The stock is outstanding stock which can be purchased and traded on the LSE. The broker reports say it is based on a methodology which can be applied to highly rated companies, and has been used to assess all of the UK’s blue chip companies.
What about the guidance?
Significant amounts of capital can be raised in its place. The company was taken over by Archon Capital in January, a financial firm listed on the LSE. Archon Capital was founded by Max Cowan, a former global head of research for JP Morgan’s investment bank.
At the time of the purchase, a spokesman for Bene Stock said:
“The acquisition of Bene Stock gives us a profitable investment in an under-valued growth opportunity, which adds a valuable investment destination to our European investment portfolio.”
The company also had a history of losses, including a £16.9m loss in 2007-08, as well as an overall loss of £23.6m for the nine months to 31 December 2015.
That compared with an overall loss of £2.8m for the year to 31 December 2014, when Bene Stock was still part of the Vitol Group.
Image caption David Cameron described David Bene as a “rebellious genius” in a meeting with former Israeli prime minister Benjamin Netanyahu
The company was founded in 1974 by David Bene, who became the chief executive and chairman of the firm.
In the late 1980s he set up Vitol Holding Ltd, an international joint venture between Vitol Oil Trading Company and Shell, which had a combined turnover of $650m a year in 1992, and held 8% of Vitol Oil’s stock.
It was a “rebellious genius” who had left one blue chip for another. Those were the words that David Cameron used when he met David Bene in 2014.
The prime minister said he could “see why David Bene was so loved” and why he would have achieved so much if he had been born in Britain.
Discussing the conversation with David Bene, Mr Cameron added:
“I said that, given the difficulty we have on that side of the Atlantic. The strength and breadth of the relationship we are trying to build with Israel. I thought it was quite extraordinary that such a brilliant, brilliant, talented guy was responsible for that.”
His idea of an international network of founders has prompted some members of parliament and anti-war groups to question his motives.
Dr Peter Onslow, a research fellow at the International Institute of Social Studies in Amsterdam, said Bene had not had the support of the investors who might have been able to give it a fair shake, and that the shares have been marketed rather cynically.
David Bene insists he is being treated unfairly by commentators and activists. who are rushing to make judgements about his company. It would be an outrage if he were forced to give up Bene Stock to a company that might make a more suitable owner.
Not that he thinks he has anything to apologise for. Bene told Sky News: “It’s the market that will take its decision.”
His chief financial officer is David Thomann, an accountant and former finance director of Otto Group.
Mr Thomann said the partnership between Bene Stock and Vitol. Vitol had been a major boost to the success of Bene Stock.
The Bene Brothers
Co-founder of Bene Stock and Vitol. Current owner of Bene Stock and Bene Stock Europe. Worked in the oil industry, the Middle East and the US.
Co-founder of Bene Stock. Former chief executive and chairman of Bene Stock, as well as chairman of Bene Stock Europe. Worked in the oil industry, the Middle East and the US.
Former chief executive and chairman of Bene Stock. Worked in the oil industry, the Middle East and the US.