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11th December rapidly approaching. We already know from the recent Trading Update……
“Revenue and adjusted operating profit expected to increase by c.13%, with a good mix of organic and acquired growth”
Positive expectations set then, that the Company’s strategy is working well and they are delivering on their promises. It will be interesting to see the detail and of course the future outlook. Not long to wait.
“The city once again has spoken”.
Well if it was speaking about the last 12 months, it would be saying BEG down 10% but FRP down 25%.
Can you not see how laughable your responses are?
Chelsea11 (aka Blinkered), Yawn. Sorry to disappoint you but I'm still here and still critical of elements of BEG strategy. The whole point of a discussion board is for users to voice opinion but you seem hell bent on preaching one mindset.
For the record, I have never said "little growth" but I have said that if BEG stuck to their core strengths of insolvencies we might see better sales and profitability. I am not an advocate of expensive acquisitions of surveyors with a narrow moat when it could be done organically for way less.
The city once again has spoken with a 5% decline in share price on an otherwise flat market today.
FRP last week said it expects to report revenue for the first half of 2024 of £58.7m, up 19% on the prior year (H1 2023: £49.4m), and underlying adjusted EBITDA of £15.5m, up 34% on the prior year (H1 2023: £11.6m).
Compare and contrast - I rest my case.
Yes indeed, there it is, the knockout blow to those here (or were here) who continually spouted the total nonsense of “little growth” and “acquisitions being a distraction” and when challenged, could provide no meaningful explanation when confronted with the facts.
“Revenue and adjusted operating profit expected to increase by c.13%, with a good mix of organic and acquired growth”
We all get it totally wrong sometimes I guess :-)
A positive H1 trading update ahead of interims due 11 Dec: says activity levels across the group are encouraging.
New research note from Equity Dev out, retaining 175p/share Fair Value, as you can read/hear below :
https://www.equitydevelopment.co.uk/research/update-anticipates-13-h1-revenue-growth
Approx 5 weeks to December Results RNS. The AGM Statement on trading was positive, which is again reflected in the general wording of this latest acquisition update to the market. I believe what the Company says in December will finally put to bed the utter nonsense bleated repeatedly here in the Summer, about little growth in the Company and acquisitions being a distraction. Not long to wait.
(Alliance News) - Manolete Partners PLC on Wednesday said it is emerging soundly from the UK government's alleged "suppression of the insolvency sector" during the Covid-19 pandemic.
The London-based insolvency litigation financing firm said it is benefiting from the removal of insolvency protections the UK government set in place during the pandemic.
https://www.lse.co.uk/news/MANO/manolete-partners-hails-boost-on-removal-of-uk-insolvency-protections-bip0ryqjmkun8hv.html
Well its been 2 weeks, guess its time to issue some more shares.
https://www.lse.co.uk/rns/BEG/additional-allotment-and-new-issue-dbounqcc21qig1b.html
Management need to do something to breed some life into the shares
Admins are rising and Begbies should benefit
What ever next? Underwater on said purchase like the rest of us mugs.
Its an outrage Darton. Having to buy own shares whatever next ? A huge increase in revenue would seem apporiate
Peter Wallqvist, Non-executive of the Company, has purchased 20,000 shares.
They give them out to all and sundry and this poor chap has to buy them. Knights looking good O.F.
Still watching Mano, glad I’ve only been watching! Good to see a director put some of his own money at market price in here.
Oogle - “we will find out soon enough is the strategy is working”. Again, fully agree with you as that’s an echo of what I said about waiting for December Results (and AGM Statement now in) to feed the debate ie. facts reported by the Company and not someone’s totally blinkered view.
FTSE - “deliberate twisting of posters comments”. Really? When I’ve used copy & paste and added quotation marks”? Nice try.
Been watching Manolete closely too. More weighted on the legal side maybe. Lord Lee has them in his portfolio. The there was a big law/solvency firm that crashed on profit warning recently. Everyone thoght this would be the hot sector in these troubled times. I feel Beg are the best of the bunch. Better balance sheet and dividend. Will find out soon enough if the strategy is working
I expect those share issues are for many high up employees, and possible some from acquisitions. I too added it up and yes, it is only less than 2% of the issued, but it is the constant drip drip, in a weak market. The original question (at least I think it was) was about the share price performance, and I think that amount has been really unhelpful.
