BRS stock crashing
Columbia Helicopters confirm they are going ahead with sale despite Bristows stock price plunging.
https://www.oregonlive.com/business/...g-stock.htmlBy Mike Rogoway The Oregonian/OregonLive
Oregon-based Columbia Helicopters says it still wants to sell itself to a Texas company, even though the buyer’s share price has plunged by more than two-thirds since announcing the $559 million deal.
Bristow Group’s investors began unloading shares almost as soon as the company announced its plan to buy privately held Columbia last November, driving Bristow’s stock down from $10.04 to just $3.16.
Bristow’s deteriorating position on Wall Street has produced calls for the Texas company to scuttle the deal. But Columbia Helicopters insists it intends to sell.
“There’s a lot of talk, obviously, but the facts are the facts. There’s an agreement,” said Santiago Crespo, Columbia’s vice president of business development and strategy.
Most of the purchase price, $492 million, is to be paid in cash, much of which Bristow intends to borrow. So the precipitous decline in Bristow stock has only diminished what Columbia’s owners would receive by $43 million, about 8 percent.
It has devastated Bristow, though. The deal currently values Columbia at $516 million, 4.5 times Bristow’s diminished market capitalization.
https://www.oregonlive.com/business/...g-stock.htmlBy Mike Rogoway The Oregonian/OregonLive
Oregon-based Columbia Helicopters says it still wants to sell itself to a Texas company, even though the buyer’s share price has plunged by more than two-thirds since announcing the $559 million deal.
Bristow Group’s investors began unloading shares almost as soon as the company announced its plan to buy privately held Columbia last November, driving Bristow’s stock down from $10.04 to just $3.16.
Bristow’s deteriorating position on Wall Street has produced calls for the Texas company to scuttle the deal. But Columbia Helicopters insists it intends to sell.
“There’s a lot of talk, obviously, but the facts are the facts. There’s an agreement,” said Santiago Crespo, Columbia’s vice president of business development and strategy.
Most of the purchase price, $492 million, is to be paid in cash, much of which Bristow intends to borrow. So the precipitous decline in Bristow stock has only diminished what Columbia’s owners would receive by $43 million, about 8 percent.
It has devastated Bristow, though. The deal currently values Columbia at $516 million, 4.5 times Bristow’s diminished market capitalization.
So in order to pay off Debt.....you really think Bristow is going to continue operations Columbia in the hopes that is its own Salvation....or will they try to flog off the bits and pieces to other Buyers and hope to generate some cash flow to offset other losses in the traditional Bristow operations?
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After a bit of stabilisation the SP seems to be on the slide again.
The earnings call next month is going to be VERY interesting, it’s also gone very silent over the new CEO perhaps they will announce it then.
Surely the Columbia deal will be off? I wonder if that was the case whether we would see a massive spike in the SP?
The earnings call next month is going to be VERY interesting, it’s also gone very silent over the new CEO perhaps they will announce it then.
Surely the Columbia deal will be off? I wonder if that was the case whether we would see a massive spike in the SP?
If I hit the Lottery this week I will take some of the proceed and buy it.
Then I would buy a bunch of cardboard boxes that easily fit into two outstretched hands....and clean out all the useless management and get the business back to working like a real helicopter company.
First to go would be the HR Department....every last one of them.....and get back to a small Admin section.
Closely following them would be the drones that have created paperwork empires for themselves.
It would look like a Bowling Alley with all the Heads rolling about the place.
That wee callow fellow from the Shetland Islands would have a set of yellow footprints to stand on in front of my Desk all day long.
Instead of a Bentley parked out front....it would be a Diesel 4WD Pickup truck.
Then I would buy a bunch of cardboard boxes that easily fit into two outstretched hands....and clean out all the useless management and get the business back to working like a real helicopter company.
First to go would be the HR Department....every last one of them.....and get back to a small Admin section.
Closely following them would be the drones that have created paperwork empires for themselves.
