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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Birse Grp. | BIE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 14.40 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 14.40 | 14.40 |
| Top Posts |
|---|
Posted at 29/6/2006 16:25 by dontknowitall Earlier I sent the following email to the FSA, London Stock Exchange and the Takovers Panel.Dear Sirs Perhaps you might care to investigate this takeover, the increased trading activity that went on before the announcement and whether the shareholders are receiving value for money? Specifically: 1. Unexplained increase in volume of shares traded before the announcement. 2. The valuing of Birse at £32m seems highly questionable. 3. The involvement of Citibank. In the past there has been a dispute between Birse and Citibank (one of the main reasons the share price has been held down). Citibank has been advising Balfour Beatty - who are taking over Birse. I feel that "things go on" in the City that are not entirely fair to all the investors and employees of these companies. I'd be grateful for your initial comments and would like to know if you will investigate this affair. Yours sincerely I've had one reply (from the Takeovers Panel). They said they're not interested and I would have to approach the FSE on matter one and Rothschild on matters two and three. Rothschild have acted on behalf of Birse in this episode. In my experience the FSA is like a wet lettuce and totally spineless. I'm not going to contact Rothschild purely because they will say it is the best deal that could be found. And who regulates Rothschild? The FSA of couse. And the Stock Exchange will not want to get involved in this. There seems to be no one looking out for the small shareholder in this. |
Posted at 23/6/2006 00:13 by spiritbear I agree that there is a big punter which twitched the share price after a long period of nothing. It raises the question as to why a person would invest so much in this company that gets itself into trouble here and there? That signals something interesting and alerts other investors to take a closer look at. And with results so soon and a good divi, perhaps worth a punt. Of course, it could be wrong. |
Posted at 06/5/2006 09:22 by the bounty hunter Chrissey,I guess until next update - probaby in July, investor interest will be limited. Would be good to see some of the directors' buying! |
Posted at 14/1/2006 15:26 by chrissey No 1, I wondered if 'punt' was a spello but I realised that p on the keyboard is nowhere near c!Guess I'm of a similar sentiment, Birse can pick up in price but the existing board needs sacking to get any proper institutional investor credibility. IMHO, DYOR, etc. |
Posted at 16/7/2005 22:49 by the bounty hunter From 2004 finals:Citibank Adjudication In the Group's interim statement we reported that in late November 2003 CIB Properties Limited, a Citibank Group company, referred to adjudication matters relating to the termination of the contract for construction services for its new data centre facility at Riverdale, Lewisham. We further reported that the adjudication would determine on an interim basis Citibank's claim for approximately #16million and Birse's claim for approximately #14million and that adjudication is a process that is uncertain. By way of a decision published late into the evening on 24 February 2004 the adjudicator determined that Birse Construction should pay Citibank approximately #2.1million which together with the costs of defending this action comprise the #4.6million exceptional operating item now reported. Further details of the adjudicator's decision were published by way of a Stock Exchange announcement at start of business on 25 February 2004. That announcement also stated that the adjudicator's decision was open to challenge but only by reference to arbitration or litigation. That challenge has been lodged with the Technology and Construction Court giving rise to a litigation action which is unlikely to lead to a final hearing before the 2005/2006 financial year with a decision thereafter. The Board of Birse Group plc has been advised that it has realistic prospects in the litigation of reducing the award made by the adjudicator in the adjudication. We also await the enforcement of the adjudication award by the same court. Enforcement of the award has been challenged largely on the grounds of fairness and natural justice. A decision is expected at the end of July 2004. Payment of the #2.1million to Citibank is withheld pending that decision. It is the costs associated with these ongoing actions that has increased the costs of defending the adjudication over and above the indications contained within the related Stock Exchange announcement. Costs incurred into the future, where appropriate, will continue to be written off and charged as exceptional operating items. We stress however that regardless of the formal legal and associated proceedings our preferred option is to secure a negotiated full and final settlement. To this extent a dialogue is ongoing with Citibank. However this case has a number of highly complex features. Whilst settlement is the preferred approach we must be aware of the consequences of these complexities and respectful of the issues that they raise for Citibank. It is therefore important that we continue to take actions that we consider best protect the position of the Group. Also stated in the same announcement: In summary, the adjudication was to determine on an interim basis Citibank's claim for approximately #16million and Birse Construction's claim for approximately #14million. By way of a decision published on 24 February 2004 the adjudicator determined that Birse Construction should pay Citibank approximately #2.1million. It is important to emphasise however that the adjudication was an interim decision only and that litigation with Citibank continues as more fully explained in the Review of Operations. The announcement of the original adjudication decision appeared to be good news as it removed a large cloud of uncertainty from the company. The high costs of running this type of extremely complex litigation is one of the reasons for our preferred option to secure a negotiated full and final settlement. The earlier posts on which party initiated the further action are important for investors in Bie. in 2005 the uncertainty appears to have come back big time. Why would bie want to spend such large sums on legal costs, which are more than the compensation payable to Citibank. Is it because their balance sheet has outstanding debtors relating to the Citibank project? and therefore, the total loss is maybe £7m plus the £2.1m and this was unacceptable to bie? |
