Braemar Share Discussion Threads

[clarkey1880] 30/10/2023 14:48

Must be (i sense it in your messages) frustrating to have 20,000 shares held up, especially given bearish market conditions overall, now the market has returned from the summer.

What am i saying ! No, i'm sure this one'll be the counter to the overall FTSE drops! A unicorn perhaps ! ... Of course it will ! keep praying and i'll pray for you too.

Perhaps someone will write you an off book option, so you can mitigate some of your risk around this ...................

[mayojames] 29/10/2023 22:08

Hi no reply

[mayojames] 29/10/2023 22:07

Hi no reply

[mayojames] 29/10/2023 19:23

Hi Clarkey1880
I believed in the spread to a marine services model but they bought companies but did not manage the team or integrate them so the problem might be linked
I have plus 20000 shares - you seem to challenge others how many shares do you hold

[clarkey1880] 29/10/2023 17:20

Isn’t it lovely to see all of braemar’s corporate brokers now coming out singing the songs and beating the drums.

Tell me positive vibers, how much equity do you actually own?

[tole] 29/10/2023 13:10

https://masterinvestor.co.uk/equities/small-cap-catch-up-digging-reading-shipping-and-more/Braemar (LON:BMS) – Getting Ready For Some Cheap Stock With the way that the market is moving currently, on something of a switchback ride, it is probably best that there is yet another delay in the publishing of the accounts of this shipping services group. The company yesterday announced that the independent internal investigation has now been completed, however the resulting actions relating to the historic transactions identified in the investigation have taken slightly longer to implement than previously anticipated. That means that the company now expects to publish its final FY23 results in the middle of next month, with the FY24 interims shortly thereafter. The good news is that the Board expects to seek a restoration of the group's listing after the publication of the FY23 results. The group provides expert investment, chartering, and risk management advice that enables its clients to secure sustainable returns and mitigate risk in the volatile world of shipping and energy. The 2023 results are expected to show revenues of £150m (£101.3m), while underlying operating profit is expected to double to over £20.0m (£10.1m). The shares were suspended at 233p in late June, after having hit 320p in February this year. I remain a big fan of this company, its Management and its prospects, so I will be very pleased to see a resumption of dealings in its equity. When the shares do get their quote back again, I feel that nimble investors may well be able to take swift advantage of the price action, especially when 'locked-in' holders rapidly retrieve their values by selling upon the re-quote. That would certainly be a very good time to jump in for a few, looking for a quick turn.

[grahamburn] 27/10/2023 14:36

undermanager1

I do not think the any of the current Board were in place when the issues apparently arose in 2013.

I would presume that, in accordance with Stock Exchange requirements but subject to any potential criminal investigations, a full disclosure of the circumstances will be announced.

[hpcg] 27/10/2023 13:23

BMS will literally have the most combed over books of any listed company in London today. The board of directors weren't in place when whatever happened happened.

[undermanager1] 27/10/2023 13:16

The shares are going to plummet when they are relisted. Whether they recover is anyone's guess but I suspect not. The root problem here is trust; shareholders have been given no idea on what is going on. They will doubtless not be told because of privacy concerns. If shareholders don't get open and frank disclosures about what the problems were, how can they make sensible judgements about whether they have been sorted, whether any new measures put in place are sufficient? Who wants to trust a board of directors that were in place when whatever issues happened, and who have now clammed up, won't say anything about anything to anyone? We're all just supposed to trust that they are working in our best interests?

Yeh, right.

[hyden] 26/10/2023 23:18

FWIW I think that someone has had their hands in the till, which explains the need to conduct such a thorough investigation, and why it has taken so long. The transactions go back well over a decade - people will have moved on and it will have been very difficult to find out exactly what had gone on. The old FD was, imo, removed from his post.

If I am right then there was no other way around this. Trading had to be suspended and the investigation had to be thorough in order to give a full account to shareholders. The remedial actions will include new controls to ensure that this cannot happen again. If, for example, new IT systems / controls need to be put in place then they will need to be robust enough to satisfy the auditors and quite possibly the complexity of this explains the further delay.

I am somewhat relaxed. I expect the share price to be volatile on relisting but, after the initial excitement, I expect a strong bounce to at least 350 in the short term (based on a PE of ~8). A lot will depend on the confidence in the new controls but the current PE of ~5 is far too low imo.

I took a decent-sized punt at 227 on 28th June just before suspension so my view is always going to be optimistic. Good luck to all holders. :-)

[cwa1] 26/10/2023 08:25

Another clock reset, Mid November this time :-(

First half results



The Group continues to trade in line with expectations. Underlying operating profit (excluding foreign exchange movements) for H1 FY24 is expected to be not less than £7.0m (H1 FY23: £8.9m, excluding foreign exchange movements). The board also remains confident in the outlook for the second half of the financial year.



Publication of FY23 results and investigation update



Further to the announcement on 22 September 2023, the independent internal investigation has now been completed. The resulting actions relating to the historic transactions identified in the investigation have, however, taken slightly longer to implement than previously anticipated. As a result, the board now expects to publish its final FY23 results in mid-November 2023, with the FY24 interims shortly thereafter. The board expects to seek a restoration of the Company's listing after the publication of the FY23 results.



