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Bagir Grp Share Discussion Threads
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|Great news and the first of many new contracts.
|Bagir Group Ltd
29 November 2016
29 November 2016
Bagir Group Ltd.
("Bagir" or the "Company")
Bagir announces Ethiopia manufacturing milestone
Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, is pleased to announce the successful completion of its first international contract from its manufacturing site in Ethiopia. The first order, which is from the leading global high street retailer H&M, was for tailored trousers, and has been completed and shipped to the US. More orders for other destinations are now in production.
In July this year Bagir announced the restructuring of its manufacturing facilities to focus on just three production centers in Vietnam, Egypt and Ethiopia, with the sites in Vietnam and Egypt fulfilling the majority of the total manufacturing output in the immediate future and Ethiopia representing an important but longer-term opportunity for the Company. Ethiopia benefits from highly competitive production costs, incentives for investors, low energy costs, proximity to the European market and duty-free export status for sales to both the EU and USA.
The Company holds a 50% joint venture interest in its site in Ethiopia, covering 50,000 sqm and employing 450 people. Quality remains at the heart of what Bagir aspires to and so over the last 18 months Bagir has re-located key members of its management team to Ethiopia in order to ensure that the garments produced there meet international quality control standards. This first 'test' order by H&M demonstrates the high-quality levels of the garments being produced in Ethiopia as well the potential of Bagir's manufacturing strategy in Ethiopia.
Eran Itzhak, Bagir CEO said:
"To produce formal trousers for export to the US is an important milestone achieved for the Ethiopian site. Alongside tariff free trade and low-production costs, the site has good connectivity for onward distribution and we are confident Ethiopia will become an increasingly important part of our manufacturing base as quite simply it can produce top quality garments for less."
For further information, please contact:|
|Avoid like the plaque he has had more suspended stocks than every poster on Advfn|
|At least a bit of the slack is in new hands, looking good for next update.
|they would have sold by now id have thought.|
|Ramp, ramp, ramp.|
|Looks like I timed that last 30k quite nicely, looks like a news leak to me can't see it being "promoted" overly on twitter.
|Now 180k buys v 15k sale I fancy news shortly.
|Maybe time for another 30k me thinks.
|Lots of holdings RNS's that I'd missed, it's a tightly held share only 20odd % in PI hands.
|Well, good to see trading in line, the debt eliminated later today, and a reassurance that the Ethiopian situation is unlikely to be a concern.|
|Looking very good for a recovery.
|Another issue could be their Ethiopian operation following the state of emergency declared there earlier this week. Look how this has decimated the share price of PTD.|
|So we will have 233m shares post placing. A market cap of around £8m post placing at placing price of 3.5p. Loss of 1.6m US dollars first half would have been a breakeven position with the finance costs removed as they will be post placing. Operating profit first half was 800k dollars. Depreciation and amortisation was 850k dollars. Now investors can buy at the placing price for the first time is this a potential turnaround situation?|
|From the circular....
if the Company generates annual EBITDA above $6.5 million between
2016 and 2024 then a contingent payment will be due of 50% of the excess of annual
EBITDA generated above $6.5 million up to a maximum payment in aggregate of $8.0
|OK, need to work out the market cap after the uber issue on the placing, so you know what that is before working out what the "potential" EBITDA levels are going forward to see what upside there is....DYOR|
|They didn't exactly write off the 21m debt with 8.. They have to pay back some of their profits later in time. There is a clause in the agreement.|
|Some tidy volume today, could be a nice little recovery punt.
|The bank write's off the balance. It worked for STY, let's hope it has the same impact on the share price here.|
|How can it pay off the bank debt of 21 million with only 8 mill raised.. Something a miss|
|Debt removal at a discount set to drive the rise today.
|Placing veing done at 4p guys hopefully below that now|
|Yet another disaster for BAGR shareholders.|
|Moving on small volume seller cleared|
|shame on the nasty MMS, many got impaled on 13 feet bargepole here.
could go back to 3p tomorrow :(|