Earnings Season - BrickTalk - The Rise of the Reds

Episode Date: September 12, 2026

Recorded live on X Spaces on 2026-09-11.Listen to the original Space: https://x.com/i/spaces/1DxLdZRDgqqxmBrickTalk is the weekly Jamaican markets conversation from the Earnings Season podcast, recorded live on X Spaces. ★ Support this podcast ★

Yes, this, this, hear me, then I? Yeah, I think you might have that echo a while, like a boy. Should be hearing me fine now. You hear me? Okay, yes, I heard you. Perfect. Yeah, yeah. You're hearing me on the stream.

Okay, you heard me? I'm hearing you fine yeah okay good good good all right I assume everybody else listening also hearing you fine and let me just make sure yeah perfect perfect perfect all right everybody just no one second and we'll begin everything I've also same time all right so hi everybody welcome to this week's brick talk I'm randy and as usual don't embarrass anything that we talk about on the show nothing I said on the show should be taken as financial advice I'm not a like financial advisor than I is but while he's on the show he's not acting like a

financial advisor he's just acting as a financial advisor he's just acting as then I and I'm not acting as Randy and we are this week's Brook Talk I don't if she is joined us this week I didn't hear from her she probably out and join her life but yeah welcome welcome to this week's brick talk everybody this week we're talking about as usual whatever you want to hear on the market we invite everybody or anybody who wants to jump on, join in, and send a speaking request on Twitter. And we'd love to hear your thoughts. We'd love to hear one here from everybody in the conversation.

And this week, we are officially talking about the official topic. I said official topic, I hope that we actually get to it. Sometimes we do. Sometimes we don't. I said the rise of the reds, right? So it, it, for the people who can see the screen and I'll describe it. for the people who can't. I had, I was looking on my money, Jay,

and I was looking on just the one year, over the past year, how all the securities look. And yeah, I do stuff like that all the time. And a lot of other people also do it, just to get an idea what's going on in the market. And usually you look at the advances, you see how things going. And then I took a look at the declineers.

So I looked and everybody you see, you can see the entire screen is like a red, right? right? So I thought of it, I thought the rise of the reds, because which one of these reds could actually be a green later on or rising to gold, right? I just looking at it and it's linked to a couple of interesting things I've said over the years. So I shared it. Thought we do an episode on it. And so that is it. That's literally the premise for this week's episode. So how you do in than I know what you think about episode. Oh, I like it.

I like it. It ties back to something we spoke about some long time ago, but things being down and yeah, that often is an opportunity. Yeah, almost always, right? Like you find that there's a point in the investment journey where you realize that, oh, I should stop here. whenever I hear bad news about companies or I see something bad in a company.

I mean, of course, I'm not saying people not to be disappointed in companies. We can be disappointed. Some companies are just disappointing. We saw a lot of that this week. But if you are serious about investing, you're serious about your money and you're serious about it over more than just tomorrow. If you're actually in it for the quote-and-quote long term, then you learn to start looking for opportunities because you learn very quickly that,

you know, when you come to investing, if everybody can see that the thing is great, then it's usually priced in, right? You don't get the greatest gains out of something that everybody can see is great. You get the greatest gains out of something that you can see is great, and the market hasn't fight. Every check, a check, somebody that said, no, man, no, no, that company day. Exactly. Exactly. So looking at the one year, we have 78, as up today. So this is live right now, coming from My Money, Jay.

We have 78 securities that are down from where they, they were one year ago, right? One year, one year, looking at our year to date. I was looking at the one year. We can do year today, too. That's fine. That's fine. I mean, I want to see a year today, but yeah. Yeah, I had, I was just looking at the one year for the stocks and it, it, yeah, man, it, it, it, it, it, it really, in fact, I said for the stocks, but maybe it should drop some preference shares in there, right? Although I don't think preference shares would be done. But yeah, I've looked at the one year for the stocks and it's, I mean, leading the pack is main event. So I, I, I said, a first five main event. MPC CEL, Jamaica broilers, palace amusement, and DTL. Mm-hmm. Any other surprise it right after that?

Mm-hmm. Surprised. Hmm. No, not really. What? No, no, not surprise me. I would say the one of the greatest hopes for in terms of the company. Okay, sorry.

I've been watching Eminem event all off, so I know that. I'm not as a surprise to see. MPCL is MPCL. Detail and Jamaica brothers have had quite a year in ugliness. And Pallas have some ugliness, not just not in the same way, right? More the overall, not really. He's not doing enough to shine bright. So, yeah, like, yeah.

Of those, I would say, no surprises now no damn so main event is a little surprising to me surprise why wasn't that surprising because i've been watching it i've been looking at it so i don't know that's that's a surprise in terms of oh great company that that should be doing better definitely in terms of share price so how she's not a share company i think the share price is a reflection on the rough time and going through Mm-hmm. They've had quite a rough time. The reflection of how the market sees it, right?

Oh, investors see it. You say it's not quite what? They've had quite a rough time. Yeah, as I company, the performance is not really best right now. So I think maybe that's what I haven't looked at in as much depth. Oh, well, I'm saying that. But as I see, as I say, the chart, the P&L chart, I immediately remember. Yes.

So the last two quarters have been down. In fact, the last three. quarters have been done because last year's Q4 was a bit down right and the Q3 was was a profitable quarter last year's Q3 was profitable but the quarter before that also was a loss mm-hmm as a company the company I believe in I think I think I've that great position in the market I think their market generally is rough and becoming rougher but what what they are and what they do and I think the team is really good. And the

leadership is good. So I think they have other options. I think they can definitely recover, but it's not going to, definitely won't be easy. Ah yeah. But off the five are named,

I look at that I look at that one the most favorite. Which being this down then looks more like an opportunity. This to me looks, it's the most, though, and recovery will give you the best return. And I think from a company standpoint,

and what they can do, I think you probably do, in some ways I think, yeah, I like certain confidence around them in a way as adults around others. Yeah, yeah, yeah, yeah. If anybody can pull it off is them. I think almost in some ways they're kind of suffering from success. Yes.

Yeah, they did so. You really think about it. Like where the company and all look like, their sector becoming more and more flooded. And they're doing so well that no, the informal, I'll say informal, but in other way, some of the things also, it will keep part of the production. not everything they do like on a license basis or whatever that right but at the end of the day you have the people that can come up around them they can't come up because your main event is doing so well they they can't catch out they haven't got out all the market and in so many i don't think they can but yeah they they are definitely from success from success they're coming from so good and

they are the most formal right so that they don't have They have to deal with things on the best basis. Anybody else can do. Because I said they're not everything to do is on a license basis, because other things they do are on a license basis. The bad one who the man can come up easy. And charge cheaper. Yeah, and somebody can undercut them.

Yeah. Yeah. And I think I think, as when I said, I'm suffering from success is that like, they kind of paved the way for so many things in general. Like, like, I mean, we're the party country, right? So we're everybody don't put on part. Everybody don't put on dance.

But they came and did it in such a profile, like they made it professional, world class. Yeah. And that's not even, yeah, that's not even an exaggeration. Not at all. Because they, I remember, I remember, in telling me like, like the setup that they did for, I think I was like, yo, these guys are really world class. What's the name of homeboy there? I have that concrete house.

Everybody about concrete house. You know what, I can Diplo. The expo was concrete, Deepo. Yeah, Diplo. Was it Dipli and friends? So when I had that concert, like they have done set up so good that those guys have got, yo,

shows how you do this because we're doing this everywhere else that we go in the world. Right? And it's not the only one. We've seen them do it so much. Like they kind of showed other people how to be a professional events company. So they kind of, they're suffering from success.

You kind of breed your competition. and you see the other people that have risen up and they kind of look the same, right? You see like, what's that guy, Shensia's ex-manager? Oh, yeah, yeah, yeah, yeah, yeah. It's his name. Names, I'm not an Indian guy, yeah, Coleute. And he, like you see, he has an events company. Ramish.

Ramish, yeah, and Ramesh's events company to me just look like, how can I be as professional as being there? How can I be as close to me as event as possible? That's how to cheat. I was a joke I won't say and like. I mean, but yeah. Yeah, it seems a lot like that to me as well. Yeah.

So, we show them more for walks, everybody starts to walk too. Exactly. Exactly. And then, then, then, then that then puts them in the problem, which they've also handled well of. How do you then? when you've shifted the market and you've brought the standards of the market up, how do you then keep your edge in that, in that increased standards market?

And we see them do it. So like, you know, say they put on the budget concert. We see them, they keep doing those things, but there's only so many of those things, right? And then say you have to start going deeper in the, um, you have to start going deeper in the actual vertical. You have to start mining your own vertical in certain ways. So one of the things I was thinking about was how they can, they have to start owning their own events. I've seen them do that. So, you know, greater margins for them versus, you know, a promoter hiring them to put on an event. They become the promoters. So, you know, they get everything. And I also think that they, they can and have other pet theory that have, that have, you know,

from grow at this point, I think two years, maybe a year of them revolutionizing the X real. There's elements within the, within the events promotion thing that we have, right? That there's elements within it that oftentimes is one of those things that nobody thinks of it. I come across the all the time, my money, J.A. Nobody thinks of it and when you do it, it's so obvious that it should be done. I know everybody thinks like this is the way to do, right?

So ticketing, which gets your own so much, it allow you to plan more, more sensibly. A promoter knows exactly who to expect, what you to expect. Of course, promoters already do that, but it's one thing to have to go all over the place and leave your tickets here and there and there. And you're doing and how much sell and blah, blah, blah, you're trying to plan around that and consigning for liquor versus if that whole process is digital. I know I can check at any given time how many tickets have been sold. You can immediately plan. It helped me in my consignment. It helped me with my event planning itself.

I can know, okay. We see the rise a lot of wicked, you know, bro. I'm not going to party nowadays and buy enough. I have not bought physical tickets in years. Everything you're going to, you're going to take your phone. Yeah, yeah. I remember when I was just starting. I know, yeah, I love that. I love that it's dead. Like it's now the way forward, right? And it allows more safety. It cut out a whole leap of the bandulo it's a completely great thing i remember one top of the time you still go to a party out front a bag a man and sell ticket they still have them but a lot of them are ignored yes the resellers in front of the party you know all right cool bro my ticket already yeah exactly

exactly and you're not have a little about last ticket are not and yeah things like that um and then you have the you have the other side out where it's like yo but the tie in with sval and them which goes back to you know if i say they have a venue they have a set venue that yo that is their venue and you know we've gone over that for many years knowing the girl group and when we're mapping out what came on us look like and realizing how massive came on us is um and i believe in that every i i can't stop believe in that vision oh we let's take a portmore spanish stone bro no On a corporate level, it's moving the road.

It's crazy to me. I thought you grow up there that so much business happening in the way that it's happening there. And every means, something else building up. Every meet is, okay, all right, you can just look from now, you know, okay, that's going to be the new Lego Portmore. People go work over there, so people can start to live over there. So you get it every single time.

And of course, you know, you know what it is. put more Spanish town and just in between them more and more and more is like the connection is happening it is real and just in Spanish town the what I remember how it used to be five years ago I used to call I would have a complaint oh you can't get food a Spanish stone they have certain spots if you don't go to them they don't think you have options bronze week and that's it yeah exactly and more and more and Brunswick really not more things out there more options really and and and the offering is much better housing is happening growing and and and not even like places that you so feel remote at the foot of my hill because we're so you got down thing there

and start at the foot of the hill they just be like yo if if you come this side then it's us houses right you're not you care thing there and you need to wonder like why somebody don't build something there so why somebody don't build something there so but you know It's a building is coming, it's a business is coming up in between there, in between certain areas. So the convenience of it there, so it's happening.

It blows up mind. More and more and more, you see the urbanization. And then I think, oh, how you go on a certain level, at a certain level of event, you have to go to Kingston.

So if you import Morris Foundation, St. Thomas, then you're going to Kingston for a certain level of events. And then I'm looking at what happened around there, that would very, that I have to change. Yeah. Also, so I remember thinking just like you, I remember thinking when the changes happened with Portmore. First, you're like, you don't have to go to the king's out for some things. And I remember actually talking to an laboratory and he was thinking about a certain kind of business,

deliver business actually. Deliver a different sort of thing. And I'm pointing out to him. happening. Exactly. So as far as I know to him say, yo, you know my thing already, people are I still talk about foreign. Like, you stop to think about foreign and export and rare, that the market is here in Jamaica. The market is in front of you. The people are there. And I don't want to go into the business, but I put a certain way to him to show that, you're in Portmore. And there are certain things that, that ever, exactly, people are. People,

the people are there all right and I said that to say I remember when I sat and seen the change but you know I remember also talking to you about the opportunity that I got in the Spanish stone I you know my thoughts

same but I have been reconsidering us on a level that it feels far into like I've gone to 180 almost on how I see the possibility of that so funny enough when I was saying that I could also tell something you know how what's the right corollary you know you know you know how when somebody is like when we're talking to somebody and they be like let me see one wood cats wood cats is crap right down 50 percent down 45 percent quote unquote crap but we know what what that is like like this is the time this yeah you you should be happy that it's crap now right because if it

People know it's not crap. But you might feel it's crap, especially if you're from IPO, you're down. Enough. You don't quite well. Yeah, you don't 45%. I'm not sure if this is counting from the IPO price or not. It's 49 cents and IPO is what? 90 cents.

90 cents. 80 was fiscal. Yes. Yeah, not, not as it's been quite as fiscal as fiscal. Yes, you don't a nice 50% from IPO price. half of your money bon up. And like, think of the conversations that I'm sure you have and conversations that we get. Because I hear them all the time.

Some people talk to me. And when I'm doing grow, a large fact of his try to have people stay in the same situation, but shift how you view it. And I say that, yo, you are bawling about the opportunity. That is the opportunity there. I say all of that to say. When I got a last Spanish zone opportunity, I get the same reasons for the know, but I could tell that I was the person on the other side of it.

I could tell that, yo, I'm the one saying that Woodcats is crap. And I could tell, but I also know what the risk is. And I'm like, yeah, wood cat's risk. I mean, I appreciate it not going to leave, but at a certain level, it's the possible. It's more profitable. It is more possible to do that. And the ones who go, the ones who would. The ones who do in it.

The ones who go in there now. and say I'm seeing I'm looking at them as well yo I would have I if you tell me say yo you want a piece of this business and I have the money I'm doing it so I can't say I can't look at anything anymore I can't get up and say oh it really is me being a boy you know I'm apprehensive and I'm afraid or whatever but yeah I can see this is something good it's a great opportunity that's a great business you have right this and what are their mercy and then the left

what I've seen from them is very far out from what I the Spanish stone experience oh yo you can do this in Kingston you can go on IG and out of food and then go pick it up in a Kingston they can do that you have a couple of ways that Spanish tone you can do that

word and oh they have new they have they have simana them own party and then they say wait there what you mean bro it blows my mind the level that i'm seeing in it's in there and i'm like all right these guys really have something and the space is very different from it was five 10 years ago bringing it back to main event which got us there exactly what they said them

they and came on us if they can turn it into an event venue because you mentioned kingston then thomas all those things right so if an event is that stadium. Imagine if you're the furthest point. So let's say you're in St. Thomas, or whatever reason. You live in St. Thomas, which is the next, the new Portmore. And you want to go to an event and it's at the new K-Manus, right? The K-Manus amphitheater, whatever. I'm thinking like, physically that journey. You get down to the highway and it's highways all the way until almost K-Manus itself. that the only time you come off highways just makes sense it's just oh wow and that road is being

widened and and then and you think and ah and just and as you say highways all the way up so it's no longer just oh stamos it's on the other side of island too yes and if you would have got to kingson for that if you're going to king's for that event he would have came on us if you're on if you're on the next side and that's roasting carrying on carina people weren't going to king's on a certain degree but they'll definitely be the much easier made the thing they came on a run yeah yeah yeah you know the toll really that the toll road the toll is it it's it's it's one of the only it sounds it sounds business you know it to say to me in a way that i um when we were talking about oil and you talking about the transportability like logistics is the realest

business in my opinion it it is business And the moment you can solve that, they think that and as a highway does. I would think more that now. I think more like the data of your PB place is angels, you know. Like the whole are behind the things are be up. Everything I'll be not, bro. And he's putting industrial, already has put industrial there and there's a whole lot more industrial stuff that can go there. Think about Cygnus buying. If you look as the crows fly, as a crow flies. I didn't want to talk about some of this stuff,

I'll bring it back to main event. Obviously, so I think when I saw it and I looked at it and I saw it at the number one, I heard. But to me, so I'll do what I was actually doing properly when I was looking at it. I didn't have it in this view. I had it in this view. And I started to pin them.

I'm like, main event, I definitely one that's like, If you're thinking five years, you think in one year, these guys are you know how it is. It doesn't matter of vision. It doesn't matter of patient sometimes. Yeah. Every time. And I know that's a patient.

And I know me, it's always a long way for everything here. But sometimes it is, right? Sometimes it's five years. Sometimes between the end of the year, sometimes there's looking news early for next year, come out. So just be clear. But it's just vision and patience in a lot of these cases.

Vision, yeah, and well, and as our friend, they say, morning. Yeah, yeah, yeah, sir. Vision patients and a lot of money. The main event, I don't want, I can't skip, the main event I not talk to the top, top owner of the main event about his company who just joined us. Oh, there, my know, my know must reach, you know, my know he must reach.

Yeah. Another bad signal moment. Oh God. Therapy, what's up? Boy, I'm there, I'm there. So what are you going to the main event? I mean, how are you doing? I should say, how are you doing?

Because you're feeling it more than most. A famous quote. A famous quote. Infamous code. Infamous code. Not many people have lost as much money as you. More infamous than famous, you know. that's correct not many some so but not many in fact i think you're you're the biggest in the video

who has lost in this right i won't put that loss but you are a option and in fact yeah i am but um and in fact i believe if you're talking about loss it probably is me because you know the other the other holding holders have have lower price, lower entry prices than I do, I'm sure. I mean, I have no intrepriced. Well, in terms of like individuals. No, not all of them. In terms of individual.

Individual, yes, individuals. But anyway, I mean, I can't, I see the same. Of course, I acknowledge the pain. The pain is there. Pain is not something to be flippant about. You know, I've been averaging down as I can. But I do see. I mean, it is very significant that you looked at the actual five companies,

and my biases are obvious, but I do feel the same way that that I said probably has the best potential looking at the company itself and the opportunities in front of the company. and generally the management of the management team itself that whole portmorting is actually i am happy that i had the experience this year for the first time i ever went to caymanas park in all my years for what the actual to the actual park and I went twice. I went once for the tailgate party. Oh, World Cup. For the World Cup showing. So that

I was able to go on the infield and experience that. And then another day they had football going on on the big screen and they had horse racing happening and I was able to go in a box and watch it watch it from the viewpoint of the actual

watching the horse racing itself and I feel like is I experience every Jamaican should have like every Jamaican should visit Caymanas Park at least once something for the culture that you don't know I grew up my father was a

interest not a horse racing man but it was very interested in the sport a little bit of the gambling and he, in his younger days before he had his kids, before he had us, he used to go out there and watch racing and things. So I grew up, I can't get in a gambling again.

Can I make the youths him see that? I guess, I guess. Maybe it's that. Maybe he's that. Maybe wife you tell him, oh, listen. So I, so I mean, he never told me that he was in heavy gambling and thing. But them say, me used a bit. But I grew up watching

horse racing on TV and you know what you came on a spot but you don't understand the vastness of the land out there if you don't go and look if you don't actually go there and go in the

stands and you look place is freaking huge and yeah you're you hear all right a race is a typical race is 8 for a long is a mile, but a mile

doesn't go all the way. Well, I think a mile is like one lap around the track. Imagine a one mile track. Because we go to the national. Most people, a lot more people would have gone to National Stadium, I think, than go to the arm. Kamanas.

Yeah, yeah. The National Stadium track is of 400 meters. Right? Word. A mile is four times that. Okay, okay. A mile is four times that. Yeah.

You can't imagine that the size. Yeah, yeah, yeah. Yeah. It is actually crazy. And that's just the track. And that's just the track. The infield is enormous. I don't know.

I can't remember what, I mean, Sala mentioned at the main event, oh, no, it's not Sala. It's a gear appeared mentioned. Every now and again at SVL events, he would say, the size of the infield in-field is like acres. Yeah, I mean, if you take a mile... If you take a mile,

as a circle. As a circle, yeah. Inside, yeah. It's roughly a square mile, roughly a square mile. It's not really a circle, but yeah. Wow. And then beyond that, and then beyond the track,

it's all, it's came on his land. It still came on his line as far as I could see. Yeah, yeah. I remember us looking at it, but you know, the funny thing is I've been to K-Manats for work, but I have not, not in a real list, I don't even have a good mental image. Like I know I've been there, but not for an event, not for anything like that. So I mean, you're writing that. I know it must be huge because I'm thinking about what we'd have seen. And um, there were like schemes beside it and it's like, yo, this end of the scheme is, is, is

This part of game on us, you get me? Yeah. Can you imagine knowing say you can cut a piece off and make a scheme or a hotel? You're matching that? Yeah, what's the class they run around you, in from a room. True, wow, yeah. They have different views. I spoke to somebody who worked for me in a event when I was there.

