Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I just sold my wife's shares in her sipp for 4.142 so I wonder if there is another bidder in the wings, I think I will hang on to the balance of my shares for the moment.
Things should automatically happen, but compare that with the dealing costs of selling now against waiting for that slight extra in the future. In my case I felt the proceeds could be put to better use right now, elsewhere, so I sold.
The current bid in the market is about 408. How do we get the 410? Do we just sit back and wait for it to automatically happen at a specific date in the future or are we expected to do something ourselves?
To answer my own question: xd date was 25 Aug.
In addition to the Acquisition Price, Biffa Shareholders who appeared on the register of members of Biffa on the 2022 Final Dividend Record Date shall have the right to receive and retain, without any consequential reduction in the consideration, a final dividend of 4.69 pence per Biffa Share for the 52 week period ended 25 March 2022 (the "2022 Final Dividend") as approved at Biffa's Annual General Meeting on 23 September 2022. The 2022 Final Dividend is due to be paid to such Biffa Shareholders by Biffa on 10 October 2022.
My understanding is that 10 Oct is payment date. xdiv date is in the past, so safe to sell and still get the div. Is this correct?
So what now? Do we hold until final Dividend in October? What does the future hold?
Walk*
Well done all those who picked up additional on the wall down.
I've stumbled upon this news item from last year on www.gov.uk website:
.... has been fined £1.5 million for breaking export law, in what the judge called “reckless, bordering on deliberate.”
Biffa Waste Services Ltd has been at the centre of the second legal action of its kind in as many years, as the company found itself outside the law on which materials can be exported to developing countries. Judge Shane Collery QC told Wood Green crown court Biffa had shown no contrition. He found the company’s previous comments about being picked on by the Environment Agency and no public interest served in being prosecuted a second time as “aggravating and unattractive.”
Biffa’s latest breaches of export law uncovered by the Environment Agency involved rolling contracts to send vast amounts of waste to India and Indonesia. Material exported illegally included 50,000 tins; 40,000 plastic bags; 25,000 items of clothing; 3,000 nappies – and even a frying pan, condoms and a souvenir New York t-shirt. Inspecting the waste, investigators recorded “a strong putrid” smell and an “acidic aroma.”
PUSU has been extended until the 30th Aug. The results are in the public domain but HMRC still hold the Sword of Damocles over the company regarding alleged landfill tax discrepancies. I assumed ECP were waiting for the annual results to be published but now it looks as though the real issue is HMRCs decision and whether a fine is likely to be imposed - £20m has been set aside but a fine could be double that or half as much.
It would be nice to have all this cleared up by the end of the August. 2 months seems a reasonable time to make a decision.
IMO, the first half of this sentence, "Following a period of discussion and negotiation, ECP's proposal is in respect of a possible offer at a price of 445 pence per Biffa share in cash (the "Proposal")."
Under Offer!! A bid made for the whole company at 445/share. Board minded to accept after due diligence so they are opening the books.
It's a shock and very sad to see.
Going up !
The company shop write down has spooked the market, it suggests that Biffa overpaid for it. I think its a great business and I'm sure it will recover in time.
Hollamatronic.
"It literally says in the update there is a dividend..." Yes it does, 10/10 for reading skills. Now look at the date it was posted! On the 5th October it was an observation of the situation at that time in response to a question. I thought a dividend was unlikely given the supply chain difficulties. Today a dividend was announced and the sp fell 9%. Gain 2.2p and lose 36.5p suggests everyone else thinks the dividend is 6 months too soon?
Pip
What's all the fuss about? Good rns - seems like a lot of hysteria for nothing!
" Shareholders want to see the dividend reinstated but in the current atmosphere that seems unlikely."
It literally says in the update there is a dividend...
Positive results so I am looking to buy at the bottom of this overdone fall, maybe 320p?
Think the clue was in all the directors share sales and high pe
Big drop today, currently down 3%. I wonder if the market is reacting to the governments latest 'net zero' announcement? Biffa will need to look at it's fleet of trucks and work out an electric/hydrogen replacement plan - expensive with little residual value coming back from the old stock. It was on the cards for 2030 anyway but the government asking for a plan by 2024 seems to be concentrating minds. Or is it something else?
pip56 - thank you - genuine knowledge
I think is drifting down because of a combination of factors:
First: Driver shortages and an expectation of higher wages. If you look at Biffa job vacancies there are lots of drivers needed and in some cases a signing on bonus is being offered. The shortage is limiting the business and that will impact on the contracts/bottom line profit margin.
Two: Fuel prices are going up. Whether carbon fuel or electric the prices are rising and this is having an impact for collections and processing.
Three: One assumes the power being fed into the grid from the bio digesters and incinerators will be sold for a premium however they may be on forward contracts and given One & Two this may impact on the margins.
Four: If collections are being slowed/delayed this has an impact on the recycling throughput. Also the supply chain slowdown (as being witnessed in China) may cause less demand for recycled commodities.
My thoughts are it isn't any one of these in isolation. It is a combination - a domino effect - where one element hits onto the next. The last trading update wasn't exactly overflowing with confidence and I suspect the next won't either. Shareholders want to see the dividend reinstated but in the current atmosphere that seems unlikely. Biffa managed to work through the worst of the pandemic but the current problems look to be every bit as challenging.
this share just goes on drifting downwards! cannot see the reason why? anyone know?
RBS 2day good news!
Surely Biffa major shareholders will want to see some added value from the Viridor purchase.