they reported like two weeks or a week.

Or if it's not two days. Something that nobody has, since then I'm not seeing anybody do it that quickly. I haven't seen anybody do it that quick. Yeah, immediately after, right? And the thing I say, I go is like I said to people. you have a job, right? I mean, at work, use a computer. You know, it's not a slow thing.

You know how things are going. These companies are multi-million and multibillion-dollar companies managing the stuff. They know how things are going. So you know what I know. In fact, there are rules around them not, not saying things, but not trading until they have disclosed certain things, right? As I have insider trading laws, inside of trading rules.

So that I think is one part of the disclosure game that has been played very, very well, and the companies have been sticking to that for the most part. But I think on our end as retail investors, there's a whole lot more that we have to do to understand what is the gift versus what is the requirement and not just ball for everything as if it's a requirement. And then also know who things are required from. That's a big one that I think is beating us. but maybe I don't want to do everything in one go, so I'll leave that one for now, maybe we'll talk about it later, so we do have somebody that joined us early, though.

Lopo, I believe. Lopi, you hearing us? Hey, man, I'm here, you, hear me? Yeah, man, what's up? All gone. Much for you stay? Yeah, man, I'm enjoying the Friday on the conversation so far, big up in the self, as usual. Big up Shea.

Last time, I thought, Never dare. I don't know if she's more that we're hearing her. She, you're hearing us? Yeah, man, I was saying, because I say, Lopo. Yeah, man, I'm here, so. Yeah, man.

I'm good. All right. I'm here. Yeah, I thought it was an interesting week. And an interesting topic for you guys to be approaching tonight. I had some strong opinions about, some things that happened this week. And, I mean, firstly, I think, you know, in the space that we're in right now,

on this forum that you guys have created to, you know, talk about the market and in all aspects and all forms and definitely over the years, we just putting people into a place where they seek information and that the things shared here are properly verified. It seemed like it went left again this week

in certain forums and that's unfortunate. I don't like that. Express showing it's not something that is being refuted with anything except conjecture and there's nothing solid being said.

So this whole conversation to me, where it came to about disclosures or things that were said about companies' tax eligibility based on processes that we all saw happen. Okay. I was wondering where you're talking and I was like, yo, you're talking like a politician, brother.

You know what I was? I was going to be way more frank on this. My practice, man. That I was, but me hearing a talk, it very, like, well-structured a bit. I guess me just a couple, you know? Thank you. Yeah. That's not bad. Well, yeah, you're talking about, okay, so we're talking, Avian, about

the Atlantic, and it's not just Atlantic. Because it really, no, it wasn't. It's not exactly. It's not just Atlantic. It's not just Atlanta. It's a lot of companies, but it's something that came up, at least I spoke about it. Like we do on this show, we're not pretending.

We're not the business news. We're actual investors. So I spoke about Atlantic because, I invest my money in Atlantic, right? And Atlantic, you know, they had late, they were suspended for one day, as we know, or one or two, like the Friday and then back the next week. It is what it is. And then I have to consider that as my investment, like what's happening with my investment there because I know what the law says, right? And the law does say that, you know, in the event, we've said it multiple times on the The law does say that if a company is suspended from the market, it doesn't say this, I'm paraphrasing, but pretty much it says that from the point you join the junior market until 15 years later, if at any point during that time period you're delisted, suspended or delisted, you lose a tax break and you have to repay all of the money that you've gotten from any years that were taxed, right?

And that's been my point. And of course, as an unhappy at that point, Atlantic shareholder, I want to know about it. I mean, I've been as olden about it. I sold a lot of my shares. I was happy selling them. Not because I didn't like it. You know, if it hurt my heart after, because after I sell, the Q2 results came out. And if you guys saw those Q2 results, but they were quite cute.

They're good. Yeah. Not good. They're great. They're right along the lines of what. I think some would know to have been expecting from a long time. Yeah, expected not want to see. Yeah, man, the grow grads, I mean, the grow grads know how long I've been talking about this too

and how excited I was. You know how happy I'm the shares about 70 or 60, not 60, I don't think they've went as low as 60. But the shares that I bought at, at 70 or 80 odd cents. I mean, I'm happy for their future when I'm I'm seeing results like these, right? But I'm seeing results that show, just give you a top line view,

42 million in profit against 785 million in revenue against, that's against just the Q2. The profit is 140% higher than it was the year before. I'm putting up as good as that number sounds, 140% increase on one quarter, 351, 351% increase on the Q1. I'm not as impressed by the percentage, although it is impressive, because to me it's like a new company, right? This is the first.

This is the first we're really seeing what the new Atlantic is. It might have the same name as it has before, but it's a completely new company in my view. So then the tax break point is like a thorn in my side, like I need clarity on that. And so that's where I brought it up from. No, low polite you said. I thought, I mean, some other, I wouldn't have said anything either in the, I did talk in the SOTR group. I usually wouldn't say anything, but I've learned to not let some things go lightly because I'm just flying.

Yeah, because we saw the share price drop, right? And people are talking about it as if, oh, you know, there's any manipulation or whatever. One, that's how manipulation works. So that's, I'm not a happy. seller of my shares, right? My brother, my brother. I am not a happy seller. I find,

like, let us be real here, man. Manipation, conversation comes in, but why? Because you don't want to say this year, and you're upset that somebody's saying something that sounds bad against it.

Is that really? Like, I'm not allowed to express what the loss is? That is my point. And this is, goes, this goes back to something that, especially in my line of work, really grinds my gears. And not to make this two do me and glue me or whatever, but it's the same example of like when we did have the whole COVID ambas website thing, data breach thing.

And it was the foreign reporter that was reporting. And basically the ridiculous security policy that they had with the data that was going through that website. and like the local ministers was acting like that type of disclosure is illegal and basically saying that the same type of work that people do in security in cyber security research and all that I don't think that

which was what the reporting was is why like if they catch the Australian man out here so they would have lock him up because having information is a crime. Having some information is a crime. Yeah, that one. Yeah, and that's ridiculous.

That's ridiculous. That's not. Well, I find that ridiculous. Well, you know, politics done with me, you know. Yeah, I find that ridiculous. And in the same scenario, I just draw the parallel. I was like, this is a law that you can go on the ministry's website and look up right now. Yeah, and it is, that's like saying, to me it's more that it's like saying, imagine you find out, you know, you're reading J.BG's report and then say, oh, yo, fraud, you go on, you know, and you come on and you already come online and say, yo, you know, said that fraud thing, me, I said, my share isn't the cause. I'm not comfortable.

Yeah, I'm not comfortable with the fraud, yeah. And then you, would you, and then you, and then you, I don't, they might have, the man, my, my, my, man, my, man, manipulates the, because, the car. because we're talking about something that the company did and how it impacts him and then how it makes me as an investor feel or is affecting that doesn't mean a sense so yeah and i need to be i need to need to be when i did just it in the board because you're saying yes there's some information that is illegal i want i want those things to be clear that there are actual clear details as to what type of information is illegal seeing so it even more matters how you get it right not necessarily yes where it comes from, exactly. That might be true.

I don't say no. I've been technicality when I say some information is illegal because truly having some information is illegal. That's an example of disclosure. It's on us to know what is or isn't illegal. Not getting into the politics of that whole situation, but then obviously I think there are people, too many things involved that.

You're bringing up like that a very amber-colored situation that I don't. too hot on Twitter right now. I don't want to touch on that that's hot and that hot fitter. But I think, I think Sir Daniel wanted to jump in. I don't know if he's hearing us. I think he wanted to jump in. If he is, Sir Della, you heard us? I think I saw him do the dance where he was a speaker and then him disappear. I think maybe his reason. Yeah.

Yeah. So I know that happened to me all the time with this. So I'm hoping that's it. Yeah. Okay, I see him back as a listener now. So maybe you'll jump back on. But yeah, in general, so that whole thing, that whole, this whole color and perspective around that,

in that conversation as well, it also, like, I thought it was an, I thought they were, unpleasant things that were being brought up from that conversation, but I actually like that it got to a point where more things were suggested. One from starting from you, they did a ruffle

mine and them confused with the other guy that did the ruffle at the time. And they were Aaron Ruffle, bro? You only heard me? Is he? Well, I said aired in season, the host Mute, so we don't know if if I'm not

to talk. but based on that conversation people actually were digging around and looking for companies who had been suspended and seen any tax implications and a lot of the companies that were suspended and we weren't seeing any tax implications were companies that were not making profit and

yeah and then a frequent guess on the show I don't know who I get loaded up for who fired what but the frequent guess on this program here

actually found one that was suspended that has made profit and there was no communication around their tax break being removed or needing to be repaid or anything

and that company was iron rack yes sir And even ironically, speaking of disclosure and the new market and new communication, Iron Rock went and had a nice forum. Was it the next day? Yeah, they had a nice little forum talking about their results. And in the audited results that we were looking at from that conversation, from the Atlantic startup, in their last audited, they fully mentioned that they're paying half tax. and on the quarter the numbers that they just released

and they're having the Mayberry what was she was a advisor but representative go through the numbers and state all the details they have on the last quarter's result nil tax because of the junior market

and that's the company that's monitored by the FFC so therefore there is not just public listing responsibility they have on their numbers. They have fiduciary, XYZ in regards to the numbers. So it's like, I feel like these things should be discussed and it should not be the end of the world.

Yeah, my, people pick and choose, you know. As I say, it's very much within the line how we're saying of, oh, people feel certain ways about things and then very, I mean, very quickly, they decide, thing there. So this disclosure, I'm getting this at a certain level. I take whatever for granted until it reaches a certain line. People between it. And then sometimes it reaches a line where, oh, this makes me feel this way. And suddenly it's not okay with it anymore, right?

I'm just like, are we not supposed to care? I wonder sometimes. I think of SSL. Yeah. Think of SSL. along the line of disclosures and certain things that shouldn't really fly past and then we're in a situation at end of that train you're in a situation if certain discussions were had earlier we'd be fine right or we could remedy certain

situations or just cut certain things at a certain point if certain discussions were had earlier that's yeah but now it's no it's just oh the world wicked and the runner are getting money like no we need for a do But who is to do it? When you say who is to do it, when I say who's to do it, I mean like, whose responsibility is it?

Because a lot of the things that we were given before. All right. You want me to talk. Oh my God. Somebody can come on Twitter. Somebody can come on Twitter and say, XYZ,

I found out this and da-da-da-da-da-da-da-da. And then the mob gets up and runs with it. And it's not manipulation or it's not, it's not bad to talk about that in whatever case, but then suddenly, no, boy. It's almost like it's almost like you can't, see if I said this to get so in that way. Well, well, to answer your question, I'm a man can. To answer your question in my opinion, Randy, the, the who is an important thing to highlight in terms of what is enforcement or what is, what is regulation, what is monitoring and all of that.

But we as citizens being able to observe and speak the things, I think it's more empowering for the entire community to not have that be persecuted or find a way to find that as the negative or the, all of the connotations that people be having around people that's having real conversations that have basis in truth. like these things happened like we don't it don't have to be the end of the world

but they happened it's truth there's truth behind it like we're not making anything up you know I mean so having that discourse being something that's available to us without it being like

oh well obviously something bad you do because you're talking about like when I suppose to care like people put money in these things these things are not these buildings that I see out here where all of them skyscrapier for all of them financial is things and people money you build them something there so what really mean all means men are supposed to

care a business and caring doesn't mean that i think what's important to for us to i think one thing that's important also for us to get is that caring doesn't mean that you're hating like i don't i don't hate something because i want to know how it go you get me even if it's a bad thing i don't hate it just because i want to know not talking about ss that's obviously something else but wanting the disclosure there are wanting clarity there and seeking clarity there doesn't mean that you hate it uh in the say i say that hopefully as a segue i see sir denial joining us again so sir dinole you hearing us yeah man thank you thank you very much for having me i spoke to randy early and and and said to him good good even to your listeners

a friday evening i thought you guys would be out relaxing man but you're impressing on the investing community the importance of knowledge and i i i listen quite keenly and um i'm impressed with the wealth of knowledge uh firstly but secondly the extent of the issues discuss i think is is very much important can you can you imagine us 20 years ago Well, last year, 20 years ago, yeah, it wasn't like this at all. But Friday night, 20 years ago, that would be, what? Oh, six. Yeah, I wasn't quite wild yet.

Maybe eight years ago. That was quite young, actually, you know. Friday nights, we're for drinking. Yeah. Old and a little bit, hopefully, wise now. Yes, I told Randy that I would be more than willing to have a discussion with your listeners. and your tweeterers, I don't know the exact thing. I have a little age on me and I might look young-ish, but I have a little bit.

No, you know, he's a man playing a football tree, four days, have he, play some scrabble, play some domino. You have to keep the mind active, no and then some chess. So it's very important. It's 100% true. And I like, you know, since you're on the topic to Sir Barnes. I like, one thing I was saying in my group of a girl group that I liked was, how open you were upfront. You're right in front of it.

Good but or ugly you're talking about it and talking about it immediately. And being open in what your response is, in terms of handling it one way or another, right? Which I think I want to start off by praising that because, and let me exclude Sir D.RDio from what I'm about to say. We've seen, let me put this, we've seen the gamut of the market,

we've seen the great stories on the market, and maybe the not so great stories on the market, on the market and I think that it bodes well for Atlantic that one of the makings are the great stories on the market is that the CEO is so willing to speak immediately and not leave things up to speculation right blind speculation so thank you for that um sir barnes thank you thank you thank you much appreciated I haven't been in I haven't engaged social media as much as I ought to and that's good. Listen, that's good if you were.

Any CEO that have time to be on Twitter all the time. Yes. That's a problem. Yes, you need to be busy. Yeah, man. Oh, God, just me. I mean, when you look at the macro numbers, sorry to segue, I mean, then I should know. When you look at the macro numbers, it's kind of worrying.

So, you know, as I said to my. team that listen me one thing i know in in every parish in every district in every community every single week there's somebody changing out a bathroom there's somebody constructing a little one-bedroom there's somebody doing some there there's somebody um marking out a football field that they need some white some some some some white lime there's some activity that requires some product that we sell We are aware of how competitive the market is, but I am off the view, having been the CEO of Arc for quite a number years, that the relationship is what makes a difference now. The relationship is all about relationship because pricing, most companies are going to be in and around the same prices, really, a oligopolistic competition. the big two set prices and all other participants some way somehow have to what we have been fortunate about is that we serve a lot of the smaller hardware stores in the nooks and crannies so we're able to add a little spice here and there in terms of the pricing to get up the margin to cover our transportation costs but at the same time it allows us to to diversify um the market the margins to cover transportation costs but at the same time it allows us to diversify um

the product offerings that we sell to them you know i'm sorry i'm the CEO after all they sell my company so this ad was paid for it by atlantic hardering plumbing company 105 to 107 marcos garbage i but more seriously the point was raised earlier about disclosure and um what i have no appreciate is the importance of disclosure. Had I known, and I have quite an illustrious board who have persons with more experience than I do, but had we known the extent of the implication of not divulging or not seeking to disclose or to indicate to the market something pertaining to the tax matter because it's a real issue and it is one that I will be frank with you and

tell you that we have discussed internal we have an actor or attorney for a position which they are provided but we're also asking a tax specialist because the underlying fact is that when you examine the subsidiary legislation or the subsidiary law I don't want to get too much in legalese it speaks definitively that companies who are A or B will have the issue of the tax assault out. Correct. However, I know that it also is it reports to a parent act, which gives the minister discretion. So it's not all us.

That's number one. And number two, having gone through it, no, because it's something that has not only piqued my interest in the sense of specific to Atlantic. it sped my interest also as relates to the overall market because, you know, our research has shown that there are about 11 companies on the junior market that would have suffered such faith, including a company that is regulated by the FSC. No, me and not infammer. I'm not a American-Royce. Well, I'll tell you this. As a shareholder of that company, which is Aaron Rock Insurance. Oh, Lord. I'm saying it. No, I'm saying it. I'm saying it. I have my money in Iron Rock too. I have my money in Iron Rock too, and I'm wondering because they've also not made any provision for it.

And I think it's that, and I get Iron Rock is just one of, as you said, D.NL just now 11. You didn't say Iron Rock, I did. But the fact remains that it is a question that has to be answered. Because we know how the government does it. You know, two years from now, they might change their mind. then you have to provide for it and you don't want that sort of headache. Absolutely. Absolutely. Absolutely. So we have asked for a tax specialist to look into it because I boldly told them that if I'm a She-Hola,

I'm coming to the AGM to ask that question. And you know they are. So we're awaiting it. I had a long, I lengthy discussion with my chairman about it, having heard the perspective of the attorney which the precedent that the attorney spoke of is it does not vacate from the fact that there is an obligation so not because a BRC are not carrying it on your books mean that they shouldn't so we're starting that out give us some time i have to wait and um I said before we're looking at the parent the parent act

which is income tax act that provides a minister actually with a discretion. So you could actually write to the minister and ask that, you know, ABC, because for me, I find it, and I mean, I might be wrong in viewing it as such that over the last three years and perhaps even longer, the extent of what is required for companies, especially those listed a significant increase.

