Beximco Pharma Discussion Threads

[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.

[outsizeclothes.com] 29/10/2024 11:22

I would say more than solid for the results. 30% rises in most metrics to me is blow-out. The only headwinds are the ongoing legal proceedings, which look more like a distraction than a mess, and the Taka's weakness, but even that has shown some strength and recovery lately.

[arlington chetwynd talbott] 29/10/2024 11:19

Whatever the divi amounts to, I will reinvest it with glee. This one is my pharma equivalent of PTAL - a decent company with country/political risk but a very healthy dividend. My gold mining equivalent was CEY, but it got nicked.

[someuwin] 29/10/2024 09:17

Yup - great results. Looks like almost 9% divi.

[dd776] 29/10/2024 08:09

2.6p divi ,?

[arlington chetwynd talbott] 29/10/2024 07:34

Solid results.

[someuwin] 18/10/2024 11:43

Yes - looking a lot healthier now.

[greg the grinch] 18/10/2024 11:19

The patient is recovering.

[arlington chetwynd talbott] 11/10/2024 13:55

Recovering from the effects of recent political issues but still a long way to go.