B.p Marsh Share Price (BPM)

" 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.