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Key question is whether we are suffering from material and labour shortages. Any ideas? If not this is a great recovery play.
Extracts from RNS (WITH EDITS IN CAPS BY ME)
Resolutions in respect of share issuance authorities and pre-emption rights, were NOT passed.
Steve Roberts, Executive Chairman of Northern Bear, resigned from the board AND will assume the position of Chairman Emeritus and continue to fulfil his existing day-to-day operational role (AS CHIEF EXEC..??)
Jeff Baryshnik, (WHO BOUGHT 25%(from memory) OF NTBR SHARES @72p EACH), has been appointed as Non-Executive Chairman of the Company with immediate effect.
It is expected that two further Non-executive director appointments will be made to the Board in the near term, at which time it is expected that John Holroyd will step down from the Board.
Jeff Baryshnik, Chairman of Northern Bear, commented:
"The Board would like to thank Steve for his many years of dedicated service as a director of the Company. (SERVED AS FD AND CEO (from memory))
"I look forward to increased engagement with all of the Company's stakeholders in due course."
**** My comment ****
Interesting but a little disconcerting!
Laid bare at the agm. Not seen that before in my years of investing. The market seems to like it though. Or are the Mm's just doing some bear baiting which will leave the SP in the woods. Idk.
I must admit I had turned a little bearish here. Today's small jump indicates the bear is not just going to roll over and let the market tickle its tummy. No siree. I wonder if its worth poking the bear a little with dome funds while it is on its knees.
5k @ 51p … wasn’t expecting this!
Well the company intend currently to restore the divi for FY 22. A bit like war reparations there comes a time to move on so the company can draw a line under Covid times. The employees too need supportive shareholders.Incidentally I think 22 FY will see a much reduced final divi of say 1p.
If my cub-board wasn't bear I would add more on current weakness.
It would be highly insensitive to reinstate the dividend (note FK1) when staff were asked to take pay cuts during lockdown.
This is a sound company but I feel it is too early to buy right now.
Bought 10k @ 54p — holding 305k (error in previous post) -
Furlough / JRS receipts are disclosed in results and equate roughly to two years worth of dividends… ok
Decent results with good cash generation plus a commitment to restoring the dividend as the state of the company is laid bare this morning. The fall in the SP says to me the market doesn't understand our furry friend. I will buy more as the yield is superb and either a takeover or a rerate will give something for the SP to build on. It would be great if Peel Hunt turned around as it really should. Seems a surprisingly bad fit.
Bought 20k @ 54p - holding 290k.
Results are out and look ok - but no dividend for the the second year on the trot - due to board feeling it would be inappropriate - personally I don’t share that feeling, but so be it. - prudence or risk concerns would have been an easier excuse to swallow.
EXTRACT FROM LATEST TRADING STATEMENT
"Whilst we have experienced some ongoing disruption from the severity of the COVID-19 second wave, we expect to report profitability from underlying trading in H2 FY21 to be in line with H2 FY20 for the Group as a whole."
FIGURES FROM HALF YEAR ACCOUNTS (ended 30/09/20)
Basic Loss per share (13.3p)
Adjusted earnings per share 1.9p (prior half year 5.6p with the corresponding full year at 8.6p)
COMMENT
I guess that means results for the year ending 31/03/21 will be something like an actual loss of 10p a share (subject to further exceptionals' in H2) and an underlying / adjusted "profit" of circa 5p a share.
https://api.londonstockexchange.com/api/gw/lse/download/NONTBR/tearsheet
not seen this this feature before ... probably been around for ages! - lots of TA and fundamental summary info...
I'm sure they're keen to reinstate it asap. The fundamentals of this business are sound and there's plenty of upside once things return to some sort of normality. Be patient.
Silver Knight apologies you are of course correct and now I am like a bear with a sore head after my clanger. The net cash position is good so perhaps the divi will be reinstated which should boost the SP. Maybe a MBO though at 75p?
There is no divi at the moment.
Afternoon Lemmink. Just spotted the trading update and it certainly is good news. Up to 61p on the ask and the shares clearly have fur-ther to go. Hope so as I need to claw back some losses though the divi has been rewarding here. The cash position is good here as per the update so perhaps that divi is safe.
Trading statement read quite well to my mind.
has made being a holder here more bearable. We would have had a trading update 2 weeks ago but for the change of Auditor I suppose. I suppose quite a few of the Bear's employees were fur-loughed inevitably but a status report would be useful at this point. One thing is changed forever though in that I can't ever see me being to give the directors a large bear-hug at the AGM again :(
but still one for the bear-ave. The intention to resume dividends when practical will certainly boost the SP but Covid times mean the Bear is not out of the woods yet. I ascribe the fall in the SP not to a company doing very badly but just one that has lost its bearings.
but 50p is proving sticky resistance to the honeypot of an SP over 50p. Probably just a paws in its progress. I wonder if the tenderers at 70p would make a bid for the bear sometime. If they are value hunters they might trap the bear at 65p to 70p.
Bought 35k @ just under 50p - holding 275k — wider market seems happier today
Lol - thanks for the bare puns - they do amuse - wish I could think of one.
will clear any market overhang. I guess the director looked in rthe cupboard and things were a bit bear so he sold up. Hope the current weather is causing fur to fly at the company. I will be fur-ious if we get a profit warning although the company always seems to go into hibernation at this time of year. At least the ask hhas picked up after the sale.
Looks like it as the trades were so close together. Perhaps someone tickled the BEAR's tummy and caused him to roll over?
??