Member Info for Dartron

Bump

OK, Bluerill can not answer my questions, which is good as he is tiresome to converse with. I am happy not to converse with him any more, I agree with Sensei, way too much garbage being written here. Irony is that you usually find the 'haters' usually do the things themselves that they try to pin on to you. Anyhow, he is best ignored as he has demonstrated.

InContext, thankyou for a sensible reply. A few thoughts here, BVC should trade at a discount to the sector, for all the reasons I have mentioned in this thread. Historic average, obviously depends what history you want to use, if it was 2021, when all equities were overvalued it would be 80p no problem (rightly or wrongly). But historically, from 2011 to 2017, this could not break 20p. Im sure there were equally bullish investors just waiting for the market to realise this and that about the company during that period. Why has it taken nearly 30 years to get no where? During that time, I wonder how much shareholder value has been returned? I mean, for comparison, the FTSE350 has risen 158% since 2002. This company should be doing a lot better, look at all the cash they took in Covid, where has it gone? Did you get any? What has any one got to show for it?

TraderWizzard, need to brush up on how options work. They do not vest until 1st, second and third anniversary. I was talking about him buying shares with his own money. His purchase would actually be cheaper than the options which strike at 25.49p. He could have bought after results in non closed period at 22p. Maybe he knows something after all he was the CFO. (huge red flag if your CFO wont purchase - free tip there for any company).

Lets wait and see what the results bring, honestly, I think 'not much', SP might fall a bit, but market just isn't interested either way in this stock.

Here are the bear points for BVC:

- No director buying.

- No trading update in 2023.

- Lack of tangible progress RNS this year. Only 2 contracts, no financial details.

- History of not doing what they say.

- Unfavourable geographic location, with negative tax implications.

- V Long history of under achieving.

- CEO promoted from 8 year tenure as CFO, see above point.

- Most holders underwater (except those getting free shares).

Lets check in when there is some news, I hope all of you have other successful investments.

I wrote this on other board in reply to the usual "its the debt", "its the court case" type posts.

"Free cash flow in the Period was £5.7m higher than the prior period at £10.8m (H1 22: £5.1m) and net debt decreased £7.5m to £94.5m at 30 June 2023 (31 December 2022: £102.0m)"

My opinion here is that, Investors are not selling, the price drops are due to aggressive shorting, trying to cover back the stock that the directors bought (100k), and Dbay have taken (1%).

- Andrew Franklin, the Chief Financial Officer of the Company, purchased 50,988 ordinary shares

- LeCouilliard, the non-executive Chair of the Company, purchased 40,957 ordinary shares

- DBAY Advisors Limited as discretionary investment manager of Fixtaia Limited, Logistics Development Group Plc and DouglasBay Capital IV Fund LP, purchased 5.4M by Aug 11th

Anyone who was concerned about debt and court cases would have sold up months ago. Short started in May. Its accumulation time, but each to their own.

Court case is done, its only an appeal over the fine, which is a max of 7.9m. So guess already baked in to the price. Expect shorters are hoping to exploit the RNS if the appeal fails (Which I think it will fail). One party did not even appeal, sounds banged to rights! (I'm future looking here, they pay the fine and get on with it). Butterfield may still get disqualified, again not my concern. If the CFO is happy to buy 50k shares, it tells me they can navigate this. Maybe they know that they got off lightly! 7.9M is manageable for them to pay I think, even if it is at the expense of the interim dividend.

(From IC)

"Shareholders will take heart from the news that the board has addressed the day-to-day management issue by appointing Jeyan Heper in the newly created post of chief operating officer. Mr Heper is a management veteran who has served in senior positions at Proctor & Gamble, Danone and British American Tobacco."

(IC comment) "Broker Numis forecasts a 2023 price/earnings ratio of 11 for 2023 and expects Alliance to focus on higher-growth ecommerce in the US. That could mean the shares are priced for recovery, but we remain cautious."

From the government press release Feb 2022:

https://www.gov.uk/government/news/cma-fines-firms-over-35m-for-illegal-arrangement-for-nhs-drug

"Alliance Pharmaceuticals Limited and Alliance Pharma plc are jointly and severally liable for £7,900,000"

The appeal has already been heard:

Appeal and the competition law issue of the director disqualification proceedings to be heard before the Competition Appeal Tribunal between 5 and 27 June and 27 July and 4 August:

Schedule here

https://www.gov.uk/cma-cases/pharmaceuticals-suspected-anti-competitive-agreements

No publicised outcome yet, though Dbay bought a further 1% after this date (11th Aug). They are pretty smart, don't know if public could attend?

