Member Info for Bev88

Recent purchases of stock by three Board members give the best possible message that Fenners have been oversold. They supply a diverse mix of international majors and are on track for another good year but some short sellers had pushed the shareprice down to a silly level from which it is now recovering- hence an opportunity beckons. I recently had a conversation with a leading mining engineer in Johannesburg who described their gearing as 'a class apart ,.

IN INVESTMENT TRUSTS-Hansa, BTEM,and Graphite Mountview and Daejan are primarily London residential property companies expertly managed at a massive discount to asset value with good divs ad low borrowings.

I have been in for around 10 years and seen steady progress , but we each have different priorities so do your own thing. I'm a value investor and when I see solid assets at such a discount I tend to find they are realised if you are patient-I've been rewarded twice last year and this is the third distribution.

I have no connection other than being a long standing shareholder and have attended several AGMs and met their management who impressed me and gave me confidence that they would prevail. This has been born out and my patience is being rewarded as so often happens if you have conviction.

It depends on when the market decides to revalue the stock in the view of assets and record. My point is that when you have ten of the twelve major portfolio companies expecting to report increased profits, around a third of your remaining assets in cash or near cash, no borrowings and assets of over 550p you are in a position to distribute the assets back to shareholders as it accrues and let the market please itself.

The reason for the generous price for the buy back is simply a means of reducing the silly discount the stock trades at. The management is focused on looking after loyal shareholders . Even at 475p they are pitched at over 15% discount to asset value. For some reason the market has been reluctant to value this excellent outfit sensibly so they are taking matters into their own hands.

News of imminent buy back of £12.5 million of stock following recent asset sales means shareholders can sell a portion of their holdings to the management at 475p. Given assets are 541p a share it's a win-win situation. This has not gone unnoticed as all transactions so far today are buys.

I sympathise with comments below-this stock doesn't look particularly cheap. The fact is that it is a class act in a unique niche that is guaranteed to be profitable by the nature of the business. On top of that the management continue to astutely buy out the remaining opposition giving them an enormous 'moat'. As part of any quality portfolio this will perform-but waiting for it to be cheap could involve more time than any of us has!

Today's interim results and update reveal yet again the resilience of this outfit. Factors ,largely beyond the management's control have presented enormous challenges which are clearly being overcome in a calm and clinical way. The Group now looks confidently towards gaining new contracts and consolidating it's unique niche position where it's expertise gives good reason for the expectation of profitable times ahead.

Daejan is beginning to be discovered at last. The management's patient strategy of astute purchases of prime American properties while depressed , together with refurbished Africa House nearing completion to add to London portfolio is bearing fruit.

Hopefully , the doubting Thomases have now left the building so we believers can look forward to upward trajectory. This stock has potential to power ahead .

Perhaps this week's interim MTVW numbers will help you with your research , but don't wait too long as it seems the secret is getting out! Earnings like this ,aided by low borrowings and overheads, Grainger followers could only dream about.

This treasure chest of undervalued London residential property is being gradually opened but the price is still nowhere near reflecting the true asset value. Meanwhile those of us heavily in are being compensated by a good dividend massively covered by earnings while we enjoy the upward journey.

These look toppy to me-massive borrowings- relatively low earnings. They pale by comparison to Daejan or Mountview which have low borrowings,better earnings, bigger discount to residential property assets and superb management. Daejan also provide exposure to American residential property recovery and dollar earnings.

Recent piece in Motley View points to Mountview's 22% discount of London residential property and the fact that this doesn't account for many properties booked at cost price. This stock is a still largely undiscovered jewel.

The 'Citywide' piece points to the fact that should the problems at Maltby prove economically unsurmountable-there is such a value of kit, much of which was bought from the previous owners UK Coal that the disaster the market assumed when hastily marking the share price down will turn out to be an opportunity for the Board to realise value. Rarely has a Board been tested by harsher obstacles, but instead of sucumming they continue to produce record results from apparently unpromising situations-a class act deserving shareholder of support.

Yesterday's over-reaction presented those of us with knowledge of the quality in this company to make hay. The Maltby operational problems are being skillfully addressed and the rest of the numerous operations are showing their ability to take the strain. Make no mistake (as Mr Market did) this is a class act driven by a dynamic,youthful yet street wise team.

Another record year , increased dividend and management demonstrating ability to confront problems at Maltby in an open and realistic way. Resultant market reaction is bizarly to drive down p/e to under 6- thankyou Mr Market!

Previous contributer has it-there appears to have been some forced selling by re-allocation of institutional holders which has driven down the price to unknown levels of discount. Rather than 30% discount, a premium would not be unreasonable for such a superb portfolio managed by astute people with a particularly interesting holding of stock at the sweet spot of the Brazilian offshore oil bonanza.

The last contributers have it right-this management has the proven expertise to sort out the Maltby issues. The market chooses to think that an unforseeable problem in one of the four dynamic divisions makes a share valued at over £12 suddenly worth only £7. One of your contributers actually feels that the massive director holdings in the company is a downside! The same management are in place that built the share value , and speaking as one who has met them I can assure doubters that they are top drawer and being in the industry they are in they are used literally to digging themselves out of obstacles that are thrown at them, and redoubling their efforts to regain the high ground where they surely belong.