Bradda Head Lithium exceeds targets, secures US$3 million royalty and moves closer to production. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Can't open the report on that terrible and unprofessional website!
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!
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.
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
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.
I cannot believe that this has fallen after reporting such a leap in profits. What do we think the eps?
The EPS is £1.65
Not that it matters. Shareholders will not see it. This company is run purely for the benefit of the directors.
Shambles of a company. Has ever a company posted such an increase in profit and such an absolute profit and watched market cap decline? This family should not be allowed to run a so-called public company. This is a private company with mugs as external shareholders. I'm very angry and have written to the company. I'm sure they'll respond courteously.
No wonder the share price is falling.
The employees of the company received a 47% increase in there base salary ! - yes that is correct 47%
But that is just the start of the gravy train, they also received bonuses of 478% yep, nearly 5 times there base salary as a bonus.
Who on earth would authorise such staff bonuses?
How many of these "employees" are relatives or friends of the directors I wonder ?
I can see a mass independent shareholder revolt coming to Bisichi.
LOTM
As I tried to explain some time back, yes, the company makes a lot of money, but investors will not see any of it and that's all that matters. Investors are just a pain for this company as the Directors run it as a personal piggy bank.
"I can see a mass independent shareholder revolt coming to Bisichi."
Don't expect much action there... It's going to be like a far t in the wind.
June 2018: 'Heller junior was paid just under £900,000 last year – nearly 10 per cent of the firm’s entire £11 million stock market value. If Apple boss Tim Cook was paid the same proportion of the US company’s value, he would pocket about $90 billion a year.
At Bisichi’s annual meeting on Wednesday, investors accounting for nearly 30 per cent of the shares voted against the pay report.'
Why would be now be different? I fume at how these crooks have nicked my money, but nothing was done last time and I very much doubt anything will happen this time.
BUYER BEWARE, there are rampers here, that I suspect are not completely independent...
The naked greed of the directors is breath-taking. The all male (almost all) white bod is not a great look either.
Caveat emptor indeed.
Go to the AGM although I'm sure they make it almost impossible... Tell 'em some home truths. Write something to Private Eye. Encourage Extinction Rebellion or Just Stop Oil to pick on them. Crooks. Goodbye - I'm so pleased I'm out. And if I could remember the wretched Ramper who lied and persuaded me to invest I'd find him and remove something he considers important.
It’s now yielding 10%! Even if we all agree that the directors are selfish with terrible PR, this isn’t looking expensive.
"It’s now yielding 10%! Even if we all agree that the directors are selfish with terrible PR, this isn’t looking expensive."
I absolutely agree that it is very cheap and that it has an attractive dividend. The problem is that 'on-the-nose' shares like this, with 'on-the-nose' directors, can drift much lower on investor sentiment alone. With such illiquidity (wide bid/ask spread) and blatant disregard for other investors, I'm not yet attracted to buying any more as the capital loss in just a few bad days could wipe out any gain from the dividend.
I might be attracted back if I see them investing a big chunk of the profits into something tangible, that allows a reliable NAV re-evaluation, rather than gifting themselves the money straight out of my pocket as they've done in the past. A reasonable step would be for them to get some broker coverage, but it seems they just don't care about attracting new investors at the moment - why would they, when they're so busy milking the existing ones for everything they're worth?
Cane - agreed.
I think many PI’s were hoping that the passing of the old man would herald a new era of management style, PR etc, etc. This and the forecast of record profits was enough reason for many, including myself to hold and see what happened on results day. The last week has been bitterly disappointing.
Given that the Heller boys are majority owners of both companies, can anyone think of a reason why they would want to be so successfully trashing the value of their own companies?
I don't think there is an inheritance tax incentive. And they are neither buyers nor sellers of their shares.
I wrote on this board months ago about the absolute disregard for shareholders by the directors and was met with much criticism.
They don’t care about the share price because they are making huge amounts in cash every year. They paid themselves a huge bonus because of options last year and done the same this year. Madness is when you see someone doing exactly the same thing over many years and expect a different result.
Does anybody know if Bisichi staff have any ‘share based’ remuneration?
Another email I have sent to Heller:
FAO Andrew Heller - Re. Companies Act 2006
Dear Mr Heller
As you watch the value of your company being destroyed on a daily basis on the back of spectacularly good 2022 results, I draw your attention to the Companies Act 2006, which clearly obligates you and your fellow directors 'to promote the success of the company for the benefit of its members'.
It strikes me that the rage of the market is due to the iniquitous distribution of the exceptional (and lucky) 2022 profit.
I do not believe the enormous bonus you have taken would have been an issue, were it not for the tiny percentage of the excess profit that has been distributed to other shareholders (c.10%).
The £12m you now have sitting in the shares of ambiguously specified other companies is cash that you have chosen to invest rather than distribute, without specifying why. Either prudence is necessary and collective, or not necessary. What you have created is a perception of 'bonanza for me, prudence for you lot'.
I am also concerned that the curious structure of London and Associated Properties plc and Bisichi plc creates a conflict of interest between you and your brother.
Any dividend paid by Bisichi plc is effectively a transfer from your fife to his, and without any balance.
I'm minded to forward this email to your auditors and solicitors for comment.
You may say I am wrong, but the market clearly agrees with me, and is in a very vengeful mood.
Bisichi plc is now trading on a P/E ratio of just 0.5. Any director of a substantially profitable company so condemned should be embarrassed and ashamed.
Yours sincerely
Edward Seaton
Edward, perhaps a stupid question but has the company replied to any of your emails to date?
I doubt the company has replied to any emails. Many years ago some investors tried to bring about change but directors ignored them as per usual.
Previously, Beza, yes. But not this week.
Thanks for letting us know Edward. I wonder what the atmosphere will be at the AGM…