Benchmark Holdings Share Chat (BMK)

Paid out today .

Mistake to invest in AIM .

Accepted today .

Lost 58% .

In the same position Ripley at 57p. Luckily only 5000 shares but yet another Questor tip, similar to Tirupati Graphite that was dumb.

Will leave my Smaller Co Investment Trusts to pick from now on - they are doing particularly well at present.

No doubt going private will provide a steady income for the owners!!

Deadline 21st July 2025 for tenner offer at 25p being taken private

13/12/21 bought these for 59p

Always falling since that buy to a low of 17.7p April 2025.

AIM shares are just not worth the risk .

Don't think its trading at 24p because people don't expect the tender to go through at 25p. It's time value of money. So some people don't want to have the tied up capital for another couple of months. So they are foregoing the 4% uplift basically (25p - 24p). Surprised there's no M&A arbitrage funds out there just mopping up all these shares. 4% return for a couple of months is a great return for those funds.

Research note:

For the half year to 31 March 2025, Benchmark Holdings reported revenue from continuing operations (post disposal of the Genetics business area) of £40.6m, -22%YoY (-17% CER), primarily resulting from the pause in sea-based sales of Ectosan®Vet and CleanTreat® in the Health business area. The Group recorded an operating loss of £8.4m (H1 24, £7.2m loss), and (adj.) EBITDA of £4.2m, down 56%YoY.

On 23 May, the Group announced its intention to cancel its Admission to trading on AIM and Euronext Oslo, subject to approval from shareholders and the Norwegian regulator. As part of the process, CEO Trond Williksen will step down from the Board and CFO Septima Maguire will resign.

The planned disposal of the Genetics business was completed on 31 March, realising gross proceeds of £194.0m, from which the Group repaid the outstanding green bond, RCF and hedging instruments to the value of £87m, leaving net cash reserves of £117m.

It is proposed to return c.£95m to shareholder via: (i) a c.£56.7m tender offer for up to 226,934,325 Ordinary Shares at 25.0p/share, and (ii) a special dividend, conditional on the outcome of the General Meeting on 18 June. The rationale for de-listing from AIM includes implied annual cost savings totalling an estimated £8.0m (specific AIM-related, £2.4m, and arising from streamlined operations, £5.6m), and reduced management, legal and regulatory responsibilities.

In light of the decision to de-list subject to shareholder ratification, we have suspended our Fair Value.

Link to note: https://www.equitydevelopment.co.uk/research/h1-25-results-and-proposed-delisting-from-lse-aim

Video recording - Investor Presentation:

Trond Williksen (CEO) and Septima Maguire (CFO) of Benchmark Holdings plc (AIM: BMK, Euronext Growth Oslo: BMK), the aquaculture biotechnology business, hosted an Investor Presentation covering Interim numbers for the six month period ended 31 March.

Highlights included the completion of the sale of the Genetics business, resulting in Group profit after tax of £76m, with the continuing business performing in line with expectations. Management discussed the repayment of their Green bond, RCF and related hedging instruments for a total of c. £87m post period end. The team also discussed the recently announced proposals to delist the Company from AIM and Euronext Growth Oslo, and the opportunity for shareholders to roll over into the private company and receive a special dividend. There was a detailed financial overview and a Q&A session where management answered investor queries.

The full presentation is available to watch, divided into chapters as below:

0:00:03 Introduction & Agenda

0:00:50 Highlights

0:06:32 Operational Update

0:12:04 Financial Update

0:19:44 Outlook

0:22:20 Q&A

Link to video: https://www.equitydevelopment.co.uk/research/benchmark-holdings-hy-results-investor-presentation-video-12-june

Please note that this webinar is now taking place at 10.00am (UK time) on Thursday 12th June, instead of 12.00pm as previously indicated.

Benchmark Holdings plc (AIM: BMK, Euronext Growth Oslo: BMK), the aquaculture biotechnology business, will be conducting an investor presentation following publication of their Q2 and Interim results for the three and six month periods ended 31 March 2025.