And what happened is that auditing firms are extremely stretched and you can do your own research. Quite a number of companies are coming in a little later than normal. It can't be that all the accounting system for all the companies are completely out of whack. There must be something. Because we, for example, fought with our auditors quite extensively to treat with the issue of the ECL. because we have a certain perspective. They have a certain perspective. Overnight we were providing for X

and overnight they basically wipe $54 million off or earning. We are talking up. Last minute and said, listen, we have to pause. We can't go another day. So I think we're suspended for two days. I think today it is a record. So it's a record.

Most companies are suspended for a month, two months, a year, but a suspension is a suspension. So is it then, I'm talking just from a reason, if I'm an innocuous observer, I'm not talking as the CEO of Atlantic, why are you going to punish a company and its investors for something in commercial terms

as a simple slap on the risk? So in my view, in my view, the stock exchange rules need to change. should need to be amended and to be more explicit as it relates to a suspension. For example, we can understand the listing. That's absolute. But a suspension could arise for could be a result of several different things, why a company hasn't published.

The extent of the pure suspension is a completely different. You know, if you're suspended from school for a month, you're basically out of school, as again, someone who is suspended for three days. So I think it's a matter that, as I said to my chairman, we need to write to the minister about it because I think it's not an Atlantic-specific issue. It's something that needs to be ventilated and a position arrived at. In law, I can tell you, when I read the act, not from the perspective of Atlantic, I see a lot of mischief inside there. Well, you have more legal, I'll give you some pushback, not on that,

but I'll give you some pushback on the idea of JC changing its rules for this. And, I mean, I respect the position, but being plain, I mean, Atlantic was, how late were you? You're 91 days late. Yes. 91. That's more than three months. Correct.

but again the circumstances you're moving from really a small firm to a completely new firm which we have to take some responsibility for that a new firm relatively new in jamaica because they basically just came back to jamaica so they're really billion out and you know i don't want to say we were the guinea pigs or anything like that but that's that that was part of it as well as there are some internal matters that we had to deal with as well thank god for us I think we're in a way, way better position. I feel absolutely comfortable. So we took our hits.

Well, we're going back up. I believe. I mean, the company is strong and only getting stronger. So there's no knock to that. And I do agree with you that. I think the question needs to be answered. And I could also see the JC adjusting some of the rules. But this is just my personal view.

Maybe an adjustment along the lines of, I can think two things. One, maybe your very first set of reports, you're very first audited, because it's a change in a company coming to the market, right? It's a true change in how the company. Believe you me, sorry to winning,

change is an understatement. Change is a understatement. What I tell you changes are a hundred. A seismic change. I think the only thing that remains the same is the name of the company. You guys make a new company. Correct.

Yeah, completely new processes. I'm sure new people, new location. And within that time, I plan to ask about this in a few minutes. Not now after we get off this point. Acquisition, or however it is your word, what you've done with the agri-side, right? Which is on its own complexity.

So I feel for you there as an investor, a biased investor who owns, but i don't know that i want the rule to be adjusted because it have a whole ipaliway in there have a whole pauli in there however i think the threat of what the suspension brings which is the repayment i think there might be some room for for adjusting. With suspension thing, mention a suspension versus dealisting

and then full repayment. Yeah, I think that's a lot. You know? If you need this, then sure, pay back everything. Suspension, I think maybe, like, put on a time basis, like, oh, if you're suspended for a certain amount of time,

then, oh, definitely, you go pay back everything. Yeah, or for that. Danai, them in the same line, you know, like one line up atop and one down at a bottom, you know, suspension, RDI list. How you get both of them? in the same line, same paragraph. But the rules are the rules.

We have to respect the rules. So until when they are altered, then we just have to respect the rules. That is the crux of the problem. We have. The rules are the rules. My and Randy, I said, boy, you know, we, I mean, if we heard earlier,

but that's the line where we have to go down at, as investors, say, okay, the rules are the rules. They're in this position because these are the rules. So, so our position as investors have to change based on the rules and what they, and what they, the reality they present for us. Well, not long from now, we'll have a clearer position as it's the way forward. I'm, I'm looking forward to that because I'm indeed. I'm one of many shareholders who are very, like I said, very happy seeing these results.

and I won't put you on nothing much pressure under this point while you hear. No, man, go ahead. But there, don't beat me up too much, that's all. We get something a while ago from the old lady so I'm not too hungry, so I'm going. All right, right. I appreciate that quite. I'd like to move on, because you can't say one way or another.

I think if we're just talking to three or the four of us here, I think all four of us would love for it to be wiped away and we move on. But either way, Atlantic exists, right? The company is strong regardless. So let's talk some other things, right? One of the other things I heard you talking about was St. Thomas. Yes.

So what are your plans to ensure that every single thing built in St. Thomas is built with Atlantic purchase materials? Just to bring the Brick-Talak family up to date with what is happening. We are part of the Muslims group. and, you know, Separat is one of the flagship companies under the Muslims group and, you know, the chairman announced, I think about a week or two weeks ago that they intend now to literally bill hundreds of houses in St. Thomas. So my intentions, because I've shared with the chairman, I'm very much certain. that quite a lot of the building materials will flow through us as well as lumber depot, as well as island-wide concrete, because they're cousins and sisters and brothers. They're all some way under the umbrella of Muslims.

So we are very much excited. I'm eagerly anticipating not only breaking ground, but actually the ordering of building materials. We have extended since the hurricane into lumber and zinc. angles, squares, flats. So we're in a better position now. Plus, we have international supplier networks, even items that we do not stock, we are able to supply.

So we are ready. And we ventured into distribution to the hotel sector, the reconstruction that took place, quite a lot of the roofing products. they felt the T11 plywood we supply them so we have tasted it and we are confident that it's an era where we want to continue to grow in. I'm very very happy to hear that on that point that you mentioned with the cement so I had said that there's a question I want to ask because well I listen to limitless both are your limitless appearances but and by the way big up to limitless and big up to you for

doing it also you are part of I've done I said it before I said that you're part of the new I think the new cadre of CEOs on the market that professional but also bringing openness with that professional that professionalism right so you can hear from the company leader as to how the company is doing and where the company is going so I have a question that I've always wanted answered I remember in your first interview you mentioned considering getting or applying for the cement what do they call it? All of the cement, you have to get a license to import. Yes, the minister has to issue a license to you,

provide that it's signed off by cabinet, yes indeed so. Yeah, and then you said in your most recent one that, you know, you've decided that it would be more prudent to not do it. I guess cost-wise, maybe the cost for the license and what it requires, it wouldn't make sense if you can already get the cement. get the cement. All right, so let me give you an appreciation of the cement market based on the information that I have. The cement market in Jamaica is roughly perhaps about 100,000 tons per month. Carp cement is by far the cement in the market. I mean, I estimate that the buy-in-house

will do between now and next year perhaps about 100,000 tons to 150,000 tons now and this is all contingent on NARA actually, not only coming into fruition from a legal standpoint

but from an operational standpoint. I think that's a big, big issue in the room right now. How soon can NARA be up and running and start construction and reconstruction activities. Now, I am acutely aware that between now and the rest of the year, I do not expect any significant growth in construction activity.

Now, if I'm of such view, then why would I expose the company to additional working capital requirements in a market that frankly speaking is lukewarm at the moment i don't believe it will be prudent now once the government kicks off nara and is up and running then i would want to enter the room and solicit me and we have the access you're acutely aware and give me a piece of the pie i think at that time we will be in a better position to participate in any event if that is not successful, then one of the importers, more than likely, we'll engage to do some distribution on their behalf. Because we have a national distribution network and they don't. I suspect, and this is something that I have indicated to the political directorate,

that I don't believe it was the best decision to give out half a million tons in licenses at this time because the market is not there for it. Well, what you mean when you said the market is not there for it? Because what the minister said, the minister of commerce said at the point when he's giving it out is that it was twofold. it was one to make up for the, at the time, the shortfall in supply from carib cement, but also with an eye too, NARA and the future growth and the future construction expected. My assumption was that that was being done with like, listen, we might be, let's say that the market is there for 100, but we're giving you up to 120

because we know what we're going to be doing over the next three, four, five years. So it's not 120. It's actually 150. Oh, you want that more. That's a challenge. No, that's a challenge because remember, you know, if we agree that the market is, well, it's not fully 100,000 tonne. For discussion purposes, we say 100,000 tons. Or say a million tons for, and you're giving out, you gave out licenses for half a million tonne, which is half the year's supply.

NARA will not come into full operational effect to best case scenario of March next year you have six months to actually import the cement did you see that? Yes. So tell me what are you going to do

with that cement when you import it and put it in the warehouse and wait for the government projects aside? I couldn't expose my shareholders to that. That's true. And you see, I get into a double bias here because I'm also a shareholder in CHL who was one of the recipients of an increased assistant license so they are okay and I will tell you why they are okay when the average consumer walks into a hardware store pardon my use of the colloquial

you big boss beg your aback a cement what is really saying is bega carib cement. True. Now, the Bynos and CHL, over the last five, six years, have actually built out their brand so people know about the anchor cement. Now, explain if you are an ordinary hardware owner, why would you take up a bag of new cement to distribute today. Bearing mind that you have to come outside to explain to every single man that... It's the same cement, yeah. It's the same

32.5N, 42.5 KG is the same cement. It's just a different name. You can't. So, unless there's a significant price differential, some money buy 10 bucks to say I'm a save, or Shubs,

but me have saved on two grand. I want more under two grand there. And it's are saying, me willing for test it. If you don't have such a discount, then you have a problem. So I think one of the importers know what they've targeted, it seems, are the block makers, which is good,

because the block makers want our rapid-harding cement or cement that, as you've done the block, within a couple hours, once it comes out on the machine, it's ready for distribute. No, that can work for a black maker. But think both of a market,

We're mixing mortar and want, take him time and do him rendering. And you know the people in other industry. The man, I'm from Bonne-Hawkes-Spliff. So by the time, them go round the corner and Bono-Laclaclis, we're smitten hard upon them. So it suits one sector, but not the other sector. So because of those issues, I say, listen, we watch. We watch at this time. Now participate in any other heart, despite the possibilities of a big number.

because, you know, if you get 50,000 ton of cement, 50,000 times 23.45, you're talking about what? A million, a million bags of cement. You're looking at $1 billion added to our sales overnight. 1.17. You understand? So it's big business. But at the same time, the infrastructure and everything required to set up, I don't believe it's an opportune time. No.

I'm not dismissing it. But it's not opportune. opportune between now and the rest of the year. I hope I brought some clarity to that. I get the clarity, but then my pushback on that is that, I mean, the license is that it wasn't a limited license, was it? It was just like it was an increase in what they're allowed. So my assumption is that it lasts into next year and going forward.

No. No, it's a limited license. Specific. So it's a group got a home. hundred thousand tons. Maloney group got a hundred thousand tons. Island wide concrete, which is our sister company, got 60,000 tons, I believe. Goer got 60,000 tons. Tancel, I believe, got 75 or 100 tons. So it was specific. It's not like, and yes, the props can get an extension because what I said to the political directorate is that it makes sense.

to extend it instead of six months, tell him that I can carry it over a year. So that is what I'm. That is what I advise him to do, because otherwise some that, you're going to have some people are going to lose some money. Well, this is where my bias comes in. As long as Atlantic and CHL don't lose the money. You're good. I don't give a damn about the company.

I don't know. That's how you can be a bias. Bro, bro, you don't know shame of me, no problem with that. I agree. To thousand percent. I'm hungry. I've been here. I'm hungry.

But here's the thing. Can I drop you in a quick question? I want to ask this question first. I want to ask this question first. Because nobody's ever asked. I don't need to, I don't know if you can answer it. But is there any planned specific future synergies, if you will,

between buying house and Atlantic? because buying houses anchor cement is they don't have the market they don't have the visibility of carib cement but it is known and it does that they sell off their their license every year right they sell off their imported amount every year so it does have some amount of um notoriety within the construction space and i do believe atlantic carries it so is there are there any plans around a specific synergy between buying house and atlantic with regard that's a cement okay so two things right now we only carry carib cement and secondly have a picture of your warehouse with an anchor cement in there now no but as somebody

has some fratting that i need for no who for so you know who to sue but but i have a picture of your warehouse with uncle granted i don't know what it was but since you've been CEO but need for need for need for no who for so but on a serious note from where i sit i am one who who subscribe to the philosophy of relationship of commercial convenience. And suffice to say, I think if there exists an opportunity for Atlantic to benefit, then we're more than prepared to have a discussion. And I will boldly tell you that I did not think about it, but now that you have brought it to the table,

it's something that I will definitely figure out. exactly what can be done because we are right next to the port in Kingsong so it would be ideal for them to ship this side so you're on to something thank you very much I'm glad that I'm here well happy to hear you know who know more about it than me Paul Scott because he also owns a good chunk of shit no he's in he's in so many things construct group he's in construct with um with with with Jeffrey Hall, whose company just bought a good chunk and have another, they have about 40% on paper. They have half already and they have the agreement to get the other half to get them up to

about 40% of CHL. And he did that via Kingston Wars. And he's one of the owners in your private company, construct group, that is Paul Scott and him. So. Why, you know, I go on. It tells me. Yeah, I know that I am not the first person to say this to you. So I wish you were here so I could see your face. I, because I don't think it's me to tell you about it. No, man, no, me know we're a slider-based, man. No, you're a little thing here and dear, but in terms of concretize,

know that it out in other space, I can, I can, I will look more closely. Okay, okay. I won't pressure you on it anymore. But yeah, man, no, man, but I appreciate that. you know, we learn every day. I appreciate that. All right. Because as far as I'm concerned, CHL is theirs, you know, already. I look to the future.

If they have 40% of it already, they did the same thing with Lumber. I will see Jeffrey Hart already making the move. They're going to have 40. Other people in Lomba is hard. Who is on the board of your sister company, separate along with Paul Scott. And, yeah, so to me,

it was a done deal. A done deal. Yeah. so just let us know when you guys can disclose what i already see right because damisem they're working and you you already have the distribution you distribute all over the island right you know you know what is a funny thing about domesem i'll share this video you know that arc was the first company that did business with domesem i actually bought the first shipment of cement from from dominican republic from domesem and there was this big war with carib cement over it and the minister

and Jamaica and Dominican Republic I can tell you that's all of that and I will tell you this much I can say it now because it's years we were the same one who bought the cement from carib cement and ship it to Dominican Republic if you can do that again via Atlantic

please I can do some good old days yeah but no there are some synergies and I think the honorable Paul Scouting is his wisdom is sit at a table where they're seeing three, four years down the line. And I remember the day when I met him at Susis and he said to me, you know, what are you doing? I said, well, you know, I retired from, I resigned from Arc and I think I'm going to practice law full time. And then he said that,

By the way, you had mentioned some time ago about Atlantic. Is it still for sale? I said, I think so, you know. Him said, well, let's buy it. And as they would say, the rest is history. Then I hear that. The Jenna said, let's buy it. You need to mention something to him.

We need to mention something to him. Let's bite. Yeah, yeah, we have one or two things. We have one or five to bring within the four. You know, right? Let's come close to that. Reddy, Nana. Let's bite.

Yeah, yeah, yeah. my god um and we wondered because from from even when you were at ark uh you were you came up at least on our internal list because we're wondering when with ark list um can't speak of that you can't speak to that any at all up to know i can give you norman zumba and the ceo zumba at any point in time okay but i yeah well it was when you when you left and then you see at atlantic now I was like, okay, I don't think it's serious. And what I do like is at Atlantic, you have skin in the game. You are also a shareholder.

Yeah, no, that was, as we say in law, necessary preconditioned. I told the Honourable PV that this me, I have never seen salary on a will. So what do you mean? Well, you can't wheel your salary. I mean, anything I're doing, I have to have something inside here. I don't have your money, but I have to have something inside here. And, you know, I can't speak of the extent of the conversation that we had, but suffice to say, though, that he said to me, you know, if we're going to buy this business, I want you to come and run it for me for at least three years. And yes, I agree, you must have some skin in the game.

That's the extent of what I can say. Well, I'm very happy that you do have skin. in the game. Indeed. Yeah, yeah. But outside of the hard questions that we know you'll have to answer. Tax break, I know, tax break, it don't matter.

And you know what I should point also? Since we touched you at the tax break point, it's not, it's like you're suffering from your success. The reason why the question hasn't really come up before outside of with ROC is because all the other junior market companies that got suspended, they don't make any profit. Yep.

So there was never any profit to, takes and nobody ever thought of it. That's just a simple truth. With the exception of ROC, and at the time ROC wasn't really doing as well as it is now. So the problem is that Atlantic is doing well and clearly doing well. And the little breach happened and they're like, wait, there's something there because they're actually making profit.