It would look like a Bowling Alley with all the Heads rolling about the place.
That wee callow fellow from the Shetland Islands would have a set of yellow footprints to stand on in front of my Desk all day long.
Instead of a Bentley parked out front....it would be a Diesel 4WD Pickup truck.
If I hit the Lottery this week I will take some of the proceed and buy it.
Then I would buy a bunch of cardboard boxes that easily fit into two outstretched hands....and clean out all the useless management and get the business back to working like a real helicopter company.
First to go would be the HR Department....every last one of them.....and get back to a small Admin section.
Closely following them would be the drones that have created paperwork empires for themselves.
It would look like a Bowling Alley with all the Heads rolling about the place.
That wee callow fellow from the Shetland Islands would have a set of yellow footprints to stand on in front of my Desk all day long.
Instead of a Bentley parked out front....it would be a Diesel 4WD Pickup truck.
Then I would buy a bunch of cardboard boxes that easily fit into two outstretched hands....and clean out all the useless management and get the business back to working like a real helicopter company.
First to go would be the HR Department....every last one of them.....and get back to a small Admin section.
Closely following them would be the drones that have created paperwork empires for themselves.
It would look like a Bowling Alley with all the Heads rolling about the place.
That wee callow fellow from the Shetland Islands would have a set of yellow footprints to stand on in front of my Desk all day long.
Instead of a Bentley parked out front....it would be a Diesel 4WD Pickup truck.
Laughingly a friend whose a businessman albe8t in the computing industry ( I hate the word IT) and running several businesses, cynically says HR stands for Hopeless Resources and states it’s just creating work for the sake of it.
in saying that a good friend of mine has a title of HR in a small aviation company and she does a helluva lot more than just Hr..( tiny minuscule fraction) she gets her hands dirty with moving parts, cleaning hangar , , Flight ops you name it ....
So what is happening with Columbia take over now? Still in a state of equilibrium.
Whats happened with state of the former Academy / Adventures hope someone’s got hold and taken care of it.
cheers
in saying that a good friend of mine has a title of HR in a small aviation company and she does a helluva lot more than just Hr..( tiny minuscule fraction) she gets her hands dirty with moving parts, cleaning hangar , , Flight ops you name it ....
So what is happening with Columbia take over now? Still in a state of equilibrium.
Whats happened with state of the former Academy / Adventures hope someone’s got hold and taken care of it.
cheers
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If I hit the Lottery this week I will take some of the proceed and buy it.
Then I would buy a bunch of cardboard boxes that easily fit into two outstretched hands....and clean out all the useless management and get the business back to working like a real helicopter company.
First to go would be the HR Department....every last one of them.....and get back to a small Admin section.
Closely following them would be the drones that have created paperwork empires for themselves.
It would look like a Bowling Alley with all the Heads rolling about the place.
That wee callow fellow from the Shetland Islands would have a set of yellow footprints to stand on in front of my Desk all day long.
Instead of a Bentley parked out front....it would be a Diesel 4WD Pickup truck.
Then I would buy a bunch of cardboard boxes that easily fit into two outstretched hands....and clean out all the useless management and get the business back to working like a real helicopter company.
First to go would be the HR Department....every last one of them.....and get back to a small Admin section.
Closely following them would be the drones that have created paperwork empires for themselves.
It would look like a Bowling Alley with all the Heads rolling about the place.
That wee callow fellow from the Shetland Islands would have a set of yellow footprints to stand on in front of my Desk all day long.
Instead of a Bentley parked out front....it would be a Diesel 4WD Pickup truck.
As an outsider looking in not specifically aimed at BRS but the obsession in the sector to remove the unfashionable roles which did most of the work behind the scenes particularly at the outstations to me seems a massive error in judgement. Good people were lost as bean counters in far away corporate HQs had their red pens out. It just doesn’t seem high level enough for management throughout the sector to get out there and understand how things actually work.