The online event will be hosted by Trond Williksen, CEO, and Septima Maguire, CFO, and will take place at 12.00pm on Thursday 12th June.

The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.

Link to register: https://www.equitydevelopment.co.uk/news-and-events/benchmark-investor-presentation-12june2025

....still waiting on the promised return of capital ....

This has rebounded quite nicely in the last month since falling to 18p. Has quietly moved up on a daily basis to 23p now (30% Up)

Yes should be a sell. There's still a couple of institutional funds owning sizeable stakes so them just rebalancing portfolios can have a big impact on share price of thinly traded stocks like this one.

Harwood Capital - 29,221,744 Shares - 1% of Portfolio

Canaccord Genuity Wealth Management - 21,465,000 - 0.2% of Portfolio

DNB Asset Management AS - 17,447,940 - 0.02% of Portfolio

Gresham House Asset Management Limited - 15,416,273 - 0.4% of Portfolio

etc

Wow that's a big one, I'm assuming a sell given price but who knows

I think this doesn't de-list outright, I think this will be taken over and by consequence delist. So the overall question is the price that this gets taken over at. The 3 main shareholders have 72% of the shares. In theory they'll need 90% of the votes to then implement a squeeze out procedure. Hence, I think to get to 90% they'll need to offer a decent premium over the current share price.. Looking at the share chart and the developments in the last 12 months I see a few key points:

1) Share Price was trading at ~35p when they announced the strategic review. Market reacted well to that news and share price then traded at 40-45p for a few months

2) The genetics disposal was "sold" to shareholders as a way to unlock value and once it was announced the share price hovered again towards 40p

Ferd AS has a weighted price of 63p, JNE and Kverva have a weighted price of 43p. I could see a takeover price in the 35p - 45p range.

If going to delist is it worth buying now then in your opinion?

That's exactly right. So basically the market is saying that a clear market leader in fish farming nutrition, doing ~£80m in annual revenue is worth ~£30-40m (or ~0.5x Revenue).

Think the delay in the return of capital means one thing: this is being taken over by one of the 3 main shareholders.

There's just no point for this to continue being listed currently. The 3 main shareholders own >70% of the company, their entry prices on average are 43p - 63p per share. The business had to do a divestment to repay the debt which was very expensive. But clearly the 3 main shareholders preferred to divest Genetics rather than sell the company off completely. This is now trading at 17p so each of the 3 main shareholders is sititng on a large paper loss.

I've been looking at this one but I'm struggling to get my head round how the share price is 20p if it is expected there will be a capital return of circa 13p as suggested on the board here. they will have £107m cash and the MC is only £149m, its not really making sense to me and I think I must be missing something??

RNS. Sigh.

...anyway, we should hear about a potentially juicy distribution in about a week.

@BruteBernard Would that not need a shareholders vote?

"Q1 25 results: transition towards a new platform" - new research note: https://www.equitydevelopment.co.uk/research/q1-25-results-transition-towards-a-new-platform

For the three months to 31 December 24 (Q1 25) Benchmark Holdings reported a 30%YoY decline in revenue to £17.7m (currency adjusted, -25%YoY) arising from a 16%YoY decline in the contribution from Advanced Nutrition to £16.1m, and £1.6m from Health operations. The Q1 (adj.) EBITDA loss was £(0.2)m (Q1 24 £3.5m profit on a like-for-like basis). The Group expects regulatory approval leading to completion of the disposal (for an aggregate £260m) of the Genetics business by the end of March and subsequently plans a separate announcement on use of proceeds and plans for the restructured business.

- Advanced Nutrition registered strong performance in its Mediterranean markets offset by continued weak demand for shrimp and an Artemia harvest affected by lower hatching rates. The business segment contributed £0.84m in (adj.) EBITDA compared to £4.6m in Q1 24 (-90%YoY), with gross profitability adversely impacted by a change in product mix.

- Health reflected the decision to cease mobile wellboat-based Ectosan®Vet and Clean Treat® operations, to be replaced by a combined onshore and client-focused approach. Demand for Salmosan®Vet sea lice treatment in Norway and Chile remained strong resulting in (adj.) EBITDA of £0.33m compared to £0.57m a year earlier. This partially offset the impact of the absence of wellboat-based revenues.

