Member Info for CHEQUEMATE

I noticed the same myself Visor but thought I was clutching at straws. We'll see. Would like to know why the CEO sold. A director purchase would have gone down much better. CM

Better keep an eye on what the F.D does to see if he follows CEO. Makes me wonder why CEO sold so many shares although itt represents only around 10% of his holding. Perhaps CEO needed money for sometthing specific but does explain yesterdays sells. Surprised he didn't sell earlier at a better price but guess these shares were share awards and didn't cost him anything in the first place.

I have just done a share price performance comparison over the last 3 and 6 months using the share charts graph, comparing INL with the following housebuilders: RDW, TEF, PSN, BDEV, CRST, BWY and TW. INL comes out more favourably than most of the others. I think only BWY was better performing. Perhaps that gives a less gloomy picture. Hopefully not grasping at straws but indicates that INL isn't in this alone. CM

A very interesting RNS which on the face of it should give extra confidence in the future of INL. However, yet again, the share price has fallen along with the majority of the house building sector it has to be added. Some very large sells as has already been voiced. Could it be a seller off loading with possibly a buyer waiting in the wings?. Although I understand the jitters over the Fed likely to raise their interest rates in December, it shouldn't affect rates here, more to do with the Deputy of the B of E yesterday stating that interest rates may rise earlier than the backend of next year as suggested by the Gov of the B of E. Not sure just how much INL is insulated from rate rises as it may be seen as "guilty by association". I think it is a case of waiting for longer than we anticipated for a decent return here. I am trying to keep patient and my nerves having learnt from investing in another company, HAYT, where I invested seeing my holding increase in value only to bail out once it fell back and taking a loss, to invest again once it rose, to bail out again at another loss when it fell back again..............only to see it now considerably higher again. Some, perhaps many shares, flatline and/or make little progress over a short to medium term before gaining traction and heading North. The small mkt cap doesn't help INL. Sure is frustrating that is for sure. I really did think today may be a blue day. Would be satisfying to see this return to 70p nevermind 80p for now. Regards and good luck CM

Well, I had hoped (believed???) that INL may have broken out of the 67-71p trading range; but it looks premature and 80p looks as far away as it did a few months ago (if it was even being considered then). INL is a very small mkt cap company and its shares do seem very illiquid. There seems to be greater movement in the share price with smaller volume than with other house builders. But compared to them INL really is a minnow and has far, far less coverage and is still way off the important radars. Things may change in time. My breakeven price here is just over 72p having topped up on results day. That puts me down around 5%. Although not great it isn't a disaster. I am desperately trying to have patience with my investments when they fall back; but it isn't easy. I do wonder if INL had published their results on the day they were meant to and not a month later if that would not have helped more. Surely they should have worked out in advance and/or been advised what figures they should have used. It didn't look good nor professional. Not sure if it is relevant or not but I wasn't happy then nor now. I have yet again looked at their latest set of results, trying to find something which may explain the poor share price performance since. I can find nothing that jumps out, but there is so much in it that I may have missed something. It looks pretty positive and the fact that the dividend has been increased should give confidence. There is nothing negative that I can see in the Chairmans report. It seems outrageous that you would not be able to buy 2 footballers, Christiano Ronaldo and Gareth Bail for the mkt. cap of Inland; and what do they do?, kick a ball about!. Illogical!. Lets hope tomorrow will prove considerably better. Good luck all CM