The options were awarded in 2023, so I feel they are a current topic. They were awarded to the new CEO Moti as you know. I was explaining that the buy back bought less stock than was handed out the very next month, but since you cant refute this, you want to move on, because it is all different now and that was in the past! You want to brush this shady topic under the carpet, as that was when old investors got screwed (less than 12 months ago!), and now you want new investors to be ignorant about this.

Why has Moti not bought any stock? Why must it be handed to him, diluting the likes of ordinary shareholders? You said yourself, the stock is under valued, so you would think that he would be keen to buy some? Before you start, the stock was handed to Moti BEFORE he has achieved anything - this is not a reward is it. It is an upfront gift.

stock_sensei, you are free to filter out chat that you do not like. All I have done is pasted information from RNS, and explained what happened in 2022. If you feel that is useless garbage, then good luck to you. I would suggest potential new investors and rational minded people consider both sides of the storey here.

So do you think the interims are coming out soon? I see there has not been a trading update this year. Perhaps we will find out about the $25M Covid tender? Oh, I do hope it happened, and is not just another storey like the buy back. I want to believe in these guys, but they make it soo hard.

"The Diagnostic unit was informed that it is due to be awarded a major tender, with a value of $25m, from a customer in Southeast Asia primarily for the delivery of COVID-19 testing kits, and the Group has been awaiting a signed contract. Whilst the Group has had good visibility on this project, given that it is now December, should the contract be received and signed, the revenue would be recognised in 2023.."

https://www.lse.co.uk/rns/BVC/trading-update-2cqlyfitp2fguvr.html

Swapped mine into Pod Point a couple of weeks back, up 20% already. While I felt there is some possible upside here, Pod point was a dead cert to rebound after its sell off. I guess if you looked at both business as speculative, and ones for the future, pod point has the edge as it is well funded and demonstrating growth, unlike here. I dont think I would buy back in here. Even a buy out at 3p, I would still be down. I can see Pod point at least bagging twice from the 30p entry I got. Good luck all. I shall keep an eye on it.

Https://www.lse.co.uk/rns/BVC/grant-of-options-x3r08zdgufnx1ss.html

Grant of options - 3 Jan 2023

Moti Nagar CEO 16,433,937

Gideon Chitayat* 1,229,369

Total = 17663306 options granted.

https://www.lse.co.uk/rns/BVC/transaction-in-own-shares-and-tvr-ag7ttc3q63ko1x0.html

Final buy back 21 December 2022

4,495,000 Ordinary Shares held in treasury.

Still not a single fact back from you.

Its a good thing MNG selling, it means the short can buy the stock it needs and close. It will surly be a consideration for the short sellers. In terms of risk v reward, it does not make much sense to sell in competition with MNG, or allow all of MNG stock to be bought by other players, which would create a SP base resistance. IMO, they will make it very volatile over the next few days, but magically disappear soon after. Both firms already reducing. We dont know MNG will sell the rest anyway, or even on the open market - could be to another II directly (or the shorters!!). A positive development IMO.

Fund managers would look very stupid to hold this stock and sell now, Genghis. Try reading a few reports from them, they will brush this off as the fault of 3 primeminsters etc. Im not kidding.

I was going to leave it, but since you insist,

I was invested here, as you well know. During that time I received the paltry 1p dividend, which then had Israeli withholding tax applied. This is around 23%, I was making the point that profits can not be effectively distributed via a dividend - this is a fact. So if the money does start rolling in from these contracts, (minus the 30% of admin costs here), how can investors benefit? If you want to label it as a growth stock, what is the exit strategy? I cant see one which is beneficial to private investors.

As for baseless slurs on the management, I base my slurs on the past words and actions of the BOD of BatM:

They proposed a substantial share buy back - FACT

They bought back no where near the amount that they stated - FACT

Consequently, they mis lead investors at the time - FACT

They have since issued more options than the stock they bought back, diluted holders even more!

So why should an investor trust BatM to look after them, when they have a past track record of deceit?

This is another reason why this share price will not appreciate, most investors (who conduct DD) are going to look at this as a massive red flag, and then start to think, what else might they be lying about. Back to the buy back, they didn't really have the money to accomplish the buy back, so it was very disingenuous.

The two combined also make this stock very susceptible to short selling, as it will always be over valued, any spike can be sold into. BatM, can not provide enough good news to combat this. This is not their fault, but worth mentioning since shorting is talked about so much here.

It would make the most sense to take this back private, it is clearly undervalued, but I feel the only people who can realise the value here are the current directors and key share holders. Putting integrity to one side, it would be quite a smart thing to do.

In very simple terms:

They do not need further access to equity.

They are unable to distribute profits.

