Bermuda First Investment’s Financial Results
In a filing with the Bermuda Stock Exchange [BSX], Bermuda First Investment Company Limited today [March 22] announced their financial results for the six months ended December 31, 2016.
The filing stated:
Bermuda First Investment Company Limited, a BSX listed investment holding company which owns a number of significant investments in BSX Bermuda listed companies, announces its results for the six months ended December 31, 2016.
Highlights:
- Revenue of $0.3 million;
- Profit of $0.3 million [including unrealized profit of $0.9 million]; and
- Market value of investments as at December 31, 2016 of approximately $26.2 million.
Commenting on the results, J. Michael Collier, Chairman of BFIC said: “There was little change in the value of our investments during the quarter but post the period end, the company disposed of its entire holding in Argus, generating a profit of $0.8 million.
“We believe that our investments continue to gradually improve and it is pleasing to see that they have introduced shareholder friendly initiatives such as share buybacks.
“We look forward to Bermuda hosting the America’s Cup in a 2 months’ time which should be a catalyst for a positive period for our investments.”
Financial summary
For the quarter ended December 31, 2016, the Company reported revenue of $0.2 million and an unrealised gains on its investments of approximately $0.4 million, [relating to the movement in the value of the Company’s investments between October 1, 2016 and December 31, 2016]. Total expenses were $0.4 million with $0.3 million relating to accrued interest expense on the Company’s unsecured 2019 loan notes. The Company’s undiluted earnings per share for the quarter was $0.10.
For the six months ended December 31, 2016, the Company reported revenue of $0.3 million and an unrealised profit on the Company’s investments of approximately $0.9 million.
As at December 31, 2016, the Company’s investments had a total value of $26.2 million. The Company had net bank debt of $4.5 million and unsecured long term seven year loan notes that it issued to its founder shareholders in October 2012 of $15.2 million.
De-Listing of Shares and Loan Notes
The Directors of the Company have recommended to the Company’s shareholders and loan note holders that the Company’s shares and loan notes are de-listed from the Bermuda Stock Exchange [BSX]. With the limited number of shareholders and loan note holders and therefore the lack of trading the cost of the listings is no longer economic. The Company’s shareholders and loan note holders have agreed with the Directors recommendation and with effect from 29 May 2017, the Company’s shares and loan notes will be no longer listed on the BSX.
