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BKN - Bradken Limited

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Re: BKN - Bradken

Muschu said:
One day I'll understand this perhaps - or not.
BKN went XD on 11/8 and I bought on 12/8.
Dividends paid today but I miss out -- correct?
Advice welcome.
Rick
Click to expand...

XD means " ex dividend" - ie, "Without dividend".

If you buy XD, you buy without the benefit of the dividend.

The opposite, in the period between announcement of a dividend and the XD date is CD - " cum dividend" - when a buyer is entitled to the divvy.

:)
 
Re: BKN - Bradken

oldblue said:
XD means " ex dividend" - ie, "Without dividend".

If you buy XD, you buy without the benefit of the dividend.

The opposite, in the period between announcement of a dividend and the XD date is CD - " cum dividend" - when a buyer is entitled to the divvy.

:)
Click to expand...

Makes sense - thanks. I thought there was a "recording date" somewhere between the XD date and the payment date - and that this [the recording date] may be the key to who receives, or does not, the dividend.
 
Re: BKN - Bradken

Muschu said:
Makes sense - thanks. I thought there was a "recording date" somewhere between the XD date and the payment date - and that this [the recording date] may be the key to who receives, or does not, the dividend.
Click to expand...

Best to ignore the "recording date" in these circumstances. Settlement takes place three days after the trade ( T+3 in the terminology ) so recording date is usually 3 days after the last date cum div. But CD and XD are the ones to watch!

;)
 
Re: BKN - Bradken

oldblue said:
Best to ignore the "recording date" in these circumstances. Settlement takes place three days after the trade ( T+3 in the terminology ) so recording date is usually 3 days after the last date cum div. But CD and XD are the ones to watch!

;)
Click to expand...

Hi oldblue
By 'recording date' I hope you didn't think I meant the date the shares were paid for. I was referring to a date, other than the XD date, on which ownership had to be in place in order to be entitled to the dividend,
Anywa, I just checked my bank statement and the dividend was received ... .not a lot but I've decided to keep it.
Regards
Rick
 
Re: BKN - Bradken

So, does anyone know why Bradken is dropping in price as much as it is lately??? Is it because of the share raising??:confused:
 
Re: BKN - Bradken

How long have you held BKN, Eager? I held it from fairly early in 2006 to 2008 and it did well.
 
Re: BKN - Bradken

Julia said:
How long have you held BKN, Eager? I held it from fairly early in 2006 to 2008 and it did well.
Click to expand...
I (meaning either we or her ;) )have actually held them several times!

Nov 2006-Jun 2008, 35% gain. My finger hovered over the Sell button the day before they crashed in Dec 2007 when they were near $15, honest! I followed them down to $8.44. Oh well.
Jun-Sep 2008, different owner ;) , 15% gain;
Nov 2008-Dec 2009, doubled our money.
In again individually from mid 2010, currently 9% ahead, and dividends have paid off 12% of the purchase price since.

BKN have been very good for us over the journey.:)
 
Re: BKN - Bradken

Since the beginning of the ‘Risk off period’ (2 April 2012) they have underperformed the XAO by 26.7%. This underperformance, it seems, is due to the earnings downgrade and a loss of confidence in the business. Our view is that the businesses are sound. The problematic rail business is in only about 15% of earnings and for the mining products business the bad news about licence loss and product delays should now be in the past. About 50% of their earnings are driven by production volumes and whilst commodity prices are softening no one is suggesting that volumes of coal and iron ore are going backwards. Still looking pretty oversold to me at these prices...
 
Re: BKN - Bradken

Looking through some charts and saw just how far Bradken has fallen this year.

We appear to have a triangle forming at the moment, and while we have some higher lows, we also have lower highs. The down days are on above average volume, I see no other way than down for Bradken in the near term.
I expect we will see $4.60 before long.

BKN.jpg
 
Re: BKN - Bradken

Market likes the announcement today but my read is that it is not factoring in the the takeover with the (non-binding) price offered at $5.10. Makes sense, as the last $6.00 offer materialised to a big fat nothing.

