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" Following the receipt of the Sales proceeds, the Directors will present their plans for the utilisation of this cash to Shareholders."
Special divi, tender offer? holders ought to be anticipatinmg some capital return given the huge discount to NAV, I would think.
This premium to NAV in the books must take NAV per share well ove 600p, even without the earn out. £94m now in cash, leaving a valuation of just £64m on the remainder. By my calcs that means 255p of SP is cash, leaving a bal of 170p vs remaining NAV of c. 450p.
Somebody pls check my maths, 'cos that's beyond ridiculous if so.
Another exit, this time above last valuation by significant amount.
BP Marsh remains undervalued.
Good news that BPM is out of LEBC as I had feared they were going to go bust because of pension misselling liabilities.
It’s their only majority shareholders and it was the longest duration holding and was it looking to me like they might never get out.
Recovery of equity investment at last valuation and loan will give more cash to newer ideas.
Let's face it, the divi is negligible, even with the Kentro payouts.
It is far from the only co at a ridiculous discount to NAV, but the current 30%+ is extreme for a co with such a track record. The same is true over at OCI.
Profitable, dividend paying group where net assets of £200 million exceed market cap of £138 million.
Ignored by loads of investors.
I continue to hold my 20,000 shares.
One of the Group's key financial objectives is the delivery of long-term growth in Net Asset Value. The Group increased Net Asset Value from £166.6m to £189.5m in the year ending 31 January 2023 with the Group's equity Portfolio increasing by £22.2m from £149.3m to £171.5m (adjusting for additions and disposals) in the same period. The Group remains positive regarding its ongoing performance and will be releasing its Interim Results for the six months to 31 July 2023 on 17 October 2023.
MK only £138 million and a PE of 5.
A dividend as well. Very undervalued.
Pretty nice RNS today!
great news on NAV, and plans for future dividends and share buybacks. I've topped up!
Not a huge free float given the size of the expected buyback
They read well to me.
Half market cap just realised in cash
Despite having to write down stake in LEBC and write off stake in another broker group still achieved strong growth in results because of increases elsewhere in portfolio.
LEBC one of the larger holdings just sold a 100% sub to Tavistock TAVI for £3 million in cash payable in two instalments.
Should enable LEBC to pay back some of its BP Marsh loan.
BP Marsh backs a senior broker in a new start up.
Could it be another success, let’s hope so.
As a long term holder, I'm more than happy with my investment here but I'd like to see some of the cash from recent divestments returned to shareholders as a dividend. I think a yield of c. 0.7% is a bit measly for an investment company this successful.
A realisation at small uplift to prior fair value which is ok and supports view that the discount to fair value is unjustified.
Summa wasn’t a huge success but sale and loan repayment mean that cash can be reinvested in hopefully an investment that performs much better in terms of IRR.
Positive news that former CEO stake has been sold to Tavistock which underpins their own valuation holding by a trade buyer.
The Tavistock RNS indicates that LEBC has returned to profitability and cashflow generation and I suspect there will be some key benefits from involvement of an industry specialist into business.
The fact that Tavistock has right of first refusal which means that BP Marsh may now have another potential exit route for its stake in medium term. At present time Tavistock is too small to buy 100% capitalised at only £27 million but in a couple of years time maybe a share for share swap and open offer could pave way for sale.
An 8 bagger investment with an IRR of 22% another great investment and realisation by the company.
£5.1 million cash now looking for next investment.
just had a little top-up on the recent dip. I think these solid performing low P/E stocks are the place to be in the inflationary era to come
Two valuation updates in portfolio both uplifts to previous valuations - the good news continues
Perhaps failure of this merger of broking giants may result in some new talent looking for backers.
Nice bounce back since lockdown !
Hence share price rise today