And they tell me an event the size of Sting or Sunfess could fit. I was on the infield and then point out to me how much of the infield it would take to host the event. The same event that is held at Catching All or Sting when it was at home, when it was in Portmore at the stadium. And it's a portion, it's not even half. It's less than half of the infield. It's significantly less than half of the infield that you could host the entire event on. A event that hosts 30,000 people. Wow.

So the size of the opportunity that's dear, like to actually monetize it, You obviously need more than either horse racing or watching football on a screen or events. And you can easily, when gear appeared says it at the SVL, AGM and the quarterly briefings, you can kind of brush over it if you don't really think about what he's saying. him say I have 365 days are expenses

because every day you have to pay light every day you have to pay water every day have to pay

maintenance and yeah yeah yeah yeah but only

eight to eight days of revenue because it's only eight to eight days that

horse racing gone at the place you can have similar and like I said one day

I went and there was horse racing and football going on so that's simultaneous

events attracting overlapping as well as distinct crowds of people and they're able to pull that off multiple days over the World Cup and you can imagine you could build residences there you could build

both permanent residences and like hotels or inns or stuff like that and they are as you guys are saying Portland Spanish

town have the people they're building a parish you know I was going to say a city

a parish has been built Phil is this a SVL conversation or a main event conversation What's the difference

sir? That's a good question that's what I'm saying what is the difference what is the difference I don't I don't know. I believe. You think he's accidentally

him up SVL, so? Exactly. I mean, he works for SVL, no? I was talking about Phil, but yes. I don't know. It field worked for SVL too. I would be surprised. I wish I did. Maybe sometimes.

But yeah, the CEO of the CEO of Medell works for SVL, yes. is the executive chairman of SBR, yeah. Correct. Right. And I'm saying, as somebody who's quite invested in main event, what is the accruition that you see from this opportunity to main event?

I think there are definitely existing, there are existing synergies. Yeah. But I believe that the hopefully nearer. than far future there will be much deeper economic synergies between the two

centered on K-Man as part and there's a lot of politics behind it of course because actual politics in the partisan politics it seems in terms of

getting the what this what Ms. SVL seems to desire which is the control of the land you know to purchase the land the government permission to purchase a land from the government um whether or not that happens i think they need they are likely to move forward i think they obviously would prefer to get that level of control but um so ideally you know if they do that i think main event will will form a big part of any plans that they have.

It will be an integral part. They will be the production side for things like the horse racing. They will provide the entertainment aspect of things in terms of all of the planning, all the stage and I mean I suspect they'll probably put a permanent stage and stuff like that. Yeah, I mean, to cut it feel, but remember how we got to it, Lopo, like we got to it because we're talking about main event and main event, what we're saying that in terms of events, like the sub-sections of what it takes to make an event, right? We thought about, you know, the whole consignment and, you know, ticketing, and our part of it

is actual location. If you have a set, proper location, venue, yeah, a proper venue. that you manage that it's a venue. Vertical. When you're not using it, your competitor want to use it, sure, just pay the fee.

And there's certain things you have to do, or you have this fees is the, I mean, there's wonderful opportunities that come from that. And to be the entity in control of that sort of thing, right? To actually be in control of that piece a real estate is is a powerful powerful thing for entertainment company because once again you control another part of the vertical that you don't usually control and if you control it

imagine main event who already can control it said have proper ticketing their proper they're proper they already have proper um you know licking whatever sound lighting you know they have that locked actual event flow people safety they have all that lock they have the venue and they have like they would make the best venue in Jamaica for events. I was going to say vertical, bro. Can imagine Christmas? Imagine how you cut down costs on that. Exactly.

Can you imagine Christmas where if the land, like I'm thinking about it. Christmas, you have three and four companies doing them, then Christmas party one time and the whole of them that came out. The whole of them that came on us. Did you sell? Well, not glean. At the same time. And what's preventing that now?

I think if, and I'm paraphrasing here, but I believe the point of the SVL chairman was that there's a limit to how much investment they're willing to sink into K-Mannas without owning K-Mannas, you know? I like, no, man, it's like, let me, I will do whatever, wherever I live. But there's a limit to what I'll do for a place I don't own, right? Like, I don't ask if I can paint the wall. I paint the wall.

and if you don't like it, when I'm leaving, keep the deposit or I'll paint it over or whatever, right? But I'm not going to put on a new room. It's not my house. So in the same way. I think they're holding that chip. But I feel like if the government were to sell them it tomorrow, in two years you wouldn't recognize it.

I think so too. Well, I feel like that's, well, I guess that's the game you play in here because that don't have to happen. Yeah, I don't have to happen, but I mean, nothing has to happen. You make it happen, right? What else is it doing right now? Bear in mind, they also have the land already. So what else is it doing right? It's not like they're not doing things there.

It already mentioned I go into two events there. So it's not like they're not doing things. but I can understand not spending a certain amount of money unless you have like a like it's my land, mine. So the nature of the agreement now is a public-private management arrangement, right? Something like that.

The lease, the land. The land doesn't belong to Supreme Venture. They have a long-term lease on the land that came on us and they entered into that lease at a point where the stands were already there the track was already there and that kind of thing it was controlled by K-Manas Track Limited before

CTOS yes to start with everybody or the government right and so basically it's just a landlord relationship and they have invested money into further development of you know certain things the water system and the stables and stuff like that.

But all of that is, I mean, I think there must be stipulations in what in the least a contract that they have where there's a certain degree to which they can develop it without the permission of the government. And there's also, you know, like you said, what they are willing to do without on the people of them land is not their land. Exactly. Like, just looking at the level of the line, like I say, if you want to, your real estate is a rich man's game, right? But we're not talking about poor people. So imagine if you, if I, if I bite, I can immediately like cut off this piece

and put on a little scheme there. And the money from that can help fund, you know, handling like the harsh part or whatever. You get me like it. But I can't do that while I'm leasing it. Like I can't maybe shift the youth. Do you think the making the scheme and all of them think there is riders, reticence in doing a transaction for it to actually sell it? I think.

Making the scheme? Yeah. Good scheme. What you mean? Like, yeah, that you sell Kman and then you basically, whatever the acreage of the land, you go have scheme over this side and all sorts of things are going over that side. maybe them do all the day what who's them it's just a government yeah the government i think wait wait scheme as in that's just a while i mean like housing scheme but it's just housing

there it's so what are you yeah i'm hearing you i'm hearing you i'm hearing you you mean housing scheme yeah like housing scheme i mean it already did it i know schemes are already there i know I mean, if you can build your holding scheme near you came on, you're signed up for that, don't it? What I mean you're sign up for that? Like, what changes now? What changes from what's it happening now? The change is that the government own it and no scheme is being developed on that land. Oh, you mean, on the land?

On the land, yeah. Yeah, that was just a harebrain the idea of mine. I'm talking about cutting a little piece off, because if you remember, and I'm going off for a conversation from here. Oh, okay. When you look at the actual land that is came on. Like they own the surrounding lands, right? They own quite a bit of the surrounding land. So I, you know, to answer your question simply low,

but I don't think it's that I think it's to take what whole feel, there's a lot of politics and real, like, hardcore politics involved in it. There are multiple stakeholders involved. Exactly. not just government but different entities within horse racing and outside of horse racing and it's a holy people to coordinate to give to say okay them are right with it yeah and them are right to and then also raw politics raw and correct if i put if i take a 10 acres over here and i put i don't know however many hundred houses on it.

I've changed the voting makeup of that area. There's raw politics involved. Create a massive economic beast. You're going to attract people to come and live there, to live around it. And that has its own implications as well. So it's a going behind it. But I mean, from my biased point of view is the hope that the economic pressures will, I guess, prevail where it becomes so attractive as a economic prospect that, you know, the government will, you know, agree to go ahead.

it's not as simple as that though economic prospect of them selling it or the economic prospect of them selling it and then something good happening based off of right both both both the I mean I don't think the government cares about how much money them get paid to 100 million or whatever I don't know how much the land will cost but not just that

I'd be surprised they don't care about what you're getting it that's a one-off money I think I think, well, is just a one-off money. Yeah, I speak for myself. Right. My government, like the best government that I would want for us Jamaican people should be interested in the next part is not just the one-off money. Correct.

Correct. But also in reality, even if the next, like, let's say that a hotel goes there with a casino and proper entertainment place, right? So like Caymanus becomes, as we've heard, the same main event guys, talk about and Europe period of this say talk about um it being like what's the one in china not in a Hong Kong yeah so if they turn it into that like that's that's a that's not there no no it's just empty land right so that's that's a good thing but you'd want to see there has to be a plan for it and again it's it's simpler than just the business of it

There is definitely politics in it. Deep, the politics, as I say. At many, many levels. But also there's no stopping an idea whose time has come, you know? Right. That's kind of what I was getting at. You know, the time is no for it. And is it truly an inevitability.

And, you know, hopefully that is the case. Because, I mean, the whole thing about the leasing, the land lease. There's something that is a massive problem. that would require foreign investment. I don't know what require, but I suspect that they would want, or the plan would involve having foreign investors come in. And you can't, it would be a difficult sell to tell them, okay, we're planning to do all of this, build all of this,

invest all of these multiple millions, billions, maybe even of US dollars, but we don't own the land. Like, no. What government's X, Y, Z? Like, what is the, yeah, what is the contract with the government? And no, I don't feel like we have enough control over this. No. Yeah, continue.

Yeah. Well, you know what? It's an interesting thing. That's what, this is one of the, probably one of the things that COVID hurt. remorse because you remember then around 2019 2020 they're actually talking about listing came on as separately no will you yeah spin off of it and then covey did running and thing kind of tumbled down and it also lick me an event of course yes yeah both of them things yeah at the same time we know we're done with COVID now so who knows and

Yeah, that's a bad thought. I definitely have it as well. And I saw it and I'm like, it being the worst, the biggest loser over the last year, that is just a clear, that's a clear blessing in my view. It's a clear, clear average own opportunity. I'm putting it mild, mild, mild, mild because it can, it can double in price and still don't reach anywhere near where you'd expect. it to be. Yeah.

And of course the other things we know about me need is have a very small float, that kind of thing. One of the smallest, yeah. Opportunity goes that far away, eh? Yeah. One of the smallest. And then, yeah, 200 million shares overall. The top 10 alone owns 94.5% of it. and Sir Phil doing him best every day, every quarter to reduce the float.

Every quarter, I much try to reduce the float even more. Thank you for your service. Yeah, well. So. Yeah, I think, I think, I mean, I think you've said evening of what it. It's, it's, it is, it is obvious. I think. Yeah, well, love for you jumped in, so I'm glad to hear from you.

Guys, if you like jumping, we love to hear from you, too, especially about anything that's done. I know a lot of things are in the red. I'm sure you guys have a lot of thoughts about it. So hit the hands up button. Not anymore hit the hands up button, sorry, hit the speaking request. And let's hear your thoughts on it. Is that PTSD for yesterday?

No, it is. know, it's, it's me thinking about chill session tomorrow, actually. PTSD, that's funny. Well, Lopo, on that note, how are you? What's up? What are you in mind? Hey, guys, I'm good. I'm good.

I actually didn't know the topic. I was like, the rise of the Reds. I'm like, aren't you an Arsenal fan? Like, where the Reds come from? Yeah. I was like, what did the Reds mean? Oh, sir. It could be red.

That's all right, though. Yeah, but we're not like the world pebbles or anything. Either. No, no, no, no, no, no, that. So, we're just talking about, so the idea, in case you didn't catch it, was that we're talking about, I literally was looking on MMJA,

so I was looking on the stocks over the last year and seeing which ones are up, which ones were down, and I flipped it. So, you know, you can order the list, the client and I flipped it and I was looking at all of the stocks that are down from over the last one year. Main event is the worst one, down 60%. MPCCEL is number two, 57% down. JBG is number 3, 51.9% down. Palace is the fourth, 49.5% down. Detail is the fifth at 49.4.4. And I'll give the other five

now proven woodcats the usd version of proven was rich and mpc the u sd version of mpc ceil uh so that's it you top 10 but 78 if i remember correctly 78 stocks are down in terms of where they were a year ago today let me make sure i give you guys the right number 70 yeah Are you using year or not year to date? Okay. Yeah, I'm using year or not year to date. And if you want, we can look at year to date. But yeah, what you think about it? What's on your mind?

Or anything else? I mean, I think that's a nice exercise. I think I've been kind of doing something very loose like that myself. Just on like a longer view on maybe some opportunities. As I said, as I said, the price is being down is as you always says opportunities so it's like really to investigate why these things are done and what you know what the you know what the company is what's going down in terms of you know performance there are some of these super reds some of these high i mean

some of these very low p e um you know companies is there a good that's a good point that you you mentioned so i switched like you said to year to date and the number one year to date is the currently suspended entire yeah man yeah that's and p e their peter microscopic zero point one nine times that might be the lowest p on the market that may legit be the lowest p yes it is the low It is Lilo. You know, I mean, it's definitely my pick for most interesting. If I'll ever get to, if I'll ever get to buy ourselves,

shares is the question. But... What's the boss? He doesn't the boss bring him company back? I mean, I really do hope so. I feel like I am, you know, very interested to see what... are whatever auditors that have been enlisted with this great task of reporting the bevy of activity that has been shared about the new kentile since the year has started. Yeah, one of the things that we need to do is to move past those stories, bro.

Yeah, I mean, the auditors don't report, right? the company reports and that's why they were suspended right there was the audit the audit they're the audit still do how

let's see how overdue they are as of today where they're suspended but they are alter deal is thing December 28th 2026 that's not

that's not that's not fun yeah but but there's a bit of time between now and this and the end of the year right yeah and i just shared with their their cue two and i notice on when the the audit will will be another date given for release of the audit so what is it so is this in mj news there i'm sorry i'll read it i have it up in front of me um the company advises that the timeline for the completion and submission of its 2025 audited financial statements has been extended to wednesday september 30 all right so and i like what the word is it's been um it's not a delay it's an extension of course of course of course i'm so good um and that extension allows a company and it's

audit as a necessary time to complete the outstanding work and ensure that the financial information presented to the market is accurate and complete. The company recognizes the importance of timely financial reporting and appreciates the continued patience and understanding of its shareholders and stakeholders as the audit processes bought the completion. If you would like a different prompt, just tell me. but yeah hey it is what it is let's see they put it out i mean that historically the end of the year is usually very good for kinty's share price right and

if it if it comes back to market it'll be at 17 cents 17th there's not much room further down from that to go yeah yeah i mean yeah there's a couple contenders trying to say how low can we go again but I think it's a good place and I say yeah you know the company report and I think I'm interested I'm interested in how you

this will be reported in a consolidated manner I don't necessarily feel like the the quarterly reports are giving me enough of a picture based on all that what did you think of the most recent report don't be negative though for

yeah don't be negative bro What did you think I? I mean, you know, amazing. What was the amazing, what we call it, evaluations? It's profit. Yeah, yeah. I said amazing.

I'm being, you know, I'm effusive in praise at the moment. It is profit, though. I'm not saying no. I'm not asking. You know what I love? I love that. is stretching it's almost like getting what we wish for at least i know i'm getting what i wished for in that anybody listen to this especially the people is the earning season the earlier

days and that i used to talk on certain things i talk about like one or what is the limit like where does the market stop hearing about certain things right like i like i know where the market starts caring about dividends and where the market really stops caring about dividends. I have a good idea where that is, right? And then that comes in two layers because that's the real care about dividends and then just the talking about care about dividends with the mean Trans-Chemaker got up, you know? But PE, so PE is a very powerful little measure in terms of telling how people are, but I always want to, where's the limit of PE for the market?

And Kintai is helping us find it, boy. I think so. I agree. For nine. Yeah, but no. Because P.E. The thing we've always said, P.E. P.E. is a good thing to look at and talk about, but it doesn't tell you a full enough story.

No, true. Yeah, it never has. But, but it's not P.E. only. It's P.E. and also paper profit. Yeah. What does like where is the limit of paper profit for the market? Cause the right paper profit from the right people is not necessarily viewed badly.

But this six months. I mean, I saw it and I was actually impressed six months profit of $745 million and the paper. Are they gone on YouTube and this? Are they gone on YouTube? Sorry, the paper profit. Gentleman in the glasses. We're not getting any audio from the gentleman in the glasses.

I'm sorry, Shantle Monique. That's funny. Yeah, it is mad funny, the gentleman in the glasses. Thank you. I just got the same message too. So yes, 740 million of profit. and 763 million out of that 740 is paper. So, I mean, those of you who have a little bit more idea about accounting can be, it's not that hard. There's minus, you know, even with this, there's some losses in there.

Right. Yeah. The limits of paper profit. What do you think, that I? Give me what you mean. Because what you mean, exactly. I'll give you an example. Think of the view of this.

Not last quarter, but maybe the quarter before. Seprod had. So first context. This paper profit is from revaluation, fair value gains. You know it's not stocked them on that went up in fair value, right? If they were able to pick stocks,

they would be doing what we do. So it's revaluation, maybe some businesses, you know, maybe some goodwill in there and really real estate. And there's a little beautiful thing in the finance rules. I think I'm not an accountant, so I could be wrong. Well, I believe that there's a beautiful thing in the finance rules that says that the board of directors can determine what they think the land is worth.

So they can revalue the land. We said that again. The board of directors. Everybody's like, oh, no, no, there are some people who have to get a valuator. Yes, you can get a land evaluator to do it. And there's questions behind that too. But the finance rules allows the board to decide that the real estate is worth more. Right.

And so this quarter, I should say it's six months because they didn't put out a quarterly report. They put out a six months report. I believe that there's a sentence. So the revaluation of our investment. property, right? But there's another sentence where they say the same thing and what they pretty much

just pointed out is that it's the management decided that it's worth more. Now, if I say that about Kintyriva, it's like, oh, ha, ha, ha, ha, but they're not doing anything that the finance rules do allow them to do. Right. The finance rules does allow them to do it.

Now, with that in mind, I think this is the line. Yeah. investment properties of $767.67 million are carried at fair value based on management's assessment. Management decided it worked more. It's worth more. Hey, cool. It's pay for profit, but it's still profit. It goes to the retainer and it. Now, I know how much people would poo-poo that, but if you jump to separate recently

I think two quarters ago did the same thing and revaled something I think to the tune of two billion and I don't think both of those two things are viewed in the same way yeah

so it's the limits though you think it means in terms of as it relates to sheer price movement or just a perception of looking at paper practice because then I think I think the greater story with Kinty

is where that problem comes from versus separate. One is seen as a very different class of company. Separate is real. It has things that people know Kaintya just acquired a bunch of stuff that have been introduced to solomers. I think they're like multiple suspensions

seen as a bad thing because of It's a bad thing. not the company I mean the company is seen as a bad thing the perception tied to Tyrone and the company is pretty bad versus separate

it's seen as oh big corporate thing we know the products on a strong level we're very used to cash so this thing this thing from Kinta is oh you know how much money does hit them and we never see that money really for them

ever and we don't really have any basis to say all right, the things they've been doing, everything they've seen, them acquire this thing, and we're not really see where it acquire and all those, you know? Is it the money that hit them, based on this conversation so far?

No, no money has it. Yeah. The money hit them, but no cash. Okay, see, well, you got to help me there. Okay, okay. Separate, separate bid making billions. Separate is run by the Muslim group who have all these other companies around them

and you know, you can get up and say, I know what they say and whatever. And the interface with the product from customers and the Jamaican people is generally positive. People generally have a bad feeling about Kinta. So think of how they talk about, people talk about the screens. Which to me is that they're brought down. With the biggest crowd facing info, meaning I type another product from Kinta, that you know,

and people really use and care about it and know. People really use and care about it and know. I mean, I don't know. I don't know if people are using those bold chemicals, then never know. But nobody's using those chemicals, right? Tweets, tweets, tweet. The newspapers met money off Kintosh. So say, so that's the issue.

And again, it's a bad. It's all often about it. So the perception is killing them. If we're talking about how people view the thing, from a share price, business. I thought you were going along the lines of where do we look at PE and paper profits and then how does that relate to people

willingness to buy it and value that in their buys? That is what I'm looking at, but I don't know where the limits of it are. I didn't have general ideas, but I never got a... It's a, what I mean you say limits? I understand Donna's response. It's like being able to, it's like being able

to see. I use another example. You mean, limits of as to how inconsequential, it can be the guant. Or consequential, meaning to people... So, like, like, I, when I, when you say limits,

my thought is are people willing to buy it up on the basis of, oh, the dust means of pay profit, and I'm going to look past it, and I'm not necessarily getting the, the, it's either I get the, oh, it's only paper office I'm not buying it or even I fully discounted and I'm willing to

sell it down and I think the price would fall or as the payroll is coming and I like this company, I like and I'm okay with those people from that company and I'm willing to buy it on that basis. Is that what you're talking about? It is. It is just when I'm talking. So that is on the scale, but that's not near the the extremes. And I guess it's just the extremists in me, I want to know what are the extremes of this scale. Just to see, you know, like if you can drive, if you can rip the car, how fast can it go? I'd never be able to. So give me, give me, give me, give me, make it real for me no we can't third it.

Uh, okay. Okay, we know that the share price can't go to zero for any stock, right? Mm-hmm. But what, at what price will it not? really fall anymore. Not with cancer, Kinty. No,

I'm making, make it, make it, make it, make it related to me with the thing with the pay of profits. So they made this money,

know, say it was trading. What are your thoughts there? I mean, are you thinking people, are you thinking, would people buy it up or discounted amount of study?

