Beximco Pharma Discussion Threads

[someuwin] 19/11/2024 09:10

Notice of AGM. Nothing out of the ordinary - business as usual which is good.

Name changing from Beximco Pharmaceuticals Limited to Beximco Pharmaceuticals PLC. Maybe to emphasise its independence from the parent company?

[arlington chetwynd talbott] 15/11/2024 13:35

"A storm in a Bangladesh teacup. Cue a rerating on great results and loss of fear."I think outsizedclothes is closer to the mark with "so far so good". Encouraging results though, certainly.

[outsizeclothes.com] 14/11/2024 22:01

On the first quarter numbers (which, like the full year, are again good imho):-

Beximco Pharma Managing Director, Iqbal Ahmed, commented:
"We have started the year with modest revenue growth in the face of ongoing macroeconomic challenges. However, as demonstrated in our recent strong full year results, through the resilience and underlying strengths of the business, we remain confident in executing on our growth strategy by providing high-quality and affordable medicines to patients, and ultimately delivering value for shareholders."

This announcement is available in its entirety at

NET ASSET VALUE 101 TAKA = 67p Sterling

[microscope] 13/11/2024 22:54

Yeah very fair points outsize. Undoubtedly the price could fall too far too fast if they're forced to sell for no business reasons, and the buying opportunity would become irresistible.

[outsizeclothes.com] 13/11/2024 17:42

Agreed Microscope. Indebted individual holders being forced to sell is a definite risk, and may create a great value 'buyers market' in the short term, IF it were to happen.
On a theoretical upside, such forced sellers could also be pounced on by any potential predator looking at building a stake at deep value levels.

[microscope] 13/11/2024 10:27

The fact that the shares though were suspended would suggest some knock-on effect, hopefully minimal. I suspect that could be that if a receiver were appointed, they may force the individuals with holdings here to sell at whatever price the market was willing to accept.

I'm a bit risk-averse just now so personally I'm going to watch until a final judgement in the next 14 days is announced.

[greg the grinch] 12/11/2024 23:48

A storm in a Bangladesh teacup. Cue a rerating on great results and loss of fear.

45p by Xmas is my best tealeaves-inspired guess.

[outsizeclothes.com] 12/11/2024 22:39

The way I see it is "so far so good"
Beximco Pharma is NOT Beximco Group, and is a stand alone entity with regards to loan Capital and shareholders registrar, and it's debt is Company specific.
The parent Company is at most an indirect minority holder in Pharma through the holdings of individuals, and Pharma's management is separate - except for the Chair - who hadn't a day-to-day running of the Company role.

[greg the grinch] 12/11/2024 14:15

hxxps://www.dsebd.org/php_graph/monthly_graph.php?inst=BXPHARMA&duration=12&type=price

[arlington chetwynd talbott] 12/11/2024 11:00

For now, anyway.

[someuwin] 12/11/2024 10:08

Trading restored - looks like were in the clear...

12 November 2024

BEXIMCO PHARMACEUTICALS LIMITED

Update on Interim Order following decision by the Supreme Court of Bangladesh

Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56) provides an update on the Interim Order following the Supreme Court of Bangladesh's issued decision earlier today. This follows yesterday's announcement detailing the full-court hearing held on 11 November 2024 and the subsequent temporary suspension of trading on AIM.

The Bangladesh Supreme Court Appellate Division today allowed Beximco Pharma's appeal against the Interim Order regarding the appointment of a receiver to manage the Beximco group of companies (which included Beximco Pharma), and confirmed that its provisions will not apply to Beximco Pharma.

Following this decision, the Company's temporary suspension of trading on AIM has been lifted with immediate effect.

With regards to the Writ Petition, following this decision, the Bangladesh Supreme Court Appellate Division has instructed the High Court to resolve the pending case within two weeks.

Further announcements will be made in due course.

[arlington chetwynd talbott] 11/11/2024 14:05

Good illustration of the political/one country risk that abounds on AIM and can bite even those rare AIM companies like BXP that are well run and have good business models. All we poor shareholders can do is wait for the smoke to clear.

[greg the grinch] 11/11/2024 13:32

'the writ asked the Court to direct the Bangladesh Bank to "appoint a Receiver to manage the companies of [the] Beximco Group of Companies."'

Hmm... so just to come in and oversee business... worst case is should be business as usual but with someone looking over shoulders.

