Friday, December 2, 2011

Equity for Punks Part II – Interview with James Watt

I had been aware of Equity for Punks since its announcement but hadn't read all the details closely until recently. I knew, more or less, that they were selling shares but a closer read piqued my interest about them all over again. (Read about what first piqued my interest in BrewDog here: an interview with BrewDog intern Brett Taylor and also a beer dinner with James Watt at Gambrinus Bistro, London, Ontario).

The best breweries tend to have great beer but are also well run businesses and this is a great example of that. No sense bothering to brew good beer if you can't sell it or get people interested in drinking it. We published a breakdown of BrewDog's Equity for Punks share offering about 5 minutes ago. Here is part II where I ask James Watt some questions about Equity for Punks and the future for BrewDog.

This interview was done by email in November, 2011. James' replies are in bold.

AB - I can imagine that the AGM will, indeed, be legendary. Can you offer any hints about what BrewDog has in store for shareholders? When will the first AGM take place?

It will be in April  2012

AB - If someone wanted to sell some of their BrewDog shares how would they do that? Because they are unlisted, does this mean the onus is entirely on the shareholder to find a buyer and establish a price? (perhaps the AGM would be a good forum for share buying and swapping) 

We are going to have a match bargain system on from 2013 and are aiming for a full listing by 2016.

AB - Do you think it will be a challenge to keep BrewDog's sometimes aggressive and outspoken style in balance with the wishes of shareholders? The equity offering certainly changes things, adding a new layer of accountability. How do you feel about that?


It should be cool. We are well run financially and this is where the accountability lies. Not in our crazy punk marketing! People know what to expect from us.

AB - What are to goals that BrewDog wants to achieve with the capacity offered by the new brewery? What will become of the current brewery?

The long term goal is global domination!
The current brewery will be kept for small batch experimental beers.

AB - In the long-term, what role do the BrewDog pubs play in the future of the company? Are there any plans for locations outside of the UK or Europe?

At the moment we are focussed on the UK, but longer term we would be keen to explore international opportunities.

AB - Beyond the current share offering, what is next for the company? I don't read you as the type to rest on your laurels. Is there something you feel like you and Martin have yet to accomplish?

[James declined to answer this question. This pregnant silence is for you to decipher.]

AB - What kind of information and financial statements will be made available to shareholders?

Yearly audited accounts and video updates every few months – we are just working on the first shareholder video update and filmed this yesterday.

AB - Finally, music always seems to come up when you talk. What records have you been listening to lately?


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