These are the main reasons to be a listed company on a stock exchange. They remain listed as they don't want to stump up the cash to buy share holders out. I cant see a buy out as the company is too fragmented, so it all rests on when Zvi wants to cash it in, and how he wants to do it, and what conscience ultimately he has.

I do not get paid to write, I wish I did! I just write it, like I am trying to assume in good faith that, 'you just write yours'. I am happy to point out the issues that I overlooked, which ultimately cost me money here. I am very happy to discuss BatM, but have heard little tangible rebuttal of my argument from you, instead you prefer to be the clown, why is that?

InContext, you are quoting more puff piece from the results. Nothing about profit, just one line on revenue growth - doesn't even split it out for each group. It is a start, but out of date, and not reflecting inflation, and operating costs. Might not transla

Question directed to InContext, awaiting his response.

Sorry didn't understand your last post Bluerill, seemed a bit confused / not great english.

InContext, can you back any of what you wrote with hard facts? I have looked through the RNS history:

2022 results, declining on all metrics, revenue, margin, profit etc. Then we have 2 RNS about Edgility, neither of these contain any financial numbers. The Cemex one is small fry IMO, the other sounds promising, but where are the numbers? How did they get the contract? By undercutting everybody else? How do you know there is money in it. The truth is that we have NO visibility of any financial metrics since 2022 FY results. Its ok to have blind faith, but stop quoting these 'facts' which are really just fantasy's until proven otherwise. Even once BatM do become more profitable, the issue as I see it is getting that money back to share holders. This is an awful stock in all respects for these reasons. I wouldn't put it past BatM to try to take this back private at all time lows. They never had your interests at heart.

The text book advise would be the opposite. Buy on the way up....

Personally think its too late to sell here, price will be very volatile down here. Could see swings back to 90p easily. All depends on who is buying and selling over the next few weeks. At this level, after this trashing, its got nothing to do with the Dow mate. Also, if you have the slightest worry about a raise at this level, not buying would also mitigate this, and let you buy AFTER. Interesting situation setting up IMO.

I expect the word is out for a raise. I still hold here, but have been a seller up at the 13's. We have had the dump, now we need Majid to start the next pump (after a raise and a purchase). rinse and repeat.

1.6M shares traded today in 2 chunks of 800k. Lets see if Dbay increase again, after they did last week. Now at 17%.

PS Handy, Dbay are not dividend investors.

since july 2020 this stock has fallen in price, yet shore capital have never forecast this have they? shore capital are the house broker, and also have a business connection in that the largest share holder of bvc is one of their ned's. of co**** there will be influence. that fact you can not objectively acknowledge this makes me question your contributions here.

and of co****, it was shore capital who facilitated the last placing in 2019 at 42.5p. wonder what their forecasts looked prior to placing? bullish i would speculate. if you want to understand what a puff piece is, i suggest taking a look in to the mirror.

Would depend on your broker, whether they could carry that stock or not. Most big names would be able to cope with this.

Very similar to transferring brokers, you have to make sure new broker can carry all your current equities.

Options represent 6.6% per cent of the Group's current issued share capital. Handing out the freebies, to encourage them to stick around? Never like to see options granted when the SP is on its knees.

Perhaps this will make more sense after a coffee. Still not a holder.

So you see no problem with a company writing a 'puff piece', when the largest single BVC shareholder at 22%, sits on the board of the company writing the puff piece? Ok, and we should listen to you because...?

I think that if they did want to do a Raise, they would have done it already.

They will know the price is dropping by the day, which effectively means the RI gets less appealing as time goes on. If they needed one, they should have done it above £1 before the interims. You also have to appreciate that if it were a placing, the shorters do not automatically get preference to buy the shares. A further note is that both firms who are declared short have already REDUCED twice since June - they would not do this if they were privy to an incoming raise.

2 which spring to mind, IQE heavily shorted by JPM from January then raised at 20p in May. Still struggling, though lack of revenue is the issue. JPM increased right up to the raise (might even still be short!).

KAPE, I think was also shorted by JPM, and raised 200M allowing JPM to close their short. KAPE then got taken private for 1.25B. I recall buying this after the raise, and did ok.

I actually think this is the last throws, and normally most violent part of a short to recover the most stock. I rarely check here, even though I hold. Not worried.

For everyone who says a raise, there is as much chance of a short squeeze.. I like to hold shorted stock, it throws up opportunities.

The same operators who sold stock to take it here have been buying it back all last week. Plus it now got noticed by a few traders on Twitter. I think it is just market mechanics.. Very happy with my gains today. Keeping a chunk in pension, and flipped my trading shares this afternoon, on to find the next set up.. I think this should recover to about 40p, without news. A wouldn't rule out a buy out from EDF either.