The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Claire
Welcome back to the board, I trust your trading has not affected your judgement, but really, these directors are not exactly committing much capital in buying that number of shares at current levels, are they ?
You say "now a take over target" but the brain dead RF (super chap according to super discharger) turned down 106p so it would indicate that we have been a takeover target for quite a long time, not just now ?
WRT the mcap & brewery valuation, to most peoples minds is the valuation of the freehold estate fair or not.
Can it really be as high as stated in the last accounts in current market conditions ?
I come back to whether Mr Market is normally right or wrong ?
Shaprite
Succintly put, it never ceases to amaze me that so many punters don't see the negative but only the positive. If the licensed assets are really worth their stated book value then why has no clever hedgie acted on it for a bit of easy asset stripping ?
We will probably know soon as it is surely time that superdischarger, our resident perma bull gave us all another pep talk as to why any of us with a differing view to his just has to be wrong.
Or of course now we are in the 28's he will possibly tell us how he sold all his at a profit & is now waiting to buy back at 25p.
Karl
And there is the rub, MARS have been under 50p for about 10 months now, one would have thought private equity or hedge funds would have run the numbers which on the surface find that the stock price has been at least 50% discount to nav according to the accounts yet no one seems to have been interested in buying the company to asset strip which makes me wonder why not.
Clearly they can not bring themselves to believe the official nav.
Wolf
Thanks for this, but unless I am missing it he does not say how many pubs have actually been sold & at what prices ?
He says his strategy is proceeding well, but that is a very general statement and not specific to sales of properties.
I guess we must wait for the next accounts to see, but if the sales have not been going well I hope they will acknowledge that in their nav.
Certainly Mr Market seems to be ahead of the game here.
Wolf
Do we have any indication as to how the sale of their pubs that they put up for sale some months ago have been going. as
I can't recall any rns re sales achieved but the difference, if any, from book price would give a better indication of the real nav as opposed to the historic nav which is always touted on this board ?
Of course if they have sold zero then that would also be a pointer and a good reason for a fresh appraisal by commercial propertysurveyors on behalf of shareholders.
Unhooked
Indeed they do hold it in the Smaller Co's fund.
The point I was making was that their performance with small/micro cap companies over last few years has been more than disappointing, I don't believe they hold it in the vct but they have plenty of other poorly performers in there already, hence my remark of losing their mojo.
Anyone have an idea why they are so weak today ? I've dribbled a few more in today at just sub 144p.
I see no announcements and with interest rates where they are can see every reason why the tame income from their clients cash balances will increase their revenues.
DYOR, all just my opinion
Thunder
I think Mr Market looks beyond simple ratios in the accounts, what I suspect that he is asking is, are they really likely to realise book value of assets if put up for sale.
Given the bear market in propco's I also suspect that he knows the answer.
At these levels they have almost become option money.
Scarfell
2 differing views, that is what makes a market.
I don't personally see much AUM withdrawn, most of the reduction is the fall in value of assets this period.
What I see, hopefully not through rose tinted spectacles, is a well thought of fund manager, most of whose senior people seemingly with a lot of skin in the game, good performance against their indeces in a cyclical market which it is quite feasible to think could be turning up soon and small enough in size to be gobbled up by a bigger player, & that is thrown in for nothing.