What do you think? They did. They did. This is the first time they've done paper profits. And there's, there's times in the past when,

when they, Kintyar, reported paper profits, along with other factors and there was something you could see in my view at least you could see a reaction in the investing public to the paper profits no it's not just the paper profits other factors are only that's my issue there are other little factors right however it's just think of it like an experiment it's like yo I always just want to know what the extreme of that like how far

this road go you know like where's the level where it really won't matter. So another example of it is like sure, share, share price. At what price will the share price not go

down no matter what happens with the company? I kind of know that no, and I don't just mean with Kinti, I mean on the market. That's one example. Like I kind of, I don't want, I actually don't want you. You don't want to say the name, but I think I like somebody. No, no, it's not

about the name. I think of Sybony. I say I think of Sybony back in the day. Okay, yeah, yeah. And like the perception of Sybony wouldn't change at 10 cents versus 15 cents or

20 cents. It wouldn't change at 8 cents or 16 cents, but there's 100% in between those two points. And if somebody was putting together this run of paper profits, how would that My sibling thought wasn't tied to paper profits. It was tied to Randy saying the perception and at what point is the process of not changing.

Yeah. Perception isn't changing the share price really. It can get much worse. It can get, it has to get, is at this point where the company is seen as it can't get worse than this. Yeah. So the price is no longer necessarily tied to what the company is the performance of the company. as it is. It had to be something different at that point for the price for the price for the price to touch the price really. Okay, I really get what you just say a lot of yeah. Yeah. So so for me then I

remember what I say word is coming from it. It's not at no conscience. It's coming from like years ago where like early j-trader more people get into the market and answer the market shifting in front of us changing and so we're seeing more of the impact of certain things and more the impact of certain perceptions on actual people actually trade, I'd actually move. And so I don't know what the limits are, right? Like, you know, what level? How much, I don't, I don't the right words. But how much paper profit can throw in and then don't care?

And at what point does, no, you pass the paper profit point where they're like, that's paper profit. They don't care. They do care. And I have good examples of what formed, for me. Pulse, Mayberry. I think those were a good example of seeing those limits being changed and tested. Mayberry, M.J.E.

When MJ.E. J.E. was to be listed and it just listed. And Mayberry reporting those fair value gains on his books. And we see the actual movement in the share price. And people are actually excited for the money they make it. True, but true, true, true. But then that made me realize more about

the other factors, the bias is like. Yeah, I know. Yeah, a lot of that was in paper. That's just very hate. So. Yes. But I realized it from that. But also remember,

them listing and things, I think that kind of washed out some of that issue because we saw the price actually moving on it. And we could actually be thinking people who were talking about the money they're making and willing to buy it. It was night and day, like, yo, I remember before it listed,

me and you got, it's an article that came out from RGR. I mean, they had spoken about some of it from before. But the big bloke to me was the RGR article that came out. And many were talking one side. And we were excited in a smaller group. And nobody else in that group was excited.

I wrote about the fearful of the game thing. About this thing, about the, oh, basically they were at least the, the, the, the subsidiary. It was around the time when I wrote the interpretation of the finance, and we were like, yo, that rule has to be implemented. Yeah, but that rule is implemented. It shifts and it should be there. And they early adopted it, I don't know.

And they're talking about it at the AJM and they spoke about it in their report. And they're moving, they move things out. We don't have any comprehensive being companies. This is our, this is our companies. We care about them. This is our gains. Like this is what the company does. Yeah.

And I brought to work and I was talking to a guy, the trade at the time, Leo. And the time, basically I was saying, he was probably the only person outside of you that thought it could be a thing but he was very apprehensive around people's perception on how they talk about maybe me again I was newish to the marketing now where I never really hear me talk about the market so I never I still don't feel like I have a thing though in my again you tell me things or how people see things from way back when because how they interacted with that company and them feelings about the good or bad.

And I don't know anybody who has that feeling because I never had that conversation. I wasn't there for that. And him say, yo, when them listen, and people still talk about how when maybe really the IPO and the price went down, people still vexed with them. I was maybe I was fighting to break $5 in time. Yeah. Yeah. And to us it was way there.

It was good. We can buy this. We can buy this. We can buy this to down and everybody will complain and we can buy this at this low price. Yeah. Yeah. And they're doing the dividend in species. So it was you can buy that low price and you're going to get. You get the IP, you get, they get, they get, they get shares out of the company. Yeah. In the most IPO. Even that. Like, every at the time, if you, I don't even remember, people, the question of the person, people asked you at the time was, what we have, but we have, we, we, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, I, you know the reason name. And the money, man and I say, yo, but you get shares in this all listed company.

And I think Iris finds like, but it must IPO. And they said yes. It must IPO. I mean, they're kind of clear that they're going to. Because they'd said it from the agent before. You're so funny how that is, Mark, you could have gone a completely different road to know because even though, I don't know if people get that.

Think about how people feel now about IPOs and wanting to get in on our reserve and Boyman can get a reserve. They gave away, not even reserve, gave away 10%. company before it is a new. The thing before it. Nobody else is doing that now. Mm-hmm. Well, I can think of one or two companies that I would love to do that now, but.

Yep. So what is that? Might have to come back down to Kintyah again. Yeah, nice full circle. My thing, because the Kintyah will do it. If they do it. But yeah, to catch the point, it was, it was, it is that almost like an experiment like, you, I just want to know, like, what?

your price will people stop here. It's our forever experiment because the thing we, it's very close to the thing we it is the thing we want to know and do. It's what will move the market and how it will move. Because every

day you wake up, we have this how often we talk about our stock and we're very positive about it. And then our ending point is but I don't know if people will care. I don't know if people will move. people buy it up and we've had most of examples of seeing me this great thing and all right cool

yeah they don't care yet and they don't care at all and they don't care yet like sometimes the thing even happen it goes it's good for a good while and it don't move and it got back to bad and people talk about it like it's always been bad forgetting say oh that was good for that good while and we never care yeah yeah the marr i used to say i still say it's on That's the thinking. The market is slow. That's just it. Like the market is slow.

You know, there's a similar line of thought. What's that? With respect to Kintaya is, you know, the limit to which, I mean, and that's probably more a specific thing to Kintaya, but I mean,

other companies do it. You can use shares. to purchase as currency and not from the point of view of obviously as the company themselves they would want to do it limitlessly but to attract but if it if it was okay otherwise i mean kinty has that's another thing like kinty has showed us too like it has answered many concerns for me along those lines Like at what point will people At what point will you remove

the risk I don't know if respect is the right word but respect for your shares in the eyes of the people because Yeah these guys dilute their way out of the junior market Yeah So out to the junior market tax break I see them still reporting the tax break

But I just pass my eyes over that cause You can type anything you want in this stuff apparently. But there's no tax on. But in terms of the use of those funds to purchase another man company or

to pay for some other service and so forth, to what extent are people willing to accept that? And I mean, it I'm not up and I'm not How much.

Timeless. Well. Hope for the time. Victor. And how much acceptance of that was just just to play in ignorance to it? I don't. That's hard to believe.

So my thing is, we're not even really there yet. On a level where I think there's still up of ignorance, but I also think it's not necessarily that common. It's, you know, especially at a level where it's not like Kinty. Yeah, yeah, ma, yeah, man, I mean all right. Yeah, yeah, yeah, that's true.

That's true. Who do it the most? Kintaya, MFS. Kintyya, MFS, who else has done it? And to a strong degree where it feels like, oh, this, this, this is endless. Yeah, pride. It's been done, right? Yeah, right.

It's been done. It's been done on a scale muscle group. So I love why I love Muslims, because every single time we have these conversations around, oh, this guy doing this thing. Yeah. And doing that way we're not necessarily seen or felt well by the market. And then Muslims does it. And honestly, it's almost like they must show you how to do it properly.

That's exactly. They show you how to do it well. Because your impact, the same dilution question came up. maybe a few years ago, two or three years ago. One man said, I'm not getting diluted. No, no, he said, if by him, he made me, P.B. Scott,

he said that I'm also a shareholder. I'm also being diluted. And obviously, I would not want. Nobody's been diluted more than me. Yeah. No, no, don't, don't mix the terms. I'm talking about P.B. Scott. That's a pretty foolish city.

He's saying, and I'm paraphrasing but he said pretty much that, you know, I'm a shareholder also so I'm not going to want to like if I'm diluting myself there has to be accretion yeah, a creative value. It has to be

it for an accretive purpose. No, there's two levels to that. One, obviously I mean, I don't think he's diluted the same way all of us were considering that maybe he had ownership in the thing that some of those diluted shares went to, but You know, yeah, you do what you're doing at the top. But they still did it in a way that, like, it was controlled, not while.

It was preserved. I could literally see the assets go up. But a big part of it is trust. You can tell me, say, you know, and I have to get up and say, I believe that you're going to do it in a way, weird thing there. And one, there's things that put in place. to make sure that when it's being done yeah i can look at it and say okay i actually feel i can literally i can look and see that body's going to be in there but it's actually at it and two

yes before we even get here i have to feel that you're the person that would do this thing there yeah yeah i see i see yeah i don't know what it happens guys i'm so sorry i don't know what it happens but i do i did notice it immediately this time um And it's also not necessarily being done to pay legal fees or goods and service. I hear the thing that's very likely in it, you know? I could have to easily be in it. But at the end of the day, it's a net benefit versus versus our cool, awesome legal fees or something people is coming up.

And the payment gets going to be shared. So there's no actual tangible benefit beyond the legal fee. It's just a payment. The one of, one of dilution. I don't even know if I happen. Instead of a deli. So you're right in that one,

the trust matters. Who is doing it? The track record. So do I trust that you have this said? Have you shown me that you have the competence to this? We can't let you know. Let's be serious. Like,

TB, Scott and company that they have earned my respect. Because when I teach I talk about the, you know, the dreaded terrible APOs. I say, Jamie B started it, Barita, maybe minted it, it twice. But the real truth is the Pratt started it, quote and quote.

Right? And they did it in a way where... We make money. Yeah. And if you remember what they did. It cuts the thing there. He cut the APA effect. Yes, because they also... And it still had some amount of effect Because remember for a while, they stagnated for a while. Share Price stagnated for a while, right? And then you saw the kicking of what it is. And I always remember from that same time,

from that same age where P.B. Scott said, you know, like I'm a sure holder too. I always remember Richard Pandoya, I think speaking right after him, and he said, like, you almost said it in passing. Like, guys, you remember your stuff? You know, as long as the cost of capital is lower than the asset that you're, acquiring yeah I mean I here we are no is bright was was what that whole conversation was our own and is Biden went on to buy CPJ has gone on to big

it being spread properly across the Caribbean and still spreading so I you can't knock it you're right the trust like if a good driver say oh oh yeah I can spin the car sit down trust me McCann's three six of the car yeah cool and think about where will be that trust we are talking about that AS Briding conversation after they did years after they already did the face the thing. They did

the full thing on the first APO, not really APO, but yeah, and they bought faces and we see the benefit and then we reached ASBride and I'm up in a talk and I could have said, I never had the same feelings. I remember me not apprehensive on the faces at the face of time. Yeah. I never

have those feelings at the AS BRID time. It was I mean, I mean, I say boy, potential is there for, boy, he can go but I never really feel that they're gonna make it ugly and made money from the Ace Bryant thing because I could have buy things with some other confidence and then I need there's some sweetness in there too with but I think what happened with them and CPJ and the price that they'd have to go with and but they did that well and call back to way back to the face-a thing they did the dividend in specie also remember after that the dividend in species there was some tri-partite I remember something being with CP and the show okay we said we're selling space a share or we're saying separate shares after the after the channel after the yeah

yeah yeah yeah so we called the APOH yeah off of sale basically yes but then they also what was it I say that FACC he owned

separate shares and then when FACC got purchased then those separate shares would have something like that because they also they're giving in species and I believe what I did I was through it there yes

that was to provide I always thought I was to provide a set value for those shares and receipt because they have like the insurance companies

and they have the insurance funding so if you you have a set it's two values for one thing and you know the value is higher nerd conversation I don't all lose the people but trust

the trust that the people doing the thing have the where we thought to do it the knowledge to do it the ability to do it, the sense to do it, right? Not just do it wildly. And yes, the two ends of the spectrum.

It's knowing that my best interest is your best interest. Yes. Or, or... You can't screw me and feel I'm okay anytime after this. Exactly. Or more, more, well, Hawaii, maybe a little more cynically. Your interest is your interest, but we share some interests. Oh, yeah, that's what I see, you know?

That's one said, nice. Yeah, because the, because... Because, you know, like, it's like how we always joke about how maybe I can't have money. I'll pay much up my money before. Exactly. That maybe I's never done an APO. Do I think that they would never do an APO? I always say, I don't know.

I hope not. I think they're against it. I hope they're against it. But I'm not stupid enough to believe that, you know, if they can, if they see a clear 10 billion profit to them from doing the thing, I don't think. I wouldn't be stupid enough to think that they won't do it. So I have to think that you're going to be. Because then I have a fix. You know what?

Exactly. Right. Right. So, but the beauty of the mark is that we have enough one and you can get out. You can, you can get rid of it. But it all come back down to the trust and the people do it. So you know, you mentioned the PB on one end of the scale, maybe at the top end of the scale.

You have the mayberries. You have the P.B. Yeah. Yeah. The economies. The economy. The other scale. You have, like you say, Kintar, and they tend to do the very same thing.

So it shows like, yeah, it's not what you do is. How you're doing it and who is doing it. And how you're doing it. It makes a world a difference, a world, a world, world, a difference. Because, yeah, I mean, it's not like a bought separate since. I own separate shares now. I have a little bit of separate.

I have SVL shares with barbed out every damn week. average it down to average it down to yeah at this I think actually SVL at this point is the second largest part of my portfolio or might be the largest part of my portfolio today who knows

yeah it's not funny to me bro I mean nice and the dividends are coming in but but it's it's yeah it's been a long road to get a road a long road and change as an investor along the way too changes as an investor along the way.

Because I think, like, the stuff that then I'm talking about and I'm remembering, like I think about what I was thinking about when Seprad was doing that move back then. And I've been at different money then, but like how I viewed it compared to how I have to view things now. Yeah, as an investor, it really, really changes. But a lot of the things are to stay the same. The respect is still the same. The view of who it is that is doing something is still extremely. extremely important.

Yeah, man, extremely pertinent. Lopo, I don't know if you're, I didn't talk to you at the start when you were saying something along that line. Or Phil, I have one of you were saying something before. No, I think we went down this line and I think

my saying of this was just looking through things like this on my own. And I, In terms of just seeing some upside, I kind of just been marking some stuff, not even necessarily to make plays yet, just to like read into it. Like I've been looking at, for other reasons, I've been playing improving sometimes and then I've been looking at, you know, just on the list here. But you say you're playing improving, so it's not as serious. No, no, no, no. Yeah.

How you feel about the JBG? they're the third for the year the third one year yeah on the one year yeah I think I feel like yeah I mean I mean I haven't acted on it

I know some people in the group have acted on it in terms of making it a part of them probably them yearly plan yeah I think I think it's attractive I just don't know if I'm like I don't think I'm at the point where I'm

I'm building that type of position into something like a JBG for when it rebound over that frame of time. But I do think it's a rebound and Huffy.

Yeah. Yeah. Okay. Okay. Of what I'm looking at on this list right now? Yeah, I feel like it's one of the more comfortable

things I'd have to say for a rebound. So my issue is share price versus company. Yeah, well, the two of them right now question. I think the company are for Rebo. You don't think the share price can just stay in the deluge for the foreseeable future? If the pause, B. If the pause at B are unhappy. Mm-hmm.

As they put it, it's the market. Market is down. No, no, no, no, no. Somebody who had said something to me, somebody else wants to say something to me, they said about, you know, never you think that you're bigger, they're saying something that I said to them

that they're repeating somebody else's words. It was obvious to me that they're repeating somebody's words because I know that they don't know what they're talking about. I knew whose words they were repeating. And I said, you know, one, don't repeat their words to me. You don't understand what they're saying, because you sound silly saying it.

saying it and two when they say that they are the market right just replace the market with them so if the market decides that it's gonna stay it's gonna stay here my brother it's gonna stay here it's gonna yeah but i don't know i i i guess i can't just in my head i can't just keep i i mean it's like i have that in my brain because i know what you're talking about and people may not know what you're talking about if they don't know what you're talking about but at the same time I don't know I can't say well it's the boogeyman

so I don't know what's going to happen I'm thinking about what the thing is and yes there can be dissatisfied priorities with what had happened but do I think there isn't the like I don't actually know

the road to I don't actually know what that story ends Like, what does that dissatisfied stance really lead to? Just only selling of, selling down of shares or selling down the shares with them whole? Or is it going to take a turn to other type of things that, if they were dissatisfied, how they'd want to go about it? Well, let's look, let's look.

Let's widen it. If you're talking about dissatisfaction with a company and a stock, We've seen the satisfaction across the entire market before. I would have seen, how do I put this? We've seen the satisfaction in many places across the market. I've seen different reactions to that dissatisfaction. I mean, I have my own dissatisfied reactions that I've had in the market. And like ISP.

Hey, they got everything they deserve and they're still, they're also on this list. Here they are. What number is this? 20 down for the year. Hurred to me. And ISP at this point, actually,

a lot of my views on it, my views have not changed. My views are that, I mean, I still like the company. I still own maybe too much shares. I own a lot of shares in it still. And they are,

I still like everything about them. As long as they don't do an APO, I like them. The numbers, that they've put out recently happened been that great, but the game that they're in, they're able to fix that, I think. So as long as they don't do an APO, I think that they're good. They're fine, but I don't think companies are dumb enough to still be doing APOs now.

Also, maybe like the big dogs that can just throw the pension money into it, right? So you look at dissatisfaction across the market. So it's not just selling down the shares or whatever, but if a large shareholder in any company is dissatisfied and an active and that shareholder is also an active investor. Problems. Yes, there's problems because or put another way, maybe it's simple so everybody can follow along. If, like you think, let's say in a year, you think it's higher.

Let's say one year from now, it's at $24 per share, right? Or $25 per year. How? How does it get to 25? Who's going to buy it all the way up to 25 and maintain it? retail no I mean retail can

and will do it if but they'll beg yeah but retail will will love anything if you give them a reason to love it

get the rare reasons they'll love it yeah if Tyson chicken if Tyson foods say that they're entering the Caribbean region and

they're entering it via acquisition and they acquire Jamaica broilers and they're going to use like a hub and spoke model and they're going to because you have Jamaica broilers and let's say Jamaica drops its protectionism that it has our own chicken so they can flood US chicken into the market and because Jamaica's in Caracom they can also export it across the other Caracom markets just on the headline of Tyson foods buying into Jamaica broilers retail will run this though. Nobody's more powerful than the retail when the retail acts together. But also

would it just be retail running that down? I think everybody would run that down. That would be the turn around. Yeah, yeah. But I'm saying that's the thing. You give it a reason. Retail acts. And even if, let's say, okay, that's happening and the pensions, pensions are already deep in it.

Not that they wouldn't buy more, maybe they'd buy more. But the retail acting in concert is extremely powerful, or you have to give them a reason to do it. Outside of one of those, big reason, how else is it going to go to 25? What's the timeline you're talking about? In the next five years,

because like with Menevent, you're saying the next five years. Main event hasn't even thinking about a year, but let's say the next five years, it no matter, it no matter how long. If the heaviest active shareholders in it are dissatisfied, and there is no sea change, there's no big event to say, oh wow, there's a Tyson foods or whatever. If it just remains how it is, how is it going to ever go to 25? It can't go 25.

That's just the reality of the thing in the bro. As I put that, gross. Yeah, but that's the... If the bread have 20 slices and I have 15 other slices and I have money to buy, another 20 slices if I want. And I decide that bread slices need to cost $2 per slice. Who is going to make bread slices go up to $30 a slice? Yeah, yeah.

No one can. That's the reality of the market. That's the reality of, in my head, how I reasoned out the APOs. It's like, this is a peak. Is that the left by control? in the other direction. In the other direction, exactly. Yeah, yeah.

That's actually, you're smart. That's actually the APO effect. Those are people either couldn't understand that or didn't understand that. I didn't want to. That's actually. Yeah, but yeah, the point is nothing can send this up without one of those major events. And let's move away from the major event.

So what's the major event? Suppose the dissatisfaction continues in the fashion. facet that it's been going on until I see enough remission of ownership from those dissatisfied parties, then what? But there isn't good. I can't see any remission of ownership from them. Who would buy? Which big pension would go in and buy a lot of J.B.G now?

And also, and also, bear this in mind, you know. Mm-hmm. If I have 15 other slices and a big pension coming in the room, and saying buying slices up because they want it to go i don't have to sell right i don't sell it is what i and if i like that could be a war don't get that i would love to see i don't think we've seen that in the marketing a long time i'd love to see two actual big all right so at in the queue right right right right but but i'd love to see that that's one of the experiments i would love to see like i don't know if that's ever happened actually

is what you think that happened then i if i think it would happen not would has it has it ever has it happened since the time that you've been taking seriously no no really i think i'd be massive i would love to see it i would love to see that jeez i don't think i've only see insert indications in the q not actual attacks no man no man too heavy weight with the same level of punching pulse and one heavyweight decides, say, yo, $3, you know, and not a dollar and not a cent over. And other heavyweight decides, say, oh, you see, $5 and not a cent under. Oh, my God.

