Share Name Share Symbol Market Type Share ISIN Share Description
B.s.d Crown Ltd LSE:BSD London Ordinary Share IL0010830219 ORD NIS0.01 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 31.50 70 16:35:14
Bid Price Offer Price High Price Low Price Open Price
30.00 33.00 30.00 30.00 30.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 37.56 -2.97 -3.21 35
Last Trade Time Trade Type Trade Size Trade Price Currency
15:12:36 AT 70 30.00 GBX

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Date Time Title Posts
02/3/202111:06B.S.D. CROWN LTD1,115
06/10/201612:29Offer update - RNS 6 oct-
18/8/201408:50Income seekers - absolute bargain even after recent rise9

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B.s.d Crown Daily Update: B.s.d Crown Ltd is listed in the Software & Computer Services sector of the London Stock Exchange with ticker BSD. The last closing price for B.s.d Crown was 31.50p.
B.s.d Crown Ltd has a 4 week average price of 30p and a 12 week average price of 30p.
The 1 year high share price is 44.60p while the 1 year low share price is currently 21.30p.
There are currently 109,990,252 shares in issue and the average daily traded volume is 272 shares. The market capitalisation of B.s.d Crown Ltd is £34,646,929.38.
wapit: As u probably already know, if BSD crooks have 90% of BSD then they can compulsory buy the remaining 10% at the offer price & cancel your share certificates.
valuewinsout: I am fine with that, but explain that you are another shareholder/add your personal details, because otherwise there is no proof we are not the same person. I have just spoken with Joseph Williger (Chairman of BSD Crown) on the phone, after I called up to check if he had received my letter. He made three main points: 1. He purchased the BGI stake at a price of 24p / share 2. An independent audit committee established the 30 p/share offer price. He said that the independent valuation documents will be shared to the shareholders in advance of an AGM to vote on the offer 3. At the AGM to vote on the offer, the shareholders can take it or leave it! I explained that I thought that the offer was unfair. So it will be interesting to see how the independent audit committee came to their valuation.
valuewinsout: I have now written a letter to the directors, copied below with personal information removed. Since there is no email address on their website, I faxed it to them and also informed the FCA. I will be calling BSD Crown tomorrow to make sure that they have received the letter. I have pasted it in below as well: [My home address] 8th February 2021 Dear Joseph and Zvi Williger, I am writing to you to you about the proposed offer of 30 p/share that BSD Crown has made to the public shareholders, since you are the controlling shareholders, with a combined This offer is 30 p/share, with 129.34 M shares of BSD Crown outstanding this is a total of £38.8M for the whole company. The offer is: a) Below the current market price b) Very significantly below the intrinsic value of the shares on any reasonable basis. Here is the calculation – done three ways, all of which show that 30 p per share significantly undervalues BSD Crown. 1. Value of BSD Crown stake in Willi Food Investments BSD Crown owns a 62% stake in Willi Food Investments, worth at the current market closing price of 35.07 ILS is worth £7.83 per share, and 13.31 M shares outstanding is £104M*62% = £64.6M. BSD Crown has 129.34M shares outstanding, so the value of it’s stake in Willi Food Investments is currently 64.6M / 129.34M = 50.0p/share. 2. Value of BSD Crown stake in G Willi Food International BSD Crown, directly and indirectly through Willi Food Investments, owns a 44% stake of the 13.87 M shares outstanding of G Willi Food International, listed on NASDAQ. Currently the price is $24.76 per share, or £18.01 GBP. The value of this stake is £18.01*44%*13.87M = £109.9M. Given that BSD Crown has 129.34 M shares outstanding, this is 129.34/109.9 = 84.5 p/share of value that BSD Crown owns. 3. Book value of BSD Crown: Net current asset value (all values are corrected for non-controlling interests, so the numbers quoted represent BSD Crown’s controlling interest only). Dec-2019 balance sheet values are: Current assets: Cash & equivalents, receivables, loans to others, others: £32.4M Financial assets at fair value: £14.9M, Inventories: £7.7M Total current assets: £55.0M, of which 86% are cash and equivalents, and financial assets, and only 14% inventory. Non current assets: A warehouse is owned in Yavne, Israel worth £4.7M. Current liabilities: Trade payables, accounts payable, etc. £4.6M, Legal proceedings provisions: £1.7M Total current liabilities: £6.3M Non-current liabilities: Lease, deferred taxes, etc. (No long term debt): £0.7M Net asset value (NAV) NCAV is calculated as: (net current assets of £55.0M + non-current assets of £4.7M) – total liabilities of (£6.3M + £0.7M) = £52.7M This corresponds to a value per share of BSD Crown of: 41 p/share. Furthermore, to be priced at book value alone is clearly inappropriately low for a strongly growing business such as G Willi Foods International, so BSD Crown is worth much more than this. I therefore urge the directors and independent audit committee of BSD Crown to urgently reconsider their derisory offer of 30 p per share, and present a revised proposal to the shareholders. I also note that you (the controlling shareholders) agreed according to RNS news releases of 18th August 2020, have a combined total of 84.45% of the shares outstanding, so there are 15.55% of shares in public hands, whereas BSD Crown agreed with the FCA in the RNS news release of 5th January 2021, to have a minimum of 16.5% of shares in public hands while they considered their next steps, so you are in breach of your agreement with the FCA. I am also copying this letter to the FCA, as I believe that your offer is substantially below a fair value for the shares, and also you are in breach of the FCA agreement that was made, leaving yourselves open to potential legal action from shareholders. As a BSD Crown shareholder, I would be happy to sell, at a fair and reasonable offer price, and I look forward to your revised proposal, and also response to my letter. Please direct all correspondence to: [my personal email address] Your sincerely, [my name]
waterloo01: There will be a vote presumably, what I don't know is if Willi boys can vote or not. I'm also unsure about your suggestion re price. I thought it was based on the highest buying price from the acquirer, not the ave price.
