Braemar Share Discussion Threads

[drectly] 16/11/2023 17:26

Probably the most significant piece of information to most shareholders, when do they have the option to sell or buy more shares, what is the value of their holding (market price); management do not seem to have given an explanation of the date for dealings to start again. As previously, my opinion of management remains regards this suspension, they have to improve signifinantly to be p*ss poor.
A long term holder as a small part of a portfolio who would now like to exit if shares at fair value, due to management. A pity as this should be a successful business long term based on actual recent performance.

[warranty] 16/11/2023 17:04

Yes, it’s strange that there’s no mention of when the company expects the shares to restart trading. Hopefully it will be soon?

[edmundshaw] 16/11/2023 10:18

No reason not to restart trading tomorrow that I can see. But no announcement on that score...

[deanowls] 16/11/2023 09:34

There’s investor calls in two weeks. I look forward to seeing those questions raised guys.

[lancasterbomber] 16/11/2023 08:30

When will these start trading.?

[alfred] 16/11/2023 07:51

As clear as mud. How could dividends have been paid illegally in past years what were the auditors doing? Why is it so complicated to assess the outstanding commissions? As the liability was already reflected in the accounts why was such a fuss made about presenting accounts - and avoiding a 2.5m bill, not to mention 3 months+ of shares suspension. What is the nature of the new controls implemented, are these significant changes or just dressed up tweaks? The management,auditors and advisers need a detailed cross examination.

[hyden] 16/11/2023 07:35

Well, I see no reason why the shares will not bounce strongly when trading resumes. Current trading is strong, the investigation is complete and new controls are in place. I note the provision of £2m is less than the £2.5m it cost to complete the investigation but it was important that it was thorough in order to rebuild confidence in the company.

[shalder] 15/11/2023 14:58

I hope everyboby is sitting comfortably, safety belts on, waiting for tomorrow's revelations. Long time coming, will all be revealed?

[drectly] 14/11/2023 10:50

Based on the above, what is anticipated to be the first day we can deal again ? thanks.

[edmundshaw] 14/11/2023 10:43

Well they said mid November. Apart from the interims being delayed, they actually hit a deadline!

[1pvh] 14/11/2023 10:29

Good news. Let's hope it's onwards and upwards from here.

[cwa1] 14/11/2023 07:35

Publication of FY23 Results



The Group confirms that it will announce its audited final results for the year ended 28 February 2023 ("FY23") and publish its 2023 Annual Report and Accounts on Thursday,16 November 2023.



Previous FY23 guidance remains unchanged, with revenue of £152.9m (FY22: £101.3m) and underlying operating profit of £20.1m (FY22: £10.1m).



The board intends to reconvene the Annual General Meeting of the Company on Monday, 18 December 2023, where a final dividend for FY23 of 8.0 pence per share (FY22: 7.0 pence) will be proposed. Total dividends in respect of FY23 will be 12.0 pence per share, a 33% increase over the previous year (FY22: 9.0 pence).



The Group will seek a restoration of trading in its ordinary shares on the London Stock Exchange following the publication of the FY23 results and filing of the 2023 Annual Report and Accounts.



Publication of H1 FY24 Results



The Group will announce its results for the six months ended 31 August 2023 on Wednesday, 29 November 2023. In line with previous guidance, 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 remains confident in the outlook for the second half of the current financial year and, in line with the Group's stated progressive dividend policy, expects to recommend an interim dividend of not less than 4.0 pence per share.



Results Roadshow and Online Presentations



Given the proximity of these results announcements, the Company will host a combined results roadshow, commencing with an online analyst briefing on Wednesday, 29 November 2023 at 10.30am. Please contact the team at Buchanan via [e-mail] for further details.



The Company is also hosting an online investor presentation with Q&A on Friday, 1 December 2023, commencing at 1pm. To participate, please register with PI World at

[undermanager1] 14/11/2023 01:04

So here we are, mid November. The Braemar Board said two weeks ago that everything was dandy after their last missed deadline, that they needed another two weeks just to sort a few bits out.

So here we are. Yet another missed deadline, and still no real info about the past 4 months, no sign of the accounts being published, no request to register the stock, no nothing.

[redwing1] 13/11/2023 15:29

I don't agree with you Clarkey1880. Yes of course the macro picture is important to a cyclical stock such as Braemar, but the share price had moved so far away from a sensible rating that it is only going to respond to what caused the share suspension in the short term.

Take a look at the Cavendish numbers (which already reflect some shipping market slowdown for 2024) and you see a forward p/e of 6.7x with a yield of 4.5% and net cash of £13m. That looks low enough to reflect any shipping downturn.

