Bisichi Share Discussion Threads

[michaelmouse] 05/1/2014 20:13

hxxp://michae1mouse.blogspot.co.uk/2014/01/the-low-pe-small-cap-high-yielders-vs.html

Michael.

[simondezoete] 28/8/2013 08:33

It is notable that LAP have just announced the sale of properties to pay down debt. There is no way that Bisichi should be lending money to LAP which is a poor credit. It should be repaid because the yield is far lower than it should be for an unsecured loan.

[topvest] 12/6/2013 21:28

Oh yes, well spotted...

During the year Dragon loaned £2m to the company at an interest rate of 6.875 per cent.

At least it as at a good rate!

[simondezoete] 12/6/2013 09:17

The car loan approval would not have gone through if the Heller family had not voted on it. This is appalling and should have been stopped by the independent director, Christopher Joll. Cavendish with 13% voted against.A more serious case of poor corporate governance is the shady loan to London and Associated Properties. This was made via Dragon Properties and the fact that the money was being lent on was not disclosed in the Bisichi accounts. It was disclosed in the LAP accounts together with the fact that Dragon has surplus capital. The scandalous aspects are the tiny dividend at Bisichi and the fact that Bisichi is indirectly lending money to a company controlled by the Hellers. Bisichi has no shares in LAP, which is clearly struggling with its bank debt negotiations. Again the SID should be held accountable.

[topvest] 02/6/2013 20:38

Yes, this is ridiculous. Even worse, the loan was made last year!

[topvest] 23/5/2013 20:38

Nice new head office in Bruton Place, Mayfair, as well. Noticed it sitting in the Pizza Express restaurant opposite last weekend. Very nice indeed...doesn't look cheap!

[simondezoete] 23/5/2013 19:11

The car loan is outrageous and the Heller family should not be voting on it. Furthermore, nor should London and Associated, which is controlled by the Hellers.The company has lent £2m to Dragon Retail Properties, in which it has a 50% interest. In the LAP accounts this company is described as having surplus cash. But, this £2m has been lent on to LAP, which is woefully short of cash. How can Mr Joll, an independent director justify lending money via Dragon to LAP? There are no reasons given, the description of Dragon is different in both accounts and Bisichi has no equity interest in LAP. Mr Joll is a director of Dragon.What about the shareholders? They have received less than Andrew Heller and the company clearly has money to burn.

[p@] 01/5/2013 08:35

Agreed-A good Co. shagged.

[bisiboy] 01/5/2013 08:31

well said tv.

[topvest] 30/4/2013 21:07

...a company that never delivers!!

An example of what is not right with this company...

... £514k paid to one director + £116k about to be loaned to him to buy a car...nice motor vehicle to drive around in South Africa. Can't he buy it himself please?
I will be voting against that resolution, not that it will make any difference. Compare that with the rubbish £422k paid to other shareholders and you can see what this is all about!

[simondezoete] 30/4/2013 11:38

This company is

[puku] 15/2/2013 13:08

I added a few days ago so liking the nudge up today.

[puku] 10/2/2013 12:25

If it made 10.9 eps in first half with avge prodn of 150,000 what will it make in second half with avge prodn 170,000 ? Has anyone researched recent coal prices in SA - they were down 15% as at Sept? A years eps of say 23p gives a p/e of 5.

[ntv] 18/1/2013 21:29

we bought a few more this week

[bisiboy] 06/12/2012 17:56

i own both as well.
if i was buying today i think i would go for las.
if it came to it (not that it would happen at least i dont think it will)
they could sell bisi and would have no problem refinancing in my view.
spot on about the very greedy remuneration.

[ntv] 02/12/2012 17:59

hi topvest, looked at las ,noted loan re-negotiation needed,we will wait for conclusion. hope life's treating you well by the way

[topvest] 02/12/2012 17:03

I agree with that - the son is paid excessively. Nevertheless, think the company is otherwise run pretty well. I also own shares in the connected company, LAS, which are still trying to re-negotiate their loan with RBS.

[ntv] 02/12/2012 16:53

bought some recently, payments to directors are far to high

[topvest] 02/5/2012 20:16

Pretty much the same old story at LAS in terms of the Chairman's son getting a big bonus. Hold LAS as well. Leverage is a worry, but I think they will pull through without dilution and get the RBS facility renewed. Auditors seem to agree, so that's always a good sign!

[topvest] 01/5/2012 19:58

Yes, results ok. Bonus to the MD is way too high versus the dividend though. What's the bonus for - a loss?

[envirovision] 30/4/2012 07:56

This is more like it.

[bisiboy] 29/11/2011 18:41

yes but i was hoping pegusus was worth more to them
still positive from these low levels.
further reserves now neded perhaps.