Bisichi Share Discussion Threads

[callumross] 30/12/2018 15:58

Last statement said they had many years left to mine exhaustion and were actively seeking fresh reserves

[whentobuy] 30/12/2018 12:10

Profitability increase Y-O-Y looks like circa 12% on the price (straight to the bottom line) and 17% on volume up to 670k tonnes. The price seems to have roughly held at an average $98/tonne 2nd half. Did the volume hold at 670k tonnes?
More importantly are there sufficient accessible reserves for this to continue/increase?

[ntv] 22/12/2018 09:59

price coming down means another share option award soon?

[ntv] 22/11/2018 09:52

they should take a leaf out of AAZ book and see the benefit on mkt valuation

[callumross] 13/11/2018 14:30

Strangely, those 3 transactions today are incorrectly marked as sales when in fact they are £15000 worth of buys.

[ntv] 07/11/2018 17:08

my partner bought a few more yesterday but it still worries me how they give someone £1.8m and not protect the company against loses
school boy stuff
Now I have got this coal mine in SA that I would like to sell. £1.8m deposit is all I want paid into my swiss bank account number 456.....

[callumross] 05/11/2018 19:49

Well, they are trying to recover some of it;

During the year the group wrote off its £1.8million investment in Ezimbokodweni Mining (Pty) Limited (“Ezimbokodweni”) made up of a £1.4million loan (2016: £1.4million) and a £0.4million (2016: £0.4million) joint venture investment.
The carrying value of the investment was dependent upon the completion of the acquisition of the Pegasus coal project (“the project”) in South Africa. Although a proposed sale and purchase agreement had been negotiated and a deposit paid for the project, the conclusion of the transaction had been delayed pending the commercial transfer of the prospecting right from the current owners of the project to Ezimbokodweni. Although the group has always remained committed to completing the transaction, previous negotiations to complete the commercial acquisition of the project had been beset by various delays outside of its control and at the beginning of 2017, the current owners of the project notified Ezimbokodweni that they no longer wished to divest the project. More recently, the group was notified that an agreement was reached between the current owners of the project and the directors of Ezimbokodweni for the deposit for the project to be returned and any further negotiations with Ezimbokodweni to acquire the project to be terminated. Although, a legal claim by the group has been issued against Ezimbokodweni and its representatives, in order for the group to recover some of the investment, the Board has considered it to be appropriate to write off the investment in full in the 2017 year end.

[ntv] 24/10/2018 17:48

callumross
Unreal value to be fair considering the profits they should be making
but someone wants the price lower
I wonder who has got the £1.8m that disappeared

[ntv] 30/9/2018 13:04

maxk
they are lowly rated as well
got a small position there as well

[callumross] 15/9/2018 23:18

Maybe the interim dividend wasn't increased because they need to conserve cash for the redevelopment of the recently acquired property joint venture?

[bisiboy] 15/9/2018 19:49

a higher rating would come if more of the profit was returned to shareholders
i.e regular dividend increases. I cant understand why the interim wasn't raised from 1p. the management simply have no need to care about the shareprice so it is probably priced at us getting 4p a share forever with the odd special.

[callumross] 10/9/2018 13:53

The £1.8m has been written off in last years accounts, NTV, as a prudent accounting measure. It is quite possible that some of this will come back as exceptional profit in the future but I agree that regardless, this share is a steal. You have correctly identified the reasons why it is so cheap i.e majority control and excessive directors costs. Another reason is that the mine earnings can be lumpy, in contrast to the steady income stream from the property business. What exactly the catalyst for a rerating of the share to reflect the earnings and assets, I don't know, but the current rating is ridiculous.

[ntv] 09/9/2018 17:26

so what is the catch?
Poor PR, Management take large amount of fees every year and award themselves cheap options
LAS owns 40%+
( same family management team so they get paid twice to manage the properties etc)
The cashflow comes from coal and £1.8m is still missing in South Africa from an aborted acquisition.


Discount to nett assets is currently very large
P/e ratio is very low and possibly the lowest on the market
yield is approx 4% assuming no increase or special dividends in current year
Surely in this day and age the market can't allow the management to run it like it is a private company

[ntv] 09/9/2018 11:52

!FOLLOWFEED


Principle investments are coal mining and property investments


24 August 2018

BISICHI MINING PLC

Interim Results for the period ended 30 June 2018

For the six months ending 30th June 2018:

* EBITDA [1]: GBP5.2 million (2017: GBP1.4million)


* Adjusted EBITDA [2]: GBP5.3million (2017: GBP1.4million)

* Profit before tax GBP4.0million (2017: GBP0.2million)

* EPS (basic): 22.25p (2017: 2.37p)

* Total production: 670,000 tonnes (2017: 582,000 tonnes)

* Results reflect the stable production and the infrastructure improvements
to the coal washing plant at Black Wattle.

* Physical demand for Black Wattle coal remains strong, impacting positively
on prices achievable for its coal in the international and domestic market.

* UK property portfolio performing well with no further news to report on
West Ealing development.

[ntv] 31/8/2018 11:38

presume they are taking it back down to the low 90's again lol

[sammu] 28/8/2018 09:43

Apparently "there has never been a formal price index for sized coal sold to domestic users in South Africa, miners have "generally taken their lead from each other and set their prices accordingly, with Glencore predominantly setting most prices.""
www.spglobal.com/platts/en/market-insights/latest-news/coal/022017-south-african-coal-miners-look-to-domestic-market-for-higher-prices

[ntv] 26/8/2018 17:53

That is the export price callumross. i was after the domestic price

[callumross] 26/8/2018 15:53

Still at 98.5 NTV which is higher than the average price for the first half of BISI's financial year.

[my retirement fund] 26/8/2018 13:57

Price of coal? Lol. Who gives a toss about coal prices.The coal business is just a side show to distract the reality of the situation in so much as the main purpose of this company which of course is that its simply a private piggy bank to maintain the private lifestyle and seperate business interests of its masters.

[ntv] 26/8/2018 12:36

EPS of 22p at the half year would have sent the share price soaring if this had been any other share
second half could be weaker as price of coal from Richards Bay has dropped away recently but i don't think it affects sales much as most appears to go to the domestic market
I don't seem to be able to find out much about pricing for that. anyone got any links for that
TIA

[topvest] 24/8/2018 20:19

Think the Heller family will have some spare cash once the EDP bid closes. Something could happen then I guess, but probably more likely that the status quo will continue.

[my retirement fund] 24/8/2018 20:09

I seem to remember a habit of the lending great lumps if cash to connected party companies under laughable repayment and security terms for next to nothing.I guess more of the same then.