Oogle, I welcome your constructive dialogue. I am not saying that surveying is not worth having as a service as the company has the Eddisons and Ernest Wilson brands, but why do it by acquisition and by paying hefty premiums. Do it organically. I believe the share issuing is entirely for management incentive as acquisitions have been funded through cash and earn-out. Instead they should be doing share buy backs which doesn't dilute private shareholders capital.
Chelsea - your deliberate twisting of posters comments (or maybe its a literacy thing) is not constructive. However, for what it's worth I am here because 80% of BEG's revenues are counter cyclical and in theory it should be adding a hedge to my otherwise cyclical holdings, in the current high interest environment. Except it's one of my worst stocks over the last 12 months. As my average is about 20% below current price I am happy for now to take the growing dividend but frustratingly I can't see us reaching the 24 month highs anytime soon at which point I will cash out.
Oogle - agreed.
FTSE - you didn’t explain coherently (or at all) why you remain invested here, given you openly admitted you do not believe in the company’s strategy. That a bit odd, isn’t it?
Darton and FTSE, I think the issue of shares is more of an irritant than actually detrimental to the share price. All that lot adds up to about 1.5 percent of the capital value. Not sure how much is for staff and how much is acquisitions, which of course adds value to the company. It does seem that the sp takes a knock when they announce it. I have noticed just about every share takes a knock when the annual meeting statement is released. I do wonder about the wisdom of buying a Surveying company but again valuations are always needed on assets of many different kinds. Why not have their own in-house team? They have been on a bit of a buying spree in the last 12 months. Hopefully we will see the benefits in the next 12 months
Here WE go again- blinkered, reading what you want to read. Non- core acquisitions are a distraction. Property agents is one thing but surveyors is quite another. Low barriers to entry and easy to set up again once they’ve sold out! I have no interest in having a spat with you. I believe there is more than just me on this board who question their strategies.
I will tell you problem with this share and its poor share price performance, its actually quite simple.
additional listing of 95,729 fully paid up ordinary 5 pence shares - 20th September
additional listing of 239,754 fully paid up ordinary 5 pence shares - 13th September
additional listing of 239,876 fully paid up ordinary 5 pence shares - 6th September
additional listing of 1,020,497 fully paid up ordinary 5 pence shares - 31st August
additional listing of 104,364 fully paid up ordinary 5 pence shares - 3rd August
additional issue and allotment of 433,228 Ordinary Shares, In addition to exercising the Options Mark Fry has also sold 250,000 Ordinary Shares - 25th July
additional listing of 56,936 fully paid up ordinary 5 pence shares - 15th May
The price here is depressed due to over supply. These shares are being issued and sold several times per month. Regardless of how the company is performing, the dilution and drip drip selling is creating a poor set up for investment returns. They really need to get a grip of this, if anything they should be buying back shares. Wouldn't be surprised if it was a short sell target, they literally tell you when you will be able to cover the short.
Here we go again. Acquisitions are a distraction. If you believe that is true and also that you do not believe in their strategy, can you please explain coherently, why you are here??
Its almost a repeat of a couple of years back. Made it to just about £1.50 and then all the way back to £1.08. Mostly trading between £1.15-£1.35. I decided to give it another go yesterday at this price. Their strategy is not uncommon one but it can take a couple of years to reach the magic inflexion point.
As stated, I am long on BEG but I am critical of their strategy.
I acknowledge that AIM shares are down but my feeling is that is to be expected with a large cyclical % and it being the junior index on the FTSE in the midst of a severe financial downturn.
Begbies on the other hand is counter-cyclical and their core business should be flying - and if they weren't distracted by non-core acquisitions, they might even be making some serious market share gains.
If I read this chart correctly it indicates that of all the companies on the AIM, Begbies is the 7th worst performing share! I think it is updated quarterly.....
https://www.londonstockexchange.com/indices/ftse-aim-all-share/constituents/table?page=35