||EPS - Basic
||Market Cap (m)
|skanjete2: I don't think we should be too anxious for the results. Most probably another loss will be reported. The situation in Belize hasn't bettered a lot over the past few months.
Anyhow, it doesn't matter since the share price is almost discounting a total loss at the moment.|
|hjfe: From RNS of 19/10/12:
"The Directors believe that an informed current value of BCB Holdings is not fully reflected at present in its share price, as BCB Holdings' shares are currently valued at a discount of more than 80 per cent. to its tangible net assets based on its share price as at 13 October 2011 and the latest audited
financial statements as at 31 March 2011."
This was trading at 50p then............
|horace678: My speculation about a cash repayment in post 59 is incorrect. The capital reduction must consist of the assets in BCB being fewer and the "repayment" must consist of the issue of WIHL shares. So if you have 1000 shares in BCB, you will end up with a further 1000 shares in WIHL. The share price of BCB seems to be holding up, and if it were equal to the NAV would be worth about 80p. If the shares in WIHL were to be equal to NAV then our holdings would be worth about FOUR TIMES what they have been before the demerger. There is no mention of a buyback scheme in WIHL shares.|
|jrr774: Many thanks. Does it go into detail regarding the capital reduction and repayment you mentioned in post 59?
Hopefully as an unlisted stock WIHL will trade at or much nearer to TNAV when traded via JP Jenkins. I'm not sure if Ashcroft's intention is to push out small investors by buying stock at that level, but it sounds from the mention of the 80% discount to NAV at present they hope to close the gap. Is there any mention of a buyback scheme for WIHL shares? If shares are priced in accordance with an audited valuation we could potentially have a three bagger from the current share price, and still hold on to the Belize interests in 'new' BCB.|
|horace678: I have seen the circular (from my mum who has the shares in certificated form), but didn't bother going to the GM. We are getting an equal number of shares in WIHL as we already hold in BCB. The total assets of "old" BCB were $421m, of which $126m will constitute the "new" BCB (Belize bank) and the rest, $295m, will constitute WIHL (interests in T&C, Numar etc). On this basis, if the share price of BCB stays the same, it'll be a much better indication of the underlying assets. I have been trying to find out the initial price of WIHL. If there are 100m shares representing assets of $295m, does this indicate that the shares should be worth $2.95 each? I'll keep you posted.|
|horace678: Yes, Ashcroft's loans to the T&C islands (including a load of his personal money) don't seem to have done too well. Still, I'm holding onto this one for good. The share price is now only 25% of the book value.|
|horace678: It's been noted in previous posts that Ashcroft has a "deadline" of 2020 (when he'll be 75 years old). As you know, he makes his money from buying cheap, reorganising, and then selling off. The origins of BCB were in the Belize Bank which he bought for $1 in 1987. I think BCB will be the final "hurrah" for Ashcroft when he sells off (e.g. to the Bank of America or some such) and the share price will shoot up. But we might have to wait a few more years!|
I'm not, although I know Lorenz.
I don't need anyone else to make an estimation of the value of the assets. The bank is difficult because we don't have a view on how conservatively they are booking their impairments.
The Numar stake, on the other hand is quite straightforward : net profit for BCB of plus m20$. This alone is 12p/share net profit, with a book value of 72p/share. So my take would be that the Numar stake must be worth someting around 1£/share less a discount for the minority perhaps...
If you look at Numar based on their acreage, you would come to similar conclusions.
If fact, it was because of their palm oil interest in the first place that I was attracted to the company a few years ago.
Options and warrants : I obviously don't know what the share price will be in 2012 or 2013. The convertible debt is also convertible at the same price. Lord Ashcroft agreed to extend the term of the debt last year, and he agreed to the same conversion price. This, and the fact they awarded last year some options to Euric Bobb at a conversion price of 6,5$ gives i.m.o a some indication of the fair value of the shares.|
|horace678: Ashcroft is now 65 years old and his main interest these days is politics. He's probably getting a bit sick of all the jetting backwards and forwards at his age, and his son (Andrew) has been appointed to the board of BCB. Last year, Ashcroft also put his 57% interest in Impellam into a trust for his family, partly to get round tax, no doubt, but it may also signify a slowing down of pace. Still, Impellam has performed very well over the last two years and, similarly, at this price the only way for BCB can be up.
By the way, are you familiar with the warrants BCBS and BCBW? These have an exercise price in 2012 or 2013 (?) of $6.50 so I wonder what will happen given that the share price is much lower than that...|
|rlindsey2: Hi davydoo and woracle. I have been looking into this company over the last week and was just wondering why this share price has been slowly going down over the years when it has produced a profit? many thanks for any reply|
BCB Holdings share price data is direct from the London Stock Exchange