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http://www.investegate.co.uk/Article.aspx?id=201106130700102827I
Arbuthnot initiated coverage on Michelmersh Brick Holdings (MBH) with a "strong buy" rating and 64p target price. Commenting on the group following full-year results, the broker said the current share price does not reflect the potential significant upside as and when the group participates in the further consolidation/restructuring of the UK brick industry. That said, with management to date delivering both organic and acquisitional growth, Arbuthnot believes there will be a significant increase in profitability going forward. Michelmersh shares were untouched at 36p.
Things are getting stronger and could be 40p very soon or more
maybe i'll get a pay rise then,or at least some overtime!
Michelmersh Brick ahead of budget, shares jump Date: Tuesday 05 Apr 2011 LONDON (ShareCast) - A cheery trading update helped specialist brick supplier Michelmersh Brick build big gains Tuesday. “Michelmersh is pleased to report that orders, sales and production of brick products in the first quarter of 2011 were ahead of budget and the Board is encouraged for the prospects for 2011,” the company said. The company also announced that it has acquired a 25% stake in Jeffery Building Products, a brick distribution business covering the North of England. The company, which is based in Haywards Heath, West Sussex, said: “The acquisition of this stake in Jeffery represents a strategic partnership in a geographical area where Michelmersh has, to date, had limited representation and presents an opportunity to expand sales and establish a presence in a potentially lucrative market.”
I’m not too sure, but as far as I can see the actual issue price is 20p [but the consideration is 40p = £50,000 – which is a projected value. There is a time period before they can actually be cashed in – 3 years, then another 2 years with restrictions] So really the value at issue is 20p. Perhaps someone can explain better. ATB
http://www.investegate.co.uk/Article.aspx?id=201104050700072856E
This has to go up soon as there is growth in the building sector and bricks are needed
Good to see others are feeling positive with the 50,000 buy earlier today. This company is way undervalued, its' NAV is far in excess of its' current market cap.
In my area (East Midlands) Persimmon,Barrett aqnd Miller are all building like crazy, they must want bricks very soon. I like this share and been in and out as you see from my posts now in again
Fingers crossed
* Eric Gadsden, Chairman of Michelmersh will invest £384,214.50 to acquire 1,280,715 new Ordinary Shares pursuant to the Placing. Following completion of the Placing, Eric Gadsden will own 39.34 per cent. of the Company's enlarged issued share capital. * The Placing Price represents a discount of 22 per cent. to the closing middle market price of 38.5 pence per Ordinary Share on 26 February 2010, being the latest practicable date prior to this announcement. * The Placing Shares will represent approximately 17.21 per cent. of the Company's issued share capital * A General Meeting of the Company is being convened for 24 March 2010 at which the resolution for the purpose of effecting the fundraising will be proposed. * If the resolution is passed and the other conditions to the fundraising are satisfied, it is expected that dealings in the new Ordinary Shares, to be issued through the Placing and as Consideration Shares, will commence on AIM at 8.00 a.m. on 25 March 2010. Eric Gadsden, Chaiman of Michelmersh said: "These funds allow us to proceed with the acquisition of FLB which will enable us to take advantage of the current opportunities in the south east England market. This enables us to expand our operations and significantly broaden our customer base. We believe it is a very compelling move forward for the business and one from which we can create real shareholder value and establish a strong platform for the future of Michelmersh. We very much appreciate the encouragement and support we have received in the Placing from both existing and new investors. Finally, I would like to welcome Alan and Frank to the Michelmersh Board and we very much look forward to working with them."
RNS Number : 8038H Michelmersh Brick Holdings PLC 01 March 2010 Michelmersh Brick Holdings plc ("Michelmersh", the "Group" or the "Company") Acquisition of Freshfield Lane Brickworks Limited Proposed Placing of 10,000,000 Ordinary Shares at 30 pence per Ordinary Share, Notice of General Meeting Michelmersh Brick Holdings plc (AIM: MBH), the specialist brick, land development and landfill company, is pleased to announce that it has conditionally agreed to acquire Freshfield Lane Brickworks Limited (FLB), a leading independent manufacturer of high quality clamp-fired stock bricks based in Danehill, Sussex, for a total consideration of £10.0 million. The Company also announces that it has conditionally placed 10,000,000 new Ordinary Shares at a price of 30 pence per Ordinary Share, raising gross proceeds of £3.0 million from new and existing institutional and other investors. Michelmersh will shortly publish a shareholder circular in connection with the above and will convene a General Meeting for 24 March 2010 to approve certain matters necessary to implement the proposed fundraising. SUMMARY * Acquisition of FLB, a leading independent manufacturer of high quality clamp-fired stock bricks based in Danehill, Sussex. * The consideration of £10.0 million for FLB, comprises a cash consideration of £5.0 million plus £3.0 million through the issue of approximately 7.69 million Consideration Shares issued at a price of 39 pence per Ordinary Share and £2.0 million in Loan Notes maturing in 2012. * FLB will be acquired with stock, work in progress and net receivables totalling approximately £2.0 million and net debt of approximately £1.1 million. * The Directors believe that there are various compelling strategic reasons for the Acquisition including: · FLB is a well established, long standing and successful business with a strong, recognised brand name; · FLB is recognised as the sole remaining independent manufacturer of clamp-fired bricks in southern England; · FLB's strong brand name and its premium product range will be highly complementary to Michelmersh's existing products; · expansion of Michelmersh's operations in the important south east England market and the acquisition of FLB will broaden further Michelmersh's customer base; · the Acquisition will result in the combination of two experienced management and operations teams: Michelmersh will strengthen its board through the appointment of two executive directors of FLB, Alan Hardy and Frank Hanna; · the acquisition of manufacturing, mineral and freehold land assets with significant development potential; · the Enlarged Group should have have access to greater acquisition and organic growth opportunities and enhanced ability to execute these as they arise.
Company has had steady buying over the last week in contrast to the previous three. Possible announcement of new project win on the horizon ? Followed them for the last 12 months and have seen this behaviour before.
46p Close, Great
I bought in at @24 in April and got cold feet in June and got back out with a 0.75p profit. just goes to show. I wish I had held on!
Report Summary: Michelmersh Brick Holdings Plc is an above average quality company with a neutral outlook. Michelmersh Brick Holdings Plc has medium business growth and is run by passable management. When compared to its closest peer, Cookson Group plc, Michelmersh Brick Holdings Plc shows similar undervaluation and is equally likely to outperform the market.
Michelmersh Brick Holdings has won planning permission for the construction of 170 houses on its site at Hadley, Telford. The group is considering a 5m equity issue to raise funds for further development of its landfill sites and other assets. Michelmersh says planning permission from Telford & Wrekin Council marks the first phase of development of 90 acres over the next 10 years in partnership with Persimmon Homes
into this share.are you serious?
Time to get in again
I see builders licking their lips on potental for 2010, time to get in again on these share
Soon they will all want bricks
Michelmersh Brick Holdings (LSE: MBH.L - news) , whose bricks were used to build London's new St. Pancras rail station, is to launch a terracotta production business.
This share has to go north soon, the housing market has not bit the bullet yet, but plenty of growth now they seem to have put their house in order
could soon be time to get back in if these go anywhere near 16-17 again