Although I can understand investors frustration over the recent share price performance of INL I think it is important to look a little deeper than just the headline price. In a weak market, INL share price has fallen by less than 8% from its 52 week high. That is something we have to live with, with any investment we hold. It is not pleasant whilst it is happening but no share price goes up in a straight line as we all know and there will be retraces along the way; even with the strongest of companies. The whold market is having the jitters at the moment and the recent tragic events including the terrorist attack in Paris won't help. Lets have a look at the fundamentals of INL. Revenue, operating profit, pretax profit, eps and dividend have all increased for the 4th consecutive year. ROCE is at 29%, operating profit 37%. The PE is less than 5 and the PEG is well less than 1. All of these figures are what I look for when considering investing in any company. A very good book to read about investing is The Zulu Principle by Jim Slater; I would highly recommend it to anyone. In it JS sets out strict criteria he looks for before investing and most of them are met by INL. I have found following JS criteria has transformed my investment success. I notice CRST has been mentioned below. That is fine by me; although I don't see any real comparisons are given. CRST share price has fallen by 16% since their 52 week high, twice as much as INL. Compare the share price comparison graphs. Over the last 3 months INL has fallen by around 2.5%, CRST by over 12%. Over 6 months the performance is about the same. Infact, it is only over 1 year that CRST comes out ahead; but not over 2 years. Let me state here clearly, THIS IS NOT TO KNOCK CRST in any way. It is simply giving some comparisons to give a fairer view for those interested. And, the market cap of INL is only around £143 million compared to over £1,250 million for CRST so will get less attention with it still being well off many radars. Incidentally, I have just done a share price comparison using the graphs for CRST with RDW, TW. BWY and PSN and there are remarkable (or not) similarities. So, I would suggest it is NOT weakness in INL alone, but in most if not all housebuilders at present. There is no guarantee that we would be any better off selling INL to buy into any of the others, only that the others will get more attention. Experience has taught me to have more patience. On the WHOLE, I have made far more mistakes by selling out of a share too early just because the share price has fallen back a little more than I feel comfortable, only to see it recover over time to make new highs. But of course, we all have to do what we feel comfortable with ourselves and under the circumstances. No criticism intended to anyone. Good luck all. CM

I too have a rather boring job - retail. The mtn rescue search dogs isn't a job, it's voluntary. Yes, I really do lie out in the dark, rain and wind for nothing!, well, apart from the satisfaction of it all I suppose. Not a bad day for INL, up to 4.10 pm at any rate. I notice a no. of housebuilders are down on the day so far. It may be due to the likely rate rise in the U.S next month, although in reality it shouldn't affect stocks here much. Have a good weekend folks. Unfortunately I have to work. Oh well, c'est la vie. Regards CM

Hello BT. Hope all is well in Newmarket. Just back in from training with the search dogs on what turned out to be a rather damp evening, lying out in the dark on the fell waiting for my little furry friend(s) to find me. Anyway, I wanted to say I thought about you earlier and wanted to get back to you. I had a sad email earlier to say one of our search dogs who had been retired a while ago had passed on, at the ripe old age of 17 as it happens. The email contained a touching poem about the loss of a pet, a dog in particular. And I thought about you and the loss of your old fella. I was wondering how you were getting on without him and if you had found another, not to take his place (because they are all different and have their own character). Just a thought. Re GBG, well, no real surprise about the retrace. Although 7p fall today, it is no more than a 2.5p fall at 100p, so nothing to get too concerned about I would dare to suggest. Yes, I am afraid to say that I think GBO is a w/o. I can't see anything good to read in any of their last RNSs. Folk are clutching at straws, but who knows, maybe you will get something out of it. It isn't as though there was much obvious warning in advance. I don't think it was right for the shares to go into immediate suspension since that gave investors no chance to take any money out of it; now it looks likely they will lose all (but I sincerely hope that is not the case). It has happened to me on one occasion, I think my very first investment!. A company called Calluna. I only had around £650 invested, but it was a lot to me. I lost it all when the company went into administration. Could I have done anything about it?, no. It was before the days of the internet, so to find out anything about a company you had to contact your broker and ask for any news or rely on Investors Chronicle, Shares magazine or beg, borrow or steal (not really) a copy of the FT!, by which time the news was already out and the share price moved one way or the other. We are in so much better a position these days. Off South next Thursday to see how Red Rum is doing!. Sounds pretty positive. Looking forward to seeing the good news. 6th visit this year. Thanks for your thoughts. No Jura here, but I have bought a bottle of white wine this evening. Better go BT. Take care and regards CM PS Apologies to others for being very largely off topic.