As the Group will update separately on completion of the disposal process, retirement of debt, decision on return of proceeds to investors, composition of the balance sheet and any further strategic or restructuring initiatives, we have suspended outlook and our Fair Value estimate. It is expected that the disposal process will conclude by the end of March.

Trond Williksen (CEO) and Septima Maguire (CFO) of Benchmark Holdings plc, the aquaculture biotechnology company, conducted an Investor Presentation following publication of Q1 results to 31st December 2024.

Management discussed highlights of the "stepping stone" quarter, including progress towards completion of the Genetics business disposal and the transition to a streamlined organisation. The team discussed key details of performance in their Advanced Nutrition and Health businesses, and answered questions submitted by the viewing audience.

The full video has been divided into chapters, as below:

0:00:00 Introduction

0:00:38 Q1 Highlights

0:04:36 Operational Update

0:10:36 Financial Update

0:17:40 Current Trading & Outlook

0:20:03 Questions & Answers

Link to recording: https://www.equitydevelopment.co.uk/research/benchmark-holdings-q1-investor-presentation-results-feb2025

They do not need to have a special dividend but make is a capital return and then exchange the existing shares for fewer shares. If they give 1 share for every 3 that would reduce the amount of shares and keep the value of the share.

Precisely, they won't need to allocate much to get to the desired result (i.e. an increase in the share price).

Who would they buy them back from?? Very little free float as it is…

Just assuming that some cash will be retained in the business + they might choose to allocate a portion to share buybacks rather than special dividend

Daniscp: I assume you are taking the amount after tax. 750 million shares and 128 million gives 17p per share. There is also possibility of another 3p.

I do not understand the low value of the share as removing the 17 p gives the share a value of just 10p.

Thanks. Are you sure about your £144.7m discounted cash-flow number in FY25 on page 12? If you discount the FCF of £210.8m for ~1 Year you get a much higher number than £144.7m unless there are other adjustments going through?

Benchmark Holdings reported FY24 revenue from continuing operations of £90.4m, -13%YoY (currency adjusted, CER, -6%YoY), and (adj.) EBITDA of £11.9m, -30%YoY (CER: -24%YoY reflecting the decline in revenue in the Health business (-57%YoY) and changes in Advanced Nutrition product mix. Net debt was reduced from £65.5m in FY23 to £49.0m due to the impact of the discontinued Genetics business removing debt related to the Saltern facility. The focus is now on the structure of operations post sale of the Genetics business area, streamlining the organisation and reducing costs.

Post-divestment our revenue and (adj.) EBITDA outlook is determined principally by two factors: trends in the overall market for shrimp (demand and prices), and contribution from the Health business based on Salmosan®Vet revenue streams, in FY25 respectively £86.7m and £12.7m, and for FY26, £90.9m and £14.0m. We reinstate our fair value at 43p/share, to be reviewed on completion of the disposal process as details of the use of proceeds, structure of the balance sheet and proposals for further restructuring emerge. Our revised Fair Value, based on a 5-year DCF, is inclusive of a return of capital to shareholders which we estimate at £158m, to be paid in FY25 (£128m) and FY27 (£30m).

Link to note: https://www.equitydevelopment.co.uk/research/fy24-results-refocus-post-disposal

Benchmark Holdings plc, the aquaculture biotechnology company, will be conducting an investor webinar following publication of their Full Year results for the year ended 30th September 2024.

The online presentation will be hosted by Trond Williksen, CEO, and Septima Maguire, CFO.

This event will take place at 11.00am UK time (12.00pm CET) on Thursday 12th December.

The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.

Sign up to register here: https://www.equitydevelopment.co.uk/news-and-events/benchmark-investor-presentation-12december2024

I recently started building a position here. M&A activity is already gathering momentum in the small/mid caps with most T/O offers starting at a minimum 30% premium to the prevailing SP, often significantly more. Last Jan, the Board and major SHs decided that the market was considerably undervaluing the Company’s potential and invited offers from interested parties. This recently resulted in the pending sale of the genetics unit for up to £260m.