I heard a story recently about someone who was taken into a redundancy meeting to be told by her manager that he didn’t know what she actually did! A call to the client would have cleared that up for him.
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HR depts. slight thread creep but what an absolute bunch of self serving scum. Arrogance beyond belief. Talking down at crew/engineers as if they were minions, Sorry but who’s got qualifications and skills important to the core business beyond being a rubbish admin? In BRS case it has reached crisis levels where HR take it upon themselves to decide they don’t think someone deserves allowances due per staff handbooks etc. Or those who can’t even locate union agreements the company are bound by. The list goes on. HR and in BRS case UK management with their culture of shafting former colleagues to line their own pockets with bonuses. DRAIN THE SWAMP!!
Not looking good: 10-Q filing late due to Controls issue, Columbia acquisition off with $20M paid to them, Q revenues well down YOY and cash running out....watch that share price sink tomorrow.
Bristow Investors ? News Releases ? BRS ? bristowgroup.com
Sad to see, wonder what HM Government will do to protect UKSAR ?
Bristow Investors ? News Releases ? BRS ? bristowgroup.com
Sad to see, wonder what HM Government will do to protect UKSAR ?
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It’s not the biggest issue but allowing the fixed wing operators to haemorrhage cash the way they have and allow them to continue has put a lot of rotary jobs at risk as this latest set of accounts prove. It’s exceptionally reckless.
Eastern appear to be loosing about $50k a day?
No one else would persist in throwing good money after bad propping up Airlines (no matter how much they are needed for contracts) particularly in the U.K. which in this climate have no possibility of breaking even. Time to ditch what’s left, keep what’s needed and reign in the pointless loss making scheduled work.
Drastic action looks like it needs to happen ASAP.
Eastern appear to be loosing about $50k a day?
No one else would persist in throwing good money after bad propping up Airlines (no matter how much they are needed for contracts) particularly in the U.K. which in this climate have no possibility of breaking even. Time to ditch what’s left, keep what’s needed and reign in the pointless loss making scheduled work.
Drastic action looks like it needs to happen ASAP.
Last edited by LesPretend; 12th Feb 2019 at 06:46.
Yeah....this should spook investors and sink the share price real good.
"...the Company's internal control over financial reporting was ineffective at March 31, 2018 and the reporting periods thereafter. As such, both management's assessment and the report of KPMG on internal control over financial reporting as of March 31, 2018 should no longer be relied upon."
And a $20M donation to Columbia, and $14M compensation paid to Sikorsky for cancelling an aircraft purchase contract is the icing on the cake.
"...the Company's internal control over financial reporting was ineffective at March 31, 2018 and the reporting periods thereafter. As such, both management's assessment and the report of KPMG on internal control over financial reporting as of March 31, 2018 should no longer be relied upon."
And a $20M donation to Columbia, and $14M compensation paid to Sikorsky for cancelling an aircraft purchase contract is the icing on the cake.
Last edited by gulliBell; 12th Feb 2019 at 00:24.
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You couldn't make this stuff up:
"Leadership" errr I don't think so. He has run BRS like a banker.
The entire Bristow family is grateful for Jonathan’s leadership and service over the past nine years, and wishes him
all the best.
all the best.
Sad to see, wonder what HM Government will do to protect UKSAR ?
The financial security of the contractor was supposed to be a very big part of the selection process.
The military no longer have the capability nor the training system to generate that capability - who could have seen that coming?
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Mr. Baliff will be entitled to: (a) severance of $1,442,000, equal to two times Mr. Baliff’s base salary;
he also has options to purchase a lot of stock..... I imagine he probably won’t bother with that!.
Bristow strategy has been to wait for the smaller operators to go under and then mop up the trade... how arrogant.
he also has options to purchase a lot of stock..... I imagine he probably won’t bother with that!.
Bristow strategy has been to wait for the smaller operators to go under and then mop up the trade... how arrogant.
