Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Friday, 1 December, 1:00pm
James Grundy, CEO, Tristram Simmonds, COO and Grant Foley, CFO will present FY23 results and give an update on trading in H124.
Register here: https://bit.ly/BMS_FY23_webinar
There is not a good reason why braemar cannot get to 15% ebit margin within 5 years like clarkson imo. £200m to. and 15% margin would be 30m ebit
Turnkey17, Great news !! Onwards and Upwards !!
I love clarkson. I like braemar. 7x pe at braemar is too low
Yes, despite the fact that the investigation is complete. Who owns Braemar? Evidently not the shareholders.
Dealings will start again in mid-November. They're still not saying much.
MarketScreener.com, le spécialiste de la Bourse
Braemar Plc(LSE:BMS) dropped from FTSE All-Share Index
September 01, 2023 at 12:00 am
Takes us to Thurs 28TH Sept.
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.
Today's RNS announced the immediate arrival of the new CFO. Still no announcement of a return from suspension. The last time I wrote something here it was removed.
This b/b gone very quiet; don't see any comments elsewhere about whats going on and the BMS website
doesnt even mention share suspension or ongoing investigation. anyone any views about likely outcome?
Interesting that all of Le Baron posts have disappeared.
Perhaps I have misread the RNS, but I could find no value put on the liability in the accounts. The transaction value was £3m, which is something totally different.
£4k buys £33k sells and price up 3%! Love this share! Suspension? What suspension? Investors happy to have their money here for months without being able to sell! Awesome!
So what's your price prediction for Friday? Price seems very stable and not seeing any panic selling.
£57k buy earlier! Now that's confidence! Someone must be sure we won't be suspended on Monday! Investors seem completely unfazed by the investigation!
Having some spare cash and seeing the positive comments from Naked Trader, Rivaldo, Motley Fool,I mistakenly thought there should be a minimum 20% gain relatively quickly on the back of the results. A slight niggle were the comments posted by Le-Barone which I took ,on balance, to be those of a disgruntled ex-employee. How wrong was I.
Then a delay in the results - OK I can just about understand that. The FD going got me very nervous and I should have got
out at that point. But all seemed positive until the latest announcement.
If it really is only a £3m historic balance sheet adjustment with no impact on cash or P&L then it could surely have been resolved by a sensible discussion between auditors and the Board and deadlines would have been met.
To bring in forensic accountants signals , to me, something far more systemic. We shall see.
But for the Board to allow a share suspension to happen suggests that they really should consider their positions.
For me a lesson hard learnt. There is no such thing as easy money.
Price holding up pretty well considering there have been double the amount of sells compared to buys. I just wonder how many will hold during suspension. An investigation could potentially take a very long time to clear up.
Very strange goings-on. It appears that not only is the delay only due to a transaction which occurred from 2013-2017, but that the outcome may actually be positive for BMS as it may result in the cancellation and release of a liability!
I suspect the share price reaction, though of course reflecting damage to trust, speculation on what's still to come out etc, is overdone as it relates to something so historic. Especially if - and at present that's a bif "if"! - the £3m is all that's involved. There may be a large bounce to come if so.
This doesn't reflect well on the previous CFO's ability and perhaps explains their departure.
I note that Paul Scott on St ockopedia agrees today and has written:
Extracts:
"Sky News (which seems to be the place to go for tip-offs of deals and scandals) reported yesterday that BMS “has been told by its auditor that its accounts will not be signed off before a deadline this week”, and is “plunged into crisis” by this, which would see its shares suspended. Although I would say that late accounts are quite commonplace these days, with the effects of the pandemic still being felt by understaffed auditors.
More worryingly, Sky says that auditors BDO are unhappy about unspecified elements of the accounts, and that FRP Advisory (a restructuring/insolvency/investigations) firm had been brought in. That sounds a lot more serious than just a slight delay to signing off the numbers.
Trading update – this all sounds fine, no changes apparently, and 33% increased divi (yield is a useful 4.3%)....
...Accounts investigation – this doesn’t look material, at c.$3m, and is historic from 2013-17.
It confirms Sky’s report that FRP Advisory to assist the investigation (that won’t come cheap).....
The accounting problems seem odd considering they’re historic, and only $3m. Why get in expensive advisers, and suspend the shares, over an issue that is small? I wonder if fraud might be involved? (EDIT: this point is also mentioned by M48 in the comments below. I should emphasise we’re only speculating here, not making any accusations).
Shareholders have this week to decide whether to bail out ahead of temporary suspension, or to sit tight (and maybe even buy more, if it plunges). Based on what we’ve been told so far, this issue doesn’t look significant or material, so personally I’d be inclined to ignore it. But as always in this type of situation, we never know what else might come out of the woodwork. Overall though, Braemar looks a good, sound business, so I’d be inclined to give it the benefit of the doubt over a small, historic accounting problem."
How when I haven't or don't intend to buy or sell any shares....
The allegations you make are very serious......
What a load of rubbish! I've also spoken to them this morning and nothing of the sort!
Letting CFOs go never a good sign. This week will be difficult.
Letting CFOs never a good sign. This week will be bad.
What's the usual process now? Think they have 2 months from deadline date to submit accounts to company house before being struck off?
Auditor unable to sign off its accounts. This does not look good