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Speaker 1: The official final result of the conveted takeover votes being

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Speaker 1: released and as expected, not going to happen. This is

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Speaker 1: the proposed takeover by Florins. It's failed. Forty sorry, fifty

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Speaker 1: four point twenty nine percent of shareholders were in favor.

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Speaker 1: You need seventy five percent. A struggling minooka honey company

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Speaker 1: has to come up with a plan, be pretty quick.

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Speaker 1: It's got sixty million dollars of debt right now that

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Speaker 1: needs to be repaid in the first quarter of next year.

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Speaker 1: Carl Graydon is CEO with me now, Carl, good evening.

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Speaker 2: Good evening, thanks having me.

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Speaker 1: So what's the plan now? How are you going to

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Speaker 1: pay this debt?

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Speaker 2: Well, the shareholders have spoken and at the end of

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Speaker 2: the day, we've now got a business as CEO that

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Speaker 2: I need to continue to hit the results and deliver

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Speaker 2: against the promises we've made. That's the first thing we

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Speaker 2: need to do. And the board is very clear that

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Speaker 2: they've now got to work with urgency, with both our

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Speaker 2: lenders and advisors to deliver a plan big so as

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Speaker 2: it expects. They have been thinking about this for quite

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Speaker 2: some time as a contingency, quite a thoughtful and now

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Speaker 2: the time is to act as a leadership team to

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Speaker 2: deliver on the results, and the board is entirely focused

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Speaker 2: on the recapitalization.

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Speaker 1: You don't sound too worried about this. Is there a

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Speaker 1: risk the company is going to fall over?

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Speaker 2: I think that there is always a collaboration to be

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Speaker 2: had with our lending partners. We will be requiring equity

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Speaker 2: going forwards, and I think that as a result of that,

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Speaker 2: we need to be always thinking about the future scenarios.

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Speaker 2: We have a great brand, we have a great shareholder base,

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Speaker 2: and at the end of the day, we need to

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Speaker 2: continue to deliver on the promise. And the good thing

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Speaker 2: is in the last few months we have begun to

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Speaker 2: deliver against the potential of the brand and deliver what

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Speaker 2: we said we were going to do. And it's the priority.

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Speaker 1: No question about the brand. The brand is really strong.

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Speaker 1: How's that recapitalization going to work? Do you think?

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Speaker 2: Well, I think it's a little bit early to actually

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Speaker 2: talk about that with any confidence. We're working alongside our

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Speaker 2: lending partners, We're working alongside the board to ensure that

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Speaker 2: all options continue to be explored. They have been working

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Speaker 2: on this and quite quite some time as a contingency,

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Speaker 2: so we'll be able to put it back to the

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Speaker 2: INSIDEX and to your listeners as soon as we have

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Speaker 2: the clarity on that. But so there is a lot

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Speaker 2: of work going on behind the scenes.

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Speaker 1: What options are you talking about, Karl.

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Speaker 2: Well, we will need to work alongside our lending partners.

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Speaker 2: We will need to go back out to market and

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Speaker 2: potentially work on a recapitalization plan, and with that recapitalization

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Speaker 2: comes a whole series of options which have not yet

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Speaker 2: been fully explored. So we'll be working with our advisors

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Speaker 2: and with our lenders to ensure that the brand is

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Speaker 2: able to thrive.

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Speaker 1: Why is there an oversupply or a supply issue with

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Speaker 1: hunting at the moment?

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Speaker 2: The post COVID situation really hit the industry quite hard.

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Speaker 2: We had an oversupply of honey coming out of the

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Speaker 2: apiaries across the entire country. We had a surge in

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Speaker 2: high numbers which have since reduced significantly. And as the

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Speaker 2: global market was looking for natural solutions to boost the immunity,

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Speaker 2: they looked to Monica honey and that drove confidence that

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Speaker 2: that would continue on that growth stored right at the

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Speaker 2: time as people were investing in additional hives. So now

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Speaker 2: that we're seeing the high numbers reduce and our sales

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Speaker 2: rates increase. We're actually confident that that is no longer

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Speaker 2: going to be the case. It will work through this

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Speaker 2: glut of honey we've had in the past, but it's

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Speaker 2: still overhanging us and I think it will take a

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Speaker 2: few months for it to continue to flow through the system.

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Speaker 1: And Convet it will be around for a long time

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Speaker 1: yet well.

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Speaker 2: Conveter is the number one brand globally in Manu Kahana.

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Speaker 2: We have the best distribution network globally. We have trusted

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Speaker 2: partners around the world, we have some great aparies, and

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Speaker 2: we're highly innovative with science based products. So when you're

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Speaker 2: in our position, it is our brand that has the

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Speaker 2: reputation and that's what we're going to continue to invest in.

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Speaker 2: And we love to be here for a very long time.

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Speaker 2: We've been here for fifty years and look to continue

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Speaker 2: to be here for another fifty.

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Speaker 1: All right, Carl, Carl, appreciate your time tonight, Carl Graden,

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Speaker 1: who's convicted our chief executive. For more from Heather Duplessy

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Speaker 1: Allen Drive, listen live to news talks. It'd be from

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Speaker 1: four pm weekdays, or follow the podcast on iHeartRadio,