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I cannot believe that this has fallen after reporting such a leap in profits. What do we think the eps?
Personally, I'm not that obsessed about dividend payments, and it strikes me that Thungela is somewhat cursed by the expectation it has raised over the last 2 years that dividends will be huge.
Having said that, it strikes me that there is an internal conflict when it comes to dividend payments, in that 41.5% of all dividends paid by Bisichi are in effect a transfer from one brother's company to the other.
I think it would be much healthier and better for all concerned if the structure of London and Associated Properties plc and Bisichi plc was amended.
And I totally agree that having £12m of unspecified share investments gives an impression of evasiveness. I think we sort of assume they have bought other mining companies, with a few 'green' investments to soften the edges. There is nothing wrong with that, but why keep secrets?
The accounts spend a lot of time discussing their property investments, but they are now less valuable than their share investments, which represent around 1/3 of total net assets.
grezzza123,
The director's bonuses for the year exceeding the amount distributed to shareholders in dividends for a start.
A beautiful set-up, a £10M property portfolio that yields enough income each year to cover the directors salaries.
The vagueness of where the funds have actually been invested, ie the companies shares that they bought. So who will know if they actually bought decent investments or dud ones ? Is that money going to earn an acceptable return & who's account able if its not ......
LOTM
EBITDA £40million versus £5.8 in 2021, dividend up to 22p from 6p
What's not to like exactly.
Sell up then go buy something that gives a lower yield but posts hot air every week.
For it from the Hargreaves Lansdown website. Decent profit but modest dividend. Uninspiring and hardly confidence building for the future. I've sold out with a small 5% profit after 3 months. Won't return to such a small and insular business. Good luck!
Can't open the report on that terrible and unprofessional website!
A very banal statement about reducing carbon blah blah was put out this afternoon. Pleased to see it shouldn't undermine any other results imho. I wonder if we'll get the annual report tomorrow morning. Thursday is more usual than Friday!
I don't mean Bisichi is American. I mean the value attributed to American companies is not based on the dividends they pay.
You say the board are greedy. Who/how?
I think the issue is whether the BoD just distribute profits more for their own benefit than the general shareholders. Hoping the new Chairman is a bit more outward looking...
"Very few American companies pay a meaningful dividend."
Have you heard of a BDC? Almost all of those pay north of 10%.
American?
Quite obviously Bisichi is not going bankrupt.
It's share price has tripled in the last 2 years.
Very few American companies pay a meaningful dividend.
"It will be fun to see the reaction when the results are published. What is the lowest PE ratio anyone has ever come across?"
Probably nothing at all... Low PE means nothing... have a listen to the Leter Lynch story about Kaiser. The only cases of ultra low PEs I've come across in the London markets have all ended in the bankruptcy or stagnating share prices.
It remains to be seen whether or not any of the cash will ever flow back to investors.
Could be a number of options for using the cash accumulated over the past year, I wonder if a share buyback is also on the table. Or could the board go for an acquisition.
Hopefully not too much longer to wait for the results!
Hoping a nice divi will be announced for summer payment and the sp takes a little boost! I guess coal is still making decent money compared with a few years ago despite recent falls - hope the good times last a bit longer...
To the extent that final results have been published in later April for the last 2 years, yes, I would expect final results next week.
It is a small company (in the UK) with no direct customer sales, so the website very far down the list of priorities.
It will be fun to see the reaction when the results are published. What is the lowest PE ratio anyone has ever come across?
Seems to me we may be expecting an update / end of year stuff from the BoD next few days but the info on the website is totally out of date. Anyone know?
None of my business, I know, but I'd be fascinated to hear the reasoning of the person who sold 2000 shares today (unless they just needed the funds).
I’ve nabbed this from the Thungela chat as it’s an article of interest for us Bisi holders.
https://www.reuters.com/business/energy/thermal-coal-imports-pick-up-most-asian-buyers-prices-moderate-russell-2023-03-30/
One more trading day until Thungela present their results, which will be of interest to Bisichi investors.
This share kind of reminds me of when, in April 2000 I bought shares in BAT. The price had dropped to £2.54 and they were paying out 24p/share divi, so getting on for 10%. Labour had just banned smoking inside pubs, tech / telecoms were all the rage (but were now starting to crash) and people were saying that the *** companies were finished. It never happened and sales kept increasing. BAT has been one of the FTSE best performers over the last 20 years. The debate about coal being finished is similar to what many journalists were saying about tobacco all those years ago.
I'd certainly buy LAS for £16m. It's an insanely cheap way to buy 42% of Bisichi, and you'd get £40m of good commercial property thrown in for free.
The death of Michael will certainly change the dynamic of the businesses in some way, tbc.
The curiosity is that one son runs one company, and the other runs the other. But if Bisichi pays a dividend, John Heller's company gets 42% of it. Andrew is not returned that favour. I don't know the relationship, but it does somewhat disincentivise massive Bisichi dividends (which Bisichi could certainly pay).
Having said all that, I don't think many people have taken on board just how spectacular the 2022 results are going to be for both Bisichi and the combined companies.
I'll be very surprised indeed if profit isn't at least £45m.
What about a manager buyout either here or at LAS? After all, the company will be (potentially) sitting on a huge cash pile after a bumper year and M Heller is no longer around having passed away at the start of the year.
In what way would you say the BoD run it for their own benefit?
Well, someone knows something not so great about this company... Having done a bit more research it does appear the BoD run it for their own benefit and not for the shareholders. Hope I'm wrong as currently sitting on a 20% loss.