Over 75% of BMK shares are in sticky hands with JNE partners holding 22%, the second largest holder. They are no fools and very careful where they invest, with a small but select portfolio. It is inevitable that with many smaller UK company valuations currently in bargain basement territory, there will be scavengers moving in for the kill. Picking the likely victims isn’t always easy but looking at the limited holdings of worldly-wise institutions like JNE, Cape Wrath and Kestrel might suggest where the next opportunity could arise.

Benchmark Holdings has announced the disposal of its Genetics operation to Starfish Bidco AS for an enterprise value (EV) of £260m, comprising an initial consideration of £230m in cash plus an additional contingent consideration of up to £30m. The disposal indicates an EV/EBITDA multiple of 17.9x (£14.5m E). The contingent consideration is based on the performance of the core salmon sub-segment (salmon eggs production) of the Genetics Business from 1st October 2024 to 30th September 2027. Conclusion of the disposal is expected in Q1 25, subject to shareholder approval and regulatory clearance.

The disposal enables the reduction of debt and operational streamlining, and the transaction concludes the formal strategic review Group announced on 22nd January 2024.

We will review our outlook for the redefined Group and Fair Value with the publication of Group Q4 and full year FY24 earnings which is expected in early December.

Link to research note: https://www.equitydevelopment.co.uk/research/disposal-of-genetics-operation-for-260m

Trond Williksen, CEO, and Septima Maguire, CFO of Benchmark Holdings hosted an Investor Presentation following publication of their Q3 results for the three months ended 30 June 2024.

Watch the full presentation for more details on period highlights, which included a solid performance in Advanced Nutrition and Genetics, and the streamlining of Health towards Ectosan® Vet transition. Management provided a detailed update on operational performance per division, a Financial overview and an update on Outlook. Finally there was a Question & Answers session.

The video has been divided into chapters, as below:

0:00:03 Beginning & Introduction

0:00:47 Overview of Q3 & period highlights

0:05:12 Operational Update - Genetics

0:15:00 Operational Update - Advanced Nutrition

0:22:56 Operational Update - Health

0:26:45 Financial Update

0:33:41 Outlook

0:37:49 Questions & Answers

Link here: https://www.equitydevelopment.co.uk/research/benchmark-holdings-investor-presentation-august2024-q3results

Benchmark Holdings plc (AIM: BMK, Euronext Growth Oslo: BMK), the aquaculture biotechnology business, will be conducting an investor presentation following publication of their Q3 results for the nine month period ended 30 June 2024.

The online event will be hosted by Trond Williksen, CEO, and Septima Maguire, CFO, and will take place on Thursday 22nd August at 12.00pm (UK time).

The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.

Link to register here: https://www.equitydevelopment.co.uk/news-and-events/benchmark-investor-presentation-22aug2024

Trond Williksen, CEO, and Septima Maguire, CFO of Benchmark Holdings hosted an Investor Presentation following publication of their Q2 / Interim results for the period to 31 March 2024.

Watch the full presentation for more details on period highlights, which included positive momentum in Genetics and Advanced Nutrition partially offset by Health and forex headwinds. Management provided a detailed update on operational performance per division, a Financial overview and an update on Outlook. Finally there was a Question & Answers session.

The video has been divided into chapters, as below:

0:00:03 Introduction

0:01:44 Overview of Q2 & period highlights

0:05:47 Operational Update - Genetics

0:16:00 Operational Update - Advanced Nutrition

0:20:55 Operational Update - Health

0:26:25 Financial Update

0:33:47 Outlook

0:36:36 Questions & Answers

Link to full video: https://www.equitydevelopment.co.uk/research/benchmark-holdings-investor-presentation-may-2024-q2-/-interim-results

Benchmark Holdings plc (AIM: BMK, Euronext Growth Oslo: BMK), the aquaculture biotechnology business, will be conducting an investor presentation following publication of their Q2 and Interim results for the three and six month periods ended 31 March 2024.

