vekta
12 May 2016
Re: analysis of results and Tender at 200p Thirty fifty twenty, may I question your estimated value of the remaining business at £30 to £40 million. How do you arrive at such a figure? Over the past four years the company has averaged a profit of about £1.5m, my estimate would be more like £10 to £12m especially now Cape has gone and what's left is not hugely profitable.Vekta
farmerdave
29 Apr 2016
Re: analysis of results and Tender at 200p Now watching from the sidelines - agreed clearing up for a sale Good that the Trac sale was under SSE so no tax payableFD
thirty fifty twenty
29 Apr 2016
analysis of results and Tender at 200p BQE announces tender to buy 50% of shares at 200p,this is equivalent to returning 100p a share.It says doing this facilitates the strategic review which is still ongoing....So this would seem to mean....1 - going forward IS NOT as a stand alone operation2 - going forward IS NOT BQE buying a business, in which case why not state,which leaves the option of BQE being bid for....So say that the bidder can only afford to pay £40m for the remaining business,as opposed to paying £80m for that business and £40m of cash,then getting rid of the CASH 'facilitates the strategic review'.Results were announced today with decent profits IMHO and reaffirming that thebusinesses has long term strategic growth.Also it's mentioned that defence is expected to performed in 2017 better than it ever has.So with turnover of 27m + growth, and remaining CASH of 3m, and cap ex and product development spend largely complete, I think the remaining business is worth c30m to c40m i.e. 80p to 100p a share (on top of the 100p from tender offer)What is not clear to me is how the tender will work....I assume it won't be that will everyone be forced to tender 50%,but we will all be asked to tender fro up to 50%.This explains the price.....at 200p it is being made attractive so that all the CASH is used up. The price this morning has risen 12p to 176p,it might take a few more months but I think the final take out price will be closer to 200p,but this is effectively 100p on a current purchase price of c.75pand thus BQE remains a low risk better than CASH investment. All IMHO, DYOR + BoLBQE is in my top5 hldgs
thirty fifty twenty
28 Apr 2016
Re: at 157p risk reward favours bid in 3 wee... fingers crossed for announcement....ultimately I still think that delay is due to some sort of regulatory/tax approval regarding a bid,so I expect a take out bid to be announced with results.I thought before total upside might be 222p,but see the max now as closer to 190p,realistically 180p,downside still 140p - 150p if no deal.So 15p upside, 15p downside within a few days on a 80% / 20% likelihood...I've reduced exposure but holding some awaiting news...All IMHO, DYOR + BoLBQE is in my portfolio
vekta
28 Apr 2016
Will they make it? Only one day left to get the results out (they said they'd issue them by the end of the month) - personally, knowing this lot, I'm not holding my breath!Vekta
vekta
08 Apr 2016
Waiting for news Thought the rise yesterday might be the precursor to some news today, but nothing yet!Vekta
thirty fifty twenty
15 Mar 2016
at 157p risk reward favours bid in 3 weeks News is due 'in and around end of Q1' so that means within a few weeks.My analysis values an ongoing situation as c.140p to 150p,but that a bidder could easily justify up to 222p!so you pays your money and your takes your chance!to me the odds are highly in favour of a bid - why?1 - a bidder could eliminate a large element of costs from BQE thus afford to pay a higher price than the market of a small PLC2 - BQE have said that shareholders what capital but that is expensive - so a strategic review has taken 10mths. Shareholder must be happy with progress or the board will be under pressure3 - the talks are still on-ongoing.. so this means a deal is on. if there was disagreement about price or conditions it would have happened before now4 - they gave a time table! I think this is very telling. if they were in negotiations they cannot tell if the bidder would walk away tomorrow or in 2 months time. so how can they give a timetable? To me its because there are regulations / approavals to be gained (they do work in some defence sectors!!) and these were 'predicatbly' going to take c.2 months. Thus they could say in Jan.. we will be done 'in or around end of Q1'5 - price action of buyers has been positive for monhts end during the severe market volatility during February.So to me reading between the lines a bid for the company is more likely at anything from 180p to 222p. if there is no bid and its CASh return time the price might fall back to 140p but surely is worth 150p. So I see 10p downside on a 10%-20%.All IMHO, DYOR + BoLBQE is in my top5 hldgs
Another Jacko
05 Feb 2016
Re: Tick up Think they got tipped by the Investors Chronicle,
farmerdave
05 Feb 2016
Tick up Steady tick up over the last few weeks against market - wonder if results are good or effect of new virus ? Possibly buyer as well..FD
nlper
07 Jul 2015
Re: Oh dear! .
vekta
19 May 2015
Oh dear! What a mess! this company is running around like a headless chicken.It sells the goose with the golden eggs and is effectively left with a war chest - so it decides to put itself up for sale! I knew a senior manager at BQE who left saying they could’nt manage their way out of a paper bag! Oh for some visionary leadership – where is Harriet Green when you need her! Vekta
farmerdave
18 May 2015
Re: Amount back BUBLooks as though it got a bit too expensive to pay back as capital - say we will sell the whole company (definately and more easy way to distribute capital) and the price goes up - possibly as removes the tax issue ?Seems a bit excessive though selling the whole companyFD
farmerdave
12 Mar 2015
Re: Amount back Thanks BUB very useful
biguglybear
12 Mar 2015
Re: Amount back I can confirm that the gain so far as the company is concerned should be tax free - see HMRCs technical manual -[link] company has said that 'the majority of the net cash proceeds will be returned to shareholders in due course' but it has not said how this will be done. Before the 2014 Autumn Statement it was possible to issue bonus shares which would give shareholders the option of taking a capital gain via a so called B share scheme but this will be blocked from 6 April - see -[link] am left wondering whether the Board may intend some sort of purchase of own shares scheme. If technically possible without adverse tax consequences, shareholders might tender their shares for their pro-rata share of the net proceeds or more if others elected to hold onto some of their holding. The result might then be a capital gain in the hands of individual holders.Very interesting; lets await developments.
biguglybear
12 Mar 2015
Re: Amount back I will post something ASAP
