Share Name Share Symbol Market Type Share ISIN Share Description
Bisichi Plc LSE:BISI London Ordinary Share GB0001012045 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 280.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
260.00 300.00 280.00 280.00 280.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 50.52 2.50 13.96 20.1 29
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 280.00 GBX

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Date Time Title Posts
28/6/202210:52High coal price293
31/8/201815:45Bisichi Mining - Two Diverse Sources of Cashflow209
30/1/200813:38Mining minnow492
18/7/200213:27BISICHI - buyout ?8

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Bisichi (BISI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2022-06-29 16:15:00266.0010,00026,600.00O
2022-06-29 16:15:00264.008,00021,120.00O
2022-06-29 16:15:00290.0010,00029,000.00O
2022-06-29 16:15:00270.0012,00032,400.00O
2022-06-29 16:15:00295.0010,00029,500.00O
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Bisichi (BISI) Top Chat Posts

Bisichi Daily Update: Bisichi Plc is listed in the Mining sector of the London Stock Exchange with ticker BISI. The last closing price for Bisichi was 280p.
Bisichi Plc has a 4 week average price of 204p and a 12 week average price of 160p.
The 1 year high share price is 295p while the 1 year low share price is currently 67.50p.
There are currently 10,500,000 shares in issue and the average daily traded volume is 26,129 shares. The market capitalisation of Bisichi Plc is £29,400,000.
tim000: The Annual Report mentions that Vunani (the BEE minority partner) acquired 6mn tonnes of reserves for Black Wattle at zero cost. As reward, Vunani has been awarded a 50% profit share for those reserves, plus a further 2 mn tonnes it had acquired for BW previously. These reserves were acquired when coal seemingly had no long-term future in South Africa. What is the value to BISI of those 8 mn tonnes? Let's assume margins of US$50/t, annual production of 1 mn tonnes, and an annual discount rate of 10%. On those assumptions, these reserves have a NPV of at least £100 mn to BISI, and the same again for Vunani, whose business model is to acquire reserves for BISI to mine, process and distribute. As a black-owned and managed business, Vunani has opportunities probably not available to some of its competitors. If you're willing to stay the course, the BISI/Vunani partnership could have a tremendous future. And the market is not even properly valuing BISI's current operations, as I show above. The market cap is currently just 25% of the NPV of the 8 mn tonnes reserves, let alone the rest of the coal reserves of the business and the current windfall cashflow.
tim000: Andy, on the ASX, CKA and AHQ have most long-term upside, the former starts mining in Indonesia in Aug/Sep, the latter started mining (in the US) and sales late last year. Both mine met coal. Both are fully funded now. Share prices have suffered from the general mkt malaise and are incredibly cheap. Much larger entities that pay large dividends are WHC and YAL. YAL is majority owned by a Chinese conglomerate which will almost certainly buy out minority shareholders, including Glencore! Another Chinese shareholder of YAL is selling its large holding to keep a lid on the share price, making the shares a real bargain. But I doubt Glencore will accept much less than twice the current share price, and the majority holder needs to act quickly - the Q2 results will be published in July and the interims in August. Like BISI, the results should be astonishing, and will add to the takeover price. Easy money as far as I can see. (A silly offer has already been made and rejected, another offer can’t be too far away.)
andydaf: Tim any ideas are always welcome and as a private investor i also believe we should be helping each other on these boards.Too many boards on ADFVN have become slanging matches.Back to coal i can only use my own life experience that tells me when industries start to wind down and people lose interest in them is exactly the time when most money is made.Although not a trader and i couldnt tell anyone where the share price will be in three weeks i try to buy undervalued shares and recoup my purchase price through dividends.In my own opinion Bisichi is cheap,well run and should fit the bill .As always GLA and lets hope at the interims Bisichi shocks a few
tim000: Good post bozzy. The negatives aren't too negative. The Directors will inevitably benefit from their options either way, but as you say the proposal does least damage to the share price. And the Directors' existing shareholdings are quite enough to align their interests with ours. Moreover, the key determinant of the share price over the next few years will be the coal price, which of course the Directors have no influence over, and not the actions of the Directors.
