Comment posted Has Loch Fyne Oysters been shucked by the right partner? by School Defender.
BFM- I am sorry for my comment, it was uncalled for and quite rude (as evidenced by the number of no votes). I blame a long hard day at the coalface with unruly youngsters, but that’s probably just an excuse for a hint of envy at your financial analysis, plus a little irritation that the FA story and your response tries to use a good news story to attack a valuable Scottish industry.
School Defender also commented
- Agreed then. Let’s watch this space closely and we’ll no doubt have a discussion in a year’s time when the 2012 accounts are published. Personally, and without detailed knowledge of the Scottish Salmon Company’s financial aspirations, I believe that this will be a positive move for LFO, Scottish Salmon Company, and most importantly, Argyll.
- Posting at 1.08am? If you need a cure for insomnia, can I suggest you simply read what you wrote?
- Well done FA for reporting on this- it’s a good news story and it is directly relevant to Argyll.
The future of Loch Fyne Oysters has been secured by the intervention of The Scottish Salmon Company.
Between them these companies bring employment, significant revenue, and tourists to Argyll, and export ‘Argyll’ all over the world.
So The Scottish Salmon Company has reported a dip in profits?- no surprise given the downturn in salmon prices, but a £14.4m profit is not to be sniffed at, especially since most of this was generated in Argyll.
Your analysis of the salmon market is amateurish and merely an attempt to criticise the industry, and as for your attempt to play the Norwegian bogeyman card, you have been praising Norway to the heavens as a role model for an independant Scotland for long enough so what exactly is your point?
And hurrah for The Scottish Salmon Company for announcing massive capital investment plans in rural Scotland with the attendant job creation. How many other businesses are expressing such positivity in the current economic climate?
Recent comments by School Defender
- Scottish Summit on ash dieback disease
To quote a wonderful actor who died recently, “Don’t Panic!”- I met a frightfully pukka chap last week walking the woods near my house, who stated that he worked for the forestry commission and all staff had been instructed to get their wellies on and conduct the ash dieback survey, but he would be interested if I had seen any evidence locally. I asked him what symptoms he was looking for, to which he replied ‘the leaves shrivel and fall off’.
I had to report that we saw such symptoms every autumn so perhaps early November may not be the best time to conduct such a survey. Blissfully ignorant of my irony, he marched on with his notebook, but luckily my area is not listed as affected.
Presumably it was also one of his colleagues who has suggested footdips for walkers and dogs in woodlands, which isn’t the best method of controlling an airborne pathogen.
So, all under control then. - Was no Scottiish University capable of doing the mathematical model on the impact of minimum pricing of alcohol?
Grow a sense of humour. - Double edged message in government announcement of new Marine Harvest investment
Never assume. - Was no Scottiish University capable of doing the mathematical model on the impact of minimum pricing of alcohol?
One too many alcopops for you today then? - Double edged message in government announcement of new Marine Harvest investment
It was a poor response and not up to your usual standard Mr Wakeham. Bringing slavery and child labour into the argument is a bit extreme.
And how can you possibly know what I think anyway?
I do, however, believe that fish farming is worthy of more credit than the repetitive critical drivel FA churns out on the subject every time.
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Well done FA for reporting on this- it’s a good news story and it is directly relevant to Argyll.
The future of Loch Fyne Oysters has been secured by the intervention of The Scottish Salmon Company.
Between them these companies bring employment, significant revenue, and tourists to Argyll, and export ‘Argyll’ all over the world.
So The Scottish Salmon Company has reported a dip in profits?- no surprise given the downturn in salmon prices, but a £14.4m profit is not to be sniffed at, especially since most of this was generated in Argyll.
Your analysis of the salmon market is amateurish and merely an attempt to criticise the industry, and as for your attempt to play the Norwegian bogeyman card, you have been praising Norway to the heavens as a role model for an independant Scotland for long enough so what exactly is your point?
And hurrah for The Scottish Salmon Company for announcing massive capital investment plans in rural Scotland with the attendant job creation. How many other businesses are expressing such positivity in the current economic climate?
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But how many anglers are we losing from the tourism economy who spend a lot of money in all areas? I take it you’ve read the reports on the effects on wild fish.
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What has your comment to do with the merger?
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Like school defender I can not understand nor see the reasoning in this article.
In the original press release it was quite clearly stated that one, if not the major reason for the tie-up with Scottish Seafood Investments was that Loch Fyne Oysters found it increasingly difficult to secure funding/investment from conventional sources (probably their bankers) to expand the business because of the way it was structured.
It was and is a case of the owner/employees being willing sellers to Scottish Seafood Investments as willing buyers to secure and expand the business.
Can only be good for Argyll.
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Being an analyst and having reviewed the Q4 accounts, i find it disturbing no news outlet covering this story has noticed the comments hidden away at the back of the accounts on page 8. I will paraphrase but essentially due to lower volumes coming through due to world salmon supply recovering from the chilean farms coming back online, higher feed costs, stocks killed by sea lice and committed capex requirements, the company forecasted a breach of the gearing ratio and NIBD to EBITDA ratio in Q2 & Q3 in 2012. They did however successfully gain waivers from the banks for the forecast breaches plus the covenant ratios were loosened. Interestingly however they state that the covenants may have to be re-visted should revenues & costs not act as assumed. Essentially the banks now hold the cards here after the shocking Q4 results. I also find it interesting that the company has recently signed up the use of Ballan Wasse in salmon cages in order to reduce sea lice on salmon. Perhaps a chilean style outbreak of sea lice is on the cards given the ever more concentration of cages in order to drive towards lower costs and higher profits???
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Posting at 1.08am? If you need a cure for insomnia, can I suggest you simply read what you wrote?
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BFM- I am sorry for my comment, it was uncalled for and quite rude (as evidenced by the number of no votes). I blame a long hard day at the coalface with unruly youngsters, but that’s probably just an excuse for a hint of envy at your financial analysis, plus a little irritation that the FA story and your response tries to use a good news story to attack a valuable Scottish industry.
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We know just what you’re talking about. There’s nothing like an all-nighter – of which we do too many – to make one snappish in the morning.
And we understand your irritation. But the business risk tightrope is a difficult one and a white knight means handing control to something which may not deliver.
A 36% drop in pre-tax and pre-interest trading profits is not a sneeze. And investment in the means for LFO to develop its export market will come from profits.
There is no one who would not fervently wish to see LFO grow securely but this has not been the start to the relationship any of the partners would have wished for.
Having said that, Northern Link is an investment company and it is part of Scottish Seafood Investments. That may buffer the hit on the Scottish Salmon Company.
But the LFO employee-owners who were given shares in the Scottish Salmon Company in the sale, will not be able to look forward to much of a dividend in these circumstances.
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Agreed then. Let’s watch this space closely and we’ll no doubt have a discussion in a year’s time when the 2012 accounts are published. Personally, and without detailed knowledge of the Scottish Salmon Company’s financial aspirations, I believe that this will be a positive move for LFO, Scottish Salmon Company, and most importantly, Argyll.
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