Registered Members Login:
   
Forgotten Your Details? Click Here To Recover +
Welcome To The ShareCafe Community - Talk Shares And Take Stock With Smart Investors - New Here? Click To Register >

4 Pages (Click to Jump) V   1 2 3 4 >   
 
  
Reply to this topic

BWX, BWX LIMITED
blacksheep
post Posted: Dec 20 2018, 01:10 PM
  Quote Post


Posts: 5,403
Thanks: 2080


In Reply To: blacksheep's post @ Oct 29 2018, 07:10 PM

Ouch - SP down 43.21% following trading update ann - shorters winning on this one https://www.shortman.com.au/stock?q=bwx. Departed, sold out MD also

QUOTE
BWX LIMITED – TRADING UPDATE – 20 DECEMBER 2018
Melbourne, Australia – BWX Limited (ASX: BWX) today provides a trading update based on
the unaudited year to date management accounts to 30 November 2018.

BWX now expects normalised earnings before interest, tax, depreciation and amortisation
(EBITDA) for the 2019 financial year (FY19) to be in the range of $27m-$32m and EBITDA in
the first half to be around $7.0m. BWX had previously guided to normalised EBITDA for FY19
to be broadly in line with normalised FY18 EBITDA of $40.3 million, with a skew of
approximately 70% to the second half.

Attached thumbnail(s)
Attached Image


 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 29 2018, 07:10 PM
  Quote Post


Posts: 5,403
Thanks: 2080


In Reply To: blacksheep's post @ Sep 26 2018, 10:45 AM

Departed BWX MD saved $7m by selling before the downgrade
https://www.afr.com/brand/rear-window/depar...20181029-h1782n

29 October 2018
FY19 Trading Update & Outlook
QUOTE
Melbourne, Australia – BWX Limited (ASX: BWX) Ahead of the AGM, Wednesday 31
October, BWX today announces that it expects normalised earnings before interest and tax
(EBITDA) for the 2019 financial year (FY19) to be broadly in line with normalised FY18
EBITDA of A$40.3m. The company also expects a significant skew in earnings to the second
half, which is expected to account for ~70% of FY19 EBITDA.

BWX CEO and MD, Myles Anceschi, comments “There has been significant disruption and
loss of business momentum at the beginning of FY19 due to the now failed management
buyout (MBO) process. The MBO diverted significant management time and resources, and
several key projects were delayed resulting in an impact on the business:


• ERP program; An extended delay in the return to normal operations following the “golive”
date on 1st July 2018. This program was scheduled to return to normal
operations in mid to late August, however not occur until early October, resulting in
lost domestic sales and materially higher operational costs for the Sukin and
Nourished Life business units;

• Multi-brand selling platform roll-out delayed significantly, resulting in lost sales;
• Key personnel appointments for the leadership teams in APAC and North America;
• Mineral Fusion rebranding project deferred by three months to 1st Jan 2019
• Relocation of the Nourished Life Warehouse and the consolidation of 4 USA
Warehouses to 1 also saw some temporary impacts on sales and costs.

All of these initiatives are vital to sustain future growth and to generate cost efficiencies and
operating leverage. Encouragingly, all projects are now back on track and essentially
complete, with the exception of the North American roll out of the ERP which will occur in
4QFY19.


Current short position @ 23rd October, 2018 - 12.31%. In No.7 on Shortmans Top Shorted Stocks list
https://www.shortman.com.au/stock?q=bwx
Attached thumbnail(s)
Attached Image



 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 
blacksheep
post Posted: Sep 26 2018, 10:45 AM
  Quote Post


Posts: 5,403
Thanks: 2080


In Reply To: blacksheep's post @ Sep 25 2018, 02:38 PM

QUOTE
It's been a week since BWX announced its key executives John Humble and Aaron Finlay would resign following the collapse of their Bain Capital-financed management buyout proposal. But the company has yet to lodge their final directors interest notices.


John Humble/LHS sold on market 6.5mil shares @ $3.70 on 21/9/2018 - ceases to be a substantial holder, which means he can continue selling, if he wishes, without needing to advise ASX.

