Bisichi Share Discussion Threads

[its the oxman] 01/5/2020 18:04

Read annual report, could be a decent story but agree key directors are using it to pay themselves , not the shareholders. Spread is a killer. If it hits 50p may be buy just for the div.

[bisiboy] 28/2/2020 12:21

does anyone have an idea why this is moving?

[bozzy_s] 20/2/2020 14:26

I sold at the end of last year, taking a loss. Decided (finally) that BISI isn't for shareholders. It's a value trap. The directors get a far bigger share of profits than the owners.

Pointless being a plc as the market hates the company - same as LAS. If they just reduced director earnings by 30% and paid that as a dividend, the shares would be £2.50+ and the directors wealthier due to their shareholdings.

[my retirement fund] 24/1/2020 18:10

Anyway good luck to them.

[my retirement fund] 24/1/2020 18:03

In relation to what? They could afford to return about 80 pence to shareholders tomorrow if they were running this in shareholders interested as a guess.

[callumross] 24/1/2020 17:28

The dividend yield in recent years has been pretty generous

[callumross] 13/1/2020 10:01

Richards Bay coal price up nearly 50% since last summer so tucked a few more away.

[bozzy_s] 28/8/2019 15:50

Those results are fantastic. Far better than I expected. Net tangible assets up to £22m, nearly double current share price, of which roughly £10m is cash.

Hoped for more than 1p interim divi. As long as final divi is increased from 5p I'm happy.

[bisiboy] 24/8/2019 19:18

it would be so nice to get a rise In the interim dividend say to 1.5p please always a bit light in february

[bozzy_s] 23/8/2019 00:43

Ta for that link Callumross. Looks like H1 coal prices down around 20 - 25% from last year (very roughly $100 v $75-$80).

[callumross] 22/8/2019 23:40

This chart may give you the reason for the lack of interest;

[bozzy_s] 22/8/2019 11:21

Interim results normally published in August. Clearly no-one's interested in BISI (or LAS). Roughly £3k of BISI shares traded this month!

[bozzy_s] 01/7/2019 16:45

Interesting. These are worth 400p a share with better management.

Edit 10th July: Bit disappointing to see recent selling. With an obvious buyer in the background it would've been fun seeing how high they were willing to go. BISI now ex-div, so today's 118p seller actually gets 123p.

[ntv] 01/7/2019 16:26

big bidder in auction today wanted 35k
well big for BISI
next years AGM will be interesting to watch

[bozzy_s] 01/7/2019 16:04

I'm being offered 120p online for my small shareholding. Looks like someone's buying in the background.

[topvest] 12/6/2019 20:54

The annual vote...and c30% of holders (i.e. most of the free float) vote again...the Heller family are greedy!

[bozzy_s] 05/6/2019 20:12

There's certainly a reason LAS is valued below cash, and at 60% discount to NTAV. And BISI would possibly be a £40m company if director salaries were reasonable.

They both probably fall into the category of value traps. On the face of it hugely undervalued by the market. Haven't looked at LAS for a few years, but it seems even more undervalued than BISI. But they've both always been undervalued, hence the 'value trap' description.

It'll take something remarkable for the shares to reach an average market valuation. If some of those extraordinary salaries were taken as shares, maybe that'd be a start. £2.1m per annum cash from a company valued at ~£11m, still too high. £0.5m cash and £1.6m of BISI shares, better for everyone including directors, long term.

[topvest] 04/6/2019 09:15

I've sold out my few shares in LAS and BISI. BISI at a good profit, LAS at a loss. Not worth the effort & we are always going to be screwed over by the Heller family. Unfortunately, I think LAS has more bad news on the way and BISI is invested in an unethical activity of coal mining which is in long-term decline. On top of the dismal performance, the directors take most of the reward. Only listed for the prestige value of being such.

[ntv] 28/5/2019 18:00

somebody increasing their stake before the AGM
going to watch carefully for voting figures as I don't think my partners votes showed up in the figures
Printed them off this year to see if they show as they are confirmed this year

[topvest] 11/5/2019 13:27

£2,163k of directors' emoluments versus £1,635k last year. This is just greedy. 3.5x the dividend. This has been a profitable investment for me, but always reluctant to sell the last few at such a low valuation. Of course, the valuation would be much improved if they starting taking their emoluments as dividends. It's interesting that Cavendish Asset Management have increased their stake to 18.23%. I wonder what their plan is?

[sammu] 01/5/2019 16:46

Buried deep in the report is the life of mine. The 1.9m acquisition seems to be very much needed to keep production going beyond a couple of years.

"The life of mine remaining is currently estimated at 4 years. This life of mine is based on the group's existing coal reserves including reserves acquired but subject to regulatory approval of 1.9million tonnes. The life of mine excludes future coal purchases and coal reserve acquisitions."