So all I am saying is that any fall on a lifting of the suspension will be because the market doesn't like what it hears about the prior year accounting issues and any resulting impact on current profitability. If by some miracle management has plausible explanations, then I would predict a healthy bounce in the share price.

[clarkey1880] 12/11/2023 14:20

“ i wouldn't worry about the shipping market backdrop”

Erm, redwing, i ABSOLUTELY would worry about both the shipping market and macro backdrop - as these elements have not been priced in during the suspension.

IE this stock will open BEARISH and will hoof off, holders of the stock will brick it and sell, causing more bear moves to bring in in line to market levels for a firm of this nature

[redwing1] 11/11/2023 08:33

I wouldn't worry about the shipping market backdrop, as this is all about what has delayed the Braemar accounts. If it is bad then all bets are off and it certainly should be something serious to take this much time, but if not the shares should rally.

It beggars belief to see the way management has handled this situation. No where near enough information provided and an aloof and arrogant approach towards shareholders that doesn't reflect at all well.

[clarkey1880] 10/11/2023 18:45

Friends - i was banging on about the macro effect to braemar thats coming to negatively pressure the share price.

One other thing to add to that macro woe is EU ETS - this means dramatically inflated shipping costs, most likely to cause disruption and drop in transaction liquidity.

The horizon for BMS is stormy… if this wasnt suspended have been priced in - yes.

Will this be bearish if / when it re lists - yes.

I was reminded of a similar story to bms - stobart…

[catabrit] 05/11/2023 23:53

That is a fair comment, Dan. That said, it is kinda reflected in the multiple you are paying at 218p.

[clarkey1880] 05/11/2023 21:51

Genuinely, for me there isnt enough value in shorting it. But i suspect it will fall aignificantly when re-listed.

Imo, if the management were any good (i think theyre all terribly out of their depth’s) then the company should initiate a buyback, when it thunders off after being re listed and hold for long play. But they won’t, because theyre clueless.

Ps thanks for the ship owner note - i always assumed it was a depreciation tax write off game

[dan_the_epic] 05/11/2023 20:33

I totally agree.

[clarkey1880] 05/11/2023 19:34

Gotcha ok. I thought you were trying to draw a parallel with bms not being effected by Maersk cuts - which i fully expect it will, given the macro reasoning behind the Maersk cuts.

Without question the global macro picture is slowing - this will mean less demand for shipping, across the pie.

Bloomberg 6 days ago : “ If the oil market offers clues about the state of the economy, it’s through the prism of two petroleum products: diesel and naphtha. And in Europe, the news is bleak.”



So thats maersk calling the end of the party on dry, bloomberg calling a drop in wet and petchem. Thats just charter.

Then s&p - as i said financing is impossible atm, although i guess it could be bolstered by firesale - but again, bms would have to be strong to win those and i’m not sure theyre great on s&p.

I’m moving to guilts and buyout / turnaround funds myself.

Thoughts welcome

[catabrit] 05/11/2023 19:09

Sorry Clarkey, it might be because I was not very clear. With the real estate advisory firms like Savills and CBRE they are obviously correlated to global GDP. They’re correlated to markets and what is happening in certain sub sectors. A big chunk of their revenue is transaction based. However, many of them have diversified into more recurring revenue streams that is less cyclical and more resilient. A lot of people forget that. So sometimes they see that the office sector is struggling or capital markets in general and they sell. They tend not to appreciate that the revenue stack has changed and for the better I might add.

The point was made in relation to someone pointing at one segment of shipping and ignoring the rest. Now I am not saying the rest is good or resilient. Instead I am saying you have to take the whole pie into account I.e. how are the other segments of the wider shipping industry performing.

That’s all.

I hope that is clearer?

For the record, I am not espousing that those other sectors are performing better. Someone else more knowledgeable can debate that.

I am just saying, don’t extrapolate from one slice of the pie.

[clarkey1880] 05/11/2023 17:02

Catabrit - i don’t understand your savills or cbre comparison.

Maersk own ships, so your savills analogy doesn’t work. Maersk is making layoffs because the global economy is faltering.

Global slowdown effects all lines of bms’ shipping business, container, dry, wet, dirty, clean, chem, energy.

Did you see recently the demand for naphtha and other feedstocks in EU has dropped because of inflationary pressure and global slowdown? Ie less chem being shipped…

If global trade demand is off due to inflation, fixtures will drop across all shipping sectors, meaning less deals for bms to win, shipping rates drop, so deals completed drop in value. S&p will get hammered because of interest rates and credit on debt. Etc etc.

Add in a shift in the strength of USD now vs gbp (last year bms outperformed based purely on currency difference at the end of the year).

Tell me i’m wrong, g’wan