Yeah. Yeah. As I saying, yo, the problem is that you have to make profit for them to tax you on profit and Atlantic is the first to do it. So the income tax are working around it. That's true. That's true. So I'm happy to hear you talking about that, you know, another question I want to, well, sorry, I said I cut off Lopo who had a question just now earlier. So Lopo, let me hear your question. Well, it was more in line with the cement talk. But I was just wondering on the ground because you kind of, you kind of made it seem like it's not.

that nominal or not that big of a difference in terms of price from carib cement versus the other brands so i guess i wanted to hear you talk more about that if that's if it really doesn't seem that like a substantial price work for people uh no the extent of the differential at this time is not significant will it change i really don't know uh if it is that the importers have significant volumes. The new importers, I'm not speaking to CHL, the new importers have significant volume on the ground, they might eventually make a decision to part way by reducing their prices, because at the end of the day, it's a new product and the intrinsic qualities by itself will not sell it. You have to put some... Well, I mean, I see other people outside at the CHL group bringing in different type of person then, so...

I was just string trip. Not listing. This was not a listing. I understand that and I share sentiments, not as invested as your sentiments probably, but I share the same sentiment. But as what you just said a while ago, it just illuminated.

Like, you really don't feel like it's like the market feel the difference with the price and then really stick into the brand association with the carib cement or etc. So that's not what to do. Get your picture point. Good.

But I wanted to appreciate the point that. So a few years ago, I think it was 2007, 2008, just before the financial sector collapse, carpent cement produced a bad batch. And it was a massive, massive issue. And I remember we took in some cement from Argos in Colombia. Did well because there was little carap cement. available at that time. And the product was a good product.

But I can tell you that you see the minute Bureau of Standard Clear, cleared carib cement, we had to drop our price because the people can straight back to carap cement. Right back to carap cement. So it is indeed an issue. But as I said, we're not closing the door

because, I mean, from a gross number, it makes commercial sense. to engage and once it's a cash business then you know it um it does even if the margins are low once it's cash then you know is that the chinese we just accumulating we just accumulating so um that's what took place so we're watching it clearly if we are going to engage we will do the responsible thing and as your topic today states we will disclose I like that. I like that.

I suspect we won't ever have any more late results from you guys. I do like that. No, Breton. You're mad. No, me a all a new CFO. Me, I like you know, I'm not saying. But me tell you this, this is off the record. Me personally, shame.

Because most activities that I have been responsible for in my professional life, I have direct control over the outcome. So if I'm in charge as sales, me know if I rev up the sales team, I know for do this, we know for this, if you do that, if you do the workout, I can say,

all right, then you didn't do a good job. In this occasion, most of it happen, I in my own personal capacity can't feel and touch, but I mean you get the box and kick. But so it go.

Leadership. Heavy is the head that wears a crown. So it goes. We have to take it. Yeah, man. A question, maybe a little of a shift of a gear, what can you say about that deal that you did to take on the agri arm? Because we, I actually didn't even know how to talk about it because is it that you bought the rights? Is it that you bought the entire arm?

What is it? Okay. So in February, we took over the distributive rights that was once held by T. this grant, which you know, is our cousin, coming in the same way, same master's umbrella. At they had it, there are numbers for perhaps

six years, we were just going southwards. And I discussed with, who was a chairman, then Peeby, that I believe that there are some synergies and I was asked to make a presentation what synergies am I talking about?

I'm so, well, even without a presentation, think about it. In every community there's a farm store and a hardware store. I'm sorry, yeah. So I said then if me, I'm truck, I deliver to the hardware store. Then I can put 10 bag of fertilizer in and the same truck and deliver to the farm store.

Yep. Yeah. So me I say, the same hoe, the same cutlass, the same file, the same garden hose, the same X, Y, Z. I said, we distribute the same thing. So we took it on as a project and praise God so far we have done reasonably well with it. In the June, July, those two months were a bit tough and I think the country is acutely aware because you can't wash care of a certain place now because of the drought.

So it's significantly affected San Juan, Manchester, St. Elizabeth. St. James, Hanover. So we started deep in numbers and we anticipated it. Lucas rain sprinkled about the place now, so I've seen an uptick in our numbers, and I am on target this month again. But the numbers are still above their last year numbers. So if I am supposed to be specific,

in our six-month results, the agri contributed 295 million to our sales to your revenue okay to my revenue sorry okay so so um last year i think we did roughly a billion eight we're looking at absolute minimum this year somewhere between two three to two six two point three billion to two point six billion in revenue i don't expect i have to be brutally frank with you i don't expect the extent of activities that we did in the first part of the year because as you would have seen we did roughly 1.4 billion in revenues for the first half of the year but we were supplying a lot of government projects and that's why the margin took significant hit in q2 because it was our contribution to the reconstruction effort

so we didn't sell at a loss but we didn't make our normal profit so so that's if you dissect the number you would have realized that the margin contribution was significantly hit yeah and that's primarily it we know what we were doing so it's our contribution we don't expect to continue for the rest of the year um but the what we basically took over the net assets so you'd have seen an increase when you dissect or financials you'd have seen an increase in in our payables that was a result of that you would have seen an increase in our inventory car we carry between six and seven hundred million ordinarily in inventory so you'd have seen an

an uptick in in our inventory as well and you would have seen an uptake in our receivables as a function of the sales to the the the from the agro business i don't have that helped to clear up some of the it does um because one that's good because roughly 20% then I'm done this ballpark in it roughly 20% to your numbers for the six months then came from the agribusiness and

I have that right feel free to correct me you have a better view than I do your numbers I don't have the numbers then man Friday you don't know me supposed to watch I'm a movie you know when I'm being built to the norm and just kidding man but yeah

roughly that you're right you're spot on and I'm impressed because roughly 80%, like your revenue right now is 80% of your full year revenue for last year. And so in six months, you've made 80% of what you made in an entire year last year. That to me bodes well.

Even with a smaller net profit margin, that still bodes well, because I'm not thinking of just tomorrow. Anyway, you cut the time, impressed. I have a question around the receivables. Like, I know you said that, you know, wanting to cond, agriciates it, to cond receivables

with that. I'm expecting that that like is that the same level of like what's a bad debt there is it generally higher than what you used in the in the hardware business or the same or low uh no it is it is a smaller business so unless you're moving from from a percentage standpoint um i don't have that information i didn't look at it from that perspective just generally higher bad debt or low about that in the no it's lower than the hardware side okay that's good that's great um and i know you mentioned getting hit with the ecls earlier how likely are you to actually recover all of those uh we have started to recover but i was deliberate in um the discourse with my fc to make a provision for

continue to make a provision for or ecl we're going to run some numbers again at the in the September's to look at it because part of the reason why we got hit, you know, and as I said, I mean, the topic is so important, it's disclosure. When no mrs. were looked at at the end of December, you realize that you're two months after the hurricane. So the parishes of St. Elizabeth, Westmoreland, Hanover, parts of, no, St. James and part of Trilani and part of St. Anne. we couldn't get in contact with somebody with these customers. Okay, completely cut off.

You understand? And quite a number of customers who we got in contact with had indicated that they had suffered and they need to get back on track and what we can do. So we knew very well that a decent part of it is going to take us a good six months to get back on track with. So in short, I don't expect anywhere near the kind of hit that we got last year. Because number one, we're making better provision.

No, because we were mandated based on the edit of the board to use this in terms of how we compute the ECL. And then the auditors came in and said, no, according to IS this and international financial reporting standard X. You need to do YL. So we have been doing that. So I don't expect the kind of hit that we got last year. And we are providing for. I mean, we're very conservative this year. Yeah.

And the beauty that we've already provided for it. So it can only get better. Correct. Correct. So I will tell you this much. We actually have had an extra receiver this person because for I am clear in my mind that when you examine or ask. I mean, it's our second biggest asset.

Inventry, then that. So it has to be treated with level of respect that it deserves. Yep. Yep. It is the business. I've changed. I mean, even internally, I can share this with you because you're our shareholders. I've changed even the compensation structure of the customer service associates, whereby

they have a base salary and then they're paid a percentage of commission. that the salesperson collect, which the salesperson is based on collections. Yeah, so you incentivize me. So my entire sales organization now, the significant part of their competition is on collections. And I don't pay anything after 75 days. Okay, I like that. So it's, it's, it's, it's, it's, it's, it's, it's, it's, it's, it's, it's, we're doing what is required to be done.

So we're very much optimistic that the outcome will be consistent. with our projections all right and i to seal off that that point however i'd love if you guys were to break out in your numbers the agri side i know sometimes you know there's no we're gonna do that we're gonna do that for the next report and i discussed that with um the fc that for for good order sake uh we need to do that because the market don't know if agra is contributing 10 million a hundred million 50 million whatever it is so i think we um we're going to do some segment reporting oh that's good i thought it was deliberate that you chose not to i know sometimes companies choose to keep it hidden until until they're ready to but i was deliberate i don't need to um

prevaricate it was deliberate because you know in the we're just learning and appreciating and understanding the agra business because as you know because because it was perhaps a bastard, then we get it. We have to deal with the issue of invention, getting in the right stock, the rat poisons, the seeds, XYZ. So to just, if we had done so at the outset, it might give the market a perspective that is not necessarily a good idea. But no, when you have some trading and some activities

and some months to report and look at a comparative period next. last year, for example, then I said, okay, fine, this makes economic sense. All right. So it was deliberate. I have to be brutal to the frank with each. It was very deliberate. I like that. And I am this, but then I were talking about before you join,

and it's actually a good example of it where you don't have to tell us. So I appreciate it. And I understand not doing it until it's strategically sensible to. Yeah. So I, I accept that. I appreciate that. um then i don't if you have anything you want to ask i don't want to keep sir barns up for the whole friday night probably give us a lot i think i'm fine for no fine for no all right uh sir barnes

when we want to see you buying some more shares yeah good one i i'm waiting on the period that they said that i'm permitted to you know because the day that day i'm buying enough enough nothing on there was no my company secretary said no sir it's all right I'll wait a little bit and by the time you check me start that $100.22 me say

well it's good and bad because we need to move well in the period you can know the blackout has ended so yes you feel free to

yes yes yes it's close to it's not at the height that it was let's say in February and I was touching $2 ad

so nice good discount yes you'll free to know I certainly will be buying more again like I said, I have to sell some of mine. The hit is the hit one way or another,

but I know that I'm buying a lot going forward. I don't give me a political answer, if you got, give me a real answer. How you guys have your eyes on buying anything, meaning I know you hit every hardware or most highwares in Jamaica, or that's the impression I have. But have you considered actually purchasing any of them

and, like, you know, becoming like an Atlantic satellite company, if you will? No, sir, me, I've wonder if you are working KGB, R, CIA, you know, you know. You're going to retail investor. We're hungry. Oh, no, but it's interesting that you raised that. So, we are trying to settle off the company. I mean, for those who don't know, we really bought a business that,

I think it did reasonably well as a family. well as a family business so the extent of what we did over the last 24 months I don't people understand we were distributing from about 92 or 93 containers so just imagine you want some shovels you're going contain a number one then you want some pine door you're gone in container number 86 and we're on ash nine road where we're we're distributing from three separate locations on ash nine road so you know you load a chug then a farclyp reverse down the road and collect some stuff and so we had to pack our bags and go so that's why we ended up at marcos got when i look at the property and i um when p b showed me the property and said if i'm interested i said can we move tomorrow and he said sure and

we we moved out 700 million dollars worth of product in one month And we sold the containers, sold off all the containers by January last year. And in the middle of that, we were rolling out a new ERP system, which is a Muslim system. And in the middle of that, we had hurricane. But, you know, so we had to settle a company, so to speak. We have to train the people. So we are an ongoing program to train the staff. we're looking at building out a retail store by our location now.

So those who are coming to the AGM will see what we're doing in terms of doing the build out. We are billing out our product offerings. I'm heading with a team to China to the trade show so that we could cut out some of the intermediaries to benefit from the increase margin contributions. So, the issue of we were offered about three or four retail store or hardware stores. I'm not, we're running some numbers, but I think it's something that we have to discuss at the board level. But I'm more looking upstairs. I will only say that.

So in simple language, there is forward and backward integration. And we're not going to box herself into whether we're doing forward or backward integration. I believe there are some possibilities where we can manufacture some products. So we're exploring some possibilities related to that. And I also believe that there are some possibilities where we could rebrand the store. Because from a commercially ethical standpoint, I don't believe that. that we should still we should have a store down the road and then we're selling the store right next door from a principal perspective of them always been against that however however doesn't mean that you can set up a holding company that right right all right all right all right all right

right and might i point out let me give you a tidbit uh whichever way this elephant goes in the future um as long as you remain on the junior market a holding company can be spun off and become its own company and can be listed on the junior market on its own right there's many ways to do that and and believe me we have a lot more money we'd love to give you guys so feel free there's many plans between a and z indeed all right right so go do the work and then and then then the investors will follow suit yes sir the message the message is pellucidly clear thank you sir A big one, okay. Thank you, sir.

I'm glad that the message is clear to you. I will keep you here a long life you need. Thank you very much for joining us. We hope here from in the future. And please keep the profits high. Yes, sir. Yeah, man. Thank you.

Thank you very much. Thank you. Yeah, man. Yeah, man. Respect family. I appreciate it too. And you have exposed me to a different thing. So I have to find some way to ensure that we have a talk on the break.

There we go, sir. Thank you. No respect to all your followers, your listeners, your Twitterers. Big up details. Cool. All right. So then I, Shea. Love it.

Yeah, new market, wonderful new market. Trust me. Yes. Yeah. I think we'll throw him into the young CEO, isn't I? No, you can do that. Oh, you can't do that. Fix up that, fix up that.

We need a good one. That's true. That's true. And that's true. And that's true. If you put him in that category, he's leading the young CEO charge then. Oh, definitely. Yeah, he's, it's not fair to them, did that?

it's not fair to them today that there is a place where they raise pigs it's fine exactly i would i wouldn't make it a matter of fairness because you play a whole ball game though that's up to you that's true that's true i mean i respect it go ahead loa for i say no i just say i need hope for the young CEO so if we have to to turn the ageism down and be bringing me i'm with it all right well One thing I like, I say it again, well, I've never said this before. It's very, I mean, it's very easy for companies. It's not accidental when a company has really good results, the report on time or whatever. I'm not saying that there's anything like that in the case of Atlantic.

I'm saying it's not unusual for that to happen. That's easy. It's very easy to come and tell the crowd that, hey, we made $100 million more than we made, right? That's not where great companies are made. That's a simple truth. Great companies are made in the tough. times in the in the in the in the whole they handled it that the pressure and the fact that he's willing to come out and speak openly and there are things that i see in atlantic that i

respect how you handle it so like he even said it even mentioned that you know the change that they upgraded the finance team you know that to me sometimes it's a hint of maybe all things inside but you don't the leader can't come out and say that right the leader can't a good officer don't blame his own troops. You take it on the chin yourself. So I respect him doing that. I respect that he's prepped for the AGM. That's one of the things that as retail investors,

it's all time to speak to the board again. I'm not just the CEO, but the entire board. Is it? Is it really? Because that's my next thing. All right. Well, it's a good friend to tell me. Let me hear your question, Lofo.

And, by the way, anybody else, you ask any question, you want to bring anything up, send a speaking request. We'd love to hear from you. We're not going all night. So please. I mean, I wasn't trying to jump in, but just your topic is so timely.

I saw the well-produced AJM by 1GS this week. And I was just kind of... It was well-produced. I will give them that. It was very pretty. I loved how they obviously had coordinated the whole thing. I said coordinated, but they... Yeah.

Yeah. They worked on the whole thing, obviously. They had planned that prepped and I respect that. I felt like I was watching like something from like the Discover Channel or something, like some kind of documentary. But yeah, it didn't really feel like there was a lot of space given for actual shareholder comments, in my opinion. And yeah, I wasn't a fan of that.

I didn't like that. How many questions did they take? Did they take questions at all? They took four questions. Fire. In my view, one about a pickleball charity tournament. That could be an email. That could be an Instagram post.

Oh, my God. Yeah, I wasn't a fan of that. Yeah, I didn't like that. I feel like, yes, even if you have a nice recovery quarter that is coming coupled with the AGM, you know, you had some hard times and I feel like shareholders should be able to ask questions about those hard times. Based on the good times, bad times, definitely. Yeah, yeah, yeah, yeah, 100% yes. it is not a good company that avoids their shareholders. I understand the stress of it.

Trust me. I understand it. It's not easy. But the avoidance doesn't help. They did a good job. They did a good job to make a product around the questions when they come. Like, I do have a problem with the nicely well far out. But they almost seem like, say, they're ready for,

they're run. Like, no, I didn't like that, no. Like, they were there, the questions were there and you're like, yeah, ma, we're going to answer your questions. Oh. But not on the call. No. Was that said? This is the reason.