The online event will be hosted by Trond Williksen, CEO, and Septima Maguire, CFO, and will take place at 12.30pm on Wednesday 22nd May.

The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.

Link to register: https://www.equitydevelopment.co.uk/news-and-events/benchmark-investor-presentation-22may2024

Trond Williksen, CEO, and Septima Maguire, CFO of Benchmark Holdings hosted an Investor Presentation following publication of their Q1 results for the period to 31 Dec 2023. Revenues were £40.5m for the quarter, 26% below a particularly strong Q1 FY23, but 11% above Q4 FY23, maintaining quarterly momentum.

In Genetics, management discussed solid performance in the core salmon business and progress in growth vectors. In Advanced Nutrition, the company posted strong performance in Europe and in the Health division significant steps have been taken to transition to new business model for Ectosan® Vet and CleanTreat®.

Watch the full presentation for more details on period highlights and operational performance per division, including a Financial overview and an update on Outlook. The video has been divided into chapters, as below:

0:00:03 Introduction

0:00:36 Overview of Q1 & period highlights

0:05:40 Operational Update - Genetics

0:13:28 Operational Update - Advanced Nutrition

0:17:47 Operational Update - Health

0:23:46 Financial Update

0:30:26 Outlook

0:33:23 Questions & Answers

Link to video: https://www.equitydevelopment.co.uk/research/investor-presentation-q1-results-february-2024

I guess major shareholders believe The Company is worth (much?) more that The Market valuation. IMHO, they are right.

Benchmark Holdings plc, the aquaculture biotechnology company, will be conducting an investor presentation following publication of their Q1 results for the three month period ended 31 December 2023.

The online event will be hosted by Trond Williksen, CEO, and Septima Maguire, CFO, and will take place at 12.00pm on Thursday 15th February.

The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.

Register here: https://www.equitydevelopment.co.uk/news-and-events/benchmark-q1-investor-presentation-15february2024

The management of Benchmark Holdings discussed revenue growth and improved profitability for the full year. They touched on the focus they've put into turning around the genetics business in Chile, alongside ameliorating the capital cost of running the CleanTreat boats and driving further take up of Ectosan. The team also provided a detailed financial update, commentary on the 2024 outlook, and answered a range of questions submitted by viewers.

Benchmark Holdings plc is an aquaculture biotechnology company and the presenters are Trond Williksen, CEO, and Septima Maguire, CFO.

The full video has been divided into chapters, as below:

0:00:42 Highlights of FY / Q4

0:08:44 Operational Update: Genetics

0:15:05 Operational Update: Advanced Nutrition

0:17:33 Operational Update: Health

0:21:31 Financial Update

0:33:00 Outlook 2024 & summary of Benchmark

0:39:39 Questions & Answers

Link to video: https://www.equitydevelopment.co.uk/research/benchmark-holdings-investor-presentation-fy-results-29-november-2023

3 months on and looking at ED's forecast for 2024 and 2025 no sign of reduced amrortisation per Christopher Mills. The BS shows £153m on the books so called "aggressive" amortisation has 7+ years to run!

The improvement in FCF forecast is happening however. That's a positive. But that cash has a tall mountaian of debt to tackle. 63p fair value seems a distant possibility.

Christopher Mills of Hardwood speaks highly about BMK on sounds like pox but it has a V:

https://www.poxmarkets.co.uk/media/647f39eb98d6cd096c6505fc/?context=/listings/LON/BMK/multimedia/

Says he: "The business is in a pretty good place". "The accounts are quite complicated and it appears to lose money - the reason being that they have been aggressively amortising by £25m a year - but going forwards they aren't - there's only £6m-£8m amortisation"

Well if that's the case, I can't see anything about that in the interims nor in the Q3 announcement nor apparently did Equity Development get that memo either because their forecast INCREASES not decreases amortisation/depreciation by £10m in 2024!