Money. Oh, my God. Oh, my God. All right. Since we just threw in our hypothetical, suppose we say, all right, this was an operational failure that had a big part of the dissatisfaction. over time and let's just say let's just say grace say

if I see JBG have too much things too much too much too much okay I lose that grace say all right miss Ali give me 50% of your shares we work out something okay and then it's still JBG and then there's competence

here in it and then it still has all of the things that it's been happening for all the decades I think so like okay your hypothetical gk comes in and run it okay that would be a big deal that that would that would be that would be i think that would be pleasing to all parties yeah i think i'd be pleasing to all parties and and there's a lot of money behind gk so yeah yeah like even realize that even when everything switched me never even they put it in my brain to say them they just finished by um

Tasty cheese, dairy industries. Yeah, I mean. So, yeah, I think I don't, I don't know. We'll get the chicken and then, you know, things make sense. They could. Yeah. Funny enough, I would have thought that would have made a lot of sense in like,

before the whole US operations had it, because the diaspora, like, best, best chicken as a brand, the diaspora will buy that anywhere. There's nowhere in the world. that you and see that and not buy it over. Especially in America where you're not sure what percentage of the chicken is chicken. So like I would I would buy it anywhere as a brand. So I could see, I could see GK in a hypothetical doing something like that.

But reality, I don't know, bro. And I don't know, like the dissatisfaction that is in actual reality. I don't know. The last notice from these guys on August 20th ended with the. company anticipates audited financial statements will be released on or before Monday, September 14. So maybe Monday September, Monday, September 14th is day after day after tomorrow, right? So let's see.

And that's a late one again. And I don't think it's going to be a very good. I don't think it's going to be. I think there's going to be more, I don't say negative. I think there's going to be more bad to come. Because the people actually understand it, know that they have not actually told us what has happened yet. And in between that and these delays,

we've had the chairman resign, leave the board. I don't think that, like, nobody really talking about that, but that's a big deal, I think. Does that have to be bad? I don't think it's a good thing right now. I don't, I didn't look at it as a good sign. I looked at it as, I looked at it in the in the in the matrix of everything that's happening now

like an abandon ship site no no that's more like wow it was a family company too know i know and it was family business that causes so and and i yeah yeah yeah your chill session tomorrow you can ask about it what i won't what i don't I don't want to say on here. I'll say there about it. You remind me. Yep. But yeah,

but I didn't look on it as a good thing. And obviously there's still a lot more questions around the whole thing. But yeah, so JBG, but going back to that early point that Dana and I were talking about with the whole Spanish tone and when things are bad, this might be that it's obviously still JBG. this might be it this might be it

this might be it for the brave because it local I mean being real it might come I mean there might come a day where certain parties aren't

as they say there is an actual benefit right if the price is though then it going back up is a presented benefit that anybody in anybody that anybody that wants to be involved here so you can vex now and if you actually see the

money money changes man I don't know what I say in them don't keep up with changes we might be here and boy yeah I'm vex and the thing that any one day open a report and you say wait a thing's going good and you might

if you're at the point where things going good and the dividend look good at up to 18 and thing there it can actually move right so that is actual possibility i mean it has things it's not just it's not the u s thing shut down and then boy the company dead right it's still jbg correct it it it still owns vertical locally um i have a hell of a thing andy bimrock i've heard of and abe bimrock now but he said he did say on youtube that jbbg there revaluation to which we're talking about that here like that's that's corporate maneuvering is expected it that they needed to to shore up some of the one the profit and they needed paper profit but that's

that is where like for me i expect that from corporations that's one of the i viewed i viewed them revaluing their land like i said that they would do it and they did it because it's one of your things that you're doing corporate when it's it's an emergency one of the emergency buttons that you hit I view this the same way I view GK buying dairy industries. To me, those two are the same things. It's a corporate maneuver that you take when certain things happen and you need to offset certain numbers in a certain way. It's what corporations do.

It is the sort of maneuver. And in its place, I don't mind it. I understand it, I expect it. And it's good at times in its place. but if it's the only thing that you can do, then that becomes something else, right? And who is doing the valuation matters, right? So if it's just, it really is like Danes says really just reputation. Because the management has separate decided that a piece of Centamos is worth $2 billion more.

And I agree with them. Their own Centi must. I agree with them, right? I have a next question A piece of land somewhere is worth Whatever See in St Thomas You could

You could be beside them And I'm like, okay Who are you again? Yeah You have to make somebody Tell it for that person Come in me tell it for that and show me the receipt Yeah

So it really It really really Makes a world of difference guys anybody else you watch said a speaker request we'd love to hear from you not as i don't like heard from um low pod and the brick quote i'm gonna hear from anybody else they all hear the voices here what you have in mind uh going down the line well i skip something that is often skipped mpcc eel the stock nobody knows about you don't actually own that own it as I've been stopped before and I end up selling it at multiple points and

yeah there's a time let's say I got let it be more accurate I owned and I own one sure and I won't pretend I bought it accidentally I didn't buy it accidentally I sold I sold less one share accidentally and then at that point to sell one share is actually more expensive than than just keeping it um that's how i ended up owning it but i'm not going to knock mccc ceil there it's i don't know what before i ask dania when i think about it i want to ask lopa lopo what you know about it what you know about mpccl i'm picking you randomly because obviously not random it's just you me dan i are the brick cutter but i want what do you know about mpccc Because I don't think many people even know about it.

Isn't it solar? In terms of, yeah, they don't necessarily like renewable energy, solar. I don't know if they do any. What's it called? I think they're a finance company. That's how I think of it. Yeah, exactly. Really?

That was a big thing. There was a time he spoke up. I'm sure I started running about how it was physical. He spoke about on earning season back in. the day and it was a hot topic because people you were enlightening people never know what this thing was well yeah my my my impression was was renewable energy solar i i i didn't get deep enough to see how it would even be finance unless it's like financial carbon credits or or or something which you know i don't know how that works a company that buys into a fund and the fund owns

So that assets. Really? Okay. Yeah. So it's like, it's a holding company. Mm-hmm. Right. So it's a finance company, but, but it only speaks about its holdings, which is all solar as all solar and renewable energy assets. And so, you know, it goes the thing that's most visible to people is the thing that they're going to jump onto. But, um, it's, I don't know, it's, I don't know, it's, I don't know, the end of the day, the actual underlying thing is, if I remember correctly, it's a finance thing.

It's just that the financing only owns renewable energy assets, yeah. Yeah, and so. Yeah, it's also listed on TTSD. I didn't even know that. You know those cross-listed. Is it TTSC or is it Barbados? No, I trust my money, J.A. It says J.C and TTS. Okay, so it is this entity, I see then. And so there are fun, but I actually have it on my to do list to take a look at it again,

because if I remember correctly, they sold their largest, at one point they owned the largest solar farm in Jamaica, which was out in Westmoreland, and they, Paradise Park, I think, and they sold it, Not right before, but when I say right before, right before Melissa. So they've sell it pretty much before Melissa, which is a great time to sell it. It's like you sell the car before it crash. But the fund still exists. And they tend to do things in a very, they tend to do things in a very, I want to say, almost set way, meaning set way. like it's not

like they can't think about how they sold that asset of the things another investor coming in them there's some deal happening behind the scenes and okay they're paying for it's a setting and we'll pay it very much on finance yeah man we'll handle the bills whatever level pay the whole thing

all this is a dividend um nobody knows about it nobody cares what it it's complex it quote and called complex which is to say that it probably isn't complex but it it's probably easier for them That's straightforward. Exactly.

Clean energy. And we care really tell what the clean energy exactly is just by looking at it. Look on the structure. Oh, is it? Did we do a structure thing one time? I may have. I may have. I mean, it is a weak on our both.

So the company, the Barbados Damisal, is cross the city and the JSC and the TTSC. it has different classes of shares of a class B shareholder which is linked to I think Europe MPC Capital and so there is as I say carbon all the way over yeah I want to reach all the way over asset money so it buys into a thing as far as I remember buys into a thing that owns the things it does it does it does that they're passed through in the middle mm-hmm so it doesn't um he doesn't own them all right is what i want to think yeah i'll say i have some hotel and a company owns a hotel and brandy say you're local we put a company together that buy

into danai company that owns hotels and that's all you got expold ah yes actually so you got xxed oh boy so you're saying that you saw that they're sold that they sold the biggest lot so you're thinking there could be some creative use of that money you know that the money was paid out that a nice dividend if you're into that sort of thing yeah the issues that that was in that time or there's a time even before that were they've had let me check right after but in my remembrance they've had nice dividends before and it was a big deal at the time but it was really hard to get it can't really have you ever have you have to have had it before and then getting in and out wasn't the most flexibility so yeah is that

during any shares ever available feed because you mentioned it and I was like I wasn't I mean it has a feature that I like about it and I'll just leave it at that but then I was just like I care I can't I can't know about this so when I care are working yeah it is traded it's really been multiple markets and it is also tradable on the JCP in Jamaican dollars and US dollars. It's one of the most ignored stocks. It might be. It might be the most, but it's definitely one of the. I can't think of one that's more ignored than MPCC. Nobody knows. I'm sure people watching our listening to the first thing.

Because they keep you like gone, that's why. I thought. Maybe. Maybe. Maybe. I don't know anybody who's ever bought our own CAC. so like yeah i've heard that and i cost him but like hey hey hey hey hey hey hey hey hey hey hey hey don't don't get him going this week boy going this week um nuts would express everybody knows so i i'm jumping ahead there well detail

who's putting about him a lot ad nauseum maybe journalism. I think maybe the biggest thing is to me, outside of detail being in a terrible spot and, you know, I don't know if I'd buy them, but they are in the kind of spot where yeah, yeah, so I take it kind of company. But they're the kind of, a spot where, we're like, like gambling, I could buy it and it could go up to $2 if something gone. at some point over the next 12 months. What was the limit price that the market put on it? Limit price.

What was guaranteed? What was guaranteed fills? Oh, wasn't that thing the times are like, what, $2 something? $2 something? And now we're in the sub-1. Yeah. Yeah. How much was that APO?

Was it like? Too much. In the billions? Yeah, what did they do with that money? No, buy a foreign supermarket. Yeah. The one where... US D, bro.

You brother. You don't usually go, you know. Have we seen it work out yet, bro? Buying U.S. assets? Yeah, or having entities. That has US assets? They have a rated one coming. All right.

Yeah, yeah. Freedom and unbass. Freedom. Sorry, you're right. I guess that this count as you. Yeah. Freedom. Hey.

Um, but I can't imagine anybody else who's done it. I think on the local market, I can't think anybody who's done it and it's been worth. Australian. I don't know what I was. I don't know. I'm moving on. I can't even hear what you say. What you say?

Well, I'm muted again. Anyway. Now, I can't think anybody that has done it. I think there's a lawsuit now from them to the owners because apparently the roof has collapsed or something like that. Really? Yeah, that one let me miss me. Yeah, maybe somebody obey them.

Yeah, and Dermann progresses over New York roof collapse, August 28th. Trading conglomerate Derryman said he wants to recover the full cost of its New York investment. The full cost via insurance. Along with last opportunity over the period, but stopped short of revealing a tweet everything back the company which has launched legal proceedings in the united states acquired the businesses for more than u.s nine million but also suffered u.s. five million in last inventory why is that inc quotation maybe they heard your opinion on this outfit because the figure was not given so no no but you can't say that there the way you get the u.

Maybe it's just a coated figure. But it's very funny. I guess. I guess. Yeah. But it's not from the financials. We are seeking to recover the loss of the asset. The loss of the asset, investment, loss of inventory, cost of refurbishing CEO Ian Kelly told financial gleaner.

It's in the millions, but I cannot say. So who the hell said US 5 million? Anyway. the roof collapsed in March 2024 for the closure of Food Saver, New York incorporated a wholesale food distributor

and good food for less LLC a specialty supermarket catering to the Caribbean African diaspora. Okay. Derriman acquired an 80% controlling interest in the business in 2021 through its New York subsidiary Monoc LLC.

So they're getting out of this. supermarket business in New York when Mamdan is getting into the supermarket business in New York damn damn damn so how did they not notice that the roof was was damaged then youthful exuberance what youthful exuberance I don't think these guys are young is that they're definitely not in the young CEO um category they'd be they'd be maybe you're in spirit you know bro it well what about due diligence like check the roof before you did the APO I mean certain people

didn't approve the APO I want I wonder if these questions were asked then you know I'm sure a lot of questions were asked but that one is definitely above my pay grade well obviously questions weren't asked about like the actual facility yeah because they're in advanced

litigation wait against the insurance companies most they're suing the insurance companies I thought it was who helped me not be the news. Yeah. Wow. Take it. Wow.

Wow. I thought it was like you sued the previous owner. Yeah, that's what I was saying. Yeah, I was thinking previous owner. Insurance company and landlop. Oh. Oh. Okay.

Damn. Okay. Okay. I'll go with him. Let me tell you powerful insured companies are. During slavery, lies of London used to insure the slave ships. No, in 2026, they're so powerful

that they didn't even borrow to change their name. We're still lies of London. You know us. You know us. You know us. Well, we know you. I hope they win, though. I hope they win.

I don't know the details of the case, but I hope they win. New York. Our ancestors around their balance sheet. Yes. Damn. Yeah, these, well, I'm sure.

They lose, bro. They must hold it's not. You know, I don't know the details of the case. Insurance companies have lost cases before and been forced to pay out. But they also have entire departments dedicated to ensuring that they do not lose. and if they lose, all right, if we're going to lose this year, put off the loss until 2046. You know, a lot of people don't know. Like, they think Warren Buffett is great because they hear the name Warren Buffett.

Like, I don't know many people who know that in Jamaica who are talked about investment generally who talk about Warren Buffett, I've not met many of them who know that Warren Buffett owns Geico. Really? Why, how did they not know that? His favorite. Because... Because... Who do you know that?

Think about how... No, no, no. No, no. No, no. Other people are annoyed. A lot of people are annoyed. Think about the fact that the guy conversation happens in the same flowed conversations

and nobody knows that. That conversation. It's what is more popular things. Continue. Yeah, because if you read about them. I'm not saying, you know, Berkshire, you hear Berkshire, you think that's it, right? And, yeah, you know, it's, you know, Bershire owns things. Yeah, but they don't know, there's people don't know what they own.

Damn. Yeah. They own everything. I hope the NBA crowd is not, would be one of the room. Yeah. Especially JPS. Yes. Especially on JPS on two sides, though. I remember correctly they own it on both sides. government just sell the last like a 19.9 and them can own a key to the third. All right. Let me jump to another one before we go.

If anybody want to definitely send a speaker request so if you are talk, we're not going to be here all night. I can say that. So if you want to talk about stock, let me know if you have something you want to ask us about that's on this red list. It's a great time to ask us about it too. Then if you want to pick one, you don't have to one in line.

he can't pick an other reds. All right. All right. All right. I mean, you just said Nutsford Court, really. You didn't really talk about it. Like...

Thank you, I want to talk about it. Yeah, yeah. Tell me about... Tell me about... I don't know. I just feel like drugstore have vibes. And...

That won't it. They say, in Kinty a beer to the phone. I think, sir? As if you do not think, sir. You want to tell you think so. I want to say you think so. I hear you know that kid.

Tell me about Draxor. I mean, detail, detail of Draksaw to them. So the detail of the landing Draxor that they're selling for, that they are, I don't know, if the article is to be believed, they're selling it far below. the valuation. Yeah.

And it's in DRAXAL. Yeah. Yeah, right. That's, yeah, yeah, yeah. That was in the group. Something about, they're doing something with different capital, different pricing, I guess.

Yeah, right. Yeah, man, different. I was trying to remember if it was also below for sale value, which would be wild. But, but, doing the DRAXAL point for Nutswood Express, was maybe one of the first entities that was really looking at DRAXAL.

and went into dragsa and them have the real estate there but what were you thinking them can't earn off that like what kind of earnings special earnings can come from that because i don't know that i would respect paper profit from nutswood well i mean i'm i'm trying to parallel that with the fact that time You're trying to draw a comparison between nuts with an... I'm trying to draw a comparison between, you know, just taking on that side of it. When I think the main business, I feel like, I mean, I saw, you know, just from a service level, people been complaining about it. I don't necessarily know if the, you know, Mubay to Kingston transport thing and how the whole,

the whole model of that transport side really makes sense. I do know they do some courier stuff that probably is more active in terms of how they did the thing. But I feel like as a business, I don't really like it. If I want a better word. That's funny though. They have, you have to give them that they have great...

I don't think they're almost a household name. Yeah, they are. True. See what they do and what they are. Everybody knows what they're. I like what they are. Yeah, I just... I like what they are.

I just don't know if it's a good business. You know, I just thought that they could... Because just of the strength of the brand recognition and the fact that they have a bit of... I'm stretching it here, but a bit of, um, logistics knowledge. They could buy. a courier company and in everywhere that they have a node they also exactly

they also operate a career company I could see a nutswood express delivering jerk pork in portmore or Spain like like like like like we talked about earlier so that's okay I think I just said the already like nuts for court being like a quick carting you are in in in other places Chris. So yes, we do Kingston to, because where's the business going to expand to? Yeah. And they do need some amount of expansion, right?

The problem is that as Jamaicans we're getting richer. I think, let me not assume, I think we've all taken nuts with it. You've been on Nutswood before? Yeah, I've. Yeah, I've taken it also. I wouldn't take it by choice, but it's not the worst thing to take. But, yo, the competition now is the government, J-U-T-C. Yeah, but I hear Nussford mostly on flights.

You hear it on flights? No, I hear it. That's why my strongest conversation with Nussward comes in. People take people, they know how to go to Nussford, they've gone to Nussford, and they've gone to Nussford. Yeah, and I think that's a weak model of people, because I stopped doing that. I also stopped doing it. But to their credit, they also, if it's rich, but I think they also rent vehicles. Yeah, everything else.

Okay. I didn't know that. Vehicles from them too. Copy wrong. I think I've rented vehicles from them. And I know, also that the, I don't think that the rental place is there. So you, you land. I'm thinking I've land in Mubay here. I don't, I don't remember. I think like, I don't know a shuttle to wherever they are and then they have vehicles there. Yeah, because I was like, I've never seen like, like a bunch of car and somebody drive out from from any notto location so so that was interesting

to me i never even i wouldn't be wrong i could be wrong about that because i don't i don't because of them no but i think i've rented because like you could just look you could well i'm not going to look it up no that's homer for everybody if they want but they can branch out the business yeah yeah so they already in business they and they are and they have a household name presents kind of thing that there's a brand in a certain area they choose our those retailers and everything there. We're a logicist. We're the delivery. We're the

transportation delivery. I would immediately trust and nuts what express Korea company. They are but they are queer company. No, no, sorry, when I said Korea.

I know what you mean you're on the girl. I'm a girl, ding, yeah, man. I want all the food from my girl a place and them deliver it. I can't believe I forget her name. she's all sent down these days. Money. Money, right, yeah.

She's all sent down these days, but I think they're still delivering food, right? So, like, they could, imagine that. They could help her to scale and they're handling the full logistics of the actual delivery. I would have not knocking mailpack, but they could give mailpack competition like that.

Like in an instant, if they have the right person or persons, because, of course, it's easy for us to do. You think the brand is better than Milpa? I would trust that. I would trust if... I think that's strong a case. What has Mailpack done to earn this distrust?

It's not a distrust thing. The only thing I know about Mailpack is that they're expensive. They're quite trustworthy. Yeah, no, it's not distrust. It's not distrust. They already do give Mailpack, Confishar. Yeah, because they are a career. True.

You just, yeah. I mean, I'm not, I'm saying you just got to... No, you go to meal, so yeah just go to nuts for that pick it up because i can't go to there should there need to be delivery yeah yeah deliver to your yard they don't they don't do that though they don't do that though the rest of the legs going enough if they did that if they did that they would be better they could do a luggage service you could a luggage service you're talking more rich i i jem that's an idea jamaicans would pay for that you get onto the plane you get off the plane you go to your yard

And within two hours, I'm not so to express Korea shows up with your luggage. Oh, would that work with customs? Yeah, for customs and everything. That's fine. The law doesn't require you to, like, the law can, the customs law can collect. Meaning like you come after, like the come off the playing customs that is going to treat your luggage like a package that got sent to Jamaica? Or no, or they do the pickup. I don't want to stand up and wait and do all that I won't go home.

So they get your bags and take it off, then pack it's all, and they meet your home with them. You have to think about it. You have to think about that. You have to think about retrending them because that's where it's. You have to find something that's not being done before, but is wanted. Or like people didn't know them want until them do it. You know, the first time you go through the airport in 10 minutes. you never want to

do what the thing their service name? Like I can't do service. Like Club Kingston or something? No, the line, like a foreign man, what it? Clear? Oh, yeah, yeah, yeah, yeah.

Clear, clear, yeah, yeah. Yeah, yeah. Yeah, I wasn't thinking like that. But I'm just thinking of like what they can pin onto the spine of their existing business. because on its own, I don't know that the business is growing. So how long is it going to take for you to get the logic for it to be this boogie?

