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BMS Braemar Plc

1.50 (0.50%)
24 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
  1.50 0.50% 301.50 299.00 304.00 303.00 303.00 303.00 174,174 16:35:11
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Water Transport Svcs, Nec 152.91M 4.6M 0.1396 21.70 99.76M
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 300p. 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 £99.76 million. Braemar has a price to earnings ratio (PE ratio) of 21.70.

Braemar Share Discussion Threads

Showing 3076 to 3099 of 3325 messages
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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.
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.

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. :-)

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).

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

It's really the FCA, not LSE: hxxps://

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

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.

Last RNS incl 'The board currently expects to publish final results for FY23 in October 2023'
Nearly another month has passed with no news...

Doesn't bode well.

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.
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.

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

dr biotech
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.

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.

Braemar announced a 20 business day extension of its share suspension, and that 20 days passed yesterday. There has been nothing announced since that deadline passed. There is nothing more guardanteed to spell the slow death of a company than a lack of transparency. I'm predicting the stock will crash if ever the shares are traded again, and the company won't recover from whatever shananigans have been going on in secret.
20:39 (LON:BMS) – Undervalued Shares Returning From Suspension Next MonthWell at last we know that the shipping services group is expecting to publish its 2023 results next month, thereafter seeking to return its shares from Suspension.The complex investigation by FRP Advisory into $3m of small transactions way back in the years 2006 to 2013, leading to payments being made for the following four years, is nearing completion.It was laudable of the group's Board to affect the independent analysis and also to suspend its dealings – without doing so I do believe that the shares could well have fallen to 100p to 150p.The shares, which were trading at 324.84p in the second week of January this year, subsequently gyrated between 275p to 310p range for some months before the investigation announcement in late June.On 26th June they fell to 224p before being suspended at 233p.What we do know now is that the group's results to end February will show record revenues, up nearly 50% at around £150m (£101.3m) while the underlying operating profit, also a record, was at least £20m (£10.1m), with a 33% increased dividend at 12p (9p) per share.Net cash at that year end was about £6.9m.As for the current year the company has traded well and is on track to report around £18m of profits.The first half year to end August is likely to report £7m profits, while its forward order book is running 21% higher than the same period last year.Upon return to the market, it is inevitable that there will be a hectic melee of dealings by those traders who now need to get out, or by those 'short' players who will need to rapidly cover positions.It will be the canny ones who watch from the sidelines, until calmer waters are visible, before taking out new positions in what is still a very undervalued cash generating business.
Very reassuring update, especially considering that global trade is at its lowest since 2020. Some of the shipping stocks in the US have broken through new 52-week lows which isn’t surprising considering that they shot up like 1,000 percent from 2020 or something crazy like that.

I know you don’t make as much on the way up but I prefer the broker model. There’s more downside protection, less principal risk.

And we’re getting ours for like a twenty percent FCF yield or whatever it is.

Looking forward for the shares to resume trading. I don’t know if we will hit 300p but we should get a decent bounce.

BMS have handled the situation miles better than my other suspended share.

With earnings of approx 45p for 23 and 40p for 24 and a clean bill of health and money in the bank shares should hopefully soon get above £3.0. Very relieved everything is ok
Nice RNS, covering almost all the bases. The proposed dividend seems to reflect that the share reorganization has gone through...
I actually enjoy the suspension - wouldn't mind if the entire market closed over the summer.
Reassuring update, not sure we could ask for more than that. The investigation is P&C so unlikely to receive details unless they are forced into a market announcement. Likely it will evolve into a criminal investigation maybe (money laundering/bribery etc). I will certainly be adding when the suspension lists, its all historical.
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