bozzy_s: "The Company currently has in aggregate 680,000 options over ordinary shares outstanding which are currently exercisable. As at 19 May 2022, the prevailing share price is in excess of the exercise price of the options. As an alternative to the exercise of the options the Company could ‘buy-out’; the share option awards that are currently exercisable. This would avoid the need for the Company to allot shares, for shares to be sold in the market to meet the tax liabilities arising from the exercise and therefore the potential impact to the Company’s share price and on shareholders. The directors therefore propose that the Company’s shareholders approve a resolution giving the directors the authority and option to buy-out share options for the reasons set out above." Seems fair enough to me. Instead of directors exercising cheap share options, and potentially having to sell a few to cover tax costs, BISI just pays the directors the difference between the prevailing share price and the exercise price. Positives: > No dilution for current shareholders > No forced selling of illiquid shares, which would hammer the price down Negatives: > Directors receive even more cash from the company > Directors have no additional shareholdings, which might have aligned their interests more with shareholders
tim000: At the end of December the share price was 90p and the coal price was $135/t. Currently the share price has doubled and the coal price has risen to $305. Assuming a 50% price discount, the increase in coal prices has added about £70 mn to annualised pre-tax profits. By contrast the mkt cap has risen about £10 mn. However one looks at the data, the share price has been extremely sluggish in response to the spike in coal prices - and forward prices suggest these higher prices will last for some time.
tim000: Yes, but BISI export only 20% of their coal; the leverage of the share price to export capacity at RBCT is far less than for TGA. That has been reflected in the very different share price movements of the two stocks. Whereas one could argue that the TGA share price had risen too quickly, that is very far from the case for BISI, which could export nothing and still be worth far more than the current mkt cap.
tim000: John Heller is not a significant shareholder in BISI on his own account. And as I understand it, the accounting rules dictate that LAS’s shareholding in BISI is reflected in LAS’s accounts via a 41% entitlement to BISI’s profits and net assets - not 41% of its market value (which would be the relevant measure for an investment held for sale for example). Because mkt values are higher than book values (reflecting p/e multiples), this undervalues LAS’s BISI holding substantially. My point is that John Heller personally might not profit much from a BISI share price rerating. Assuming the family want him to do so, the best means would appear to be a special dividend paid by BISI following publication of the interim and annual results in August and next April respectively. They could certainly afford a large payout. That in turn would boost LAS’s profits and ability to increase its own dividends.
tim000: Interesting calculation! Would certainly keep your house warm in the winter. But the traffic might be a pain. BISI remains completely invisible to PIs, unlike TGA for example. Even those that know of the company, I’m not sure it’s appreciated just how much upside there is to the share price, were Richards Bay prices to average say $200 over the next few years. Say for example the discount faced by BISI averaged 50%. Margins would then be about $35/t. On 1.1 mn tonnes, that’s pre-tax profits of ca £25 mn pa, implying a p/e of under 1. That’s without considering the property assets of course. A mkt cap of £55 mn (ie share price of £5) would still look cheap.
bozzy_s: I reckon the seller had been waiting years to offload, and just took the chance. Probably hadn't been given a sell quote for the past 300+ days. Personally I think they should've waited - it's such an illiquid share that it would absolutely rocket on a few consecutive buys. They might've got 130p for maybe 5000 shares next week, if buyers continue to trickle in. TBTT I recognize your ID. Are you in AAZ or FXPO? Totally different miners / companies to BISI. Actually AAZ's director's earn much less than BISI's, despite the company being 12 times bigger (in terms of market capitalization).... 2019 AAZ director's emoluments £732k 2020 AAZ director's emoluments £714k 2019 BISI director's emoluments £2,179k 2020 BISI director's emoluments £1,096k I've been digging a bit deeper into BISI's coal customers via its annual report (which is very well written, and very comprehensive). It appears they get a better price for their exported coal vs domestic sales. The split between export and domestic was (in thousands of tonnes): 2019 184:1094 = 14.4% exported, at a premium of 9.4% v domestic prices 2020 230:969 = 19.2% exported, at a premium of 17.7% v domestic prices As TBTT and others have noted, the coal price is sky high at the moment. Richard Bay coal is up 155% in the past year to $196 per tonne. Just for fun - I'm sure BISI don't sell at full price, especially domestically - let's extrapolate that over a full year. 1.2 million tonnes x $196 = $235 million in annual turnover ;) Production is falling though. H1 2021 saw a 4.6% drop to 553,000 tonnes. Still huge margins if BISI get anywhere near the Richard Bay spot price. Just leaves the small matter of how can we ensure some of the profits are returned to shareholders. The dividend for 2019 was 6p per share. That'd be a good starting point.
Bisichi share price data is direct from the London Stock Exchange
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