Because I'm like, when you reach more on, all of the stuff there will bring cold. Different, different things. Maybe they're just, maybe they just don't want to wait, maybe. Maybe they'm handling the destination. What I just told you is not a novel idea. This is done in other countries. Fair enough. So you can imagine if they link with other countries to unhandle that to see, yo,

they've come to you in New York or wherever, and you give them it, and that's it. You go to the airport on your own. And like, you go to the airport and you go to the airport and your bags are checked through, but in this case, your bags have even checked through because they're handling it. And at that point, it could really become like cargo shipping if there are, and there are flights every day. Hmm. That is a very, that's not very difficult.

Tweet that idea out and see people tell you that that don't work and if it's for rich people alone. That means it's golden, right? Oh my God. Yeah, it's the best thing if people say it can work. But outside of that, yeah, what I'm going to sell the, the, the, the, the, the, they're not rent out some of it. Right. You can't raise the rent all of it.

and raise the rent all the time yeah so what 7.5 a year that's how much you get you know i guess that's how much is that now commercial is different i'm trying to remember what's the most you can't raise yeah yeah um the reason why i'm saying it is that i think you know if you have a business and i think it's i maybe maybe this was just my as i said my simplicity again i don't really like it Hey, just turn a landlord. You know life, let's get easier. Life is going to simple. Like, all right.

Jamaica and dreaming around it. When you have to say that. It's just to become a landlord. Yeah, just rich enough girls, who's turn a landlord. What else? And of course, you have to be an artist. Landlord, but we're alive but an artist.

20 the odds them are to be over. Every man who's investment is landlord, yeah? Yes, it's fucked. Yes. I don't know the landlord thing is actually that easy. But it might be, if you money. Nobody made the hard way. Big up for a though.

Like, I feel like, me, it's like you went this direction and I was like, I was wondering if it would be any assets in the other direction, like a mail park buying them, like how mail park did buy in my pack. That would be good. I don't want to say a male part don't have the money,

but me up I don't have to have the money. I believe in, I believe in, in Norbrook. Right. Norbrook will find the money. But then again, it's just,

I guess they're just, they're just in the same energy as, like, palace to me, where I'm worried, and even RJR, like we had to come for the other day,

where I'm kind of just worried about the business that it is. So, what would do. You seem more optimistic than me for like a nutspud. Because you think there's just angles to go. But I don't know. I was like this premium bus airport to airport thing.

I don't know. I don't, I feel like it made, it makes a lot of sense in certain economies. It made all sense when it's like, all right, yeah, the mobile price flies is way cheaper, so you're going to do it. It's like, it's not that much cheaper now. It's not. that's true and it's really uncomfortable or the driver's no just the just if you if you depending on how long if you get a delay and if you if you miss the notes for that oh yeah yeah yeah yeah it can be

uncomfortable it can uncomfortable it's extremely uncomfortable yeah i haven't done it in a long time but i would go for let's take bus in a bus city but I take bus from with my bag of them suitcase seen so

anything yours I mean on its own though I mean don't knock it that's another thing that we have that even I am guilty of doing sometimes

I'm not the business is when things move but yo like you actually tomorrow if I want a business that brings in two billion in revenue and

a hundred and twenty four million that is net profit. I can use a hundred million, best believe. So, unless in one year, it's a bad year, but it is what it is. Yeah, it does look like a business on the decline though. Like they have to, I think like what we're seeing are the signs of they have to find something to pivot into to, to ensure the continuity or this could be a wicked slide. I mean, two years ago, the profit was 300 million last year the profit is 1 24 that's a hell of a drop and the drop last year is a 47% drop on the

profit from the year before so no that's that's um i think that the point where they have to find something else to to um to ensure that their continuity and again the government is is giving them competition yeah yeah that's something may have a consider uh when did they list 2014 it's so long damn that was like a 2016 blitz list no it's not they can't jump off for the market yet but yeah 2014 January 2014 it's not a bad business though and also you know what the funny thing is another thing like back to that point about looking at like learning like what the limit limits are of some things or hold the market to certain things.

It's also good to see what a company, a good steady state company on the market looks like when it declines. Meaning like there's nothing extreme that happens. It's just going though. You just like to get your main business is just not that good. The people who would take nuts for the domain renting a car and driving in or flying into Kingston or whatever. right? And you have the government community competition.

And you're still making money. A hundred million is nothing to sneeze at, right? But, but, so it's not that there's anything necessarily. There's no hanky-panky per se. It's just it's not, it's a business in decline. And it started by a guy, you know, the guy might be old or no, maybe not, he's not as hungry as he was before. He's made it, maybe looking to retire. These are the sort of things that so them. Run landlord. Front landlord. One point five billion in retained earnings. yo this sort of thing 10 years from no corporate raiders could buy and raid so the

the crop look like when it's a girl hmm that's a good point yeah yeah that means and i don't even think it's a it's like a debt heavy because it won't have a few years ago they don't have this big bet no man they're pretty i'm remembering correctly they are pretty solid as companies called in a year they generate what kind of cash they generate

from operations 300 and almost 400 million from operations in a year that's good yeah it's a sort of

business that people buying people take to something else that's good yeah no tax some some some point

something PE company that chaos of them fair past. That may be true. That may be true. That might be true. Honestly, this is the kind of thing

that corporate raid 10 years from now could raid. Like you get it at a deal and, you know, it have... I mean, if you run out 10 years, 100 mil, 2.0, about 2 billion. Maybe it will have a couple of losses

that at the point of you get it, so you might be able to buy it. You have a $2 billion in retain earnings. Solid enough, it's there. Get some loan, you turn it around on you. If you're watching this on YouTube 10 years from now and saying, see him did say it and know him doing it, you got me.

I hope, I hope, I hope. Well, I don't hope that business is the client. I hope everybody met money, especially me. Anyway, in what might be our last person who was sent a request. I see saying connecting so maybe you're not hearing us maybe Twitter is saying no you see saying connected on your end then I or is it connected not anything I thought or maybe isn't Diane can you hear me great one not see anything at uh not see that on my end it just

is connect I saw he sent a request and I approved it but then um I see him as list now see it let me try on here well i don't think my thing updating properly yeah man them oil and powder it man him can't have the what they said out uh well yeah all i think um said out uh well yeah all right let's see if he if he yes i'm gone so must say if my try come back and my end it says that he can speak dan are you here enough cause him cut him line and cut him line completely man Then I'm oil and powder and thing. No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no. They don't want to hear the nice.

Dan, if you send an hour and speaking request, we love to hear from you. In the meantime, anybody else who wants to send a speaking request, you can love to hear from you. And, yeah, I pick up the reds, iron rock. So I was that I'm a list. What do you think about it? I think, I think opportunity. It's also in a weird place for them.

So I think it's very niche company. Iron Rock? Yeah. Niche in what way? Yeah, what's it needs? It doesn't pronounce company.

Yeah, they're very niche customer base. They don't. You always say, I like Albathez? Or actually, I should ask local. You was it?

I'm about this? What? What's, I'm not. The other, you know, I've seen the billboards I've never seen that

they have billboards He's not where the ordinary people drive Well yeah So they're at a boot You know When you for tell them For put up one of Spain Since your gods

And they're put in Spain my brother Yeah Maybe right at the angels Yes. Angels exit. Well, yeah, you said niche. So I think like maybe boutique is a better word. Like they have a, they do what they do,

but they do it to a very boutique customer base, I think. Yeah. Yeah. Yeah. What's the boutique? Like just rich people? Like what are you saying? Or just a certain set of people?

Basically. Yeah. Kind of. Yeah. Yeah. I've never known anybody that had an iron rock policy. I don't think I've... RP, you know them, you don't know that they have an iron rock policy.

Exactly. Exactly. It works great for them, right? The headline I remember from them recently was them saying that they had settled 85% of their Melissa claims or 90%. I have a five number in my mind, or maybe 95% of the Melissa claims.

claims have been settled and I had wanted to ask because they'd done a Mayberry forum but you look like it was a recorded forum so no questions in and out um boutique yeah exactly no what they know what they don't know what they don't I don't have a refraff. Exactly. I couldn't call there and a refraff at that. I think that was a neighbor firm. They were saying that they do pay tax because of the tax provisions of the JSC.

They also said that that they're too. That is probably one of the, not one of, that is the only, for me at least, that's the only black mark, possible black mark against him. I'd need to understand. If the tax authorities, if the tax had been. enforces the law, then they would be affected by that. And I'm a shareholder, so, you know, I'm hoping that that doesn't happen. But that's the only thing.

Everything else I think is good. They had a bad time and they kind of turned it around over the last few, maybe two, three years. Yeah. That's what I have to find from. 95% of this. Is this cute? Is this cute? I'm seeing right?

Probably. Wow. Very interesting. Let me guess. Empty. Yeah. One bro calling by. Boutique, bro.

The motique. You got me here. Yeah, you got it. Is it around the 272? Father? Yeah. Wow. me for me. Wow. Yes, Aaron Rock is on my list. Yeah, Aaron Rock is on my list. Let's talk about

something else. It's Dan back. Wow. All the people who did the last two growers are watching right now, especially the last grow. I think he's the last one or the one before. They had brought up. I was one of the things that we're looking at. And as, um, as actually, using it as an explanation for something else for the queue and the queue at that point let's what the queue look like a month ago yep hey people come come and to grow if you want to learn how to make money not as buckups are joke or hearsay or you get a link or dream but you want to learn what to make deliberate yeah sorry that's true you want to but if you want to if you like to increase your knowledge if you like to learn if you like to learn about

how to make profit on the market in a predictable manner and how to invest without, I won't say without guessing, because the truth is we're always guessing, but in a deliberate manner, predictable, repeatable profit come and to grow. Everymickle.com slash GRWR. and you won't regret it. I can guarantee you that. You won't regret it. I'll stop short to say that if you regret it.

I'll give you back your money. Because I know we as Jamaicans can stay. People say, oh, no, I regretted it. I'm going to say that. Actually, you know what? If you come and the girl, this next girl, and you participate, you have a camera on, you participate, you do the whole session.

From start to finish because I do the whole session. If you do the whole session, if when you're done, you can honestly say that no I don't think it was worth it I'll give you back your money you can play me saying this I will give you back your money that's how confident time that you won't say it's not something that people do that they regret it's not that people do over even I yeah it's it's worth it this cue for the people who've done grow just just remember what we looked at then I hold the queue look then and look at what the queue looks like now my god and yeah time time time time

all right i think the gentleman has joined us again dan you can hear us yeah man i can evening evening evening evening how you doing sir dad life is good life is good wow that was i was i've been listening to the conversation um a couple of points around not for the the the the the fortunes of the company have got to do it indeed I am which one not sorry oh okay but at core a business is still is still operational I don't think there have been any significant changes to how they operate that would create a negative all the kind of business. It is more environmental influences that I would say

would have affected them. And by environmental meaning in terms of the universe. Yes. Yes. That's what I was saying that they're strong. I mean, to compliment your point, last year, the revenue went down by just 4%. But to me, that's what I once had died

are dying but that's what a plateauing business looks like well it's kind of plateauing now so like this is i'm going to disagree with you had a little bit on that part i'll tell you why um we had a major event last year in hurricane melissa which would have significantly disrupted the regular local transport side of not spread for quite some time. And on top of that, it would have meant their destinations along the South Coast, St. Elizabeth Mandibu, Savlamar.

Those locations would have been severely impaired after the storm coming for several weeks after the storm you had situations also tied to the tourism side of the business

with the fallout in the which is major right right so they for me I would

I would have to look I would use the 12 months from October 2025 to October 2026 as a measure mistake to see how the company performed during perhaps its worst year since they started operations. In terms of things outside.

So I'll just let me a quick answer to that. So Q2 for them in September to November. So the Melissa quarter for them with the Q2 last year and profit during that quarter fell 26%. revenue had gone up. But of course, we know that Melissa was October, late October. Yeah. So, so, maybe a month,

maybe really a month of impact there. The December to February quarter is where I think you'd say up more of it. And that quarter has profit being down 54.5%. 54.9%. But revenues up 4.5%. And then the quarter after that, their fourth quarter, which, you know, sprinkle some salt on the fourth quarter because, you know, it's consolidated for the full year and we pulled it out. But for the fourth quarter, 67 million in profit and a 64% increase in profit quarter and that would be the first, not the first, but that's a second.

That's the fourth quarter. Yeah, fourth quarter of the last year. We just finished the first quarter of the correct. I feel like I'm telling you something that's incorrect, actually. I'm sorry, that's incorrect. Melissa was October 2025. Right, yes. And they have a 2025-26 financial year.

Right. February would have been the end of the year, after your nine months here, I believe. Yes, I'm wrong. Yes, I'm sorry. Yeah, those numbers were incorrect. I was wrong. Let me say it again.

So the Melissa quarter, this makes more sense to me. Profit was down over 100%. Right? They made a loss that quarter, negative 3 million, and revenue was down 18%. And in the first quarter after that, which is December to February, profit was down 68%.

and that our profit is 15.8 million and revenue was a half a billion, but 549 million. And then March to May, 26, which is the latest quarter reported to us and also the end of their financial year, 31% don't. Actually, I'd never put it along those lines because I think in calendar year. Yeah.

I might eat my words about it being a business plateau and you might be right. Sorry, continue. I just want to put context to what you were saying. Yeah, man, Sean, I appreciate that. Especially for persons who are listening and are maybe not as, not as may be like local who have not looked at the business much. But for me, for me, if a company that relies on road conditions and,

on several factors related to how people move and what people spend money on at a particular time gets if those factors get affected severely then I would expect a fall off in their business as a natural effect based on that so while while I believe there are many opportunities or there are some opportunities that Nutsford can explore I I believe there is room to allow for us to give them the full year wait for that report, see in total for the year how they would have performed, and then make a measurement at that point. Which we have seen that year. Sorry, that is that full year which includes the Melissa results.

No, no, no, no, no, no. Remember. In a year post Melissa. Right, correct. That's what I was saying from October 2020, 25. to October 26th I would

review that period as a period financial year runs from June to May to May right

so I would I would want to pull forward November December of last year and then

the 10 months of this year down to October and compare that to a similar period

in the past like 2024 or 2020 2024 for example Wow. Right.

So if you look at it. No, that changes, that changes it materially for me because that means that this first quarter result will be very telling about how they actually are doing. Right. Which they're going to report in October. Correct. Right. So I'm looking forward to that report. It's down 39%.

Hmm. I can think of one specific person that I suspect is listening. seeing to us right now and going, why? No, shut up. No. You've changed, you've changed how I see. You've changed, you've changed a lot of, continue, sorry, continue.

Right, so we, there was a report in the Gleaner recent that spoke to our rivals being done approximately 25 or 20, over 25% I believe, since Melissa. And- Yeah, if you check, I'll check that thing, Cov and see one of the little things I may just straight out there. I know I'll keep interrupting you

was to compliment the point on the tourism stocks and I'm kicking myself for not having it on this but under tourism stocks, Darwin Cove, ECL especially, you can see at the passenger arrival. So being accurate, and I you should add it to the K-EX

sticker as well. I definitely will know, sir. The the to the end of August So from the start of the year to the end of August, arrivals by air and by crews. So combined are down 17%. All right.

So there is, as I said, there's a report that I saw, I think yesterday or today. I'd have to double check. I glance that I didn't get a chance really in detail. But the numbers are quoted at above 20% for the period. We'd be ahead of the glino, the glino, a four and five. No, no, I think what they're measuring probably is not the annualized number, but the number since Melissa. Again, from October. Specifically from end of October to the-

Correct, correct. And it completed the period before. So when you look at it that way, I think it's about 25% or 26%. So one of the core parts of Nutsford's protected business, and when I said protected, now, I'm saying this against the the note you made about the competition from the JUTC, they have an exclusive arrangement that allows them to move. The closest I can compare it to is like an in-bond situation where goods are in a bonded warehouse,

and while you're in the bonded warehouse, they are not attracting any duties or anything. So when the poor operators who operate the holiday package tours have their customers buying the cruise packages or the tour packages which include a cruise factor as well as hotel accommodation and ground transportation when those persons land in montague they don't go into the regular terminal they go directly into a special section of the terminal. And when they land, it is as if they are still not in Jamaica.

Okay. And that's happening no or it's planned to happen? No, that happens no. And prior to Melissa, that's part of Nottsford's business. So when they get off the plane and they are, that plane lands at a particular. gate and that gate is directly connected to that part of the terminal. They come off, they go into the lounge, and when they leave the launch, I believe it's called the air sea launch.

So for persons who are listening, if you want to look it up, they can probably look at. This is the at Moby Airport. Yes. They then go directly onto a Nutsford Express bus, which picks them up, literally at the plane side and take them directly to the waiting vessel and they are no on their cruise with the fall off in tourism with the fall off in visitor arrivals with the fall off in all of that stuff that's happened since melissa that business also gets impacted right so understand so you have to look at that as something as

an important part of their business that would have been affected. And we're still not yet out of that rough. Yes, yes, yes. That is so good. I wish you hadn't said it. Oh, my, there's more. I know there's more. I know there's more because I think about other things either.

Is there food in that lunch? There's, I don't think it's an easier food lunch. not by my understanding I can verify There's a lot of food in in in um that's definitely that's Most of the food Listen people keep

I've said this over and over And I've had pushback from people Who say I'm wrong Because um They know what happens in the airport But They They

They The amount of food are the part the largest tenant in the airport is too free the duty-free company that sells all the alcohol and stuff they are the largest tenant in the airport airports the second largest tenant in the airports in jamaica is vipe attractions club mobile club They serve more alcohol and more food than anybody else. In the Moby airport alone, there are one, two, three, four, five lounges in the departures area. One two, one two.

Yeah, five, five lunges in the departure area. One lounge in the arrival's era. They have over a thousand staff working every day, something close to two. 2000, I believe, the last time I heard working in the airport. They're not a- What? 2,000 people working in a mobile airport? Yes.

They are not a small operation. They have outside. It's a major airport. Well, it's a, yeah. Yeah. And it's a private entity, so I don't want to say too far or too much, but their operation is massive in terms of food and beverage. That's what they are, they are a food and beverage company. and they're heavily sponsored by people like red stripe so forth right all right so that aside i'll tell you is

i check in terms of the food how it is prepared i don't know how it works with the airsy lunch food i really have never um asked that question or checked for myself so i i don't want to speak out of turn but um i will check the the the other part Regular people food now, though. Regular people food. Easier. Easier. Everything else is easier.

Yeah. Yeah. Yeah. Right. Right. So back to Kex. K.E.X has a growing, you use the term landlord a while ago. And that's not a bad, that's not a bad thing if it's done right.

And KEX has maybe somewhere in a region of about $600 million dollars worth of real estate in their investment properties currently. They have a $1 billion in retained earnings. They do. Yeah, yeah. Right? They are a company that in 2024 generated net profit of $300 million. And this is after taxes. So if we're talking about a little bus company that is flowing 300 million,

million dollars to the bottom line or has a capacity to put $300 to the bottom line when things are working properly. If they have that type of cash flow and their debt ratios are in great shape, they actually are in a good place to take advantage of opportunities that may come. now I know they have been very slow and the directors and board they seem to be very it appears to be a family-owned business and our heavily family-influenced business and they seem to be the own sense right yes correct gardener Johnson being the the chairman and oliver townsen being the CEO right and they that family is very well known in the spaces. They know the business very well. They have been in it for a long time. They've been in the

hospitality space for a long time. So they're not newcomers to the operation. And I think one of the reasons why NOSFET has grown the way it has and has continued to be a successful business is because they have the knowledge of how to operate this type of business. Right. The real estate shift for me is a longer term plan, which includes their property at Daxall next door to KFC. They are doing their mandible development. There is, I believe, if I am here currently, a plan to do our development for Kingston as well. So right now, their goal is to build out transport centers,

or hubs that don't only act as a drop-off and pick-up point for merchandise or packages and people, but also to create space for things like adding upselling to clients, food, establishments, retail space that is rented. So they will generate income through those channels as they expand the footprint in terms of the real estate that they own. I believe if we go back a few years ago, they had actually moved their real estate under a subsidiary as a company that throws real estate. They could one day decide that they want to spin that company off and put it back on the market to share all of.

They could give it out as a dividend species and also as a... You know them? Are they the type of... They're the type of people who are open to that kind of idea? I believe so. I think so. I think if there is something that adds value in the long term, because I don't view the operators as people who are trying to rush to make money overnight. And when I said that in terms of they're not looking for a quick book, they're looking for a sustainable long-term business that will grow, gradually over time and I think that's why you're taking the approach that you're taking where they actually have

hard assets that generate cash repeated period over period so even if there's a fluctuation pardon? You remember who listed them? I don't. It might have been Jamie.

I'll check. You have a rocky brain. I look at the prospectus now. I'm taking my time. I'll continue point. Yeah. And I think... Is not Mayberry,

is it Jamie? Is it Jamie? I don't know actually I don't know It might have been Jamie I don't remember Proven It was proven

It was proven It's interesting Yeah Word Yeah Proven is interesting Very right Yeah

Yeah Yeah This company started With one thing This company started with one thing about Right This company was Born with one boss

Let us Let us remember that one bus now has given that company retained earnings of over a billion dollars so in in 12 13 years of operation 15 years of operation if you want to probably that much it's about that much to grow from one bus to where they are now to become listed and to have remained the way they have very tidy, very responsibly managed, very responsible reporting.