Yes, that was said. Yeah, I'm not a fan of that. I'm not a fan of that. I'm not a fan of that. No, I'm not a lot. I'm not the fond of it. Yeah, because at the top level of it, you give, I said, if you want me, Legion? He has to be at the NCB, AGM.

Yeah, you want to, you want to ask P.B. Scott a question. He has to be at the separate AGM. I see, I see P.B. Scott, I see, I see Richard Pandoy answering questions. I see Gary Peart answering questions at AGM. And you're not bigger than them and them doing it. Then you do it too. Do avoid the questions. If you don't like the answers.

Even if you don't like the question and the people don't like the answer, it is what it is. you know here's another uncomfortable thing for us shareholds the company is not responsible for the share price yep that's the true how do i me personally how do i approach that it means that when the share price is high i don't look to the company and go woo good work guys the company's a responsible fight so also when the share price is low i don't look on the company and say whoa why why is this happening it's not the company is not responsible for the share price the share price is up to us. That's our business. However, part of how we invest is based on how the company is doing. Listen to Dean a while ago. I know, obviously, if you heard Brick talk, I obviously know the law

and know what the implications of the possible thing is, right? Yet the man met me thinking about buying back the shares immediately. Right? Why? Because good, bad or ugly, this is just one spot in the road, we're not staying there. The company itself is strong and I believe the share price will respond to it in time. I know the share price will respond to it in time. I don't put a high share price on him. I don't put a low share price on him. I put company things on the company.

And we... Yeah, like reporting. Yes, exactly. Like reporting. Yes, like reporting. And we have as shareholders have to do that for all other companies. Trans Jamaica did nothing to get Transamerica's price where it is. So I don't look to them to be happy about it.

I look to us. I look to the people who are buying it. I look to NCB and the other brokers. I look to the pension. I don't look to the company for the share price. So I learn to separate those two things. The company is not the share price. The company is the company. The share price is how we feel about the company. And that's that's why you fall out of radicalizing yourself. That's so you don't become a chance to make a fan where, oh my God, you know, you like the company. like what it's doing for you and all that. But then we see where the conversation's often going.

Oh. Like you all congratulate the word for the sure first. Exactly. Exactly. It will have to be like a firmament. You have to be like a firmament. Shout out to firmament. Farmament, same sell. Firmament has grown so much.

Think about it. He moved from not selling. The week when he spoke about selling and putting in an order the next week, right? First of all, it worked out great, as we've seen. It worked out amazingly just on a numbers basis. I don't know in pocket, but we know how Transamerica has moved in the time. So any amount of shares, it's like 20% more, I think, 20% more shares could be bought,

the bang in the dip. And it's not back to its ultra highs where it was before. But that's also not up to Transfamaker. That's the truth. That's up to us. So the smart thing is to, like Danai said, de-radicalize yourself,

right? Don't fall in love with the company. Have no issues selling. The same week when he told us about that there was another caller who was saying

a lot of sensible things, actually, I really like the stuff that caller was saying when I ask you about selling transmakers and people. You want to move away from that.

Yeah, yeah, yes. Moved that way. Yeah, to be honest. I don't want to misspeak, but wasn't firmament to one of those at once a week,

a week earlier? grow. That's what I say I'm going to grow. The very week before he was talking about. Yeah. So, love it. I love it. I love it, man. As him grow and him learn more,

more money come from him way. They generally do exactly what we say and more money in our pocket. Firmament in the year. 30, not even 20 again. 30, trans-Jamaica, 30. Let me add so people are hard. I saw Jason, just Jason, the dream, I just Jason seven. What's up?

Jason was good. I think global already addressed the thing that went down in the group so I can actually go back to be in a listen. All right, my boss. The girl group? Or you're not in a girl group? No, no, the other group. What's that?

Oh. Yeah, yeah, yeah, yeah. Well, listen. I just started there for Sir Jason no man you don't have to go back to this come on

yeah there was nothing else really because I was hoping if somebody else if nobody else asked I would have asked so you know it's good

well done Lopo yeah yeah listen the message that I have there is the same as the same message that said the same message that said in that group

at the time if you shoot the messenger then you don't get any more messages if when the doctor come in and give it a bad news you beat up the doctor

doctor not going to see you again who suffers you right so if you shoot the messenger the price for doing that is there no more messages and yeah that's all I'll say

but they got bricked out seven years seven years I saw as frightened as as as shocked I was shocked I was happy though

but I shock six or seven years I think it's seven years yeah seven years 2026 damn 2019 uh but jason you did win the the grow thing from last week right i saw because you were talking about your favorite stock as soon as your favorite stock jack on is your favorite for the moment yeah favorite stock currently yeah but you should also make sure you don't fall too in love with it and i see you talking about we need to move away from gas cars gascar is nice you know my boy oh well no no no not to the um you know

pollution, loving, noise, loving people but we still need to move from gas cars. They can sell gas care to. Well, they also now have the arc fox.

The arc fox, yes, they do. But, yo, you know, see us right. Yeah, they back your work. You know,

Andrew Jackson, just link me, email me, and we can work out some sales deal. Andrew Jackson, do that. Only if he can sell

a car, not stocks. And I don't know everything. Right. Don't not the gas cars, though, Jason. The internal combustion engine is prevalent because of how good it is. And the reality is that electric cars hurt the environment more than gas cars. It just don't hurt that obviously.

So, I mean, that's also, that's by the way, no matter one way or another. More on JetCon. 30, jet condo, end of the year, 30. All right. let me um make you know some extra info actually went to jetcon this week right one of the sales if i asked them now asks her if she's a sharewell she said yes everybody's a shareholder there i love that i love that i love that what kind of carry you buy i was just um checking out the new arc fox the t1 and the t5 so the official launch is next month but very good cars i expect

them to do well um september in the launch so yeah you're set up the same you're set up the bar Sorry, I get everything in order. Hey, man, may I get everything in order for Dubai? Thought it true. That's all you just pass through and make sure to say, see it and have an idea, go on, whatever. Actually, I tweeted about, you know, the info I got how the cars look.

They look really great, you know, so I expect them to do well. I love that, my brother. I respect that. As an investor, I respect that. You know that's one of the things that I preach, like, going to reason. Is your hero, D.Nell said, him, you know about that?

but I'm telling him, say, I wasn't joking. I have a picture of those, of the cement brand in his warehouse. So I believe in that, meaning as an investor, you need to be an activist investor. I don't necessarily mean, you have to be an activist investor, and activists can be good, including going to the company and seeing how they treat people who just want to know how the thing go. Yeah, yeah, I respect that a lot. I big up you, my brother.

I hope for your sake and my sake, that JetCon goes 30 to the end of the thing. year definitely i got a great treatment from my sales rep colline go to colin if you go to jettcon people i'm always hearing about colline from colin the first i hear about colin from jetcon all big up uh and then next in line remember guys you can send a speaker request with if you want to talk about anything anything at all on the topic or off topic any stock on the market the one and only diane we have heard from I'm dying in a long time. Diane, what's good?

Everything's good in the world. Big up, Diane. What's going on, bro? Big up, big up, Diane. How are you doing? I'm not bad at a very interesting topic tonight. I think Mr. Barnes can soften the topic a little bit, but in a good way. But for me, I have watched for a little bit of time. First off, you touched it in the beginning,

but you know, the whole reason for disclosure is something that we cannot overlook or understate the importance of to investors, Especially when we're in a space where there are so many delays to reporting of material information for investors. We already have to wait if a company keeps to the timeline, 45 days, 60 days, 90 days, 180 days in the company. There's no 180 timeline. 4590 or 4560 or 9 4560 or 90

or 90 or so 456 or 90 I don't think there's any 180 we are we are we are well okay the with the annual report when you go beyond the 90 days you are supposed to be suspended there's no

there's no you have after the end of the financial year how long do you have to publish the annual report There's no, I don't, I don't believe, there's that, yes, I believe you're right. There's one 80, but I don't think there's any teeth behind that because the financial information in the annual report is the audited. All right. All right. That is what you just suspended from.

Audited is 60 or 90. Correct. So the, the, I'm listing out the times in reference to the times that we end up waiting for that information. And why we always say that the audited, the annual report is something usually that's already known. In our market, it has not always been the case where this is so. I know of at least one incident where an annual report was issued in X year with Y years information in there. And what you mean like like like 2025 annual report and it have 2024 information instead? Correct. Or we have seen persons say we are not we are not issuing the report yet until this information is updated when the report period, the reporting period is past.

Oh, well, I don't know what the first one was. The first one is wild. In fact, the second one is wilder, but I believe the second one is, what the name? They're both the same company. Detail? Detail did that? I'm not calling any names. I don't want to get to.

I mean, we're not talking about some of that's secret. There's nothing to be sued there. They either did it try they didn't do it. I, I, I, I, I, I'm not going to call any names tonight. Okay. All right, but... Well, while you say I'm going to bring up the detail page on My Money, J and see if it matches what you just said.

Right. But we have... I see the update on the audited financial statements for 2025. In June, they said that it'll be published on hour before July 10th, and they did so many of those. I believe it was them, though, because I remember reading that thing that you mentioned, and it was surprising.

to me my interpretation of it was that the company is saying we have it but it does my interpretation is that we have it so that again is that kintas we're gonna make a statement to say that the report is we have one report ready but until the next one until the other one that we're suspended for is out we won't post something like that yeah uh kinty i'm sure i said that too right kinty said that recently but i'm not i'm not going off the kintyah one um Well, the point, the point, we understand the point. And they, but the detail one, it was pretty much them saying that they have a review. And they only, it sounded my interpretation of it was that, you, we'll have it, but it

looked bad. So we're not putting it out until we have a way that we are going to, cover it look better. Yes, and then they went on to be suspended. So they kept it long. That was my reputation. All right, good. So, but you know, expectations are low there.

Right. So, well, whether the expectations are lower or not, my view of the situation is that these things happen in a space where they are allowed to happen, right? If there is no, you know, for example, when you know, you know, for example, when you talk about the questioning around the rule about suspension and the loss of a tax break to a J.C. Junior Market Company. And the response that you hear coming from the company is like a walk around of the question or, or we might have to talk to the government about that one instead of acknowledgement. of the rule, acknowledgement of their failure to file on time, and acknowledgement that this does threaten the company in a material way.

If you have to give up an additional 25% of your profits to taxation because of your failure to file and to disclose on time, that is material. And coming from company leadership, I believe that that in some way telegraphs the attitude the lax attitude and the feeling of

lack of care for the retail space because we put our monies into these IPOs we ride the waves of the losses and the gains we get four questions answered at a GM

we get told that we are not taking any more questions and so forth. And we have one opportunity per year, if an HM is held within the right time for the year that it is supposed to be held, to meet company principles and to ask these questions and to get sensible feedback. So my my my my my my pain point is um Tj there are some companies out there and I hope you are listening tonight that owe you some money and as a tax being Jamaican I think you are doing us at this service as investors when you don't hold these companies to book for the Hold on, hold on. Hold on.

Hold on. I'm sure. I'm not. Nothing done wrong with you if you want to sell it tomorrow morning. I sold some already, but let's play devil's advocate. Not devil's advocate, but let's steal man the thing, right? If you're going, obviously, I'm not disagreeing with you up to the point of what the law says. I mean, I have been vocal about seeing it.

But as a shareholder, look at it this way. And as a shareholder, I acted. P.A.J. can come back and claim back this money five years from now. when you would have more money into the company and you would have no I have no question about the whole thing but I'm saying let's still man the argument okay let us say that it has happened let's say for whatever reason internal mistakes or whatever new company let's say it has happened what is your next move what would you want the company's next move to be because

one of the things of a material for a thing is not just about how you handle good times, it's how you handle a bad times. We can't, we have a penchant in Jamaica too. We love things when things are great. And if things got bad, lick him, kill him, done with him completely. But that we have to have some amount of, you've done the thing, you face the punishment, what's next? Because after the punishment, it's at the end of the story. So what's next? Absolutely not. We're not talking about whether it is the end of the story or not. We're saying that these companies perpetually,

perpetually we are seeing compliance rates of 60%, 50%, 70%, 30% per quarter in reporting. There is no consistency to our reporting from companies. There is very often during COVID, we blame COVID. Melissa blow, we blame Melissa. Every opportunity or occasion that happens we hear due to the COVID-19 pandemic, due to the impact of Hurricane Melissa, everything is blamed on something. But yet these company principles are still being paid.

They're full salaries, I presume. They're still holding their job. jobs and if I cost my company 25% of its profits or caused a clawback of 10 years of profits as a tax penalty, I would surely lose my job. 33% in some cases. Right? In one case, in ROCs. Right.

So the penalty I'm saying this is a publicly true. company. This is a company that has people who are hired to do a job. These are people who are supposedly qualified professionals in their fields who are qualified to be directors and CEOs and financial controllers of these businesses. And they should act with the same discipline and the same level of responsibility that we expect from persons holding that post and as the law requires. Now, in your argument, you're saying, what do we do? I'm not throwing the baby out of the bathwater. But if a company can underperform in its requirements for disclosure. It is a signal to shareholders that there may be issues within the company, internal to the

company. Case in point, like you say, DTL has told us, oh, yo, we're not telling us nothing right now. We are waiting until things look better, and then we will talk to you. That shows a disregard for the intelligence of us as investors. This is the same company that went a step further, applied for an IPO for a subsidiary of theirs. A week after, a week before the IPO comes out, you form a new company and you sweat equity out a percentage of that company that is now to be IPO. That is true. That's woodcats. Right.

through that for weekends. Right. So this, this, this is a reflection of the same attitude. It is not a accident. It is not a misadventure situation. It is an intentional construct. It is an intentional action taken by the head leadership of the company, by the authorized by the boy of the company.

Right. And if they look on things that way and can blatantly do it. And then we turn around out here. Oh, our ERP system was not working. That is why we were unable to tell you how much rice we import from wherever we get rice from and how much money we lost in inventory because we never know how much was in the warehouse. it reflects a very similar lax, poor management or operational structure. So there is something amiss at the root of most of these companies

that you're seeing with the perpetual delays and the perpetual notices of late filing. it's almost like it's in it's built into their genetics unfortunately and the only way you're going to crisp out is by holding their hand to the file that's funny yeah so I agree that on that point that's why I agree with I should say I disagreed with with Dina on on the changing of the rules because the rules I think are very they're not lax but they have a large amount of leeway in them right have a large amount of leeway in them you the thing you're you get was was one eight it is six months yeah six months yeah six months nine days is three months three yeah so we speak about it so on the one

hand i think i i i almost want to separate hbc because they're new to the market, right? And I think it's that they maybe didn't know. But for all other... No, I disagree. I disagree. No, no, no, no. You're right. You're right.

No, no, no, no. No, no, no. Hold on. I take it back. I take it back. I take it back. They must know because they're on the market and the JSC gives them as popular the rules.

Here's. Beyond that. I don't care. Beyond that. Hold on. Hold on. Beyond that. Please don't bring an unlisted company into my

pocket. I'm not going to. Beyond that, right? The people who supersede Mr. Barnes have multiple listed companies on the exchange. I think it or not. It don't matter. They have multiple companies You have said to touch some of the junior market. Right. They have multiple listed entities with years of experience of listing and managing and running listed companies. So to say Mr. Barnes, who is a, I believe, a qualified director and attorney to say, I don't know the law or I am uncertain about the law. I am sure. To his credit tonight, he didn't say that.

He said that they are seeking clarity on the application of the law. He said that they're seeking clarity from the application of the law, which he don't let me have to play devil's advocate here, but which I agree with because it is true that none of the other cases that have been guilty of breaching, of being suspended, have had to face. penalty but that is the truth is if we're being plain if you're using that that's a measuring stick

for your for your operation that's not good enough I can't fault that's your opinion and I can't see you wrong because I don't disagree with it so I was bringing it to the law

I don't think there's any changing of JC's rules right I don't think there's any need to change JC's rule I think the rules is because it's not not up the tax law

the law, exactly. Right. You'd have to change the law. No, well. Yes. Yes. Hold on. To do what, though?

Meaning what is the change the law? He said it. He said it. You notice that it's in the same line. It's not even a subsection. It is the same line. Suspension. I agree.

I agree. I agree. I agree. But I'm saying that that's the law. If you change the rule from JSC to not have the act cause suspension. Right. had the same effect. And it is a lot easier to change

J.C.'s rules. Than the law. Which is why the junior, which is why the micro-market looks how it looks in my opinion. So, my opinion there, I agree with you complete on that, in the sense of...

You agree that the J-C. rules will supersede the laws of Jamaica? No. That's not what he said. What is Dan? No, no, no. No. No, so the act itself of

okay, you are, you're, you are missing your reports and you're suspended for it. Yes. That part is where it comes into, that where, where that part of the thing, that's where interface with the law. So the law says if you're suspended, then you lose a break. Then you lose a tax break. Right.