m welsh: Not sure if this is true, but was told they have to offer at least the average share price over the last 18 months. At the moment this is only a proposed price, which could still go up or down from £0.30/share. Does any one know if we (the remaining shareholders) will get a say in this decision, still shocking and what's puzzling is the share price still is higher that what they are trying to offer us
hotfinance14: Following the company's notification of 4 February 2021, the company hereby provides notice that the Audit Committee of its board of directors, serving as a Special Independent Committee, followed by the board of directors (without the current controlling shareholders and a director affiliated with them), have considered a merger proposal submitted by the current controlling shareholders of the company which will include the purchase of all of the shares of the company held by all shareholders other than the current controlling shareholders, at a price per share of Pound Sterling 0.30, and following obtaining a professional economic advise, amongst other examinations and consultations carried out by the committee, have principally approved the said proposed purchase price, subject to reaching a definitive agreement between the parties, to the approval of such agreement by the Company's organs including the Special Independent Committee and the company's EGM and to the completion of all conditions to closing
hotfinance14: Correction RNS : B.S.D. Crown Ltd. Correction : BSD Crown Ltd (The "Company") BSD Crown Ltd. (The “Company") (LSE: BSD) Ramat Gan, 4 February 2021 Following the company's notification of 5 January 2021, the company hereby provides notice that it has notified the FCA that its board of directors is examining a proposed merger of the company, pursuant to which the current controlling shareholders of the company will purchase the remaining shares of the company held by the public. In light of the foregoing, the company will request from the FCA an extension of up to 90 days before the FCA takes any action to suspend or de-list the company shares from trading on the London Stock Exchange
valuewinsout: Something interesting I noticed: the two controlling shareholders have a combined 42.54%+41.91% = 84.44% shareholding (RNS release 18th August 2020) In the 'shares in public hands,' RNS released on 5th January, the company states that the FCA will allow a minimum of 16.5% of share to be held in public hands until February, but it is already below that: 100-84.44 = 15.56% If the Williger brothers can pick up 4.44% of shares outstanding they will have 90% and can force minority shareholders to sell out. I think their game is to buy as many shares as possible to reach this threshold, possibly with an offer this will flush out enough shareholders to take them over the line, and then the remaining ones will get bought out at the offer price. Personally I am still holding, but this is obviously risky in that my theory could be wrong. If I were them, that's what I would do - launch an offer at a premium to the existing share price, go over 90% and buy all remaining shares which are a discounted way for them to get more ownership of the Willi Foods International. Thus far they have taken every opportunity to increase their stake, so I think they will continue. If delisted, they will find it really hard to find and trade with remaining shareholders, so I think they will make an offer. Obviously, this is just speculation, please inform yourself of the facts, and form your own opinion before deciding what to do.
valuewinsout: Hi Waterloo01, I agree that there are some pretty bad actors who were directors in the past, and also major shareholders, but they are all gone now - the shareholders have been bought out and BSD is actually suing some of the former directors. The current controlling shareholders, Joseph and Zvi Williger, own an >80% stake, since they bought out the last remaining large shareholder. Do you have any thoughts about these guys, since they are definitely in control now? They were the people who originally sold a stake in the company to others, and then since it was managed badly and the share price went down, have been able to take back control at a discount. I was not able to find any negative information about them, but perhaps have missed something.
valuewinsout: Hi all, I found BSD Crown when doing a screen for Ben Graham Net nets, researched it extensively, and wrote an article on my blog about it, here: hxxps:// I would be interested to get any feedback on it. I consider BSD to be quite undervalued.
B.s.d Crown share price data is direct from the London Stock Exchange
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