I don't believe you have had any incidents of them being threatened to be suspended because they have not provided their reports. There are a great example to me in terms of confidence and I talk with your point about the confidence and the trust factor that level of

consistency brings to a company and to the process of potential investors. I agree. I mean, they are strong in that. Like Danai and I said, at the time I said to Danai that, they have such great name recognition. They are a household name.

They really are. Yeah. They really are a household name. And you, it's so funny. You give you some good quality to this. Trust me. Just the one point that shifted my entire view of the thing was realizing that I was

mentally thinking of them as a calendar year company literally just the shift in the in the in the in the in thinking of oh no the financial year I don't want to describe it other than it shifted what I was looking at in my mind and it changed everything I still

but I will tell you I still think that they I still believe that there are a company that needs innovation you need to have something else that not that you pivot to not a complete pivot, but you need to not plateau, you need something, but, but they have it. But yeah, because.

I just, I just wasn't aware of it. Right. You have to look at it that they operate a niche that is so unique that it is not something that is. It's a mode. Exactly. Exactly. So you have a operational mode on the vehicle side and you have an operational mode on the real estate. So you like the real estate and I don't like no no no no I'm going to I'm going to touch on that a little bit more and tell you why and how I would I envision it becoming a better thing for them in the long run.

As they they have acquired all right look at it this way. Real estate transactions don't happen overnight. Real estate transactions that are happening. in areas that are predictably or sorry in areas that have predictable future growth are just like stock prices today that are done and everybody looks at it and says Chuck, now I'm going to wear

or Chuck a bushlandat the ability of Knott'sford and its leadership team to have looked down the road and bought land up jacked Hall before everybody else okay yeah they were the first to do it and make a big deal about right and and i'll i remember this then to compliment your point again i remember let's see how far back it was i remember them talking about drax hall and saying that they're saying that in the future drach hall is gonna be great and there this is many this may be

be like 2015, 2016. I'll find it, but yeah. They have my respect. Right. Right. So when they were less strong than they are now, they were making these investments to acquire these properties. And you acquire property along the Winston Jones Highway, major archery.

We have highway developments coming, which are going to push more traffic. on a daily basis along certain corridors. So even if you're not riding the bus, hey, you can still stop here and you can get something to eat. You can relax a little while in our lounge, charge your phone, do some work on your laptop.

So Lopo may not take the bus, but Lopo may stop and do a conference call in a lounge that is quiet and comfortable. Right, just as an example. And you also are going to be seeing the fast food chains following the same path. They will also need space to put their outlets. Whether it is a mothers, which is a growing franchise locally, whether it is an olive garden, which you hear is coming to Jamaica, whether it is a KFC, which is here and has been spreading its wings in parishes, it had never been to before. Parties were they brought the traffic to Drexel.

Right, right. So when you are seeing that trend, what I think is that again, going back to how I perceive them as operators, it's, it's, hey, let's look 10 years down the road, let's look 15 years on the road. What do we need to start doing now to ensure that even if we go through a rough patch, we know that when we get to this point we're going to have a really good return on our investment and really all this natural modes you know yes right hell of a moat too i mean right from a habit have it have it that's right so if if if if they can sustain that as a long-term strategy which is only a one big, sorry, one spoke in a wheel of, in a strategic wheel. I think that combining that with the growth in their career business,

which they have really made a push for, they now have, I think, 19 or 20 locations across the island that see deliveries every day. I don't know how many locations, Nailpack has currently. but our Tara but I know for sure that KX has probably not necessarily most

locations but the widest network in terms of reach wherever you are I've used and back when I was back in my 95 days we also used to use that which means I probably still use it

use them for like, just put down the Nutsford. That was it. Just put Tondonutsford. And I'm sure there wasn't only company that does that. No, man. There are many companies that do. Birds, other parts, for example, as a thing, though, where you order your parts and they're sent wherever you are in Jamaica via Nothford,

as an example. Yeah. So there are things that they're doing, their relationships that are formed. that maybe they are not highlighted or they are not load, but they form part of the core of the operations. The underlying movement day-to-day is based on those types of relationships. And if you have a business in Kingston and you want to get something to Montaga Bay, there are a number of buses coming to Montagabay, every single day, guarantee.

And they will drive off and leave you. They're not waiting. They're not late. they're always on time most of the time. There must be a traffic situation that prevents them from being on time. Whether the buses are comfortable or not or the ride is comfortable or not

is a good point to, no mind. I'm saying it's not something to ignore and I don't think you have ignored it. They have continuously upgraded the feet. I've never heard. Everybody says it's fine to me. I've yeah I don't it I don't think it's it's it's so uncomfortable that it becomes a problem for you to take it if that was the case the business would fail in the in the in the space of buses in Jamaica they are very much at the top there are right there's a bathroom on the bus right and not only that it's not the same buses that you're taking from five and six and seven years ago they have continuously upgraded the fleet they have added buses that carry more passing just per trip.

They have smaller buses that they use for charter tours as well. So part of their business is charters, not just the regular schedule trips. I know they had the embassy thing in Florida. I think they closed that down because that service was not working, was not profitable. So I think that was closed at some time ago. And that to me shows that, hey, we're willing to take a chance. something we're willing to explore opportunities but if it's not working we're not going to let it drag down the rest of the business we're going to cut it off before it becomes a problem and

that that again reflects on thoughtfulness from leadership i think um some of the ways that i think they could the point you brought up about the luggage right now what they do is you come off the plane and there's a shuttle from the airport because palisadoes is far away from everywhere a shuttle that takes you to new kingston and from your kingston you can go wherever you want to go either buy one of their buses or by your own private transportation so right now do they do that in mobey too i i went on one in moby too but it wasn't they came to somewhere where there was uh do they rent cars i can't remember they used to provide rental cars i don't know if they still do i am not aware that it was some time back

It was some time back. Yeah, but they used to provide a car for the day. So you take the bus to Kingston, you get off the bus, you jump into a car, you do a business, you come back, drop off the car, go back on the bus. They did have that model. I'm not sure if they still do the car on a daily basis. That is something I would have to check.

But I know that when you come off the plane, you go on a shuttle that takes you into Kingston. Or if you are going to Kingston and you come after playing in the mobile there's a bus that we can board to kingston in the evening in the afternoon in the morning so you have multiple buses going both directions buses that are direct and buses that also stop at the intermediary points so for example there's a bus that leaves from mobey to kingston does not go into ocherios but then there's a bus from mobey to ochi that goes into Ocherius or

drops you off at Daxol and I both take you from Dracthus. Right. So their model has continuously evolved. They have not remained stale and be doing the same thing all the time. They attempted the

they packaged lockers so that you could pick up like an Amazon locker system. I don't think that that worked out as well as it might have expected. so I have not seen any further advertising of that as a I know how that could have worked for them now I know what I have my ideas of why it didn't work that I from what I remember it was kind of the place was kind of dirty and kind of like hook up like I think I think too I think to

maybe maybe maybe for I for me personally I would have probably wanted to put like a locker like that at that place like at that progressive yes yeah you know i don't want to be visible lots of people going through yeah what you need i'm back up to that now you need a delivery service that we have they drop off the packages to the locker yeah and i'm i'm thinking of other i think i don't go on this which is such an interesting word i really i mean you know how to ask you you order any nuts usual the usual yeah man you got you know anything work not for it not very not That is probably somebody said not to say it

I thought that I know he's spoken about his word I wasn't thinking of him I think of him I think of what I was thinking about is another little striker who at the time had gone into something around the drags hall real estate but I what do you mean with

Dermont DETL Arosa no no no I'm referencing something completely different but I was going to make a joke about it to say how the AI is a little bit of a set on because I asked MMJ AI you know I was like when I'm I looking up I can just ask to ask when they buy the real estate and they're telling me that you know the first time the project showed up was February 2019 um I telling me how much they bought it for anybody can use this use mj a that AI or just run my money to a and click the AI button anyway I saying it's a set on

because at the bottom it had and I'll just show how it's a set on one thing to keep separate a recent Draxhall land story in the news. Derriman trading selling a 12.36 acre Draxhall parcel to remanaged by different capital and it quotes a Jamaica Gleaner article. It's a different company and a different property, not Nottsod Express. You know what's funny?

You know what's funny? Different capital is now led by a farmer-proven boss who is by land next day. to accompany that they listed for almost that price of the value of the last. I mean, it is a different type of business, but... No, that you say it, you know, not that you say it. And this, this, this, this speaks more to, um, Nottsville Express and how they work. Not for the Express and how, um, um, proven?

No, no, there's Not for Express and it complements your point about, about how, you know, they're not flashy. they're making steady, sensible steps. And two things you've said that makes me think good about them. They're not afraid to try things and fail. Because you're right. I'm thinking about a couple of things I know that they've tried. And it didn't work and they stop.

Not many companies did that. And I tell you, my real reason I'm really respecting them now, I will say it another time, but I will say that I do, I really respect them now. and specifically being able to see Draxhall way ahead of everybody else. But, you know, if you, if you even... All right, let's look at you promise.

Imagine if Nottsford got the money that DTL got in the APO tomorrow, man. Come on, man. under this type of steady habit. Sometimes, sometimes the money, sometimes the money, sometimes the money ruins, you know. Yeah, but they have the money.

What I'm saying is they, they, they currently have money. But if, if money shows you, money shows you who you are. It really does. Why, I tell it. It really does. It really does. It shows you, yeah, it doesn't change you. It just allows you to be who you are.

Yeah. Sorry to cut you. I'm just saying, you know, it is the way we view things can be very distorted along lines of illusion and not reality. And I clearly remember when they're stranded. transaction was being done. It was spoken heavily about my particular person in the finance Twitter or J.A. Finance Twitter or whatever it's called. And there was this projection that was publicly shared about what this

what this means for detail and the earnings in US dollars and the multiples that the share price is going to jump by because of this transaction. Which is what? The US thing, the roof, the defective roof building at the bottom. All right. All right. Yeah. All right. All right. So we are seeing a company that one of the largest importers of rise into the country, the biggest distribution companies that we have that is built from the ground up. And we have a team that has raised major money in an APO to buy 80% of an existing two locations, two existing businesses in New York. And the home business then says we are doing badly

because the New York business roof dropped down. And we don't own the building, but we had to write off the inventory. So, okay, the inventory write off would have been a one-off hit. But it doesn't appear that way across the reporting. the way I see it because this roof collapse is at least three years ago or somewhere near to that amount of the time. You at home have an ERP system that you claim caused you not to know what is in your warehouse at a given point in time. And it is very difficult to listen to that or to read

that and stop for a second. Think about it and ask yourself, okay, you know you bring in 10 containers a month. You know what is on the invoice that is coming on those containers. When those containers come here, they are stripped and the goods are removed and the goods are checked and they are moved into the warehouse. You're dealing with perishables, food. So in that type of business, as far as I am As far as my knowledge leads, it says that it is a first in, first out situation. So the goods that you get first, that's what you sell first, because you cannot allow them to expire. Warehouses are not simply organized by software. They're organized by rocking.

They're organized by labeling. They're organized by strict. flow patterns. So when something comes into the warehouse in an organized warehouse, it goes to a particular point and it is so packed that when the for-fifth operators move in the space, they know what is the first set of goods that needs to come out of the warehouse. So let us say you have a massive warehouse and you're uncertain of the contents of the warehouse. why not as other companies do bring in an audit team to do an inventory audit without disrupting your staff operations and you run your inventory audit and you know that there's a hard stop here because we have new goods

coming in and we're not going to add the new goods or we divide the warehouse and we say over here the new goods are going to come until the audit is done. Why not do that? Why not do segment audits of particular items that are high volume, quick moving? Why not do segment audits of those periodically since your ERP system is not working? I'm bringing up this to say an operator with the type of background experience as detail has should not be in such a tough position that they cannot tell. at a given time

the value of the goods in their warehouse or the condition of the goods in the warehouse and for such a long period of time now it don't make no sense the supermarkets are

standalone units the supermarkets can be inventoried by themselves supermarket shells are not packed by some bars supermarket shells are packed by merchandisers who come there on the distributors behalf and bring the goods

and you'll sign to receive the goods every week. But aren't the distributors? No, everything in their supermarket does not come there. Not lame. Maybe not everything, but most things. Sorry, they said that. You know what the thing is? I guess I just didn't believe.

I just... Ask you this question. How do you know what to send? How do you know what to send to the supermarket if the ERP system not working? How do you keep you? your store shelves stocked? What's the system that you were relax on? No, man, it's not a joke.

Dan, it's a very serious. And we, we can't laugh about it. We laugh about it. No, and in a, in a, in a, in a, in a light way, but from a investment perspective, you have to ask the hard question. How are you stocking your supermarket shelves if your ERP system is wrong? How did you know that you have 20 kinds of the like string bean. Oh, you know, so when it, when the order requests come, I generate that order requests or generate a restock list.

How do you know the warehouse have it to send it come up? Or you're selling telling us you never know. And the account team verify it. Okay. And if you can do that same verification process, it is then that I'm saying. that they should have been able to know what's in your warehouse. If you say your ERP is wrong.

Here's a problem. Here's a problem. In case you've forgotten a couple weeks ago, the Gleana reported that an accounting clerk at Derriman. 27 million, 29 million. 29 million. And for me, I saw that. And one, I think the number, I don't believe in number.

but I don't believe the number because even in the article, the numbers don't make sense. And I sprinkle salt on all these articles anyway. The only thing in the article that really made me raise my eyebrows was this line. According to investigators assigned to the fraud squad and the financial crimes investigative division, yada, yada, yada, yada.

The alleged fraud occurred between March 2024 and February 2026. that's the only thing that really made it on to eyebrows because that's what two audits? Yeah. Yes, sir. Which, which. So, so that on top of the idea of the ERP system, I'll tell you also, I never believe, maybe just me, I never believe any company when they say that they have incurred losses as a result of their ERP system.

The only reason you say something like that is because you are sure that 99% of people have no idea what the hell an ERP system is. That's the only reason you do it. It's a lie that the person that's hearing you say, it won't question. You got them here? No, no, no, no, no.

System. That's what they hear. I know, I shouldn't tell no, but in my view, it's a lie. And one of a companies lie like that. I just say, okay. But I will give them the benefit of the doubt. I don't give them the benefit of the doubt.

I just don't take them serious. No, I'm saying. I'm suggesting for the sake of the conversation, give them the benefit of the doubt. How? There are a logistics company, really? Yes, they are. But they are a logistics company that sweat heavily.

All right. Now you have jokes. Okay. No, no, you have jokes. Okay. Okay. Is which one that says the start of the sea in the world? The Red Sea?

The Caribbean Sea? No. Oh, boy. Yeah, but you see, you see the whole, when you see that, I'm going to close the detail. When you see that and you see the actions taken and as outlined by the same thing, days after, days before an IPO, you register an entity and you sweat out

multiples of millions out of a company that is in financial strain. And you pull that away as the leadership of the company and says, yo, we deserve this, you know, because me did a work around a long time. money.

Am I time to call it? No. Bro, you are the head or you are the head's chief cook and you're a bottle washer of this entity

that is now in a precarious situation that is struggling and this is the time you choose to pull massive amounts of cash out of the business for yourself.

If you had put off this transaction for such a long time and you now find that this company that you've built is now in its greatest hour of need you say yo me are cutting up and draw my money no

it to me the messaging to me says things may be way greater at risk than we have been needed to understand And this is not an accusation to anyone.

This is as an investor, when I see that type of behavior or that type of language coming out of a company's management, it does not engender trust. It does not engender confidence. It is almost as if when a bank is about to fail, our person's got the news that things were bad at stocks and securities. and everybody now is running to say, yo, my want my money, give me money now. It's that type of feeling that I get when I see company executives making large cash pulls

from the entities they run at that time when the entity is facing serious challenges. They can recover. Nothing wrong with that. But why do it now? Let me play details. I'll forget.

While the company is in distress, you do have to respect the separation between the company and the people, right? It's like the company isn't a bad way, but the employee still get paid, right? The work that you do, you still get compensation for it. So if we. have made an investment and maybe we had a certain agreement internally or we had a certain plan and we've gotten to the point now where we are realizing that investment it i'm still sticking

to the plan no no no and i would rebut you and say you work for a listed company you work for the listed company you work for the listed company so either this is a listed company you work for Not only that, not only that, you're on the border. Hold on, hold on, hold on, hold on. They're ex- listen, no man, no man, no man. They're executives of the company, their executive directors, they work.

Yeah, but the free share duty is stronger. The free share duty is, is, is, I'm getting there. I'm getting on the law to ensure that you, you act in the best interest of the company and all shareholders. Correct. You work for the company. The jury duty is a legal point. Right.

So you as an employee, you are now deciding to reward yourself alone. You are deciding, you are deciding in your own power to reward yourself as you see fit at a measurement that you have set. there was no notice that this went to what you call it compensation what is the committee called the committee that determine the compensation committee all right good we don't hear that

this was a compensation committee decision we don't hear that we don't see any evidence of an agreement formed 10 years ago or whenever they acquired the subsidiary that we would

work for this company, but we would not take a salary. And then we would be rewarded as such. And then we would be rewarded based on a percentage in growth or a certain amount invested in shares for us over time. We don't see any of that, right? We don't hear of any of that. We don't see that in any reporting of detail over the years. So when you come to this exit point and you do it in this fashion, no, I'm not saying what they did is wrong, you know.

But the manner in which it is done and the timing in which it is done, it transfers a disturbing message to me as an investor. That you care about you more than you care about the rest of the shareholders in this business. And that you are going to protect you first and everyone. everything else afterward. That's a message that I take away from that action. And it is reflected in the share price because you do an IPO and you say the company is in great position to grow and you're going to expand into the Caribbean regularly. And post-IPO, the market ya-yons at this company.

And possibly the reason you didn't take shares is because exiting those shares might have posed a significant issue in terms of valuation and getting those shares converted to catch. Maybe. They did take shares. So just so we clear and for anybody lost, you can correct me if I'm wrong, if this way you're talking about. this way you're talking about the they create another service and the transfer of the jurors

post prior to the IPO one week before the IPO so correct yes so one week before the IPO certain parties I said certain parties it's known in the company yeah

weren't those shares sold in the IPO so they so they I don't know if they don't know if they don't believe so I think they're still own them but the thing that they did in my view So I just say what's there. They rewarded certain detail board members only.

Yes. Which shares in the Woodcat's IPO by having them pay, they did pay for the shares. So they paid 1.6 million Jamaican dollars and 1.4 million. That's got 1.5. So we call that about 3.2. Yeah. About 3.2 million Jamaican dollars one week before for shares that one week later would be worth. 10x.

More. It would be worth about two million US dollars one week. Thanks. It's a hell of a deal if you can get it. All right. Well, anyway, as I say. And so they can't say that. I can't say that they can't say, but it.

it wouldn't be realistic to think that they didn't know that the shares were worth more. Right. Because they did it a week before. Right. When the IPO price don't happen. And exactly, IPOs don't happen overnight. So you knew what the value is. And so it is a reward.

And then the company management, when asked about it, I believe, referenced it as. What was their reference? Sweat equity. Sweat equity. But the equity that they're speaking of was at the time 100% owned by a listed company Barryman. All right. It's them carving out a piece of a company asset for them for just themselves.

And I'm, if you're correct before I'm wrong, you're talking just about the. So there are three carve outs. And I don't believe you're talking about the CEO of Woodcast. No, no, no, no. Yes, I don't think you're talking about this. Because I don't think, I don't have any issue with that person. No, no, you see, I think the other. Right.

So this is, and as I say, it, nuance is important. And if you are reporting to us that things are rough right now, then all of us in the ship, all of us in the ship and it's still rough right now for all of us. We're not all in the same. No, no, no, no, no. All of us in the ship.

And all of us in the ship and the water off right around the ship. So, you know, you know, you know, you know, if you had taken, if you had taken one million US of those shares of the three million and distributed it to your DTL shareholders as a dividend in species. and split the other two million. That would have been fine. People would have been fine. People would look at it as a as a as a as a retail share price would have gone. Exactly.

Exactly. Here's a problem. If you did that, you're giving serve there you a good chunk of. It don't matter. It don't matter. It don't matter. What you're doing, what you're doing is you're driving value to the market.

You're driving value to yourself. You're driving value in terms of goodwill. You're driving value in terms of confidence. And you're driving value in terms of eat. We're not all on the same boat. It's a lot nicer. His boat is a lot nicer. His boat is a lot nicer.

Right? So I don't disagree with you. And honestly, you're right. If they had, if they had done the exact same. deal in just two pieces so one piece and we're eating it and we're greedy me and my brittrain and i split it and the other piece what everybody dividend in speech for for detail i would i would i would be okay with it honestly i'd be okay even though i know it's unfair unfair i'd say oh they're not coming the pie even if you're frame it around yeah even if you're

frame it around a piece i got to detail them them still get piece of right you know if listen if you but but i would be okay with it yeah if you frame the conversation as listen we have to refocus our cash right now on fixing the business we have to refocus our cash on getting things right and correcting the issues that we've been dealing with so in in lieu of cash we appreciate your support as shareholders we appreciate that knowledge you're you're you're giving us a chance to continue to work on this thing this is what we're going to do we're going to give you a dividend in speech as part of the whole process when i know i hear that brother oh man come on come on don't buy the just buy the thing

them sell palette buy the thing you're dealing and i really like it like i say i actually like the i'm assuming dogridge is the the the CEO i only heard the CEO speak once in the um in the interviews going up to the IPO and i i i I like hearing him. I like him sound real. He's sound like a real. I'm saying. And I'm always happy when CEOs and also employees.

