CLV 0.36% $2.73 clover corporation limited

something cooking fast, page-2

  1. 34,500 Posts.
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    Looks like its gone over the year 2000 high.

    I think this is last info apart from recent option conversions on august this month...

    Shareholder Update from Chairman
    Friday, 9 May 2003 11:05


    HOMEX - Sydney

    At last November's Annual General Meeting shareholders were advised
    of a number of major changes that were designed to reverse the
    performance of Clover Corporation Limited (Clover). Amongst those
    changes the two most important were the reorganization of Clover's
    corporate structure in order to reduce operating costs and as a
    consequence lower the on-going cash burn of the company and secondly
    the formation of the joint venture company, Nu-Mega Ingredients Pty
    Ltd (Nu-Mega Ingredients) which was established to provide Clover
    with the management expertise to capitalize on the research and
    development work undertaken by Clover over the past five years.

    I am pleased to advise that the changes put in place late last year
    have produced the results that your Board of Directors had planned. On
    the 6th March 2003, Clover announced its half year result, a profit
    of $292,000. This positive result compared favourably with last
    year's loss for the same period of $2,513,000. The result for the six
    months included a profit from the newly formed Nu-Mega Ingredients, as
    well as licence fees received from US based company Martek
    Biosciences Corporation. It was particularly pleasing to see the cash
    burn rate reversed to show a positive cash flow for the period. More
    recently Clover lodged its 3rd quarter cash flow report to the ASX,
    the result being a positive cashflow of $891,000 for the quarter.

    Nu-Mega Ingredients which is 70% owned by Clover commenced operations
    in November 2002. During the first five months of trading ie; from
    November 2002 to March 2003, the company recorded sales of $4,678,575
    and a profit before tax of $716,949.

    During this very short period of time the highly focused management
    team at Nu-Mega Ingredients has continued the development of 0mega3
    DHA enriched foods with both major local and international food
    companies. The most significant being the continued success of George
    Weston's Omega3 DHA enriched Tip Top UP(TM) bread in Australia, in
    infant formulas throughout Australia, New Zealand and Asia and in
    drinking yogurt products in Saudi Arabia. More recent product
    launches have included 0mega3 DHA enhanced smallgoods from Hans
    Continental Smallgoods and Omega3 enriched fish products from Birds
    Eye in Australia and Warburtons who have also launched an Omega3 DHA
    bread in the United Kingdom.

    Over the last six months a number of new research papers on the
    effect of Onega3 DHA on depression, heart disease, Alzheimer's
    Disease and Attention-Deficit Hyperactivity Disorder have been added
    to the 20,000 plus papers previously published on the subject. All
    studies have shown the importance of Omega3 DHA in diet and this has
    prompted additional interest from food companies seeking to enter the
    functional food market, this market is estimated to be in excess of
    $50 billion worldwide.

    In March of this year the International Nutritional Company of
    Denmark awarded a $4 million per annum contract to Nu-Mega
    Ingredients to supply Omega3 DHA encapsulated powder for inclusion in
    their infant product for the South East Asian market. In addition to
    this a number of new products will be released to the market over the
    next 4 to 6 months which will add further impetus to Omega3 DHA
    awareness and its importance in the daily diet.

    Also in March the American Oil Chemists Society awarded Clover and
    its collaborative partner Food Science Australia (CSIRO) their 2003
    Corporate Achievement Award in recognition of the technological,
    commercial and perishable impact of our joint research in oil
    microencapsulation technology over the last five years. This
    prestigious award will add further weight to the marketing effort in
    the USA.

    Some shareholders may have recently seen a television report
    regarding mercury levels in fish claiming that mercury may cause
    harmful effects in pregnant women. Clover has reported to ANSFA and
    the TGA Authorities that Clover tuna oils are free from mercury
    contamination and other heavy metals and pesticides and can be used
    and recommended with confidence. Added to this shareholders should
    also note that Clover/Nu-Mega Ingredients products are not affected
    by the much publicized Pan Pharmaceuticals recall.

    Although a great deal has been achieved over a relatively short time
    span your Directors and the management team at Nu-Mega Ingredients
    still have a great deal of work to do to fully exploit the technology
    which will enable Clover to realize its full potential. Based on the
    foregoing I am now confident that a solid foundation has been laid on
    which we can build our business future.

    Peter Robinson
    Clover Corporation Limited

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