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BMS Braemar Plc

-10.00 (-3.23%)
23 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Braemar Plc LSE:BMS London Ordinary Share GB0000600931 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -10.00 -3.23% 300.00 296.00 304.00 304.00 284.00 296.00 325,619 16:35:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Water Transport Svcs, Nec 152.91M 4.6M 0.1396 21.78 100.09M
Braemar Plc is listed in the Water Transport Svcs sector of the London Stock Exchange with ticker BMS. The last closing price for Braemar was 310p. Over the last year, Braemar shares have traded in a share price range of 216.00p to 315.00p.

Braemar currently has 32,925,000 shares in issue. The market capitalisation of Braemar is £100.09 million. Braemar has a price to earnings ratio (PE ratio) of 21.78.

Braemar Share Discussion Threads

Showing 3051 to 3075 of 3325 messages
Chat Pages: 133  132  131  130  129  128  127  126  125  124  123  122  Older
The reassurances given are welcome, even if the continued suspension isn't, but this whole business continues to be shrouded in mystery. Was all the fuss and lengthy suspension really needed? Questions will need to be answered.
I guess it will open up decently when it eventually returns, overall market not withstanding. Should it not that would be a significant buying opportunity, again depending on what broader markets are doing,
Hadn't thought of the potential for a more formal investigation process, but that definitely offers a sensible scenario.
I also got quick responses to my questions. Basically I asked for three things to be covered (via RNS) an idea of
1) when the Company's 2023 annual report and accounts will be available,
2) more detail on the issues, and
3) an update on trading in the 7 months since the 2023 year end

Company Sec gave the standard reply you got, Nigel Payne also said he would cover all points as soon as he possibly can. I suspect they are as frustrated as we are, and I wonder if there is some police or other official investigation that is blocking them... interminably...

If the style is radio silence for so long I don’t like it.

Wouldn’t take anything for them to RNS that there has been no further incidents that would cause material write downs and give an approximation of further updates.

This isn’t a two bit company, or so we hope.

On 3rd July the group announced that Braemar’s shares were subject to a Temporary Suspension of Listing and Trading.

That was more than two months ago and not a whisper from the company nor from any of its advisers, so I considered it time to ask what the situation was by contacting the group’s Company Secretary.

The Company Secretary, Braemar

On behalf of several subscribers to The Master Investor website I have been asked to find out exactly what is going on now at Braemar and why have its shares been suspended for so long?

Are they due for an early return to Dealings?

Reply within hours from The Company Secretary

Dear Mark

Thank you for your email.

As previously announced on 26 June 2023, the board and the Group’s auditors have been assessing certain liability balances, including pertaining to a particular transaction, which originated in 2013 and involves payments being made through to 2017.

The investigation is ongoing and good progress is being achieved, a further announcement will be made on completion of the investigation.

We expect to seek re-listing of the shares once the accounts are published.

My reaction – I was impressed by the quick response, so many companies are rarely this prompt.

Alas though we shall just have to hang fire for a while yet, which is a shame.

I have seen a piece reported in late August, not on the main company news channel, suggesting that Braemar’s suspension would be extended for another 20 days.

However, the intervening period of time has seen the market as a whole under pressure, so holders should, perhaps, be grateful for the shares not being subjected to a wave of ill-founded rumours.

Even so it will be interesting to see just how well framed the situation will be revealed to the Braemar shareholders.

I continue to be a massive fan of the group and its Management style and still consider that its potential is considerably in advance of even its suspended share price of 233p.