Yes. Companies get shares when they're listening. And he's been with the company for a long time. And, you know, he sounds very committed. He sounds like a person who is, who is serious about, you know, his role. And, you know, what came to my mind when he spoke is like a good custodian. or a good steward. Like he was one of those operators

who were just consistent and taking him job serious and know the company. Him can talk easily about it. He didn't book shuffle. You know, he could answer questions a lot of times even board members who will come to a meeting

or come to an interview like that and they're unable to speak as openly as he did and not have to twist themselves in circles. That was very good. I think that was very impressive. Detail you need to pay him more money if you're listening. This guy, Diane.

This guy, man. This guy. You hear this guy. This guy. This guy. This guy. Boy. Yeah, I did.

You know, he reminded me of. He reminded me of the Lomba CEO. Yeah. Doss. Doss. Novel Doss. Yeah. Major.

Major Doss. Yeah. Correct. Don't leave off the man rank. Yeah, major does. And funny, you know, like I still remember that very first, his first earnings call after they listed, major dollars. He did it with Mayberry.

Yes, I still remember that earnings call for Lomba. And just a segue, because I'm trying to move, I'm trying to transition from Dyer that in trouble. Lomba did also or has also done, a dividend, a dividend, they've declared a dividend today. A little after the market closed and it's a hell of a dividend. I think in one go it puts them at, it dropped them straight into the top ten, I know. I mean, so?

Yeah, I think I want to do like the fifth or sixth best dividend on the market right now. Yo, the man named declared this dividend at the same time that Transomaker declared a dividend and It's miles ahead. Miles ahead is nine cent dividend. So just a small little break, a nice little dividend moment there from Lomba. Shows out to Lomba, shows out to the team there and major does.

3.83% yield on that single dividend. Nice. Yeah, it's a sixth best dividend on the market. the fifth best the fifth best dividend pay on the market right now is transamerica but you have to get the last dividend and the current yeah exactly that given them disannones yeah so in this one divinity and then if you go for this one dividend better you get this one and transfer makers one exactly yeah yeah yeah this one dividend beats stranger it's more than 100 percent more than is that more than a yeah man yeah man a beat is more than double it um which i wonder about the fact

let me not frame to i don't know if that will have anything per se but the lumber dividend is more than a hundred percent better than the the tranche will make a dividend right now so power brokers feel free to tranchea make up the lumber say well yeah there sorry that was that was me is a good break you mentioned it and i thought it's a good um a good little a good little aside yeah man um i i i I, the only thing I want to probably mention tonight is that there comes a time for, for, for, for the rise of of retail and for retail to really understand what it is that we are a part of and why we chose to be. We need to remind ourselves often about why we chose to become a part of this. And it's very simple. A lot of us work very hard for the money that we invest.

Very hard. A lot of us sacrifice. I know people that cut them lunch money. People that cut them gross money to invest in shares. I know people that do it out to invest in shares. I know people that borrow money to invest in companies. By virtue of buying those shares. And never you forget that you have every single right to know what's happening to your money.

You have every single right to know where your money is going. what it is doing, how it is doing. And somebody said to me a long time ago, the first time I heard this was in high school, nobody will ever love your money more than you. And I've often wondered if that is really true. I know people who love your money. Thank you very much.

I know sometimes we, We, yeah, we neglect our money in, and we do it sometimes out of trust. We do it sometimes out of fear, sometimes out of care, sometimes out of care and forgetfulness. But remember, you work hard for that money. And while we participate in any investment, we need to be able to understand what it is we're investing in. So keep learning. Steve Jobs says stay hungry, stay foolish. Stay hungry, stay foolish, right?

Never stop learning, never stop asking questions. And questions can be disturbing, but questions deserve answers when they're asked properly and when they're asked correctly. And when it comes to investing in this market that we call the Jamaica Stock Exchange, there can be many pitfalls that you can face as an investor if you are not aware of the rules, if you're not aware of what it is that you're doing. I'm not recommending that you invest blindly, speak to your financial advisor, do your own research as much as you can, and what you do, understand, try to learn more about it.

Be very method. learn. Yes. Be very methodical. Be very serious about your money. Right? That's true. And once you start taking your money seriously,

once more of us start taking our money seriously, I can remember the days when the JSC said they had like 12,000. JSC accounts. I know, I think the last time I heard it's something like near to 50,000 are somewhere there. I don't know if it's past that. No. It's very past that. I want to say between 200 and 300,000.

Okay. So, and my, when I, in my memory going back, one of the high numbers I, I remember is when we hit something like 15,000. And how big a deal that was. So the market has grown exponentially.

And that indicates to me personally that the power of retail, is rising and when you look they we have people here who like to speak about the JSC as if it's a nascent little DBDB market my money JAA alone has about that amount of users so it's not right yeah right we don't I would love if we had every use on the JSC so I'd love for us to get there one day man one day um when you when you look at that rise and that growing interest, that interest cannot just be an empty interest. It must be an interest that is unified. And the push that retail need to have is one where retail needs to at its core have a strong voice.

And we need to have an assistant voice and we need to have an intelligent voice. right and the only way you can intelligently speak about the things that affect your money is by learning about those things knowing how to navigate the environment that you're investing in learn about the people

running these businesses I believe one of the first conversations I had with Randy he said how do you decide what you invest in and I remember one of the things I said I always look at who runs the business. What is your track record? How do they operate?

Very important. And today, I still believe that that is still important. And sometimes we are shy of asking or saying. And culturally too, part of our process is, even if you are speaking of about something that is to the benefit of all there will be people in that space that will choose to tell you to stop talking stop asking questions and don't let that determine it's your money and you get to determine how your money is invested and if you don't like what's happening to it you get to determine if you take back your money all right and go and put it

somewhere else so please you can if you can that's true i mean yeah if you can yeah i don't i don't interrupt you it sounds a good sir if you want if you want to dance from the elephant in the room no no no i'm not i'm not dancing around any elephant in the room i am i am you know he's not like that i am i am i am being very deliberate because one of the things in my observation over time as to how companies operate. You mentioned P.B. Scott earlier and how they, as part of his empire, he has structured certain deals, which on the surface may have caused dilution to him, himself as a shareholder. But looking at Gano, it's a longer picture. He has made that thing good for everybody.

So I listen to you. that and talk about, you know, how being, how being intentional about how you protect value for everybody can be done, can be done, right? It is a matter of do you really care about everybody or not? Do you only care about some people or do you care about the company because we all are part of the company? right and we need as retail to be able to let investors understand and I want to act this is another thing when I say retail remember this every teacher have a pension every policeman of a pension every

nurse of a pension and government has raised your salaries significantly over the last several years that means a greater portion of your money are going into these pension funds pension funds pension funds run by rule. Tourism worker has a right. Every tourism worker, right? Now, this means that these same companies that look down their nose at us from time to time

or classify us as unintelligent or idiots or non-fundamental or whatever other terms they choose to use these people survive because of our money. Don't ever forget that. The largest funds in this country are pension funds.

And those monies belong to every teacher, every nurse, every civil servant, every single Jamaican who works on 9 to 5 and struggles to pay the rent, struggles to pay the mortgage, struggles to pay the light bill and send a kids to school. So don't let them rough ride, rough shot over you

or classify you or push you into a corner every pension of a trustee that report you and if you don't like what the pension do, no, no, no. Again, they are allowed sometimes to make decisions because the people don't know or don't ask any questions and nobody rocks the boat. Because nobody's like the odd man out.

Exactly. Or you're made to feel that way because of your lack of knowledge, and this is going back to why I'm saying this tonight, we need to become unified, educated, we need to ask intelligent questions, and we need to ensure that those who we have given or entrusted our hard-earned money too can answer the questions that need to be answered when we ask them. We also need to ensure that if we, feel something is wrong, we can explore

and understand if something is wrong or not and if something needs to be addressed, we know the channels through which to address it. Very important. So we might be talking about the stocks now.

But every civil servant invest in stocks, whether they know it or not, because your pension is in those stocks. Yep. Everybody. Yep. who contributes to our pension, invest in stocks. So when you're making a comment about stocks is a rich man thing, your money is what a rich man is using to buy low stock.

Don't look at it that way. It's your money. And when you start recognizing that we have billions, hundreds of billions, you start thinking very differently. But 2027 coming, The only thing I want to see happen is more people investing, more people being intentional about their money, and more people actively pursuing financial education. As somebody who preaches it, does this every week to try and help it.

And of course, yes, also has a course teaching it. I agree with you. Especially with, you know, I should say, like I said, like I said, we've been dancing. Well, you say you have been dancing around it. for maybe Dana and I have been dancing with elephant in the room or laughing with an elephant in the room. But I was thinking about it while you're talking and I'm thinking back to maybe, maybe our earliest episodes are earning season. And even before that, our conversation, part of why I say like I don't go to AGMs.

I don't. So the point because a lot of the questions asked there, in my view, either is things that I already know, they're unnecessary. they're in the report. They're not going anywhere. Exactly. It's almost like you want to hear the news. Yes.

It's, for many times I often think like, I should say, what used to happen is why I got sick of it. It was almost like the person asking the question is asking the question so that people can see that they've asked a question. It's almost like you want the CEO say, oh, you're so smart, that's such a good question, right?

and I'm like, that's great in my class. You know about the company? You know something about this company? You've read a report. Oh, yeah. You read the report that said that we had this much in receivables. So when you ask, hey, your receivables figure, oh, you know, a receivable. You're repeating what we put in the MDNA.

So for me, that was a waste of time because it's like, like I don't pretend to invest, I actually invest. It's my actual money. So I don't have, like, I left high school. I don't go back. But I don't, I didn't need that. But I've always said. one, you know, black race is Gandhi, be the change you want to see, and that we need a higher

class of retail investors in this country, right? Because I agree with that, and 100% is all money. And if you give somebody your money, they act differently. But if you give somebody your money and they see that you don't know what they're doing and you don't seem to be concerned with it, they also act differently. And the differently that they act is not necessarily the best. Net one day. Yeah. So, I mean, I have to give you credit, Dan, because I hear you this week at an AGM.

And first I hear you get cuss off at an AGM. And I'll be like, but I said I didn't laugh because you're, you're getting a proper cussing. At least you, it seemed like you were getting a proper cussing at first. But, and again, kudos to you. You're a better man than I. I respect anybody who can get an outsized. response and and respond calmly.

And it seemed like the bigger response you got, the calmer your response got and then you ended, you ask, as you've been encouraging people and as I, why I'm saying this to tie it all together, as I've been said for years that we need a higher class of questions at the AGMs. You asked, you ask a question and after you ask a question, they ended the AGM and postponed it, which I mean, damn, and said that they'd have to go and the committee will meet and come back to you. And like, so I have to give you credit for asking a

question that a few people have wanted to know. Are you asked it in the right place, like you said, to the right people in the right format? It's way. Yep. Yeah. If I remember correctly, and I do remember correctly because I've seen about three or four recordings of it. Because apparently everybody was like, my God. So you ask it in the right format, in the right place to the right people,

and you ensure that you asked it on record. And as I said, just an anecdotal idea of how important the question was, the AGM was ended after your question. I didn't hear any more responses and I would have loved to hear a response to your question but again because you asked it in the right format in the right place there is a legal requirement for your question to be answered and as a sharehold in that same company I am looking forward to hear the answer very much so but question remains an answer really want to hear the answer every answer he got did not answer the question well I don't

I'm not counting the answers you got because. I am, but the people lost. I am for the point. We're talking about the edifocal AGM that happened this week. And why I'm not counting answers he got is because it was a CEO's wife, who is not on the board, who doesn't, as far as I know, doesn't work for the company. I was not sure why she was speaking at all. but she did state that she was speaking as a shareholder and she did come in as a shareholder

and as a shareholder is a shareholder's meeting so all shareholders have the voice but I did not expect the shareholder to be answering or my word blasting I shouldn't say blasting speaking so eruditely to another shareholder who had asked a question of the board so I don't I don't count her responses because she doesn't have the fiduciary responsibility that her husband and her other board members of our company have. So, I don't know, I can tell you this. I'm not, you know, I'm not, I'm not going to, I'm not going to, I'm not going to, I'm not going to rehash the whole thing in, in, in, I don't think we should. I think we know, we don't need, you know, but really, no, no, no, that you mentioned. I just like the question cut to where it should. Yeah. And we are, I have to give you credit. I would. I would. I

It's the, I know I'll continue it down, but I think of your credit because, like I say, you know, we're always ready to tell when things are bad. It's very easy to do and gloom. I think it's very important also that we seven things are good. And I am racking my brain to think if there has been. Yes. And A. No, no, you're, no, you are, you certainly have the cake for the best AGM question so far

this year and maybe the last few years. In second place, is a, is a girl grad who asks a very key question at the Dolphin Cove. AGM. Yeah, yeah. That's a top question. But outside of that. You see.

You see you. Yeah. I've never seen a question in an AGM before. Well, this is the second time I'm asking the last question at a learn, AJ. And not getting an answer. Actually, your first question, because outside of all of the noise, your first question caused the chairman to, give a response that I literally after.

I wonder like if he didn't ask a question, would we have not heard about it? Yeah, because we hear things that are gone and oh, and we never know and sorry is our fault and we should have done it. And we promised you last. What you said was that we told you last year that it was fixed, but that was actually not true. Which yes, because I know the law,

honor law says that you're not allowed to lie to us and that's what a lie is. Right. And at no point did they come back to us to say we, it was, it was, it was, it was, it was, the board was led to believe that this was a case, but it was not so. And due to, due to knowledge that we receive afterwards, nothing like that came up ever in the last year. No, this is a standing matter from, the first due report would have been

2023 January so we're talking January 2023 2024, 2025 26 four four years

consecutive is it a four no no there okay the subsidiary was formed in January

2022 okay okay so by IRS rules and by the reporting rules for the state, you are supposed to report on or before the anniversary of your formation of the following year. So no report came 2023, none came 2024,

not came 2025, not came 26. This is a third AGM I'm raising the matter. And the reason behind the raising of the matter at this AGM, because I have a reason. did not expect to hear of it because I had checked again and realized that the company had been administratively dissolved and archived and cannot be reinstated as the chairman verified in the meeting when I asked a question. So to hear that an entity that is the parent or is the

holding company of the assets that are operating on U.S. soil to U.S. citizens. It would appear by, no, it is by words of the chairman who said yes, the entity has been, the CEO indicated that the entity has been operational and generated to over two million Jamaican dollars. I don't know if that is per year or per month. I don't quite understand it. The screenshot that he put up, but it is operational. And the entity under which it is held and was acquired by Edrifocal through that vehicle is no longer actively, legally operational in the United States. and still doing business

when their bankers they know he did not say that he said their bank contacted them about it he did not say they found out about it when the bank contacted he could not say that

because he said we knew about it and we told you it is being fixed but it was not fixed right so you you have my brother I watched I watched the agent

Jim, I won't, I won't lie to you. I was in front of my computer. I sent it to the TV and I sat there like this. For over a hour. I'm not going to lie, bro. Something about going to say, but I was cheering down. I was cheering down, bro. It is a concern.

With it ended, I sat there as like, I, of all the ways, I thought that this could go. go. Go? Yeah. It took my whole day, by the way. Yeah, you mash up the whole day. It matched up the productivity went the entire day because then there was this whole call out there. All I thought about. Who did it? Even, even no. I see. The pain point in this is is you, no one can say they did not know. By their own admission, they knew. Okay.

I don't know if they know all the things that they They. Oh, no, no, no. You are, you. Well, they said they knew at least a year ago. As I said, a lot of things. And as a shareholder,

I brought it up in at least, at least two meetings. From Mr. Leve, it was the chairman prior. I brought this up. So it is not an unknown thing. And I asked the question, how can you report on your audited financial statements as subsidiary that don't exist? How can an auditor report this in a audited report as a subsidiary standing?

Bro, that's one of the points. How is that? How is that possible? Because, again, people if you can get recorded, you should watch it. I've never seen this before. there was at the other piece he said he asked a question and the audit representative said no no no i am only here as a representative of the auditor i'm only here to read the report and then i said what and then from that point or the next oh and a half i feel it for the rio williams CEO and the one

because they look young and it's a bad time to be a young CEO on the market at least. That's it. It really isn't going to. It's not. I would even say it is. I know what you mean. I'm going to Harry Williams CEO because they put out the results today and they look like they've actually, they've looked like them actually completing them turn around.

Share price is still crap, but share price is a lag. I'm not talking share price. I'm just talking straight. Yeah. Performance. Performance look like they're working the way. They're working the way through. It's not perfect.

It's not good yet, but, you know, them working them way through. They make some steps. They'm working them way through. And I respect that. I respect that because here we talked about the limit earlier.

I always want to know where the limit that things are. I have seen, I'm learning where don't say learn God you know let me tell you how shocking it was even though I think you've heard me said it's sorry I was I was so shocked that when the whole thing was done is when I remember that hey didn't they say that they were going to put out the results the day before the the results that are at this point one day before yeah you're gonna be before the AJM yeah and they didn't put so it didn't come out

And then they had the AGM. And then they had audacity to still push with all the things that were happening. Push for us to vote to give them. We know that result being announced. Without results that they promised the day before the AGM one month later, they still had the audacity to ask for permission for unlimited share issuing to anybody for any reason they wish. Any reason.

And then when the question, the answer is you should trust the board. The board that is telling us about the amount of things they've got, I sat there as shock. I had just planned to vote no

on issuing of the shares. But by the time we got to that, you know, listen, I want to, I want to, I need to bring this point forward when you mention that. I there are people who signed into that meeting not as shareholders who were able to vote my brother if you can get the recording just take your time no I and this is this is

something this is something that was brought to my attention because at one point I was saying why didn't I see the thing pop up on my screen and at the point when they said let it be known since a poll was asked for hi yes the result they said like three times we will not be giving you the results of the poll. 35 business days. How 35 business days? I'm like, you can't tell the Jamaican that you can't tell them the results at election on election day. We have a long history

of knowing how that go. If you go on the corner and count, I'm not trusting anything you're counting. What does that say about the entity that is representing the company as company secretary? I'm begging for. I'm begging for it. I beg in for. I beg in for.

I beg in for it. Bro, bro, bro, bro, bro, we know the country right? Immediately. I don't want I want answer what you said then I but I to expose it's going to make them look bad I don't want I don't know bro

I don't know that's how I The concern The concern It runs very deep The exposure to the listed entity And it's board of directors I'm not sure how serious that they have taken this but failure to file pierces the corporate veil and means that there is exposure to the listed

entity and its board of directors in their entirety yes legal action and to financial penalties right and more and and this is the type of action that made me very concerned because, you know, when I say, listen, when operators perform or fail to perform in a certain manner, it raises questions in investors' minds, it raises questions in the public's mind. And you have to be aware that your actions carry with. and that these actions can have severe impact negatively on the business that you operate. And if you cannot see how significant and how weighted those actions are your in-actions as leaders can be to the entity, then truly you must consider if you are suitable.

to continue leading the company because at the end of the day again this is about our money this is about our hard-earned money that you are using this is about our legal rights as shareholders that you are asking us to give away to allow you to do what you want to do and have told us us, you cannot tell us what you are going to do. Just trust us. But at the same time, you have paused an international exposure to the little company in Jamaica now facing a potential of up to something like 200,000 US dollars in penalties when I look at the IRS penalty sheet.

I might be wrong. But when I research it, it says the cap is about 200,000 given the period. Now, this entity also has a Delaware Corporation registered, which holds another company called Edipocal Nigeria. So, Ediofocal Africa, the Delaware Sea Corporation, registered in the state of Delaware, is said to hold aerial focal Nigeria. I don't know what is that in Nigeria. Oh.

If anything. Oh. But, but again. Uh-huh. Which is a dissolved entity? Which is a dissolved entity, sir? Actually, don't even know anymore, my brother.

Okay. So, you see, the types of exposure that we are. My brother. We are connected to as investors in this company. It's a fearful situation, right? It is one that should cause grave concern to any investor in that business. And it is something that the board should not come to a meeting unprepared to answer or come to tell us that the auditor send an emissary to read a document.

because unfortunately Mr. Darcy Campbell could not be here today. No. You are coming to us at a time when you're asking us to do something major. And you think by virtue of you holding a certain number of shares you can pour through and railroad everybody and do as you think you want to do. Going back to my earlier point tonight, this is not about us. It's not about everybody in the ship facing the rough sea.

It is about some people can jump off in the lifeboat and some stuck on the ship. And it should not feel that way. It should not feel that way. And worse, it should not appear that way. But when it feels and looks that way to an investor, you are now fighting a real double-edged word in terms of asking us for our confidence and our trust. I don't doubt that the management has the requisite education and knowledge of what is to be done. I'm not doubting that.

But the track record speaks for itself, and that is something that draws us serious fear to me as an investor when I think about what is being asked of me and what I'm seeing happening. And if this was a one-off situation, I could understand. But it is something that I personally have asked about year after year. And in the chairman's words, they admitted to knowing of the problem and not fixing it. And that's not good enough. My memory of it is that he said that it was they told us that it was fixed yes but in truth it was not yes yeah which is a big again

I'm not putting out on the chairman because it was before he was he wasn't on the board at the time he became chairman relatively recently yes but as chairman he should be checking these things no I can't speak to that what else I can't speak to that yes you're correct um it's just that him not being the person who was actually doing it. That doesn't take away his responsibility. I agree with you 100%. Because he knows as chairman is currently exposed if the IRS tomorrow morning decides to file against the company.