So you're saying you should not suspend it. You should not be suspended because for me, a suspension is not hurting the company outside of outside of the interface with the law. The suspension is working shareholders in the sense of ikea trade my shares because they're doing this thing and you and i you and i agree on that man make him finish that make him finish making finish we can finish so make it a penalty on the company for doing that what type of penalty well the only way to get it a penalty on the company is it could be a fine or so no no no but there is a fine i believe or maybe there'd be no fines for drew

them at companies but let's be serious doesn't hurt the company except that it causes you to lose it tax break, which does hurt a company. It is working. So it is working. Yeah, sure. If it is applied, if it is informed, if the law is enforced,

I'm not held. Oh yeah, sure. I agree. I'm specifically agreeing with one point. All right. Well, that's not the full point. That's the full point. I'm making. Here's an interesting point I wanted

to ask you guys tonight. And while you're on this particular topic, I'm not a lawyer. But as a competitor of a listed company that has broached this law, could I file in civil court that this is allowing for unfair trade for them to continue to benefit from a tax break, even though they have breached the law and there have been no penalties applied? And because of that, and I may have filed and kept up to date that they are having an unfair. advantage. Could I sue in court for that? Oh. If anybody can't talk about it.

Later again, I like it. I love it. I love it, actually. Later again. Later again. That's so good. Say it again. Okay.

So in the event where there are two companies that are listed and they're direct competitors of each other, one has not lost its tax break and continues to maintain good records and disclosure in a timely manner. However, their competitor has floated a lot. and it's supposed to lose a tax break, but they have not and continue to benefit from periods where they report no payment of tax and yet continue to operate as I am

when I have not failed to do my part, right? Can I sue for a remedy to say that they have an unfair competitive advantage because the law has not been enforced? I'm looking at this from the angle like is so good. That is so good. You're right. So you're saying Satchikor should sue, CHL. Not CHL. REOC. Iron Rock. I know that's not what you say, but it is such a good point. It is a great point. Because you're a good advantage. You'd be keeping the advantage that that is a good point. Wow.

Maybe I even enjoin TAJ, TAAD as, as, as, as, as, as, as, as, as, as, as, as, as an ministry of finance as, um, defendants in the case as well. Well, I mean, you'd have to who'd be sued otherwise? Right. Right. Right. Because then, then you can't see the company themselves that then they're doing what they're doing. You'd have to sue the government. Right. So you see, if it, it opens a door when one person stands still and allows

the law to not be upheld. It opens a door for a chance. And corruption. That's what corruption word. Yeah. Right. I don't. Right. Correct.

And it is, it is why I, why, when you said this still human argument, I was, I was going to, I didn't get to the point of seeing what I wanted to say before. You're waiting to that point. But I, I said, you know, since we're talking on the nice point, now, let me just ask a question. So when he's responding, he can take that into consideration because it is, it is, it is evident. that there might be a feeling of they did it so we can do it too happening now. Is it my point? Frequently this has happened. Is it for my point?

Yeah, yeah, like when you're saying you are really. No, no, no, no. Again, my specific agreement is I do think, yeah, you're wrong, go to, fine. My whole thing is that. No, my, you're thinking around the impact to the company and it's, it's um oh okay yeah i agree yeah and shareholder's impact right right right yeah yeah yes i agree completely we wait again i love who you're saying but my whole thing is that the only point that comes to is the interface with the law and the jrc rules that's all i'm saying

so my whole thing there is right when randy says if they change the jlc rule where it where that does not result in a suspension then it wouldn't be a matter of losing the tax break anymore and my personal feeling around that is a company suspended I feel it in a way and I feel it and a company isn't necessary the trading of the shares does actually hurt the company's operation

and the thing you will bring in, yes, it's sure but if that interface does not happen anymore then we wouldn't have that issue at all. That's true. I don't like to be in a position where I can't trade my shares especially in the case or something like that. That's true. I'm very fine if the penalty is different from a suspension.

That's so true. Yeah. Putting it in another way, put it clearly what Dana is saying in case people don't get it. We had said it's one's private. I don't know if it's private or in the core group, but it pretty much is that like, um,

things are the numbers on time. Exactly. So punish, punish me, punish randy the share of all. Because, Diane, this is,

uh, I mentioned a specific interface because my feeling around isn't only on junior market companies. No, no, no. Absolutely not. The law that guy's and bubble in. Yeah, man. So my strong point around my feelings there is when a company is suspended for any infraction, my specific hurt is boy, I care, trade my shares.

That's true. Which means that the suspension on the junior market is the most effective. Suspicion. Hold on. Hold on. Hold on. Hold on. Remember. Remember, remember this, you know, the circuit breaker is a form of suspension. And the premise, hold on, hold on. The premise of a circuit breaker is to pause and allow dissemination of information material for the company. So shareholders can make a decision. When you, when you do, when you fail to file, And there is a pause on your trading, aka suspension of the shares, of trading of the shares from the market.

It is the same thing. You are no, the JC is saying, hey, guys, look at me over here. I'm waiting on this report so I can update your shareholders. It is a very similar process. It's also that the triggers are different and the timelines are different, right? Atlantic was suspended and in 24 hours it produced a report. So it is a one-day suspension.

Now, unfortunate as that might be, they were still suspended. No, I'm agreed in a sense, but I'm also not fully beyond that thing there, because I don't think you could hear it, you'd ever hear me around it being full defendants of the circuit breaker at this thing, because the reality of the circuit breaker in many cases is a man just trade it beyond, I'm going to hire or lower. Of course. most in most cases but I think the breaker it's never been oh you know the company must come in one or the company in most case where the breaker is in nobody says any there's

nothing to come from the company side right it just again because as usual the share it's the shareholders moving to thing there is not something out in the public or something that's being spoken about it's it's almost like a redundancy built into the into the trading platform that we yeah i'll tell you this, I'll use opportunity for an ad. Yeah. To point out that a circuit breaker explained is this month's advanced growth. That's the next week, Thursday I'll be doing that. I'll be going into it. I will tell you also, I'll tell you also on my side that maybe it's just because I've been doing so much research around it.

I actually, I, I am fine with the cert. Would I change it? Yeah, there are things I change about it. But you're fine with keeping it. There has to be a circuit breaker. Yeah. Because it's serves more than one purpose. It's not just the dissemination of information. That was true in 19... I would say out of the other things. Yeah, yeah, yeah. Yeah.

Yeah. If one of them can happen without... You have to pause human nature too. Yeah. Yes. That is what... So, that is for me, it's a cooling down. It's all right, yo.

Yeah. This thing come out or out of the world or do that's what a feeling is prevalent. Or, again, you know, a one-man make a trade. because one man hit the trigger breaker in reality. All right, cool. Give people time to think both of it and whatever. Or just keep the need of a reaction. And I feel that that is more common than anything else

versus where the company or something is out there, the company is taught a thing there. Give me one example at a time about a time where you feel, or one where the company did it and where you feel was true, I want to jump in one second because I feel like good person in him asked. Go ahead. Go ahead.

Yeah. With what you're saying, Danai, about what actually is the reality of the circuit vehicle? I feel like, in my experience of when I trigger the circuit vehicle, it is obviously, well,

not obviously, but it's a likelier situation when they're, I think it actually highlights the security in my mind. Or I think it can highlight, the security in other people's mind. So this whole...

Yeah. Yeah. Especially, you know, with my money, J.A, people get alerts immediately. Yeah, yeah. I've also felt like very often in news that how the breaker came before

the breaker halted. And also in a lot of situations where there's so little... It's often reactionary versus the thing happens and then some... It's very often a very public thing that comes and then the company

doesn't have any further disclosure. In fact, like, oh, the report come out and people check the report now because, they react out yesterday. As they said, no point. People look at it now

because, wait, yeah. And also it's not about the report. To me, it's about the other book. It's about what's actually happening

in the company right now. And then my first impulse is to check what's happening. Why? There's no liquidity over there. Okay. Why? Or stuff like that.

So to me, it happened that they were back with. Sort of. Yeah, true. But what the, the dissemination, I think was is not the main yeah and not the only reason for the thing yeah I agree nobody is what has become more important is the pause on on human nature yes I agree I

think it actually I don't think it's a I don't think it's a bad thing in the world but with people though maybe it could be shorter today I should do almost definitely I'd make it shorter yeah but the reality is always trading is yeah I always But yeah, in terms of putting that and so again that with the with a suspension based on a breach in reporting. Yeah, I agree in a sense, yeah, okay, they come and give me the news or whatever, but again, again, it's same like to be locked up for an hour. I cannot react to this lack of report, reporting. I cannot react to anything that's happening around the company based on this lack of,

based on or even beyond this lack of reporting. I don't like that. The other thing I heard Mr. Barnes mentioned about the changing of or the inclusion of categories in their reporting and their upcoming reporting. I admire the comment, but I think it might. be in my in my listening here to me that is simply saying we know we have to go to this format in our next in in our next start in January we have iFRS 18 coming on board and we will have to restate our 2026 figures in the i sr i f rs 18 format alongside the i I'll let that one know.

You can go to enjoy it. Yeah, man. No, no, no. I'm just saying from my listening perspective, I appreciate him highlighting that they are intending to do that. Other companies have unstated it in there. Right. But again, here is a nuance I'm going to show you now.

You don't have a choice. You know IFRS 8 is coming. 18 is coming, but you were not aware of the loss of a tax break, one of the biggest reasons for listing on the JSC junior market. The two things don't fly. So I am saying from my perspective and my listening here, it is simply saying, hey, we have to move to this format and we know it's coming, and investors will get a broader view of our numbers in terms of segmenting them

to seeing what they actually mean per segment. I am very curious to see how certain companies will actually report these things on the IFRS 18. And one of my concerns is that we may see multiple revisions or restatements going into 27, 2028, and we may even have a situation of more delays if a company truly is hesitant, like in that report that you mentioned, of sharing information with shareholders. Because something that is demanding greater transparency and breakout is likely not going to be well received by the people who are telling us, you're going to have to wait a while because we don't like our numbers look right now, we're going to try to do something else and then come back to you so here's here's the thing

carrying it back to us now was carrying the responsibility of the retail right yeah um the the companies that do that people go where they're led and and people also head towards their um what you'd call it people head towards their what's that thing with that with the with the brazen in there that that that oh boy and monga always talk about where like you know you show me show me the i was then i was here you know because it's one of those little um buffet truisms that we always joke about uh is this is a weird people go where they're rewarded oh charlie munger i thought you said munga i thought you were meant that munga Sorry, no, not Munga and that's a different conversation.

Munga as in China, Munga and Warren. Yeah, but as referenced in this book. Yeah, but pretty much that, you know, you do what you're, you're rewarded for, right? Charter and stick. So the reason why companies is on the junior market is because they want to get the money. Right. And they also want to get the tax free. Right. Both of those things are perfectly courage and okay and good. And the reason why companies report is because there is a pain in not reporting. Now, on the junior market, part of why I spoke about it outside of my interest was that I do believe, like if we bring this thing down to the brass tax,

do you believe, do I believe that Atlantic should, if I'm being honest, do I believe that they should lose a tax break? Yeah, I do. Not for them, and I'm a shareholder saying that, but not because I want them to lose it, but because for the good of the market, they have to lose it. Do I think that Iron Rock should have to pay back how much is it? I think, I think it worked out as something like 80 million or 88 million. Right. Something like that. Yeah. I ask the AI and MMGA. If it has to repay all their tax breaks. Let's see, how much do they have to repay? But do I think that they should have to repay it? Yes, because also you can't be unfair.

If Atlantic has to lose it, then everybody at last has to pay the penalty. No, because the sanctity of the market is more important than any individual company's tax break. And I said that as an investor who has money in both of those companies. I think it's more important for it to be done that way. I think that's a point. Now, Danai's point is really, really good and really, really correct. If you are going to suspend a company, the primary people who are hurt by that are us investors, not the company.

Those companies are still doing what they do, right? I don't think anything has changed dramatically today in I create, sorry, in Kintyel than a month ago or three months ago. Nothing has changed in my view inside a company. I don't know because I haven't disclosed. As you're mentioning, Diane, they did say that they know, but they don't want to stay yet. So I don't know. Pausing just for that point, the clawback could be roughly 21.5 million,

and that's for 2022 to 24 only because the earlier years didn't have any profits to get taxed on. I don't know how true that actually is, but I'll take it for now. Trust but verify when it comes to AI. 22.0. Miller, there are 33% company. Damn. Anyway, do I think that they should have to pay it back? Yes, because the sanctity of the market is more important than any individual companies

gain or loss, right? The market is what I care about. I care about companies on the market, but it's important for me and for all of us that the market itself remains at that high. standard. I do think they should be punished along those lines. No, bringing it back to the Nye point, how does this hurt when a company doesn't have a tax break to lose? I am fine with the suspension and to worry about the suspension when you are listed on the junior market and you have either the full break or the half break and you want to defend it.

You don't want to lose it. So you know if I lose it, that's going to be a hit on my back. And I'm asked, not only do I lose it, I have to repay everything that I got for the last however many years. In Atlantic's case, it's nothing next to nothing. So it wouldn't be too much of a hit on the company. But when a company no longer has a tax break, like a DTL, for example, what then? Like what then? When a company doesn't have the tax break or when a company's on the main market where there is none of that to worry about, what is the pain to us? Because the company is still doing what the company does once they're suspended. What is the pain to us? I think that's where us as investors, it becomes that hard thing that nobody likes to get into

that investors that have to read. People have to start suing. Of course. Yeah, you sue for like, you know, absconding if you do share a duty. Of course. No talking. I think until a board R2 is sued, I'm talking on the main market side, until a board or two face a lawsuit for that sort of thing, you won't necessarily see any change. And I know it from fact because we had a bias in a certain way until

until that gentleman sued cable and wireless carried it all into the Privy Council and then you know, look at how Scotia is doing the buyout and it's directly as a result of what his lawsuit did. Abrams, right? Right. Right. It's, it's, it's, it's, it's, it's, this was going to be my next point

that I was going to raise that until shareholder activism reaches the maturity level where directors of companies can no longer

take us for granted and look at us as what's it what's the word Lopo? No man, no man,

there's another one. What's about? No, no. I don't know why non-fundment do is on my head. The non-fundment Yeah, right.

The non-fundamental investor, right? Until directors can stop speaking down to investors and start understanding that whether it is that we own 0.001 or we own 50%, we are owners of the same company. And while you're in a nice AC office in your company vehicle and your company house and getting a nice salary, whether or not we get dividends, whether or not anything happens material to the company, you're okay, until we get to that point where they can't see those things that they benefit from continuing to accrue to them because if they do crap, they will be out, then they will continue. And we are, I believe, in a space today where people have, in the beginning you said a lot of information is flowing. Some of it is received, not understood. Some of it passes without even being recognized, but I think we're in a space where information

is allowing for more attention to certain things, and we have a growing investor class in the retail space. And we're not all uneducated and of low resources where we cannot finance lawsuits. And we will get to the point too, where groups of investors will come together and pull their money together and margin their shares if they have to pay the lawyers.

Or you will find a lawyer who is an activist investor who decides to make it a part of his duty as a legal professional to pursue a case or her duty, right? To pursue action against such a board. now I am waiting for that day as an investor because I think the dial needs to turn before sooner than later as a country are you waiting on that day why are you waiting on that day you have to act because that's what everybody is yeah you don't mean I'm talking about somebody is yeah no I I I I know people I know we are all waiting on somebody else as you put it quite nicely yes but

I am hoping that at some point, companies will recognize that this is a risk to them and start acting. And I believe if we have an enforcement situation that is a first step in the right direction. If we have more investors showing up at agms and demanding that sensible questions get answers, that we won't just simply be pushed to the side. If somebody goes to an AGM, an event that happens, if you're lucky, once every 12 months, and you're told no more questions, that somebody will highlight this

and will make it a point of their duty to say, hey, this is the situation, and we are not going to just accept this and work forward from there. But we won't get the results who want without action, and I fully agree with that. But there has to be some shift because as a market changes, is it that we're going to mature into a more responsible market or we're going to be maturing into a,

I don't want to use the word, so I won't use it, a market that lacks the grounding principles of a good market. And we won't have another generation of lax directorships and lax CEO operations. No, we need to move away from that as a country. We need to move away from that as people. And we need to set higher standards for ourselves and for the companies that we won. That is the best way I can think of it.

I go to work every day trying to make what I do a little bit better. And I cannot tell the people who we are obligated to that I don't care. about my job enough to not tell them exactly what status our jobs are at when we'll be finished or where are your goods no we can't we can't do that we have to make sure that the same way mr baron speaks about his sales team and oiling that sales machine to be perfectly running the the structure of the company on the finance side where you are reporting to shareholders and and uh shareholder relations and your obligations as a director of the company, as a CEO of the company,

to your shareholders, to your board, to all your stakeholders, that must also come with gravity and with sincerity. It can't be brushed to the side or played off as being something that is less than or not important. Indeed. And at least in the case of Atlantic, to his credit, he didn't sound like it wasn't important to him. I can't speak for any other other companies.

