Bisichi Share Discussion Threads

[callumross] 24/8/2018 15:03

1p interim presumably to conserve cash to fund the recent property joint venture. To be fair they did pay a final of 4p just a few weeks ago. On any metric these shares are ridiculously undervalued caused by the board having majority control and the essentially lumpy nature of mining profits. But also underpinned by strong assets. For all the grumpiness about director pay (fully justified to shine a light on this, by the way) these should in honesty be trading at least 50% higher which would still only put the shares on a prospective P/E for this year of about 5.

[bozzy_s] 24/8/2018 14:48

Ok, results finally more in line with previous board costs (not sure how much of a raise they've given themselves for these results). Absolutely stunning, with positive current trading they could feasibly double up for the full year. Net cash and properties above current market cap. P/E of under 3. Got to have a few of these even with expensive management. Interim divi of 1p does seem a bit stingy!

[callumross] 24/8/2018 07:30

Wow - these are very strong results indeed, exceeding even my expectations - a price earnings ration of under 3 for this year even with the share price increase!

[my retirement fund] 23/8/2018 07:03

What ever happens you can assure they will be giving themselves increased wages. Corporate corruption on full tilt here.

[ntv] 23/8/2018 06:32

Their results should be due soon and things should have improved despite the Heller's taking a lot of the profit in remuneration I think they are becoming more famous for that than for the businesses they run or the charitable work they have done Depends on the legacy they want to leave i guess

[topvest] 10/6/2018 17:07

Not yet. Suspect the Heller’s are giving it some thought though. With Perloff snapping at their heels at LAS, I think we are closer to something happening.

[my retirement fund] 10/6/2018 16:59

Thats not going to change anything is it ?

[topvest] 10/6/2018 11:49

29% voted against the remuneration report and 2 special resolutions not passed. A groundswell of disquiet. Something needs to happen.

[callumross] 24/5/2018 13:29

Flicking through the accounts again I have just realised just how cash generative this company has become with the current metrics, turning a deficit of £1m at end 2016 to a positive cash balance of £4m at end 2017 which is pretty impressive stuff for a company with a market cap of only £10m. Hence they can fund their share of yesterdays acquisition out of cash. Whatever we think of director remuneration this is one cash cow of a business. Pity the market makers have basically closed down trading in the stock by increasing the spread from 5p to 10p.

[ntv] 23/4/2018 20:19

excessive is an under statement callumross if the Heller didn't get the obscene pay package of nearly a £m a year just think what the balance sheet would really look like Las manage the property so they only looked after the mine i do hope someone comes in and knocks over the apple cart so minority shareholders get something out of it

[topvest] 23/4/2018 18:40

Well the totally obvious shareholder value release at LAS is to dividend en specie the Bisichi shares to shareholders as its ridiculous to consolidate the mining group into LAS. It would probably improve the BISI and LAS valuations in one go.

[callumross] 23/4/2018 14:19

Not sure how much this activism can achieve given the iron grip the Hellers have on these companies. I have never held LAS but over the years have been fairly happy with the way BISI has been run, with the caveat that the remuneration packages are excessive.

[ntv] 23/4/2018 13:07

in theory they could be out voted here

[ntv] 23/4/2018 13:07

maybe someone will turn up here too topvest now that would be funny

[topvest] 23/4/2018 11:31

There is an activist shareholder. Perloff has just requisitioned a vote at LAS!

[ntv] 23/4/2018 08:53

that is why there there isn't that much interest in the company pity there isn't an activist shareholder here LAS HOLDS TO MANY TO BE GOOD FOR EITHER COMPANY RUN LIKE A PRIVATE COMPANY

[ntv] 23/4/2018 08:50

makes you wonder where the share price would be if Heller didn't cream off so much

[callumross] 23/4/2018 07:56

Pretty impressive results, especially the operating profit. EPS reported as 7p but would have been 21p for a P/E of 4 had it not been for the write off on the mining investment. 160p NAV to boot.

[topvest] 25/2/2018 08:28

The Heller's used to be fairly prudent. Over the years they have got a bit greedy. They are still competent at running the businesses, but they should be run for all shareholders and not just the family. I too haven't lost money in this one, but it could have been much more successful.

[callumross] 24/2/2018 20:00

They are a very poor example of corporate governance, I will give you that, but strangely I have done pretty well out of this over the years when you take the dividends into account

[my retirement fund] 07/2/2018 18:37

I think there should be some kind of stockmarket award to management whom are most skilled at brazenly rinsing a company for all its worth.This qould surley be right up there for the top award if so.This lot even make private sector managers like Philip Green and Dominic Chappel look like rookies.

[ntv] 07/2/2018 18:30

just has in the form of options as though a £1m a year is not enough

[my retirement fund] 29/1/2018 11:56

They may be able to give themselves a pay rise then.