Last 09May2020, FarmOn sent us an email to provide initial updates on the impact of Covid-19 / ECQ / GCQ to their operations and to the investments of investors. They also talked about the status of withdrawal requests, which they had to defer for the next few months to conserve liquid cash and sustain limited operations.
From our end, our take was that it was the best thing to do despite difficult for investors who want to pull out. Losing the limited cash they have may just cause FarmOn to close outright instead of be able to weather the pandemic. We still have pending investments with them by the way.
See here for their previous update: FarmOn Updates on Covid-19: Investments and Withdrawal Status.
Yesterday, we got another email from FarmOn and they sounded confident and optimistic. Not much details were provided in the email, except for an invitation to watch them on YouTube live tomorrow, August 7, 2020, Friday at 7:30pm. For those who missed the email, here’s the message:
Good day FarmOners!
We have sent you an email blast during the ECQ period and in that email, we have discussed how the pandemic has greatly affected us. Breaking the news to you is the last thing that we wanted to do back then but it is what it is and so we have to divulge the information no matter how heavy it might be. COVID-19 has greatly affected us and we can’t deny that. In that same email, we have also presented our recovery plan.
For the entire quarantine period all of our efforts were focused on the recovery plan. We carried them out, made certain adjustments here and there to make it work more effectively. We are doing this to protect the interest of all stakeholders especially to you, FarmOners. We know and we are aware that many are not happy with the turn out of events but so are we. To be in this dire situation is something that we don’t want to happen but this is beyond our control and nobody can ever be prepared for a catastrophe such as this. We know and we are aware that there are a lot of rumors going around and that the trolls have taken over the social media. It would be easy to but [sic] in and deal with them but we chose to stay silent and do everything to overturn the effects of the pandemic. Our silence doesn’t mean inactivity. We just don’t want to be affected by things so that we can focus more on what matters most – RECOVERY.
Today, we are here to break the GOOD NEWS! Our recovery plan proved to be effective and right now we are slowly moving forward. We are therefore excited to invite you to join us on our Youtube live on Friday at 7:30pm (+8 GMT or Philippine time). On that event, we will showcase what we have done so far and how we are moving forward despite the uncertainties that this pandemic has brought us.
To join, please click on the link below. Keep safe and stay healthy everyone!
Let’s see tomorrow what updates they have to offer. Hopefully, good news indeed to the investors and farmers alike. For those who will not be able to watch, will keep you posted.
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Images from FarmOn website.