I've seen, I've heard take a lot of things from them privately and publicly that, yeah, I think when they're forced to respect it, they will and not a minute before. And that's why the penalties have to be as heavy as they are. And, you know, if you think about this as a Jamaican, this is the government saying, we are giving up tax for five years. That needs to come with a heavy weight. And by the way, that weight, and I think I can't put words in Dino's mouth because he didn't say this.

But I think this is what he was hinting at when he's talking about the initial writing of the law, that there's a lot in there. It's not a typical kind of thing that you'd expect to see. But I understand the gravitas of it. Like, hey, we're giving up tax. We're giving up money that the country needs. So all we're requiring you to do is to It's push.

Remain compliant with your reporting. You don't even have to be good. Just report on time. And so, yeah, and I, maybe it's my own bias, but I want to remove Atlantic from that kind of thinking, because at least his attitude and the attitude of every other company that has been in breach of it is completely different, in my view. You know, you know what strikes me too?

There are some companies where I can make there, where I could see the argument that there are a struggle. with reporting because of how their business is structured. But you see, I'm going to say, well, let me finish this point first. The, the, when you have a situation where you can say after 75 days, Mr. Barnes, I'm if you're still listening, I'm sorry, I'm not picking on you. I'm just using the examples that were spoken tonight so that everybody who heard can understand where I'm coming from based on fresh examples.

You mentioned that your sales team does not get paid for uncollected balances after 75 days. So no commission is paid on past due amounts when they are collected after 75 days. No commission. All right, great. That means that your in-house accounting software is able to track everything on a day-to-day basis. you know how much material you moved in one month, $700 million. You know how much money is on the road aging out one day, 30 days, 60 days. You know that information.

So when you are generating your reports for your weekly meetings, sales meetings, those information are always used. That's what you use to drive gross profit margin targets. That's what you use to drive revenue targets. That's what you use to measure KPI's on which you use. measure staff performance so that information is always fresh and ready. That tells me that anything outside of an audited can be prepared within the given time because that information is always actively fresh and being used inside the company on a day to day basis.

Cool. To their credit, to their credit it was an audited. Yeah man. Yeah man. I remember, I'm not as I'm using just the conversation tonight as an example so we can see where we're going. No. Let's be honest. Let's be honest. Yeah. There's no other case like the junior market that in my view there's anything worth giving in that a chance for.

Let's be serious. We have companies on the junior market that lost their tax break because they relate with unaudited results. Great, great, great. Unaudited results. You give up 10 years of no tax. For a set of results, you could arrive on your phone and send in. Exactly, exactly, exactly.

So I'm not, my Atlantic example is not to, is not a discredit to Atlantic. It's just to show in terms of how the business operates, how their data flows. if a company for example is and as I say I'm going to use this example now if a company for example is financially strapped for cash and they have not been able to pay staff they are struggling to keep accounting staff they are struggling to manage their back office operations

because of whatever issues are happening with the company at a particular time and they are thus unable to know their financial position at a given time. We have those on the market. You notice tonight, I said I'm not calling any names, right? So if a company like that is late, then as an investor, I would understand the background as to what caused them to be late. Do I agree that they should be late still?

No, they should not. and maybe if they are not in a position to move, if the leadership of that company continues to perpetually reflect the same type of situation years after years, then shareholders need to demand from leadership, hey, what are you doing? Maybe you're not the right manager for this business anymore. Maybe we need to bring somebody in who actually can lead us out of the doldrums and get us back onto a side. solid footing where the company can start growing again, you know, but really and truly,

outside of a situation like that, I can't understand how or why we get treated this way. We get treated this way because the majority of the investing public has, in my view, never been mature enough to understand their responsibilities. And that's why, you know, to always bring it back to us. them need for it. There is no them. There is only what they have to do and what they are forced to do

and what we force them to do. That's all that exists. There is no other, there's no other angle. And these companies will only do what they're forced to do or what works best for them. That's why we get them talking about things like

outside shareholders. What the hell is that? Or, um, or choosing not to put out something because it looked bad or whatever. But the first time you have to waste money paying the lawyer to defend the company because of XYZ and it looked bad, then could. But if you can bank on the idea of the big man and boy, I'm an awesome, because you know the big man, the big, everybody has this, the big man, the big man, the big man. And so the big man gets away with rubbish under the auspices of the big man. And that's also why I made, I, I,

I was happy to hear the actual big man Dina will come on and talk about this because he does not have to do it. So he didn't have to face it at all. We've seen where this has happened with other companies and other things that happen with other companies. And at AGMs, them give you all kind of foolish things. So are they do the AGM only in person or they put at that order that you won't like, the figure you won't like, or they limit the amount of questions like I heard Lopper saying earlier, four questions. and you don't want that, yeah, the only way to stop that is to introduce the stick, the stick, because the carrot isn't working.

And that's just on us until we do that, it's not going to happen. So the first thing I'm doing with I can help people to know more, I can educate people with it. I can also help to remove, it seems subtle, but remove the prestige of when the share price goes up, has nothing to do with you. So in the same way, don't feel shame when the share price go down because it has nothing to do with you. It's how I view you, but it's not you. Your work as a company is found in the profit line and the revenue line and the expense management. That's where your work as a company is found, not in the share price. That has nothing to do with you. So I don't praise any of these companies when the share price is going up and I don't beat them

up when the share price is going down because it has nothing to do with them. So hopefully if they start getting used to the prestige of their share price not being attached to them, they will put that new energy into the responsibility of the company. That's the only way I can see. I may praise other companies when the share price go up depending on. Only if you do something good. Okay, so like let's say JNB has been doing the share buyback for a few years now, right? yeah i don't think you're picking up what i'm putting down i may praise other companies

meaning other companies not that company when a certain security share price go up if i think they are the share price going up they're involved yeah i understood what you said that's good i'm going down a similar road i'm going on a similar road um i can't go down the road that way because you can't go down the road that way because you go load it up uh in the event as you and jim and be on the share price the share buy-batch most people just I think most people spoke about the share buyback where the X, around the share price, the expectation that the share buyback should send the share price higher without even thinking about what it should mean.

They've, they being Jim and B have put on, they've said they put on what, 300 million, 300 million for the, for the share buyback. In that time, the share price has fallen from $30 to $14. Not $30. I mean, if you go to November 29,000, I mean, if you go to November 29, the APO time, you're looking at $50, $50 a dollar per year. August, August 2019, around the start of the APO type, $51 all the way to where we are now. $15, right? So that's a drop off in price of what? Let's be precise here, 70% 70.5% drop.

in share price. I don't consider the share buyback to be a contributory factor to it. One way or another, because I know how share buybacks actually work on what they would do. If they were to do an aggressive share buyback or a share buyback in the way that share buybacks can be done to impact the share price going up, then I would praise them. But no company does a share buyback that way. They do it the way that they're doing. They've spent maybe about half of the money at this point. Or the 300 million, they've spent maybe about half, one 40 something mill.

Yeah. Yeah. And obviously, you see what it has done. I said that for us as investors asking for companies to the share buybacks. I'm not necessarily even necessarily for it because I rather than pay it out as a dividend. I can use that money better than you can. That's the truth. I can use that money better than you can. You know, you know what's funny for that is that the, in defense of the decision-making at JMMB,

the person who identified retail as non-fundamental is 70% poorer today with the same amount of shares than when he was making that conversation. And if that does not, if that does not yet, well, aside from the sales, that if that does not open your eyes to see that the influence of retail is important on your own holdings well, then I don't know what is going to open their eyes. think the only person who has really actively at that level in recent time defended his company is Michael Leachin. And there is pressure bus pipe, right? But... It also make diamonds. It does.

It does. And I believe it's on the show, maybe in my last conversation here where I said, I really want to see him win this one. And part of the winning is him taking action to make things better, not just for him, but for all of us in the market. And I would love for the team at Jemmb to reflect on that situation and take action just the same way to understand that having retail on. your side, even if they only hold three or four or five percent of the business, can be a huge lever to your own growth and wealth and is generally beneficial. I'm saying rising tide, float all ships. Retail is a tide.

Big up you guys on the call that have 3%, 4% of JMMB. Right? Retail is a tide in my view. And if, if, If the tide leaves you, the tide leaves you. And if you're grounded, you're grounded and you can be grounded for a very long time. You can be grounded for a very, very long time. There are companies on the exchange that have been grounded because of decisions made by legacy management that don't feel that the actions that are needed to be taken are to be taken because they don't see it that way.

And I always raise the point about the impact of how freely they continue to benefit and enjoy the company's resources for their personal, what do you call it, emoluments or pay or whatever you want to say, right? And again, guys, directors, majority shareholders, and your representatives and your teams, we are all part of the same game. We are all trying to do the same thing. Grow well. We're all trying to lead something for our families. We're all trying to make our lives better. We're all trying to be a part of something bigger than our individual selves. and if you feel that by bypassing your knee, you can get to your waist, I don't know how that's going to work for you.

You have to remember it takes all of us to make this thing work and be profitable in a really sensible way and a lasting way. Market can operate by itself without people. Market is the people. and when you start discriminating against the people, the people are going to discriminate against your company. And they will do it by not participating in your share offers. They will do it by even withdrawing their own personal business with the entity because they will look at you and say,

you don't care about me, let me go to the next person who cares about me, let me take my money that I spend with a business somewhere else. We like to talk about spending money in the companies that we own. If I don't own J.MMB and I own Scotia, I'm going to go to Scotia. Right. So I think overall, the whole attitude is a great contributor to how disclosure works currently. The attitude of senior management and the boards has a great impact on how companies see the importance of disclosure and how they manage their timeliness with

disclosure i i'm very concerned about detail as an entity um detail that i believe you once said on one of your earlier programs that was the aim of the ceo was to continue acquiring businesses over a certain cycle that's true he did say as long as he's ill he'd be buying one every year and to his credit yeah he bought cff is that bangor yes wood cats well well i was just going to do the good ones first he bought cff and he and he bought um woodcats yeah and those two until they were until they weren't able yeah those two those two were bangers those two were really good buys in my view yeah you also bought a rosa and You no, no, no, knock Arosa.

Arosa was a functioning. That was bought. Yes, it was. It was a specialty maker of sausages and stuff like that that sir had a strong clientele on the North Coast. It is why Arosa was attractive. Arosa also owned very valuable real estate, which has become much more valuable real estate. No. And it is in, it is situated in one.

of if not the fastest growing commercial center in Jamaica right now. Which is here? Along the tractal stretch. Jacks all, correct. Yeah, yeah. Right. And what do you think is going to dox all of St. Thomas? That is a, Bordenworth goes back into the family business,

and the family business is not going anywhere. You say you don't want me to call any, um, on the state companies on the show. So let's not talk about all listed companies on the show. Honestly, I want to talk about the coconut company. But, um, yeah. But,

Yes, but Arosa, the announcement loa is that we are selling the land at half price. Really? I can't understand how something that is worth two times the amount that is located in one of the hottest real estate markets right now you are selling for half price. like billion dollars um half price half price sweat out

half of the value sweat out probably is that what you're saying the only thing I can think of is that the only thing I don't even want to open this kind of worms but the only thing I can think of is that the sale price is being the the

structure is being set up where there is an entity of which detail is going to be part owner that the other percentage price is going value is going to go into i i can't see any other way i cannot see it going to a sweat situation like woodcats that would be phenomenally in your face blatant box me down and lift me up and box me down again to shareholders um I mean, Woodcat was this year. Yeah, like this year. You know, you get the first punch and you're still stunted, and I get the second one. Yeah, I am, I am just, I am just wondering.

Not to be too tangential and, I mean, and also not to absolve anything. But because I'm a sports guy and I'm seeing what's happening to the guy that owns the Lakers and the Dodgers. Anything is possible, it's all I'll say. Yeah, anything is. possible. But what I'm saying is in this case, I don't want, I am hoping that's not what's happening. I hope what they have done is they have created an entity that will end after this deal is structured out and everything that detail shall see that that, that. Them chop him line. You right? Yeah, man.

Ready for hours. Yo. For me. Thank you. I never know so them links to so strong, bro. Boy. The man called Elon in the media and say, get him out.

Cut that, cut that, cut that, cut that, cut that. Where's probably, Diane, are you starling? Diane, big up. Come back if you can, but it's okay if you don't. It's okay if you don't because you saw like you're on one tonight

and you're touching some heavy questions, which again, Nour is not wrong with that. The questions are to be asked and that's exactly what we want. I think what he was referencing is this article where the parcel of land is a financial agreement article from the end of July.

I just quote one bit to the parcel of land is owned by Arosa. Dermontrading plans to sell a 12.36-acre parcel land in Draxar to an entity managed by different capital at roughly 40% below its independently appraised value in a move that would shore up cash flow for the supermarket operator. I mean, Dan, I think that's what I call a distressed sale, right?

Because if the entity is distressed, you know, I can buy the BIMA now, but I know you can't afford the BIMA. So I'm going to wait until month and when the light bill come and I'm going to offer you a lot less for the BIMA and then you're going to sell me for cheaper because you have to or you're going to have to move out of the place or you can't pay

the BIMA or I'll just wait until you go to Zimise and then my boys will capture it anyway because you're not paying for the bimau right that's how it works i'm not saying right or wrong it is certainly something that has to be questioned by the company but um is either distress or affect i love or affection you know so uh no what was the actual term love and is it love and affection is it love and affection yeah man i love an affection right I love a natural affection, I think. Oh, maybe.

Oh, I love an affection. Love a natural affection. Yeah, it's a legal way to transfer property without money. Big up pressure. Documents obtained by the financial policy. The parcel is owned by a Rosa, limited a subsidiary of Dermon trading. So I think that's what Dan was talking about before.

They've cut him line. Yeah, I don't want us to go too long. Was there somebody else? Oh, I said, well, he's back. Dan, you hearing us? If you're hearing us, you're muted, Dan. I heard you, and I heard the thing that Lopo said about called Paige Elon to kick me out. But I'm not sure what happened.

Yeah, but, I mean, as I say, unless that entity that is managed is partially owned by them, I cannot see how you would sell 12 acres of land at 40% discount in an area that there's a high demand for properties. There's no land there

that is available. So you literally have a gem sitting there that I'm sure people would scramble to buy. So you say impartial owner but we see who they're selling it to no they're selling it to an entity managed by different was an entity managed okay but it's wording that was okay okay okay I mean

I did another space me care I look on the screen that's that's what it said there's the exact words yeah so unless managed by a different capital but you know how that but it might be a holding company might be a St. Lucia holding company but what I'm saying is I don't want that 40% to sweat out of shareholder. But what about the distress capital, the distress sales sort of thing? Because their money is not doing well financially. Yeah, I agree. Last year, last year the book the loss, the book lost last. I blame it on the ERP system. Okay. And the year before that was the ERP system, right? Was 1.2 billion loss? Was it? No, yes, it was 1.2 billion loss.

I don't know if that was the ERP. They're saying this, it's just now that they're in recovery mode because they have fixed the erp problem they have gone to a new system and abandoned the old system erp system can't make you lose money that's not well they didn't know they did not know what they had in the warehouse it's just 1.2 billion and i like 3 billion we did see that at 2025 it was it was um 2.4 billion so so let me let me just my money j a can tell us uh so 202 it was, it was a loss of, yeah, 1.2 billion. And in 2025, it's a loss of 2.4 billion. So they doubled the loss.

But so far this year, they've equaled the loss that they've had last year. So they're on track to lose the same amount of money this year. But, but. With the system fixed. And the New York operations restored. Well, and Woodcats IP out off and spun out and not being a burden anymore. Hmm.

I am struggling to find out of the silver. Was it a bird? Was it a burden? About those other better things that they have? You don't hear, you don't hear them say pallet not sell. There's a decline in the demand for pallets. Did you see that report recently? Yeah, I saw that, but I didn't believe.

A few months ago, they told us how all of a sudden. They were expanding the furniture. And they were going to be doing all these big things with the IPO money and yaddi-a-di-a. CEO came on and gave a nice talk on Kalila's program. But before that, they were talking about what a great business policy. Of course. It's the same thing J.M.B. did with G. West, great business. And then in less than two years after listing the company, they put underweight on it.

Well, okay, here's this. Here's this. Suppose they sell the land. to the rate at that discounted price, but they IPO the REIT. And so that's good because the REIT as an entity would be able to book the difference between the purchase price and the valuation as...