Posted at 29/6/2005 10:57 by micos Does anyone have a link to investor information re next XD date? |
Posted at 11/4/2005 09:54 by chrissey This will not go anywhere until the uncertainty around the litigation is sorted.Co. is profitable and and they can cover divi. comfortably but what they cannot stand are the persistent problems they get when they mess up on projects. This will hold them back alone as the one thing that serious investors hate is uncertainty! Think about it, they will probably make £200K profit on the Farm scheme. If they build on a silage pit or knock a prize bull or two over with their crane then, BINGO! profit straight down the toilet and a few months in court! |
Posted at 26/8/2003 20:29 by timbo003 micosI have held these for over a year now. I'm primarily an income investor, capital gains are nice but not essential, so as far as I'm concerned, I would welcome a nice drop (with no news) as it would provide an opportunity for a top up. Alas, I doubt if we will see 10p again in the absence of adverse news. |
Posted at 03/7/2003 21:30 by pacman88 Edmond Jackson - Birse Group. 685 words 3 July 2003 Citywire English (c) 2003 Citywire.co.uk. All Rights Reserved. S & P code for assoc. stock..: GBX/SEAQ/BIEBIE Birse's results show a mixed bag of performance, where public sector spending may be increasingly important, but overall the company is just a bit too complex for my liking. This volatile penny share (BIE) in the construction sector can provide some exciting runs (and stomach wrenching dips), so I keep an eye on progress. However today's prelims to the end of April don't look like they are going to spura revaluation either way; in which case the question for valuation is whether the earnings/cash flow stream warrants a higher rating. At 13p the shares are on 5 times normalised earnings (just made) albeit 26 after exceptionals. Hardly the first time such a dilemma arises for Birse! Another aspect of the volatility is that the only broker to follow Birse appears to be Cazenove, its house broker, and even Cazenove does not publish research on the company. An improvement in pre-tax/exceptional profit to £6.7 million from £5.2 million was mainly assisted by an increase in plant hire operating profit to £3.4 million from £2.4 million. I am also somewhat concerned that on a relative basis (to other companiesgenerally) Birse is benefiting from the sale of land at Warrington. For most companies this would be treated as an exceptional item although Birse would doubtless argue that asset management is part of its normal activities - via a property division. This side saw operating profit rise to £3.0 million from £800,000. However the core construction side saw operating losses before exceptionalsof £300,000, down from a previous profit of £1.4 million. A £5.5 million exceptional operating item relates to writing off all amounts owed to Birse in the administrativereceiv So although Birse has previously flagged the nasties, the ride remains a bumpy and seemingly unpredictable one for Birse shareholders, which broadly explains why its market rating is so modest. A maintained 1.0p total dividend lends a useful yield of about 8%, but investors need such a return to compensate for the risks - as are plain from the essentials of this statement. Turnover has been effectively flat at £483 million and the outlook statement reiterates Birse's half-year expectation that markets are likely to be steady. Of interest on a general note, Birse cites a 'somewhat depressed' private sector building market, particularly in the developer-led South, being offset by water and rail related business in the civil engineering market. Government spending on roads is perceived as a prop here, and management cites 'a good position to progress further from the solid platform established over the last two years.' I can empathise with this rationale because, in the UK dimension, I am getting increasingly concerned about consumer related shares on comfortable ratings - when the 'tax and spend' face of a Labour government is increasingly plain. In terms of risk/reward it is well worth thinking how one can best play the public sector spending theme, reducing exposure to companies at risk from consumer debt and a likely fall in real incomes. What concerns me about this share is the propensity for upsets. It strikes me as wholly unsurprising, actually, for Birse to cite 'an eventful and often difficult year'. Process engineering has improved well, although the building business 'remains a major problem. Although that operation has a clear turnaround strategy it will be some time before a positive contribution is achieved.' More positively, plant hire looks well placed to continue growing profits. In conclusion I find Birse is still rather a complicated small cap, and a classic curate's egg, when I prefer firmer focused growth. Then one can get a grip on the issues for investment decision-making. But the results are well worth noting for an important thematic issue in the UK stockmarket: public sector spending providing a relatively safe haven. |
Posted at 18/6/2003 13:22 by allana2 Bold investors know that during these jittery times there are many buying opportunities out there. But which ones to pick is the question... I have found that this newsletter is just what you're looking for! Check it out here..... |
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