Previous FY23 guidance remains unchanged, with revenue expected to be not less than £150m (FY22: £101.3m), and underlying operating profit expected to be not less than £20.0m (FY22: £10.1m).



The board will propose at the reconvened AGM (in December 2023), a final dividend of 8 pence per share (2022: 7 pence). Total dividends in respect of FY23 will be 12 pence per share, a 33% increase over the previous year (FY22: 9 pence).

[mayojames] 24/10/2023 18:06

And it's not the end of the month yet
Also they are trading well and the Chairman putting himself in PLC firing line if statements not followed through
Let's see what the next week brings

[hpcg] 24/10/2023 17:57

It's really the FCA, not LSE: hxxps://www.handbook.fca.org.uk/handbook/LR/5/3.html#D45

Everything you have asked for looks like a lot of cost and a lot of red tape.

[undermanager1] 24/10/2023 12:14

So, a publicly listed company like Braemar can simply suspend its shares and prevent its shareholders getting any information except from its vague monthly "updates", and there is nothing the Stock Exchange can do about it?

The Stock Exchange needs to get a grip and come clean now. It must either declare this company is no longer trading, or give a clear statement on what, exactly, has been going on for the last 4 months, then publish a timetable with dates of what will happen in the next month, and finally give weekly updates on progress towards meeting those dates and the resumption of share trading, if that is ever going to happen.

The Stock Exchange is failing badly in its oversight duties towards shareholders and needs to explain itself.

[missmimz] 24/10/2023 10:29

Last RNS incl 'The board currently expects to publish final results for FY23 in October 2023'

[greybroath] 24/10/2023 10:20

Nearly another month has passed with no news...

Doesn't bode well.

[undermanager1] 05/10/2023 06:13

The 20 day extension to relisting passed a week ago. There has been silence since then and the vague promise of relisting in October. With no end in sight, it is looking now like investigations are continuing, there is much more to this than meets the eye and any statement is just hot air.

[hpcg] 01/10/2023 14:56

Also arguing about what might happen to the share price when it is re-listed later this month is pointless. I won't make a decision until I've seen the RNS though I can boil it down to these:

1) buy a dip
2) sell a spike
3) sell at any price
4) buy at any price
5) hold
6) buy around prior closing price on a muted opening
7) sell around prior closing price on a muted opening

Of these I suspect 3 and 4 are unlikely, based on the trading statement and what we can guess about the root cause. Even if it were bribery the company would self report and it would be unlikely there would be any consequential punishment. Most likely is 5, the vast majority of my position was built at the price immediately pre-suspension, I don't especially see the need to enlarge it at this exact time. Everyone else will have their own check sheet and price will initially be driven by those especially keen on selling or buying.

[catabrit] 01/10/2023 10:04

That is one way to put it Clarkey. The other way is that those just have a less bearish interpretation of the facts presented to date. I do not think anyone attacked Under and said he was mad! We just gave an alternative narrative and I think that’s entirely fair and reasonable.

[edmundshaw] 01/10/2023 09:25

Dr. B. I think that is quite likely, and is my suspeted scenario too.

[clarkey1880] 30/9/2023 22:24

I love how someone gives a realistic bearish opinion (under) and then all the corporate brokers come out banging on about how great it is.

[dr biotech] 29/9/2023 11:55

I’m guessing this is a potentially criminal investigation - either fraud or bribery. Probably not financially significant (unless there is a fine down the line). I may buy in after the suspension has lifted. Will need more info though



No mention of judicial involvement though, so I could easily be wrong.

[catabrit] 29/9/2023 11:33

Hi Under. I am not sure they will crash. The business updates have been good. The management have been probably about as transparent as they are legally able to be. The fact they’ve responded so promptly to shareholder enquiries suggests they’re mindful of us and my read is that they would like to tell us more but aren’t able to.

The valuation is already very very cheap and I think shareholders will be reassured by the updates. The bigger ones probably have more access to management and those are the ones you want to worry about. Not retail or PI.

I think you’d see a strong bounce if these did crash because of the underlying economics vs the valuation. I mean a major crash of 50% would see these on 1x underlying operating profit say net of cash. Or something stupid like that.

So whilst you can’t rule it out, I fear it unlikely.

They’ve said they expect to resume trading in October so we’re close.

I’m optimistic.

[hpcg] 29/9/2023 11:31

Yes, it was announced in the trading update of 22 September. Indeed we can now surmise there was some malfeasance on the part of someone, based on:

The investigation has been thorough and complex, but is now nearing completion and has focused on a small number of transactions which were carried out between 2006 to 2013.

and in a later paragraph:

The board currently expects to publish final results for FY23 in October 2023, whereafter the board expects to request a restoration of its listing. As far as the board is able, further detail will be provided at that time.

Which is to say we will not get full details.

As I said earlier in the process, this extensive investigation is a good thing from a shareholders point of view. It means the auditor is doing its jobs, unlike numerous other examples of listed companies, and we will have a thoroughly vetted set of accounts going back years.

Trading will initially be volatile, but ultimately the share price will recover the discount arising from the issue and will be priced on its forward prospects.