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Better deal for LMP than for MKLW??
Yes sad farewell l Should have seen it coming with Rupert looking to take a back seat
Ask anyone in the game in Brum Highly respected and fabulous to deal with Always paid on the dot
Great pay day though with a bit of sadness. Bought here a couple of years ago to put in the drawer to leave for decades knowing my money was in good hands. Mind you, LMP look like a good company as well; quietly going about their business without a big fanfare.
Wow, just did surprise me this morning as I really didn't think AJ Mucklow was up for sale.
London Metric, shares and cash offer, looks like £6.55 total.
Now trading a a discount to the share price .Seems undervalued
Massive jump in NAV!
Good update today, dividend up , profits up,NAV up by quite a bit really. Small debt even smaller. Same as the other messages on here,sure and steady.
Yet another splendid steady hands on the rudder update from the Midlands stalwart
"I am pleased to report another steady performance by the Group for the year ended 30 June 2017." That's what you get with Rupert and the crew steady hands on the rudder .Solid with a capital "S"
Another admirable statement by the Midlands stalwarts Quietly working their patch in a steadfastand understated manner They enjoy an enviable reputation within the Midlands business community fullof integrity and highly professional A very sound investment
A well managed conservative company whose directors do not fleece their shareholders.Great portfolio majority let.They do not take a risks look at their track record.
hang around for the divi or the inevitable rise...good profit here, many thanks MKLW
divi to look forward to in early December, also good results and no frills.....lovely stuff! GL holders, spectators.
No shouting from the rooftops and no hype.Another impressive set of results and increased dividends.Never any danger of overpaying.Everybody loves doing business with them ,full of integrity. steadily working up the assets They are one of the quiet gems of the stock market
The safest pair of hands in the business .You talk to anyone in the Midlands property game and Rupert,Justin and the team command the greatest of respect .Having said that they arent afraid to stick their toes in the water .They differ from their r successful neighbours St Modwen as they havent rolled around the country looking for major planning plays preferring to stick locally on an area they know every inch . Great dividends and grinding out incremental value out of theirri portfilio and new sites
Looks like support of 480 pretty firm, see if it moves back above £5 now
Another decent dividend play with impressive track record. But General Election looming and interest rate rise imminent, the value of its properties as calculated on an annual basis may fall during 2015. Still safer than the likes of TW and BDEV
I note the suggestion below to get out at 355 in Dec 12, but they are now 475 - so that didn't look like a good call. What's the current view?
Yes on the faceof it it does seem overvalued but a very thin market with the Mucklows owning a sizeable chunk of the shares.What you see is what you get they still adopt the same investment criteria modern sheds in good locations You can rely on the man agement to act prudently -extremly unblikely ever to buy any Bismarcks Hasnt been a lot of stock available in their geographical stomping ground to add to their portfolio now concentrating on buying some sites in readiness for the next upturn Industrial property is the flavour of the month but currrent valuers tend to mark down any buildings leased for less than 10 years This reflects the fact that they require a great deal of equity as the banks wont lend . and hence diffciult to sell eally On the other hand this presenst opportunities fro Mukclows to invest.These opportunities really only coming onto t he market in forced sale situations
Perhaps the Birmingham market is particularly weak, or perhaps Mucklow's portfolio is of patchier quality than the index. Either way, such figures are hard to reconcile with the 22 per cent year-to-date rise in Mucklow's share price. Nor is there any sign that investors' appetite towards regional property is improving. Banks continue to reduce their exposure to property - by £2bn in the third quarter alone, according to the Bank of England - and the equity-rich prefer London. Because it is little affected by the banking cycle, the market for rented space tends to be less volatile than the market for properties. The Midlands industrial sector is no exception, and Mucklow's vacancy rate of 6.5 per cent is at its lowest for five years. But its rents have nonetheless been falling, from an average of £5.10 per sq ft last June to £4.95 per sq ft this year. With purchasing managers' surveys suggesting UK production is contracting, flat rents are the best that can be hoped for in the current financial year. So why are Mucklow's shares trading at such a premium? The main reason is the company's outstanding record. It has not cut its dividend since flotation in 1962, and emerged from the latest financial crisis with its balance sheet unscathed. Its strength was not so much thanks to foresight ("We do not anticipate any significant correction in the value of our modern investment portfolio," wrote Mr Mucklow in September 2007) as to a highly conservative approach to debt - in September 2007 its net debt was just 7 per cent of shareholders' funds. That meant it did not need to raise capital or sell assets at the bottom, as the big real-estate investment trusts did. Instead Mr Mucklow used the crash to buy property and increase the rent roll. Even as market rental levels fell during the year to 30 June, Mucklow's rent roll increased by 10 per cent, allowing it to up the dividend.
If you're a shareholder in A&J Mucklow (MKLW), it's time to take profits. The Midlands-based industrial landlord is a fine operator, but the level to which its shares have soared is hard to justify. Investors can sell the shares at 355p each - a fifth higher than their adjusted net asset value (NAV) of 297p at the end of June. That premium might be understandable if NAV were rapidly increasing, so that the share price was anticipating the future value. But Mucklow's book value is falling, dragged down by a weak regional property market. The company's adjusted NAV of 318p in June 2011 turned out to be a mini-peak; since then industrial property values have fallen, sometimes sharply. Mucklow's portfolio was marked down by 5.6 per cent or £15.1m over the most recent financial year, wiping out its rental income. Chairman Rupert Mucklow blames this decline on surveyors' estimates backed by few transactions. Meanwhile, Mucklow is financially secure - with a loan-to-value ratio of just 27 per cent - so it won't need to realise paper losses. But just because deals are rare does not render their values invalid. Besides, Mucklow's 5.6 per cent fall in capital values over the year looks too steep to ignore. According to index provider IPD, industrial capital values outside England's south east fell by an average of 3.6 per cent during the year to 30 June. IPD does not have a separate index for Birmingham, where Mucklow operates, but the weakest figure it clocked was a 5.4 per cent fall in Manchester.
Hi babe happy xmas speak soon xx
Are you able to say any more? What I've heard doesn't correspond with your crystal ball readings on this one. Although its not the geologist or anyone particularly senior, its not some lackie either who's smelled oil and shouted "looking good". It's someone who would be classed as a highly skilled worker in fact... Anyway, the Des water rns did me in and I'm being super cautious, but would be keen to know why you're toying with the idea of Bahamas here...
XEListheone@hotmail.com Here from you soon mate
B