SP currently $3.725 - down 3.99%



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Sep 25 2018, 02:38 PM
  Quote Post


Posts: 5,403
Thanks: 2080


extract from AFR article
QUOTE
BWX on the hook for $1m tax bill for ex-executive's loan scheme

But the risk to investors of executive loan schemes is that the non-recourse loan is limited to the value of the shares. So, when our BWX executives leave and a portion of the loan is forgiven, the company is then on the hook for fringe benefits tax (at a whopping 47 per cent) on the portion of the amount foregone. GPT investors found out all about this turd in the punchbowl ten years ago when its then-chief Nick Lyons abruptly "resigned".


read more - https://www.afr.com/brand/rear-window/bwx-o...20180924-h15s6o

Short positions have been building since their "resignation" - as at 19 September 2018 = 9.96%
//www.shortman.com.au/stock?q=bwx
Attached thumbnail(s)
Attached Image


 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Aug 8 2018, 11:21 AM
  Quote Post


Posts: 5,201
Thanks: 1920


QUOTE
BWX shares have dropped 7.5pc to a 2.5 month low of $5.025 on disappointing earnings guidance. The integrated skin & haircare products company guided to an increase in EBITDA for the FY ending June 30 of 52-55pc to $40m to $41m.

Traders say this appears to be a miss from previous guidance. BWX has also pushed out its results to August 29 to give time for its strategic review and evaluation of takeover bid from a Bain Capital consortium.

The share price is now just 10pc above levels prevailing before the takeover bid was launched at $6.60 a share on May 21.




--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
JSB
post Posted: Jul 19 2018, 07:30 AM
  Quote Post


Posts: 180
Thanks: 275


In Reply To: blacksheep's post @ Jul 18 2018, 10:46 PM

Good article.Finlay and Humble both did sell off some $2 options back in November at $4.80 each, at the time of the buys this year I though it may have been more a show of confidence to the new institution investors that paid up back in December. Still, if they were planning their own takeover at that stage..

Should clarify my post below where I seem to have confused myself. Share purchases by a potential acquirer in the 4 month lead up period to a bid do not have to be the same price, but any proposal has to be equal or higher to the highest price paid in the lead up period. Once the offer is open however, there’s no price discrimination.




Said 'Thanks' for this post: blacksheep  
 


blacksheep
post Posted: Jul 18 2018, 10:46 PM
  Quote Post


Posts: 5,403
Thanks: 2080


Interesting read - Myriam Robin's article in AFR - Did hushed takeover planning allow BWX execs to buy cheap shares?
https://www.afr.com/brand/rear-window/did-h...20180718-h12tll
Attached thumbnail(s)
Attached Image


 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 
JSB
post Posted: May 22 2018, 11:10 AM
  Quote Post


Posts: 180
Thanks: 275


In Reply To: blacksheep's post @ May 21 2018, 08:46 PM

Kept it on the radar, but fortunately no exposure long or short - I think the trade had already played out.

I'm not certain but there could be a spot of bother for Humble with his involvement in the consortium. The minimum bid price rule for takeovers prevents acquisition of shares at a price different to the offer price in the preceding 4 months. I'm not sure if it also applies to a Scheme of Arrangement, which is the proposed transaction structure for the buyout, but Humble bought $800k on market at $4.859 on April 18. If it limits the transaction structure to a Scheme, then they're gong to need approval of the independent board, and with the capital raisings (institutional shortfall for the Andalou acquisition cleared at $7) and analyst target prices of last year, the question is "will $6.60 be enough?"

smile.gif


Said 'Thanks' for this post: blacksheep  
 
blacksheep
post Posted: May 21 2018, 08:46 PM
  Quote Post


Posts: 5,403
Thanks: 2080


In Reply To: JSB's post @ Feb 21 2018, 04:46 PM

Hope you're not still short JSB - current position as at 15 May 2018 - 10.58%, although lower than the 13% at it's peak

https://www.shortman.com.au/stock?q=bwx

As per AFR article - Agony awaits BWX short sellers http://www.afr.com/brand/rear-window/agony...20180521-h10c0w

Suggestion is shorts will need to cover, which could send the price even higher than the offer price of $6.60

Attached thumbnail(s)
Attached Image


 




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: JSB  
 
nipper
post Posted: May 21 2018, 12:09 PM
  Quote Post


Posts: 5,201
Thanks: 1920


QUOTE
BWX, which owns skincare brand Sukin, has gone into a trading halt after the company was approached about a potential takeover.

Melbourne based BWX, a vertically integrated body, hair and skin care manufacturer and distributor, requested a two-day trading halt on Monday, citing a potential control transaction.

This time the acquisitive BWX, which has made three bolt-on acquisitions in less than 12 months, is the target.




--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: JSB  
 
 


4 Pages (Click to Jump) V   1 2 3 4 >

Back To Top Of Page
Reply to this topic


You agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.


TERMS OF USE  -  CONTACT ADMIN  -  ADVERTISING