To the read them own, Andy? Tell the second? Yeah, which read them won? To the read, them own. I am sorry, so I am proposing that maybe... Maybe the... There's no disclosure given to us that they own any REIT are,

form any subsidiary. Yes. I will read. I don't get that sweat there with I don't know. The whole reason why I brought it up is because of the, we are talking about disclosures and a company has not disclosed to us that they have done the creation of a read or they have created a subsidiary to hold the real estate that was formerly helped by Arosa.

They have not. Because I mean a thing they won't read there. I mean, I don't think they have to own a read. Well, let, let, let Randy, continue sharing his pipe dream for us. Go ahead, Redney. My, my, I could see, I could see. This ambition. Yeah, I could see a situation in which, in which the reit is a company put together.

And the, the land is sold to that reet and the reit is listed. And of course, the shareholders of Derriman would have gotten 70% of the value of the land that sold. but the other party would hit the wreath and i guess maybe you would make you could have like a dividend in species and give shares in the reet too she holds up there you and also you're one magic man you know i want magic man here all this is do about mayberry has done this not really say or maybe they signed with this they did not sign with mayberry sir and i think i think they have left meberry a long time ago where that where the sense comes from I'm hoping hope spring eternal

I mean they could they could do that they could do that give your heart to hope they could do that and it would show up their balance sheet and it would also provide them with much needed cash

because detail itself is in a bad way if these results are to be believed you realize that that 12 acres could be developed without them spending a single cent and managed by them on completion without spending a single cent and still owning the land afterwards and having people put money in the ground to build buildings on the land that they occupy and pay management fees back to them for and they still own that property going forward it's been done before and it can be done again and we're in a where again we're

talking about that. They are doing all of that. They're just remote. They are doing all of that that is being done. Different is, is, is managing the REIT and, um, different is managing the rate and the development is going to be done, is intended to be done. They spoke about, you know, um, a 70 unit residential development and I believe there's going to be other things there. It's just, that's just being done for the, for the outside shareholders. Dan, you want to work here? You want to stick on that land work? Somebody else have the work.

Somebody else have that work. Listen. I think I think I think the only other thing I'm going to say tonight, I'm going to leave the conversation there. I don't want Derek does not to get some rest tonight.

These guys are sleeping fine, my brother. I'm basically. On the positive side of disclosure, for its impact, we have seen how company disclosure can drive market action. And we look at trans-jamaica recently. and we look at how eager and in the spaces we're seeing people asking the questions, hey, how much is the dividend yield currently, when is the next meeting for the next dividend? You see people eagerly looking towards the company for information. And we see a company that listed on the cusp of one of the worst times in the last

last six years for investment COVID and when I say worse I mean the opportunity is aware about that I'm talking about in terms of on the general economy and people's lives being shut down and so forth the company listed and has surged immensely we hear a lot of persons trans Jamaica Tjahe okay but didn't surge immensely then no man not not then I'm just saying from when it listed at what would have been like the darkest hour of our lives to where it is no and how going from a point of launching in darkness to a place where in retail the retail investor is looking and listening for notes from the company the retail investor is looking at the road and connecting the impact of the road on their lives.

The investors are looking on the expansion of highways across Jamaica and saying, I'm buying shares because trans Jamaica is, even if Trans-Chemaker is not yet connected to the road, for example, a few weeks ago, I heard somebody saying, Mobile bypass. Yes. So I heard somebody saying, and this is a random person who, when trans jamaica came out he bought 800,000 shares and his wife bought 800,000 shares and they took they took loans from their credit union pocket watch a regular a regular regular regular person i'm not talking about a person with high income i'm not talking about a person with extensive investment knowledge

So they both bought 800,000 shares, 1.6 million shares times that by 12. I'm sure the next time I see him, I must ask him how he's feeling because that is something that must make him feel very good. He knows? Yes, man. Yeah, man. He made him and why each buy 800,000 shares? Yes, yes. Okay.

Yes. They both bought. At IPO? at IPO. Oh, wow. So, so looking at that type of person

who then is, I'm hearing a conversation and one of the person's works has a relative who works in a bank and this is what they were saying. I was over hearing a conversation and the lady was saying to her friend you know, say, I buy some shares in an IPO in a trans Jamaica and me hearsay price gone up, you know,

my hearsay price gone up. And like she referenced her relative who worked at the bank. I was saying she was telling her relative at the time that she wanted to buy more. And the relative was discouraging her from buying more because of COVID. and she insisted on buying more and she bought more and she's now saying when she sees the work that is happening on the mobile bypass that she can't wait till it done because she knows that type she had got money and i love that even though she don't know that but i love that I know.

Oh my God. You know, so imagine, imagine that person thinking that no. And thinking that on the back of all of the positive sentiment around the company currently. And looking down the road, that's not somebody who is going to be jumping to sell. That person is visually seeing something in front of them. that they tie to their company that they believe they're going to be a part of in the near future right yeah so that type of tangibility is what i really like about like about atlantic just think it's a very tangible thing to see investor of course yeah yeah yeah yeah that are are very

very yeah they're not together dan you need to find those people and find out of them actually they know my god yo they spent one they spent 2.3 million in in the time since they would have gotten 1.4 million in dividends alone oh my god in dividends alone couldn't get back by 4 million dividends alone and the shares right now are worth 17.9 million Yeah, man. Yeah, man. And there's a dividend. Is it the endowed? Not yet.

So we know there's another dividend coming up. Wow. Yeah. So that, that for me is the power of, the positive power of disclosure. And I mean, Tj has not really done. Disclosure after doing that. Sorry, no. What is, what is?

Simple reporting. Simple reporting. Positive reporting. Bad news. No, no, no, it is. To the credit, I don't think Transmaker has ever been. They've never been late. To their credit, I don't think they ever get it.

That never made the price go from 1 to 12. Oh, go on now, man. I'm not telling you what made the price go from 1 to 12 in a little. Strong reporting might cause certain institutional investors to feel more positive about investing money here. Yeah, yeah, yeah. Oh, I that them need say, oh, sorry. Sorry, sorry. They're not hearing on YouTube.

Somebody say not hearing it. They're not hearing on YouTube. They're not hearing me on YouTube. I'm so sorry. I think I've fixed it. Yeah, I think the mic kicked off a second, but they're hearing everybody else on YouTube. Thanks, like, then I.

I don't know. yeah maybe good reporting Scotia is a good example Scotia reports well and that's why so many institutions have been so happy about owning Scotia shares

and that's why you say them bawling now yeah they love it so much they're like let's never report again you know it's a growing it's a growing trend though of tea listings um in across markets

and maybe Maybe one brick talk we can talk about potential delisting companies, potential for companies to be delisted or a list of companies that potentially could become delisted in the next three to five years on the exchange. I mean, sounds horrible. It's a part of the market, Lopo. It's not horrible. It's a part of the market.

If anybody else wants to send a speaking request, now is the time to do it because we soon wrap up. Now why would do that? Dan, sure. Let me hear. You have to have a deep convo about it. But tell me a couple of them that you think might be listed. J.B.G. When you said D-list, yes, willingly or? We'd have to talk about that on a different.

As I said, we're not going to be. If we have a conversation, we talk about it or in the group or something. but they're on my list. CHL. Okay. And I I hate to say it, but

learn ISP, maybe. Yeah, I think ISP might be absorbed and then maybe turned into a shelf or something else maybe but they loan book sold and the company's sold after somebody else and the shell changed around to something that's not really a dealist thing but yeah but the company would disappear um jbg isp c hl ncbb yeah c hl yeah okay yeah i think if

For example, a large international entity wanted to enter the banking space in Jamaica, but they didn't want to have a listed company, and they wanted the NCB footprint. They could actually do a really good deal, give Michael Ech and shares in their existing entity, and they take NCB and the listed and... Or does give him cash? I think they would...

They haven't already. Yeah, well, yeah, yeah, yeah. Yeah, I, I, that's not far fetch. I can also, if I was buying NCB, I'd delisted. Yeah. Because of what you can do once you've delisted it. Back here, you have to make you pay for itself. Maybe we'll list it back in five, but the first five.

Fix it up and come again. Spin off a couple. I fix it up, but you have to pay for it. We just buy it. It's got to pay for itself. It's like Atlantic, right? That's not bad. JBG.

I could say carib cement deal is. Yes, definitely. Yeah, Arlie's being sold. Definitely. Well, you know, you know, funnily, I don't think CMEX would sell it. I think, I think, you know, our market is kind of like a cornerstone for a couple of things, you know. And I think, yeah, I think unless, unless they were, unless they were to, yeah, unless they were to find themselves in a situation where the tariff, on cement was no longer an issue.

And then it would... If that drops, then you... Yeah, then definitely lock it down the next day after that. Yeah, yeah, yeah. Because you're dead either way. Yeah. But I don't think that's right for... Or Mexico and that's it.

And you don't... And what's the motivation for these dealist things? Because I have some that I just feel like my thoughts would be a different motivation. I'm not going on feelings purely. I am looking at how the businesses are now and the risks to the businesses and what owner temperaments might look like that I may have come across and that's just how I look at it. Those are the ones really.

Like I'm not going to be surprised when CPJ is no longer on my money here. CPJ. Oh, you know, by the way, as you bring up CPJ, you know, by the way, as you bring up CPJ, you remember a cpj had an erp problem much like detail at one time and you recall if if i recall correctly heads rolled for that all right and the price is around about where it was around them time that too no no i don't remember that at all i'm like i'm like i do remember it and i remember thinking then also yeah it's a system I think it's a hundred million that was burned yeah and and nice big of money you know yeah I thought it was rubbish then I still

think it's rubbish no but I like see I could see PJ being absorbed into ASB ASB yeah or separate itself yeah I could see it being absorbed easily I mean hey low there's actually no reason for them to stay listed no is I noticed we never say Randy favorite. What's my favorite? Dolphin Cove. Oh, no, not no. Yeah.

Not no. I don't think so. I think if our warrior director, who suffered Bardas, who is a man who is a man who is a category of the old guard. Those men know how to fight and they know how to lose and they know how to win and they know how to win again. He hasn't lost at all. He hasn't lost at all. No, no, no. When I say lose, I'm not saying in this situation he has lost. I mean in his life's experience. And yeah, well, speaking specifically to this situation. Yeah. So I don't mean lose. Yeah. So I don't think I don't think he's of the ilk of people who give up easily.

or are afraid to roll up his sleeves and bid the dolphin or get a medicine, you know, but. We'll talk in, but. I don't want to say it on Bricktop. I'll talk in groups to give you some idea of my thinking around Dolvin Cove, as it is right now. I don't want. Yeah, sure, sure, sure. But Dolphin Cove, yeah, but I mean, geez, thank you as always, Dan. No problem, my.

Always, you always bring some wonderful views to the thing. Yeah, some wonderful. wonderful views. We love it or hate it. It's all. It's good. I do love hearing it. Not Jevisosa. What's up? Night. I just wanted to say one thing. Add into the D-listing point, you can show Jim and B. in it too. Who? Prime for takeover. No, by who? This is perfect. Almost anybody. Everybody can take that over. Oh, so you're going to buy the people here? You're going to buy the kids of here first? And how, no man, look on how

the, I don't know. The holdings of it still, like, split up multiple parts of it. Amongst the family, yeah, yeah, yeah. Yeah, for break the family, forget that, though. That's the challenge. Not really.

It's already broken. It's already broken up. Because look at it this way. Remember when JBG was together and then the family sold. So pieces of the family sold. Now, man, it is in the shareholders, trust man why I say yeah but the trust yeah but the trust is what the the

families yeah but the trust there's in embargoed in the trust is not there is here this here this idea who is the owner of the chariotar by is proof yes we know we know the path and comes with the comes with get grab the grab the proven shares of J.M.M.B. But they can't. Or maybe the government does not allow them. Right. And so, and so they choose to spin it off to whoever gives them a good deal. And whoever gives them a good deal. Right. Partners with them?

Not partners with them. I mean, partners like how Adrian and Gleena did partner. Mm-hmm. Or like how. And JPM. Kind of thing. And JPM partner. Right. Right. Right. One but two. Yeah, I could see some, and if a new controlling owner comes in, I could see them choosing to D. The only thing I think would stop the D listing is that is how expensive.

Regulations. No, no, no, just maybe how expensive it might be. Okay. Okay. It's one thing, it's one thing if you're dealing with one party, you get a good chunk of the thing and then, you know, you go to the public for the rest, like with Scotia. In this case, I mean, the proven stake, you get in 20. Fee said a proven stake and the Panjam state moved together. You're still not getting as much. The proven state and Panjamb state, Sajikor.

I think Jeffrey Haar's company has said recently that they are looking at divesting quite a few a few weeks over the next couple of years. I think if I were him or at his helm, I would be buying, I would be, if I were him or at his helm, I would be buying more of it every day i would be actively looking always what you mean then then we can naturally move into a situation where where i don't have to be um i don't have to be in a situation where where where the company's sleeping and i can wake it up i don't need to wake it up I sell what I have and I move on. I get money and I use the ways that JP uses capital is at least so far more effective than how many other places use capital.

Okay. If you can give me cash for it, go ahead. Okay. Well, that cash can. I don't not losing. They have Sajikor. I mean, hell, you could sell it back to. Hey, you know, you know, when you say it that way, but then it's a circle because Sajikor comes back around to JMB.

Yeah. So you could, you could sell it too, such a coin. Yeah. Yeah. Yeah. And that, that widens the entire group. Yeah. Yeah. And they say, you're selling it for, you get in it for a song. NCB is cheap. No, Jim, NB is cheapest. That's our headline recently saying. And I vote to get cheaper. You know, it's sad. It's so sad. As I said earlier, as I said earlier, I hope that the gentleman who identified us as non-fundamental investors is in a reflective mood in 2026 about.

I mean, what I'm not having. personality. Exactly. No, I mean, you know, in in, in, in, in, in all seriousness, though, that, you know, the impact. In fact, you know, God knows, you have, you have a company that was born out of real Jamaican grit, single mother. Yes. Hey, people don't understand the legacy of this company, you know. they do but legacy don't pay the bills my brother oh my come on man it's the legacy them it's a bite then i and pin it over no that exactly and that's what the world of say make it over man that's called tv might do say let's bite yeah a bank like this yet you know probably have a bank like something else

imagine what you do with this jim and b has a presence in every market that he is gone into brennidad man the buy that him just do our bank problems i must that what kind of bank problems everybody was smoothed out with him my brother moved out, you know, so you know, yeah, anyway. Always insightful. Dan, I thank you, Jeevi. Yeah, Dan. And Javis also, you raise a hell of a point.

You usually going to just to say that? I was going to mention the Carib Cement, you know, but you mentioned it first around the time when Charibe Cement was selling after that. So it's American, not South American, Central American company, a lot of the operation. They keep repositioning. I wondered if Jamaica was next at one point.

It may be. It just that Jamaica is so lucrative. It hasn't been off my list yet. You know what could even trigger it to? You don't even have to be the tariff removal. If Domrep gets full admission to Carrickon. They have been waiting for years for this. Earlier when D.L. was talking.

about what happened in 06. When Dina was talking about what happened in 06, I was going to mention that Domrep is not. Some would say, no, man. When he mentioned what happened in 06 with Simin, I was going to mention that some would say that maybe the reason Domrep is not in Carrickam and is constantly maybe kept out of Carrickam.

Is because of that. Yeah, because that changes the game. You have to be deep in the game to understand that. Yeah. Yeah. You have to be deep in the game to understand that. Yeah, I don't think, as a shareholder, I don't think Domrep should be a loading character.

Imagine, imagine. Yeah, eat them out. Plus, I don't like what they do to hate it, so screw them. They can join when them sought that out. Oh, boy. Yeah, it's hard. I know I'm generalizing, but it is what it is. It's like.

But yeah, they knock a couple. of businesses if they join. And hey, they might anyway. Who knows? Anything could happen? Anything could happen. Why were you saying it, though? Not Jevisosa. Tell us like, because I know I cut you off a while. Oh, with the Caribbean.

Yeah, because they were half-loading a lot of Caribbean operations. Right? It's all right. It's all right. It's all right. It did. I think they cut off even Singapore. I think they cut off. cut out marming you know that's yeah i think turkey also yeah they cut off a lot of things over the past few years yeah and that was when i realized i probably jamaica can be next you know

they said they were focusing on um u.s market yeah and central america which is Mexico. They said Mexico and US. Yeah. The wild card is... T-sail and six. What's next?

Yeah, the wild card is always on my radar too is Hal Sim. Because Halsem has a footprint here as well. They are joint venture partners in in Jamaica aggregates.

So they have a footprint here. They know the market. So, you know, that is the next, the next, the next thing. I wonder sometimes if they decide to exit, if there would be some form of, if there will be some form of maybe milling of clinker that shipped here, and then you cut out the actual production. Like what they did to Trinidad. I think that only happens if they lose the protection.

Yeah, it definitely happens if they lose a cement act. You know, so. It's too expensive to do our cement actuary here otherwise. So we just go to marketing and distribution. That's the right. And that it should be another conversation.