Having said that the forecast is brighter for BMK. The business is forecast to be at a near break even in 2024 and operating FCF jumps from near zero in 2022 to £10m forecast in 2023 and £31m forecast in 2024. Hopefully that helps a rerate. C Mills is a smart guy and he can see something here.

Meanwhile it's a slow painful journey and while Equity Development, too, do paint a positive in that the YOY is a positive, for me that's like 2 steps forward and 1 step back - but we're a step ahead overall. The negative Q3 came out of nowhere and that's the problem with this company - the accounts are complicated, seems to pay a lot of tax and depreciation and while - like Mommur - it plucked at my heartstrings too, commercially it's not been great - and don't feel the conviction that I'll see any improvement soon. Also while they are maintaining their AIM listing for now, if they delisted from AIM holding a Norwegian share is a hassle.

I'd take 63p too. But fair value feels a fair way off.

Writing about BMK makes me realise I probably need to sell it sooner than it reaching 63p.

I just cannae see it after 3 years as a sound investment. It plucked my heartstrings as did my other tiddler, Renaltyx and are great little companies with niche products. Fair value of 63p - my thats heady but i would take it!!!

Link to note:

https://www.equitydevelopment.co.uk/research/fy-23-results-consolidation-and-cash-generation

For the year to 30 September 2023, Benchmark Holdings reported revenue FY23 of £169.6m, +7.5%YoY (currency adjusted +7%YoY) which was 0.7% below our outlook, and adjusted EBITDA of £35.5m, +9%YoY, 5% above our outlook. Net operating cash of £20.0m was almost double FY22 (£10.8m) with a notable improvement in working capital management from £(12.0)m to £(1.0)m underlining efforts to control costs and improve operational efficiency. Net debt was £45.6m, with year-end cash at £36.5m.

The Group reports Genetics operations at normalised levels, early signs of a recovery in shrimp markets positive for Advanced Nutrition, and in the Health segment improved Q1 24 demand visibility with Clean Treat® at improved capacity utilisation. Most significantly, in FY23 the Group exhibited discipline in cost and cash management which establishes a sound platform for growth in FY24.

We revise down our FY24 revenue outlook by -6% and for FY25 by -7% principally due to a 24% reduction in the outlook for Health. For (adj.) EBITDA the adjustments are -4% in FY24 but +3% in FY25, indicative of continued improvements expected in operational efficiency. We maintain our fair value at 63p/share.

Benchmark Holdings plc, the aquaculture biotechnology company, will be conducting an investor webinar following publication of their Full Year results for the year ended 30 September 2023.

The online presentation will be hosted by Trond Williksen, CEO, and Septima Maguire, CFO.

This event will take place at 12.00pm on Wednesday 29th November.

The webinar is open to all existing and potential shareholders. Questions can be submitted during the presentation to be addressed at the end.

Link to register: https://www.equitydevelopment.co.uk/news-and-events/benchmark-investor-presentation-29november2023

For the three months to 30th June 2023, Benchmark Holdings reported revenue of £34.3m, -5.5%YoY (currency-adjusted -1%YoY), as 10%YoY growth in Genetics (42% of total) was offset by the impact of reduced demand in global shrimp markets, resulting in a 17%YoY decline in Advanced Nutrition revenues (47% of total). Adjusted EBITDA1 declined 23%YoY (£5.1m), a 14.8% margin (Q3 22: 18.1%); on a currency-adjusted basis -13%YoY. Net operating cash inflow of £1.7m contrasted with £(1.0)m outflow in Q3 22, with net debt of £45.7m (FY22: £59.3m) and healthy cash reserves of £32.9m.

Q3 under-performance in the Advanced Nutrition business area indicates a revision to our full year FY23 outlook and the basis for FY24 estimates; a 7.2% reduction in our FY23 (adj.) EBITDA outlook and -7.2% for FY24. We maintain our fair value at 63p/share, backed by sound cashflow management, confidence in Genetics salmon eggs demand and production capacity and prospects for Benchmark’s Ectosan®Vet and Clean Treat® treatments.

Link to full report: https://www.equitydevelopment.co.uk/research/a-strong-performance-in-the-year-to-date