He's exposed personally, not just at the company level. He's personally exposed. I don't know if he knows that. I don't know what and how much he knows. and even I don't, I can't say what's happening because I don't know what's happening either. I just know that I've, is what I really like the Kintyah show

but is one thing to watch a violent movie is another thing to suddenly find yourself in a violent movie. I prefer watching. Yeah, man. Yes, sir. Yeah, man. I think to give him credit, though.

Yeah. To give him credit, he, he, I think he has been well including yes I could tell that you were worked off yeah I believe he mr. Campbell I honestly thank you for how you managed the meeting yesterday and I thank you for being forthright with us and for not going around any any jargon or any walls, although

sometimes the way I was spoken to it was almost as if I don't know what I'm talking about. The CEO at one point pointed out to me that yes, I don't know what structure they are going to choose and I'm talking about a company can be formed

in 48 hours or whatever. The truth is there are only a handful of structures that you can use. And if you are going to go with an S corporation, which is the longest hardest version, you have to first form an LLC and then up elect to be an S-cooperation and file or approval. You didn't have to go that road. You don't go that far. You know, you

got to say here. Here my thought. If we go into, Diane, you don't know what we're, you don't know the structure we were going. You knew the structure and none of those structures think. No, they don't take a much. It's strong. It's a time where we're in this situation, right? so so it's the time of it the basic answer is you are undecided and it's she to still be you think he knew the structure i i i give the benefit of the doubt but i if you're if you're broker if you're a listing broker if the ceo and the top execs of your listing broker join the meeting to it would appear to me to vote against the same thing that I was against join to vote against yeah something wrong yeah in the words that a great ninja man

something wrong something wrong well the broker has a vested interest because they carry as do we as do we the whole reason in that meeting a dan Me, you and they have a same concern. Yeah. Concerns. Millions of units, I put millions of dollars into that thing. You know, it is critical. More than anything else, it made me realize how valuable.

Being able to step back sometimes and look at things properly is how important it is. and how important it is not to get taken away by the glitzy stuff and not to be, not to be, not to gloss over things in a way that causes us to take our money for granted, not to leave our money to just linger. We need to, we need to push for knowing and we need to push for understanding, and we need to push for being listened to and understood. You don't have to like us, but you like what our money does for your business. So treat us with that level of respect.

Is the Diana show it to everybody, you have a voice. And we care out, we don't, we don't buy stocks. we don't we don't we don't we don't we don't we buy this thing on the screen and we trade to make some money or lose it we buy a company and we have rights or a voice in a company it's just like your own piece of the corner shop and you say how certain things go because that is the agreement you sign to when you put the money in it and buy the bill in the shelf and everything so we have a voice and our concerns matter yes yes I hope that that is a very, you saw what I was saying to you before we even, when we were talking about the meeting or whatever, before the meeting even reached to where it was. The fact that you spoke, bro, yeah, that's, we need, we need, we hear so much concerns on Twitter lying about that go nowhere. And it to the point where it's almost a meme, we have talked to talk about things and, you know, you become this joke on Twitter.

Every company concern is, is a point to be highlighted. It's a point to be highlighted. some guys on Twitter can feel better about some other people. But the reality is, no, it's people and their money. If we have a voice, if you have a problem, you can always voice it. You have an agent, you can always voice it. And these guys work for us. They never get up and run.

We don't work for them. We're not employees at the company. We're not, we're not, we're not bystanders or, or, or, or, or. They report to us. Exactly. We're not audience. Yeah.

The report to us. And just the audacity of how far it's gotten. Because I still can't imagine that. Trying to vote. You know, that I can imagine the vote or the point is that the justification was, your board won. Isn't.

I'm like, but. Okay, I'm the board. Like, you can, what is the track record? You just finished telling us about every. you've told us about has been ruined and then some questions are asked and you're like oh which reminds me here's more things that have been ruined also give me permission to dilute you indefinitely infinitely and unrestrained there's nothing in the resolution that ties to

anything that is being said oh why we're diluting and then the truth is you haven't said anything about why we diluting because everything sounds like a potential plan that thing that so i don't know the things that you're saying i never want to come here from playing both yeah yeah yeah yeah i've said the things that you say a part of why i're happy about is that if you know what makes sense you know that the things that are being said don't make sense and the crazy part is you don't realize the person saying it doesn't know that it doesn't make sense that's the part that scared me they think it's sensible can't do a right issue unless you fix the balance sheet what why because somebody said it to them

that's the whole reason for doing that's the whole reason for doing the rights issue you need money you don't look the gift horse in the mouth somebody said it to them so that the other people who have sense would hear them say to realize that this person know what they're talking about it's a gift somebody gave them a sign and say just walk around and show this it's a gift it scares me though scares me because like i say Jesus and and i agree with you you know everything thing is fixable. As I've thought, you know, enlisted companies are very hard thing to kill. But these boys are trying. They're trying. They're trying. They're trying.

They're trying. They're trying. I saw the meeting and I was just happy that you ask the questions that need to be asked because it's been a long time since I've heard sensible questions asked at an AGM, asked of management. The questions I get asked are questions that are in the MD&A. The MD&A says, we did this. We bought three pieces of bread. You go, hey, how much bread did you guys buy?

It sounds so good. Oh, you know what's about the bread? You must be smart. That don't help me, my brother. You need to ask, why the hell are they buying bread? They're not, just like anybody that's not going to tell you the thing that is bad. Well, most people are going to tell you the thing that is bad. And as we've learned, at least as we were object less than it recently,

people will tell you the thing that is bad if they don't know that it's bad. And they will trumpet it loudly. They won't realize what they're doing. And that's the only way that you can find out. And you have to ask right questions to know. So everybody who listen to this, you don't have to be a finance expert. the thing you want to know, ask it. Now, I'm not telling you that you should ask what the profit was or whatever.

You do have a responsibility. We have a responsibility as investors to know certain things. Because another thing you should know is that almost all of the people involved in this thing, and I'm going to say on the other side, they can pick up very quickly when you don't know what you're talking about. So if you go to the AGM and you ask them what the profit was or what the receivables and why you have this money and this debt, they know immediately that you don't know. They talk on there and they have a way to talk to you. So you have a responsibility to know these things on your own. That's why there are forums like this. Ask the quote on, there's no stupid questions, but there are questions that if you ask at the AGM, you're wasting time and you'll see how AGM's got these days. We have 10 minutes for questions. That's two questions. You keep saying she, there's, there's no she, the lady is not on the board, Diane. Now said, if you're lucky, if you're lucky. You hear something. I heard something. I was like when you said 10 minutes. When you said 10 minutes and 9, if you're lucky,

yeah, yeah, 10 minutes of time. Yeah, you take up the, you take up the, you take up this AGM with your questions and we've been listening to you speak for 10 minutes. 10 me at a time At a time That's what I said Not 10 minutes at a time I was

I was surprised I was dumbfounded Yeah Yeah Yeah Literally I was I was

I was I was shocked I can't I can't I can't imagine It's like it's like It's like you got NCBH and he asks

Leaching something And his wife Gets up and go Yo What? What? No Don't

Don't don't Don't don't don't robot too i just like it you know i know i could sense there there's some emotion there and i can you have to understand something else then you have to understand something else like you know you have to understand something that you said yeah you have to understand something that you said yes is a listed company yes imagine you pick any and i got blue chip you go on my money jliang and go on main market and pick any main market company and imagine asking the board of any main market question.

Imagine you go JBG and ask about the province and that's happened to you. I would respond in the same matter. You know, I, it's sometimes sometimes. You respond is beautiful. I love your responses. Yeah. It's about

what it says and I'm not even touching the fact of what you asked and just just look at that image. I get it, I get it, I get it. I think it was coming from a place of defense and protection. Which is crazy. No, it's not, it's not really.

It's human. It's human. I don't want to explain certain things on here. Yeah, yeah, I know. I know I understand we're coming from, but I'm saying it's human. I see through the humanity and I acknowledge it. And you know, neither of your around. No, one of them is.

You're a human. Doesn't make it wrong. It does feel very disturbing. Well, you were pushed to upon. And you were pushed to. No, to a certain degree. But I'm saying it could have, it could have been taken further. It could have been more pointed.

It could have been done in a way that would engender a feeling of rage. And if that was my intention, I could have gone that way. But I don't want, hold on a second. I don't want us to lose the importance of asking and the importance of what is being asked. And I don't want it to become a soap opera situation. I think you're right now. I agree. I know.

I know exactly how. Randy, the thing is, do you know how it go? The point very easily becomes missed when we start with when certain things, when things go to a certain level. Yeah. Yeah. So it's best that if I am looking for the best for my company and right now things are rough, I have to. I have to respond almost as if I'm talking to an employee. I still have to be respectful to the employee.

And I still have to say, listen, these are the boundaries. And I'm going to talk to you. I'm going to tell you what is wrong. But you have to understand, say, and also things go. But still in a respectful way. You understand? Because if you don't do that, then you're no better or you're no more, you're not helping anymore.

And as I said in the meeting, I have more than once, and as the CEO indicated, he does not know me very well, but we have spoken. And in his words, he has contacted me and we have had conversations about stuff. And I appreciate the honesty that he's, if off him saying that, because that helps to clarify for everybody listening. that this is not a personal situation, but you are my CEO and I have high expectations of my CEO that you are going to come and speak to us a certain way. And I cannot ignore that expectation, especially when you're asking something so significant of us.

it is a time that is very critical to the life of the company. At a time it is very critical to my money. So I have to let the voice of my money and the right of my money to speak, speak. Right. It is important that I do that. It is important that you understand the concerns that shareholders have, that we don't just wait for another year to brush this aside. to wait and see what comes now.

If we are going to go into a new era, this new era must be powered and be based upon. Honesty, grabbing the bull by the horns, buckling down and doing the work that's necessary for this plan to be successful. It must come from a place where you genuinely come and say, this is the plan, these are the deliverables,

this is what we intend to do there's no secret to buying real estate so if you're telling us you're going to buy some real estate you can't say if it's commercial farm residential resort land nothing

you can't say the valuation right we can't tell you can't yeah or how much nothing at all your holder asked what's the value of this who did the valuation has any valuation has any valuation being done

you can't tell that Not even to say, yes, we have done our due diligence. Yes, we have a valuation, but based on the ongoing conversation, we cannot release that. We will release it at such and such a time. Not even that. So in essence, there's an empty shell that's being presented to us. Or what you're saying to us is the entity is no an empty shell into which we plan to port certain things. we don't know if they're going to come yet or not,

but we plan to put something into it, and we're going to go see how it go. No, it's not good enough. Not good enough. They have to come back to us with something that is crystal clear and that the board can clearly speak of it and understand what you will be and answer the questions that Cheryl has asked. All right, so we won't get the support,

and it will be a failure. Well, this is a reputation and track record matters. And the annoying thing is that you can't outrun your own reputation. So like, I, that I'm sure you will get a lot of blame. I'm sure you've already been getting a lot of blame in other circles for asking just the questions about your company. The nature of humanity. exactly but but you you just asked I think sensible questions and the other questions that could be I saw article today in a newspaper which made me ask

more questions yeah and and I'm just happy that you did it so on behalf of like maybe all the shareholders who wanted a good set of questions to you asked at A. James I mean I have say thank you and I hope that we find a good outcome to this whole thing. I hope that we do. I especially hope that we do because, again, I've got a lot of shares in the damn thing. But at this point, too, I'm down 81%, 80% on it, so. Aye, aye, aye. Yeah.

On the flip side. You're in a good position. I'm down overnight. Jeez. Yeah. is what it is yeah i saw i feel too i saw i feel too but but but what is dead may never die right and and the company exists still and it's still listed and hey at least right now it's not suspended and the results might be a little late a month late but but it's not suspended yet

and where there's life there's hope yeah yeah yeah can be i think it can be a good learning experience. I think something can come out of it. It certainly has taught me a whole lot. I have gotten so much more respect for some of the stuff that I used to brush past. So like that point that you said that, Diane, about, you know, like I remember asking you said, you know, what's the first thing that you look at when you're buying a cup, when you're buying, you're selecting a stock and you're like, you know, you look at the person, you look at what it is. I have leaned, especially in my earlier days, I leaned heavily on stock market the thing is up here so

so the people who really matter because there's a certain level like they can far below I know so much more now and it's a different market now than it was then right you can lean on that for a Scotia for careers but but um but you can't lean on that for everything company is just as good as a team

only as a team only as good as a team the company's people yeah yeah yeah yeah and if if I don't do a good job something is affected and if I'm if I'm doing if I'm not doing a good job on behalf of the company I work for then the company is affected those around here affect you know and and

again you know when you look at going back to what I said about K-E-X when you're when you are running something that your your your your your energy goes into and you are you are looking at this not just as a headline of today but something that you intend to endure for a long time your foundation must be very strong your your your your your planning must be very intentional your actions have to be done in such a way that even if you make mistakes and we will make mistakes that it isn't what defines you. The mistakes don't define you. It is it is how you operate that starts to define you. It is it is people looking at the thing and seeing that this is an organic real thing. It's not a made-up thing. It's not a painting

or a facade. It is a real thing and people, people may not speak up or people may not ask any questions, but people see and they know and they understand. And you have to remember that. And sometimes the silence is what kills you. Right. And if if we are coming to market and we are coming to market and we are very bold and we are very outspoken and we talk about all these massive plans that we have, but we can tell you how much million dollars we're going to do when we expand into the Caribbean region and we're going to expand into Africa. All of these numbers can be generated. But when you are coming to us and say,

we want to acquire this, you know, me can't tell you none. No, it cannot be that. And I said it in the meeting. That company came to market with perhaps the greatest retail support any company has gotten in the last 10 years.

Possibly. To squander that support. I think has been the greatest, most significant flaw. Yeah. Yeah. Second flaw after that is the non-payment of your debt. And the writing off, I've said that.

And I'm not even touching the right off. The non-payment, that money, that facility coming shortly after an IPO, applied in the right way. I'm going to say it again. Imagine if that money went to a K-E-X, how they would invest that money. What would happen to that money? We'll come back with little brothers and sisters

to the shareholders. The difference in how we look at things and see things and the difference in how we understand that we are not here to be I'm the CEO and here to be a steward

of what has been given to me this is a blessing that I have received and I need to be a good steward of this I need to be accountable for this we as a team need to be accountable and good stewards we need to know what is the mission and why it is that this mission is important

to our shareholders and the wider audience that we serve If we're not having that type of a mindset, especially as a young person coming out of a country that is fighting for its breath, you have to, you have to take it serious. You have to be doubly serious if you intend to be successful. Yeah, the problem is, my brother, twofold. One, some people want to tell you that they're serious and you should be. believe it and too they don't seem to understand that you don't show you don't tell people you see you're serious you show them that you see us right it the actions prove it and it's hard for you

would too it's like the emperor the emperor has no clothes but you want us to say oh no your clothes look so good it looks so good but bro you walking naked and everybody can see it why should we pretend along with you who does it help and you're not the emperor that's the worst part. So the emperor could, the people agree to the emperor because it was the emperor. What do you believe that a madman is wearing the best clothes out there? Right? So actually did the work. Actually did the work, not the pretence of the work. You know, and you, and no, really, maybe just the entrepreneurial thing, my brother. Being seen is so damn hard. You don't like. It's not fun. It's not fun. It's not fun. It's not fun. The fun leaves very quickly if you're actually doing the work.

Anyway, the people have been, say that again? You're your phone for Instagram. Exactly. Exactly. I don't know anybody who's a real CEO that thinks are themselves that way. It's high. It's not fun at all. Yeah, it's anyway. Again, Dan, thank you. for tonight. I appreciate for yesterday. Yeah.

Yeah. Yeah. Thank you for yesterday. Exactly. Because it needed to be said. And also because you have, you're in contention. Like that I said,

it might be AGM of the year. It might be AGM of the year. Cause of all the ways it could go, I did not expect it to go home. Yeah. a movie, like I say. You see people, multiple people are record it just because they're like, wow. And the amount of things in there is like a case study in what could go wrong.

Every time you think you can't get any crazier, it did. And it's postponed. So technically we do have another sitting of it to, to, what are the rules are wrong? around the post moment of this time. You know, I don't say nobody to know. You're not saying nobody now. No, no. We go home with the vote.

So the thing is that the meeting couldn't actually end. So. I have a, I have a, I have a, I have a, yeah, I have a, I have a, before the meeting comes, before we get any answers. I, I, I am actually actively. expecting to hear more and for the parties that have concerns. Expecting are you one here. Wait me better.

No, no, not want, not want, expecting. You're expecting real answers? From who? Answers or are you doing questions? No, no, no, no, no, no, no. No, no, not questions. I expect some things to be done prior to any further meeting.

I might be wrong, but if I were a 14% holder who attended an AGM and that was a kind of feedback that happened on the top of the concerns that I stated in the meeting

in writing, the questions I asked in the meeting, in writing, the forcing of the meeting into suspension, I would I would leave that meeting with greater concern than I entered the meeting with. And based on that, just as a person looking at this, if I held 14%, my lawyers and I would have been meeting today.

and I will be asking questions about how do I protect my 14% and how do I ensure that the format of how all of this is happening is not allowed to happen in that way that's the first part I spend the law at all and I for them like expensive came in a suspense no no no no I I understand that

but you have to remember too that there is also there are two entities that were there and one of them is the holder of no yeah yeah I get it you know

but I also think over 200 million dollars of debt that answer that every question about what's actually happening there okay so for me I believe

in the mirror in the in the in the in the in the in the in the in the in the in the lightest smallest version a letter would be sent to the board asking certain questions after that meeting both by the debt holder and by the 14% sheer holder I would be I would be that letter would be my lawyer and I would be talking about those letters this morning first thing because

the mere fact that we are hearing of certain things, the mere fact that certain things reported inside the audited financial statement are in effect inaccurate because that subsidiary does not exist as an example. That alone in itself is concerned for me to say, hey, what are you guys doing?

Bro, the auditor say, I only represent the auditor. I'm only here to read the report. I really think this needs like a sit down serious meeting, not a feelings meeting, but I sit down serious meeting. You can't get the feelings out of it. Why? If it has to go beyond it if they need to,

if this is to survive, it has to go beyond that. It has to be like real serious intention. in front of them. Please remember what the starting line look like. All the resources in the world. And with the sharpest team. And probably one of the most knowledgeable people about the market and investing and business on their side.

And they said, remember so it looked like if we do it without all of this. So, are you talking about dollar? No, no, no, no, no. Look at dollar. I don't own enough dollar. You own enough dollar? I don't own enough dollar. I don't. I don't. I don't. Dollar is doing great. This, look how old are every focus. Sorry to me. Be in mind. After Eddie four called IPO, you know, as you said, the debt, how did they get the big debt? There are 200 million unlent from DBJ? Yes. 200 million unlent from DBJ. Where are you? I don't know my brother I never put 200 million in front of me and say here yet never in life I've seen 200 million in cash

but it's they never said it's yours they didn't say yo let you can't borrow it let me 200 million I'll show you what to do it you've asked me for count it bro and get back yeah

uh-uh uh-uh yeah so I'm not saying things are easy but I'm saying that you've gotten a start that most people would dream about and that is why it's a blessing you know you are offered you are giving a blessing they're granted a unique and rare blessing that many people would would would be grateful for you know you have your own plans and and I don't not that everybody should have their own plans as I've advised friends in the past, you have to be the captain of your own ship.

So you have to run your ship, but you actually have to do it. You can. It's not being the captain of ship does not mean putting on the captain in clothes and going, hey, I'm the captain. If you have to say, the man who has to say,

I am king is no king at all. If you have to say it, then you're really not there. You need to show it. You start by actually doing the thing. But hey, you know, for the preaching, my brother, Dan,

thank you very, very, very much. very much. Yeah, man. Yeah. Yeah, you've taught me a strong lesson to. I about speaking up. I certainly will speak up more. And I hope our money in this don't bon up,

but if it is, it's also a strong lesson. And I think, you know, the worst part is, it's not that things can't fail. It's whole. Yeah, it's whole. The whole really matters to me. You can't go. You tried, you really tried.

You didn't have to do it all. right business is hard have a lot of grace of people in business even more grace of people in business now but oh yeah yeah the only thing left is for a sunday-gleaner diane bad mine that's that's they've not seen you're bad man next that's what that's what we can bad man we can bad man we can you go find out you're fine what what are that some eider shareholders yourself yeah right bad man yeah man they'll put it to you my brother yeah i don't i don't know i just thankfully we have other options on

the market and we will be here to talk about it god's willing next week and in the weeks to come thank you again dan thank you everybody was on thank you lopo thank you phil and of course thank you dan i for doing this with me and uh for the gross subscribers i see you guys at chill session tomorrow right um and of course in the group all the time time. I hope you guys enjoy it. Keep investing. Then I if you want to leave them with something, you can't tell them keep investing, come. I'm just telling that. Tell them something new. Get them, get them. I know every man get the blessing. So more than a style, they need extra this. Very hot topic. That night, everybody. Have a great night. It's good Rick