...GLA LTH

Bye

[greg the grinch] 11/11/2024 12:59

hxxps://beximcopharma.com/

Even if a receiver came in the company is doing well.

I had another look at their financial statements.

[greg the grinch] 11/11/2024 12:46

hxxps://www.thedailystar.net/news/bangladesh/news/salman-27-others-sued-laundering-tk-1000-crore-3705856

I am not sure that these loans extend to BXP, he knew any stuff would be looked at in the UK, and BXP is a growing business. Seems to me they relate to the larger group.

The bigger Beximco group is Bangladesh based so I reckon the nonsense should be restricted to that.

I note the receiver is only going to be bought in to steady the ship, BXP is doing fine.

'Md Ruhul Amin is the executive director of sustainable finance department and investment promotion and financing facility-11 project cell of the central bank.'

Might come in and do a great job.

[easybrent] 11/11/2024 12:25

"My job will be to protect the interests of the company's employees and the country as a receiver of Beximco," said Md Ruhul Amin.

Nothing about protecting shareholders. This smells bad.

[someuwin] 11/11/2024 11:26

Further re the Temporary Suspension of Trading

Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the Company"; AIM Symbol: BXP, LEI No.: 213800IMBBD6TIOQGB56) provides an update on the Temporary Suspension of Trading on AIM announcement released earlier today, at the request of the Company. This follows a full-court hearing held today as detailed below and as previously referenced in announcements on 30 September, 2 October and 28 October 2024.

On 30 September 2024, the Company announced that a Writ Petition with the Supreme Court of Bangladesh had been brought by a Mr. Masood Sobhan, a citizen of Bangladesh and practicing lawyer of the Supreme Court of Bangladesh as the Petitioner. The Writ Petition had been filed as a Public Interest Litigation. This Writ Petition included Beximco Pharma, in addition to the Bangladesh Bank, The Bangladesh Ministry of Finance, and Salman F. Rahman as separately listed and distinct Respondents. Inter alia, the writ asked the Court to direct the Bangladesh Bank to "appoint a Receiver to manage the companies of [the] Beximco Group of Companies."

Pending a hearing on this Writ Petition, the Supreme Court of Bangladesh issued an Interim Order, which inter alia directed the Bangladesh Bank to "appoint a Receiver to manage the companies of Beximco Group of companies for a period of 06 (six) months from date …".

On 2 October 2024, the Company announced that at a court hearing of the Appellate Division in Bangladesh, the Judge-in Chamber passed "No Order" and referred Beximco Pharma's appeal to a full-court hearing on 28 October 2024. This was subsequently adjourned until 11 November 2024 as announced by the Company on 28 October 2024.

The Company notes local press coverage in Bangladesh yesterday, 10 November 2024, that the Bangladesh Bank has appointed a receiver to Beximco Pharma in compliance with the Court's Interim Order. To confirm, Beximco Pharma has not been informed of this development in writing.

Beximco Pharma's appeal was duly heard in the full-court hearing today and the Supreme Court of Bangladesh stated it will issue its decision tomorrow, 12 November 2024. The receiver's appointment to Beximco Pharma will, therefore, remain subject to the decision tomorrow.

As a result of the uncertainty around the appointment of a receiver, the lack of clarity in respect of their terms of appointment and the deferral of the Court's decision until tomorrow, Beximco Pharma requested a temporary suspension of trading in the Company's shares on AIM, which occurred at 7.30am this morning.

The Company's shares remain suspended from trading on AIM.

Further announcements will be made in due course.

[outsizeclothes.com] 11/11/2024 09:48

I believe that we should be OK. We have a separate quote and share structure, and are not dependent on the 'parent' company for our financing capital.

[someuwin] 11/11/2024 09:30

Receivers been called in to the parent company. Not sure what effect will be on BXP?

[rjmahan] 11/11/2024 09:26

Worrying suspension, hopefully we resume one day.

[someuwin] 07/11/2024 12:07

Can currently buy £4k. But not £5k.

[arlington chetwynd talbott] 07/11/2024 11:32

SP Angel note out, FWIW. Free on Research Tree.

[someuwin] 07/11/2024 07:12

Excellent results!

And dividend of 7.9%

[arlington chetwynd talbott] 07/11/2024 07:04

Solid results.

[someuwin] 31/10/2024 14:20

Can currently get a buy quote for £3k. But not £4k.