The spiel looks to be trying to convince shareholders that it's not in their best interests too..despite being at a big premium to current price:

  • Proposal comes at low-point in cycle
  • We've recently made a great acquisition
  • We are reducing costs and boosting EBITDA
  • Order intake has improved after low point in 4Q13

Additionally, they snuck in this line "the board had approved a small equity raising, via a placement....In light of the current proposal, this has been put on hold".
Interesting to see a mining services company talking this way after we have become used to the usual rhetoric around uncertain future with low demand going forward etc etc...
 
Re: BKN - Bradken

They are also suspect of using take over 'proposals' for raising capital with respect to their large stake in ANG.
They made a bid for ANG, ANG did a capital raising and then BKN then gave up the bid!
 
Re: BKN - Bradken

VSntchr said:
The spiel looks to be trying to convince shareholders that it's not in their best interests too..despite being at a big premium to current price:
Click to expand...

That's my read of the announcement as well... they don't really want to sell.

Although in the mining services space, BKN is a slightly unique company in that it is mostly a manufacturer of mining products and consumerables. So it doesn't have a gang of contract miners and it has large fixed assets that are not the usual cranes and excavators etc. A PE outfit might be interested to see if they can ride out the current downturn without the listed market scrutiny, and make gains from the operational leverage when the tide turns.

Interesting to see how this play out. The failure rate of takeovers has been particularly poor recently.
 
Re: BKN - Bradken

Still didn't think the market would be smart enough to hit it that hard when the inevitable happened.
Now for the capital raising!
They should have planned all that and aligned the stars, so they could have stayed in a halt till they get some money. Maybe they did and no stake holders wanted any more BKN!
Gonna be pretty dilutionary now.
Almost makes it worth getting in to get the offer, but mining services, well no.
Could be in cents in 18 months.
 
Re: BKN - Bradken

Well it nearly got there, :2twocents into the cents that is, in only 6 months too!
Managed to pull off a short squeeze today by confirming earnings and hinting that it is still potentially in play.
This mob have a history for questionable 'in play' announcements regarding their interests. Remember this little episode - https://www.aussiestockforums.com/forums/showthread.php?t=5242&p=806803&viewfull=1#post806803
Dividend next month will probably help shorters cash in and be a little reluctant to get back in till that's done.
 
Re: BKN - Bradken

notting said:
Well it nearly got there, :2twocents into the cents that is, in only 6 months too!
Managed to pull off a short squeeze today by confirming earnings and hinting that it is still potentially in play.
This mob have a history for questionable 'in play' announcements regarding their interests. Remember this little episode - https://www.aussiestockforums.com/forums/showthread.php?t=5242&p=806803&viewfull=1#post806803
Dividend next month will probably help shorters cash in and be a little reluctant to get back in till that's done.
Click to expand...

Still in play, my my.......
It took it only another 6 months to get from 110 ish to .38c all the while take over rumors abounding. Still abounding. Action? - No. :crap:
 
Re: BKN - Bradken

notting said:
Still in play, my my.......
It took it only another 6 months to get from 110 ish to .38c all the while take over rumors abounding. Still abounding. Action? - No. :crap:
Click to expand...

Can a company sue a suitor for continued approaches like a sexual harassment case? Some people just won't take no for an answer. I say go hostile on-market @ 30% premium and see what holding it can capture.
 
Re: BKN - Bradken

skc said:
Can a company sue a suitor for continued approaches like a sexual harassment case? Some people just won't take no for an answer. I say go hostile on-market @ 30% premium and see what holding it can capture.
Click to expand...

I think BKN are paying them for the informal bugger all on the table approaches. (It's - satire don't sue me BKN)
But you are right if they do not make an aggressive grab now, you cannot imagine how they could ever have been genuine in the first place. 30c from $2.50 gimmee a break :cool: Still not taking it? BS! They have to or it really is a total scam.
 
Have you ever seen such optimism!!
Or have shorters just lost their minds and bailing out onto dry land!:bonk::silly:
Hhmmm short Bradkin $1.275 - :homer:
 

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