I don't want to drag this all too long. So I say thank to everybody. I'll go through some of the YouTube comments. Yeah, man. All right. Well, just at the end. Thank you very, very much Dan. and angeli and everybody else and anybody want jump on while i go through these this is the last of it

while we talk uh ingrid said on twitter very good discussion thank you ingrid and then roswell campbell said many persons bought up atlantic had restuck in october at the price of 190 and i think she's many persons i think she's many persons because she's the price of 190 if i remember correctly at night very specific very specific a price of one of two dollars something right very specific a price of $1.90 and on the backbone that building project will be going up because of the hurricane that landed in October. I mean, Roswell, I think so, and I think that it will be back at those prices and higher in the future. But some questions still need to be answered. But as you hear, the company is still massively strong. There's no question about that. This one to you, Danai, what are your thesis on Kintyre holdings?

Oh, no, man. I'll say that, man. Shee jump off. I'm serious. She don't come back on. What are you these and entire holdings? They've been getting a new personnel to help with the growth of the company. Some new income stream initiatives also have been added. Roswell, we definitely have another episode for that. We could have another episode on just. Yeah, man. Yeah, man. Still my most interesting company on the market. It's suspended now. I think actually the biggest question in my mind is are they actually coming back?

don't know. I don't know if they're coming back. They could be dealist. Yeah, you're saying, you're going to say, my, come on when the report already. It said the report after I's ready. So then this one finally. Right, August 28th and I must see the report

with the 12 different ventures were just gone. Ingrid, step 9868. It says, what do you think about NCB no longer allowing fund transfer from their investment arm to J. Trader? That's a good one. That's a major one.

it's a good one i think it's a come good the don't know that one to rock me i could just start use it sounds like you just stop using yeah just stop use it or or or if the system come good and use it yeah so the system not good every time you're logging from the kilt market to say you can't trade the usd stocks unless you can't if you really want to use jay trader they're most to be brokers at l o you too so correct we have we have choices i think for the market it's uh i think for ncd to a backward step but but there are lots of other j trader brokers on market i worry no yeah seeing this i worry about if Sajikor will do this too, considering that they have to, consider that they have the e-bank thing now.

When? Yeah, that's what the other. No, no, no, but not put nothing at the air, see? No, no. It's not a if it's a win. From what? That's what I think, though. It's a way.

Someone, what if, what e-bank? They're, they're fully encouraging it. What e-bank thing? The mobile app is still a browser. Like what you mean? What eBang thing? It must be mad. What else say is to NCB and SADCOR, you can email at Randy at My Money.j.a.com

and we can help you. We have a system for you. It's great. All right. And it's actually useful. And it is what investors want and need and also what brokers want and need. And if you refuse to do that, I understand on your pocket. you can not have you want with your money but i do think generally removing

yourself from jay trader which i which admittedly is the best trading system in in jamaica um is a backward step and in and us investors retail investors they lose from it and i understand that there are certain hiccups or certain things that uh you see the integration of both your systems to j trader might not work with but i put that on you guys you should integrate better you should use the right team and and you need an understanding of the thing to do it well um Yeah, it should have been done better. That's my point.

And for us as investors, yo, vote with your money. None of these companies love you. They don't care about you, don't go a damn about you. Go with your money. Move your money elsewhere judiciously. That's my truth. If you don't like it, if you like it, if you cool the service, if it's great, then stay. But if better is elsewhere, go elsewhere.

Because as you can see, when these companies think that something is better for them, they do it like that. You notice it wasn't NCBs asking you if they should do it. It's as of September 18, we're no longer doing it. And also, I gather from people who have told me that if you sign up right, no, they're not really allowing any of the new people to do any J-trader to come on to J-traders. I think that's a backward step for them. But thankfully, there are other brokers out there that you can get.

get J-Trader with and so you should go to them. J-trader is the best trading system right now. Yo, the fact that you can't do, and I think with none of these systems other than J-trader, can you do the arbitrage, can you buy and sell in US and Jamaican in the same stock? The fact that you can't buy a bond. You can buy bonds. You can't access the full market. You realize you realize this is a again going back to the same disregarding of retail and side viewing of retail. Every time. Right. Yes, yes.

Yeah, I believe that there are not many people. Yes, let me just say, I'll leave it that way. I've had lots of conversations with lots of people in the space. I'll say yes. They don't think about the market. So it's for us to make them think about it. All right? They're not go where your money is appreciated.

I remember when Rosela, Again, why, Rosalie look like, I can tell you, invest in two companies. I remember when Kintyar Holdings owed money, Mr. Tyrone name was all over the business news, pages. Now, when the company start doing good in terms of acquisition, to start moving from 30 to 70 cents, Rosal, I think you need to update yourself on what's happening with Kintyra. Yeah.

You need to update yourself what's happening with Kintyra. He's not wrong. Lots of acquisitions. Yeah, yeah. I do agree, however, with the, yeah. separating the company from the person. A lot of time people do that.

Even I am guilty sometimes I'm doing it. You think Tyrone and not Kintai, but the company is a company, the person is the person. Yeah. You ever thought? You ever thought? Kintai holding to have a delay.

Reason being the audit must reflect the true value on what the company. Yeah, Roswell, you need to catch up on what's really happening with it. Go ahead, Dan. Um, is all right. I'll ask a question in the group. It's okay. Thank you. Thank you. Thank you. You're welcome. Thank you. Jesus. And an investor sell down a stock so low, it would be considered manipulation or trading too low below a company's power value. No, Rosewell. That's not possible. No. No. Yeah. Any price. Yeah. On the way. Any price you buy it for? Exactly.

It is what it is. Somebody wants and then buying it and you selling it, that's the market. Exactly. Yes, you might think that we'll buy it a tree and now somebody I sell it down to 150. That's not manipulation. That's just the market. This is the market.

Yeah. You were willing to pay a price and somebody was going to go lower. Exactly. I think Javar and YouTube said that a lot of the IFR exchange affect presentation. I don't think there are the restatement. It's a breakdown of a vote. what's already presented and, of course, a future presentation in the new format. So, yeah,

what happens is that IFRS, the international financial standards. Yeah, they are, they are, they believe in investor knowledge and they regard investors. And so they force companies over the years as they update their standards. What happens is that it forces companies to report in better ways. And that's a good example of disclosure and forcing. Companies wouldn't tell us a lot of things unless the IFRs force them to. They wouldn't report things certain ways unless, unless their standards force them to. And what happens is that the standards now force them to.

How does the standard force them to? The standard is a standard. You don't have to follow it if you don't want to. But the law in Jamaica says you have to report along the lines of the standards. So it works that way. Heron says that he believes in his opinion that Tropical and Jamaica Brilal should have been sued. Heron, if you truly believe that sued them.

Here comes the lawyer. Go ahead, counselor. Yeah, man. Back to the point before, the person who mentioned IFRS 18, he was responding to something I said. If he's still listening, what will happen on the IFRS is that when the company reports it's 2026 numbers in the current format, When they're doing next year's format on the report,

what will happen is that the format used for 2026 cannot be used as the previous financial period in comparison to the current financial or the current reporting financial period, where you're using one standard for 2026 and another standard for 2020. I know that I meant presentation-wise is going to be different, but actual information the presentation of the different. The presentation. The restatement of what will happen when I say a restatement, the restatement refers to how the numbers are broken out. So 2026 will have to be restated using the form. of the IFRS 18 alongside 2027's number.

Or the comparative period. Correct. I mean more along the lines of yes, it's going to change a presentation of it. But if I made 10 million last year and the new set of statements come out and it was still going to show I made 10 million, but it's going to show. We're not we're not saying the numbers are being. changed. No, no, no, that's what I meant to my restatement. That's what I thought you meant my

restatement. Okay. That's why I said it. Okay. Yeah, it's just more detail. So for example, you're just, following your example there is like, you made 10 million when you stated, you still show 10 million, but no, you have to show that it's actually 6 million over here. That's right. 4 million over here that made up the 10 million. Um, yeah, it's a very essential standard cash flow part two. Yeah, kind of. That's what it's going to be. everybody has to have to have this nobody else can deviate from this if you use IFRS yeah and nowadays no all the companies now most of the companies now don't report along this they do other things some some people include depreciation and stuff or some people just

exclude it all you have a find it in somewhere else and all of that so are they all come together or not broken out so you don't see segmented reporting as we have asked for in some meetings probably people ask the questions you know how much it you spend on this and you don't get the answer so we will have a greater insight into how the company's operation it all the company is being operated and where money is being is coming from and where money is being spent in categories that we can then you know review with more detail All right. I see why Heron was saying what he was saying, because he says he lost more than $750,000 on Tropical and JBG because of what he interpreters, company misrepresentation of financials. I think maybe that has happened in JBG. I don't know what that happening in Tropical.

I think Tropical Heron made the decision to do an APO regardless of what the expected effect of that is on the investing public. so wasn't there also some issue that they had with some deal that they did i think i could i swear them cut your line earlier what is happening man i'm not trying to remember that i'm not trying to remember it's cool it's cool actually like i'm here but no uh roswell say you know jacy know much of this type of tiredness so i aren't it's like have good discussion on social issue. It's not the JC's job.

These companies are the clients of the JC. JC gets money from them. So JC is not going to say this stuff. It's for us to have the conversation, which is why I'm having it here. So I'm happy that people are joining in and you are hearing it. It's not on the JC. The JC is doing their part. So like in the issue on the question,

JC did their part. They followed their rules and they suspended a company. And then it's out of their hands at that point. It literally is out of their hands. It's not on them. It's on the government. actually, via the TAJ. If J.C. wants to be cross-listed on the Caribbean, this has to be addressed.

The J-C is the best market in the Caribbean. Simple. There is none better than the J-C. What was that if it wants to be cross-listed? Because that's what people, that's been out there in the Zite, guys. People have been saying that for a while, you know, but the truth is, we can do another episode on that, but we are the best market. in the Caribbean.

Yeah, maybe they should buy some of the other exchanges. Debt, debt challenging business environment. Somebody's their sympathies. I'm going to read all of them, but I do want to just touch somebody important one. If a company is a good capital allocator, dividends not a good idea. I disagree strongly. Disagree complete. Horrible.

Terrible. Better at managing money. than I am. If you don't believe me, give me the money and I will show you. A good capital allocator and the whole point. We're investing to get something. So I should not be getting something only when I sell my shares. Maybe I would love to hold my shares and get something.

What? No, I'm constantly fine. If it goes to pay dividends and I can get a good return from it. Yes. But at the end of the day, at the end of the day, a company having more money than they can reasonably do anything in the short term, it's fine. And how you do the buyback matters too.

Yeah. Oh yeah, especially a good capital allocator. That's not the same thing as doing a buyback. You've got two different things. True. But it is allocating capital because you'd be taking the cash to buy the shares. Yeah, yeah. But saying a good capital allocator, yeah.

Yo, you know what? I agree. You do the buyback. It's how they do the buyback. if they're to do a true yeah yes yes that's that's that's how i'm whole you know so yes he's very right on the sense if they do it properly yeah then sure but but also to say agreement is not a good idea that's that's not no so yes if you're a good capital allocated then they can do buybacks in a good way that can make me say okay i'm fine for going a dividend for this period but dividend is

not a good idea those two are not mutual exclusive yeah yo which company would you be okay dividends can be a good idea in that sense which company to be okay with them taking the dividend money instead of doing a dividend they do a buyback that that's a hell of a question good question yeah and just come back down to mayberry they're probably only ones that i trust to to do a buyback like it should be done with the effect that it should have and whoever it is that's doing that that's been buying trans jamaica them too them whoever is in trans jamaica and mvery guys and and it wouldn't maybe for like mjee i trust like mjee doing a buyback of mjee shares

yeah say um inside they don't buy bad and jamaica's just a buy me don't know if it's a buyback it's certainly not a buyback i just meant the the method of purchasing what buy everything in the queue and move They go and they do it again. Yeah, that's the best buyback. That's the truth. That's how a buyback is done well. That's the best buyback.

I think the stock is worth 20. And the queue is currently selling at 8. So I take the buy back money and I buy everything in the queue. And the queue will fill back up at 9. I buy everything in the queue. And I'm fine buying it because I think it's worth 20. And I'm fine buying it up to 10 or 11. That's how it should be done.

but no one no company currently is doing that on the market even jrmb's buyback is not it's defensive buyback you can you look at jimnb's queue you see it's defensive buybacks that they do they don't do um aggressive buybacks they don't do yeah they don't do aggressive buyback when when somebody call them and say oh we have this one much for selling them or but you see you said the broker link orders in the queue i suspect some if not all of these are jimmb so when people get frustrated and sell at 15 and 14 and sell it down to 13, then you see J&B, they're doing a buyback because our defensive orders are being filled, not because we are aggressively buying down this side. Yeah, my opinion anyway, what do I know?

Barita, the detail APO, yes, they did detail get the part desperate. I read the news on the land sales and 40% below land value, yes, we've seen that. C.O. Zool always, it's a good point, Roswell, CEOs will always speak positively about their company. I think that's a great thing for us to know. We have to just look at the financials and look at what they're doing. And you buy companies on the low. That's nice. I don't know.

I'm surprised you guys wrote this much on YouTube. I'm thankful for you guys talking about it. I'm not going to spend the whole night reading it out. Very, very thankful for the comments. Jump on the YouTube space whenever you want us to actually talk. We love to have a conversation with somebody. Some of you have done that over the years, and we're looking forward to more of that as we go.

Philberg investor ended with that one. We didn't hear him tonight, but you say, SVL is one of the best allocators of capital on the market. But the dividend have a run. That is true. That is true on both counts. And the dividend does have to run. And he agrees with M.J.E.

buyback, yeah. I think an M.J.E. buyback would be done well. jimmb is waiting on the hands of those willing to sell at 17 rosalie really have to get updated to what's happening on the market jmmmb is at 15 right now and falling so but to be fair rising at rose today but uh rosalie have you so heard of a site called my money j a 30 on a bad day yes 13 on a bad day that's true well it's a bad day but next up for people have it already 70% by the appo

wow wow you realize that requires 233% just to get back to break even 233% 233% profit just to get back to break even if you bought at if you're down 70%. Talk to the night about how to get some of that grown, recovered if you are in that sort of situation. You need an advice that can help you

that can pay attention to your specific needs. And of course, track all of this with My Money,jia.com. Be free to get yourself a premium account and come grow and learn how to do this yourself, right? This is the only way. Nobody else is going to be looking out for you. Can be sure that night is looking out for you?

He has a fiduciary responsibility to look out for you, so he does. We don't have any future responsibility to you, but I put my own reputation and ensuring that my money is accurate. And at grow up, I go more than the extra mile to ensure that you learn how to access the market, how to look what to look for, and how to learn how to make money. So it's not, I say learn three times, so that's a bad look. But it's not about hearing what stock you must buy. It's about knowing what the things are to look for so that you can find out with stock you must buy on your own. So you don't have to depend on a link or somebody to tell you something you can do it for yourself every mickle.com slash gr wr grow right then as i said earlier

the next advanced grow is going to be on um on on on that same point that i mentioned i want to get the topic right but the circuit breaker it's part two of three yeah circuit breaker definitely want to check that out if you don't grow before and it's great for you if you haven't done grow i'd recommend doing grow first before you do you do you do do this. I tend to, it is a step after grow and it's not, I know you might have a lot of knowledge and not knocking it, but a lot of people have a lot of knowledge and then you realize that the specific things needed to understand the market tends not to come along by accident and it's not what they teach typically. So do grow first and you can do this. But if you go into, if you're insisting

that you can understand and you want to do this first, I'm not going to say, no, I'll take you money and I'll do the best job I can. And usually when people do that, what happens is that afterwards you go, I should have done grow first and then they come and they do. or either way works for you. Check it out. And I'm going to end on that note. So thank you guys. Thank you guys very, very much for joining us this week. Thank you, Danai for doing. Thank you, Shea for the time that you're on. Shee, jump off and I was your comeback on. I'm sitting at a speaking request and I didn't hear her again. But thank you. And of course, thank you very much, the denial for coming on. Again, that's disclosed. That's not needed.

and I can, I'm speaking for myself, him doing that, and the thing that he has been doing has, in my book it's a great thing. It has been a great thing in my book. And it has restored some confidence in me in terms of what's happening in the company. And the truth is, whatever is about to happen in the future is out of the company's power, I believe. So, see, that fix right, don't fix, but the things that are within the company's power, I trust the CEO. So I would not want a different CEO

unless them can show me how they'm going to make even more money and, you know, pay out some dividends and do all the things that will make us want to buy the shares so that the price go all the way up. Of course, thank you to the day and everybody else who joined. Then I have anything else, you want you? No, usual. That's up people.

See you guys next week. Keep investing. And if you haven't started, start investing. Yeah, man. Trust me. It's been another brick talk. Have a good night, everybody. Bye-bye.