Is news getting closer, my gut feeling is that we will not have to wait too much longer.

jeff h
Exactly, alfred. It will soon be 3 months since the shares were suspended and there's not even been any guidance about when the revised accounts might be ready. So the suspicion at the moment is that this may well have a lot longer to run. In the meantime the company's owners have been left financially stranded, unable to sell their shares even if they need to do so and all through no fault of their own. Unfortunately the lengthening delay and continuing silence from the board does not inspire confidence in the process. If the problems were as relatively small-scale in financial terms as we were at first assured by the directors, with supposedly no big impact on the company, then it really shouldn't be taking this long for a competent team to resolve the matter and at least allay investors' growing concerns by announcing a provisional release date for the accounts. Alternatively the length of time this is taking without any sign of a conclusion encourages the view that the problem is not in fact quite so minor after all. Either way, the directors do not seem to me to be justifying their very generous compensation packages or doing anything to fulfil their obligations to the shareholders.
How can an investigation being carried out at a snail's pace warrant being described as achieving good progress.
I recently sent an email prompting management for some kind of update to the market. I got this reply:

"Thank you for your email. Good progress is being achieved with the investigation and as it remains ongoing, we are not able to comment in any detail at this stage. A further announcement will be made to the market on completion of the investigation, and we expect to seek re-listing of the shares once the accounts are published"

A nudge cannot hurt, but I feel no wiser either on the investigation or on current trading...

Transaction may have been 3m but its the liability thats the issue no?
The length of time the shares have been suspended does seem inexplicable for what appears to be a relatively small transaction (£3m) in 2013, albeit one that also affects the 4 subsequent years. Skimming the results from May 2013, nothing jumps out about that "transaction", save for references to amortisation for a number of small previous transactions.

One concern is beginning to prey on my thinking - the longer this goes on, the likelihood of complex ramifications on all subsequent accounts especially regarding the balance sheet, may well extend to the legality of dividend payments etc.

Any views from experts in accountancy and company law out there?

Correct me if i’m wrong but didn’t they have these same accountancy sign off issues last year?

What i find honestly astonishing is the lack of contact from the board.

And what is maybe worse, is that the BOD were quite clearly revving up their corporate brokers with loads of fantastic press releases, encouraging everyone to buy, surely in the full knowledge that this was going to occur… leading “lambs” to slaughter?

This seems an incredible length of time to sort out something that, on the face of it, seems relatively trivial and ancient history to boot. I really hope that further skeletons have not come loose in the cupboard shake. It really is about time the BOD gave us shareholders an update.

We had an update at the end of August last year on trading progress, is there anything stopping them from updating us about this year's current progress?

The major shareholders should call for resignations from, the ceo, the chair and coo. These people are not fit to run this organisation.
There is an arrogance in the CEO and the Chairman with no interest in the shareholders only hope the major ones are looking after us and themselves as cannot believe someone like Hargreaves Lansdowne out in the cold
If the company didn't have such contempt for its shareholders they'd issue some sort of interim explanation. Even if there's no disastrous outcome from this suspension the company has severely damaged its reputation with their head in the sand attitude.
17:55, le spécialiste de la Bourse
Braemar Plc(LSE:BMS) dropped from FTSE All-Share Index
September 01, 2023 at 12:00 am

BMS SHARE NEWS TODAY29 Aug 2023 18:59
Braemar PLC - London-based shipbroker and advisor in shipping investment - FTSE Russell says company has been suspended for a further 20 business days effective from Friday.
Suspension extended to @ 28th Sept.?

Mystericon - whilst the shares are suspended it is irrelevant. With no action to take there is no point worrying.
The longer the shares remained untradeable the more grounds there are for legitimate concerns among ordinary shareholders that there might be something more seriously amiss. The initial suspension, as many said at the time, seemed drastic for what it was claimed was just a relatively small historical issue of limited potential impact on the company overall. And as the months pass without reinstatement or even any progress reports to try to maintain investor confidence the credibility of the original noticeably vague statement only reduces still further.
The exposure was 3m from over 6 years ago. I’m no auditor or account but surely this could be put as a note that previous years accounts could be restated and make a necessary adjustment?
Must be an almighty mess to take this long to sort out. Can't wait to hear all the platitudes, excuses, regrets, blame shifting, resignations.
Indeed, it's very frustrating
Maybe they’ll be back to work next week and look at what’s on the agenda.

Farcical that there hasn’t been an update after so long.

14.3% votes against. Personally I voted to retain them. I welcome an auditor that actually investigates anomalies. I would change my mind if it turns out to have been a work creation scheme.
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