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Hi Jolly,
DWHT results warmly received by the market, up to 950. Think this should be closer to 750. Lack of interest right now but definitely worth holding.
630 to buy..what magic is afoot?
pretty disappointed here
so waiting for c£4 (market cap c£40m+) with normal earnings perhaps in the £4-5m with some growth potential
difficult to know how the pension deficit will behave (how risky was the investment of pension assets?)
so not focusing on EV
Managed to buy back another 800 @550p
now need to pay >630
bought back 1800@670
(bit disappointed by the price....hoped to sneak 650)
sold yet another 1200 @ 776
bought back 700 @725
silly to trade this, but
hi
@730
hold about 7k/£50k (pretty much free carry)
I'm not buying back what I sold
(but that's general unease)
.
of company is now £60m+ (dyor)
no longer cheap as chips
discount to ords is still c30%
===> taken a little profit
She's finally woken up! Back to 700p
but still more than 30%
but my play is to hold until 20%
Last week the company bought 16,000 shares at 510 and cancelled the shares.
The total number of A Shares in issue is now 5,099,698.
Nice write up this weekend
https://www.ii.co.uk/analysis-commentary/aims-dewhurst-good-business-worth-buying-ii507578
hold well over 10k shares
...decent discount to ords (c40%) - roughly at limit of historic range
....good acquisition over summer (on the face of it): swapping surplus cash for op profit
.....it's the family, stupid
.....some diversification over products/geography
......some neg correlation to £ (op profits up if £ crashes)
fingers' crossed
Dividend paid yesterday. I'd estimate the currency swing should benefit Dewhurst to the tune of around £1.5m given the 8% decline in Sterling since 31st March. Trading update may next week may shed some light on general trading performance and expect people to jump in for the larger final dividend in January
DWHT is up 30% in the past 10 days, something is driving demand, A shares have barely moved 10% off their low.
Agreed, that was my attempt at sarcasm. Last I heard from Jolly he was predicting a market correction which may explain his absence on the boards now. I haven't been invested in MXP for years now so wouldn't like to comment on their current operations, GGP doing well and expecting KRS to jump out of second gear in the not so distant future ;)
I doubt Jolly has lost his touch. He seemed a credible investor to me, but what do I know? Incidentally, how are you getting on with Max Petroleum?
Acquisition of A&A Electrical Distributors Ltd and Director Appointment Dewhurst plc, an independent supplier of quality components to the lift, keypad and transport industries is pleased to announce it has entered into an agreement to acquire the entire issued share capital of A&A Electrical Distributors Limited ("A&A") for an initial consideration of �10.5 million plus a deferred consideration based on profits generated over the next two years (the "Acquisition"). The Acquisition will be funded from existing cash resources. The Board expects the Acquisition will be immediately earnings enhancing. Summary of A&A's business A&A, based in North East London, is a lift and electrical distribution company which works with major and independent lift companies operating in the UK. A&A recently acquired the trade, non-current tangible assets and inventory including work in progress of A. & A. Electrical Distributors Limited (the "Business"), which was founded by Alan and Ann Warren thirty five years ago. Alan and Ann Warren have grown the Business to be a leading supplier of lift components across the UK and have been a long-standing customer of Dewhurst. Whilst Alan and Ann Warren will retire from the day-to-day running of the Business following the Acquisition, they will both remain for a short period to ensure a smooth transition. Prior to acquiring the trade and certain assets of the Business, A&A was a shell company named A&A Woodford Limited with no assets or liabilities. Summary of the Acquisition terms DWHT acquire entire issued share capital of A&A for �10.5 million cash In addition, deferred consideration of 25% of the adjusted pre-tax profit generated over the 24 months which, based on historic profit generated, management anticipate will be approximately �1.5 million. For the year ended 30 June 2016, A&A generated (audited) profit before tax of �3.3 million on turnover of �11.4 million. The acquired net assets in A&A are expected to be in the region of �0.8 million.
Are you saying Jolly has lost his touch now lol? I believe the discount is to do with the shares split. According to LSE DWHT trades with 8.4 million shares but that's actually the total DWHA and DWHT stock. There are about 3.3 (39%) million ordinary shares (DWHT) and about 5.1 (61%) million 'A' non-voting ordinary shares. Normally the company buying back 'A' shares is a good sign the stock is cheap compared to the ordinary shares and historic trend analysis will highlight this 15-20% range is common place when such an event happens. DWHA stock is discounted by more than 30% currently, quite unheard of in recent years. If you feel DWHT is well supported and will continue to climb then this is a no brainer from here
Jolly, may I ask if you could you tell me how you derived your discount figure and what it refers to. I noticed in an earlier post you identified a 15% discount as a possible trigger for further investment. The reason I ask is that some years ago I used to watch with interest your comments and stock picks. I confess to making some investments on the back of your analysis, a foolish behaviour perhaps on my part. Although I did quite well for a while :)
is extraordinary