Hi Tom. Just back in from training with mountain rescue search dogs, in the dark and rain, wonderful!, but I suppose it has to be done. Many a search is done in such conditions so we have to train in them too. Anyway, I wanted to get back to you. As I said earlier, the post was in no way meant to have a dig at you; it was meant to try and lighten up the board after a week of poor performance and concern, even anxiety. The trouble with the written word is it does open itself up to mis interpretation, particulary if we are having a bad day. It is too easy to post something and then think, oh Lord, perhaps I shouldn't have posted that............and that is what I thought. I did feel quite bad that you had taken it personally; so again sorry. I am sorry to read that you have had a bad year, particularly with one share it seems. I fully understand why you sold out of INL to reinvest somewhere else; done that many a time myself. Sometimes it works, many a time it hasn't; although knowing when to take a loss and move on is one of the most valuable lessons any of us have to learn to become successful. I have read too many times, usually on the highly speculative shares, that "in it to the end", "they're not going to get my shares at this price!" etc., only to see the share price continue to fall. "...you are only making a loss when you sell" is another!. That is usually an excuse for not wanting to take the loss and move on into bigger and better things. You must do what you think is right for you under the circumstances, even if that is different from what others would do. And I won't criticise you for that. What I would say to you Tom, is that neither you nor I are locked into ANY share, unless of course it is suspended. Some investors use that phrase because they are not prepared to think of selling unless or until they are making a profit. Some would say that they will sell once it breaks even, as though they are getting they're own back on the company. I know what they mean because I use to think the same way; and the only thing that happened was I made an even BIGGER loss!. However, I think you will probably be fine with TW., but when I see some folk saying they are locked into other shares, again usually the highly speculative shares then it makes me want to shake my head. Incidentally, with interest rates being held again and the projection for any rise being put back maybe as far as early 2017, that possibly underlines that the housebuilders will be ok for a time yet. As far as plans go, well, many of the best made plans go not as we planned. Good luck Tom Regards CM

Hi Tom, you totally misread my post. It was no way having a pop at you. Sorry if it was read that way. General post only. I never have a pop at anyone, it is not my way. I wish you only well Cm

Yes, you are right Tom, but it is easy said after the event and not during. It takes courage to hold sometimes when it seems not so much that the bottom is falling out of your world but the world is falling out of your bottom!. Oops, did I really say that?, apologies folks, must be the time of day. CM

Yeap, TW. has a mkt cap of £6 billion, INL has a mkt cap of less than £140 million. INL is still off many radars. As I post the share price is showing 69.6 to sell, 70.0 to buy; which by my calculations mean INL is now up for the day. Lets hope it stays that way. Perhaps we will see 70 mid by the end of the day. CM

Staycalm - tend to agree with you. Maybe, just as INL was slower to fall back than the other house builders so they will be slower to climb back.......... INL is a relatively small fish in a large pond so it seems to get less attention. I would like to think this will hit 80p at some time, if not this year then early next, although a climb back to 70+ would do nicely right now. Once a share gets to the heady heights of 100p it gets more noticeable. As you say, patience is needed, maybe that of a saint. CM

Some recovery in house builders this morning, but not INL yet. Has been as low as 67 to sell but now showing 68.36 to sell and 68.6 to buy. Hopefully (emphasised!) this will be back level by day end. Much may depend on what the BofE decide over interest rate policy later today, on when they foresee an(y) interest rate rise. This may already be reflected in the share price. Josh - thanks for the post re IC yesterday. CM

PSN have just issued a 3rd quarter trading statement this morning. I have had a look through it and it seems pretty positive to me and mentions about improving margins; rather at odds with yesterdays statement from Liberum. Is it just co-incidence that they issued that statement yesterday, a day before PSN issue a statement?. Hmm, I wonder. These dates are known in advance. May well see a more positive day today. CM

I would like to think so, but this is only one positive day and I would need to see more strength before coming to any conclusion of course. QP was due some upward movement. We need to see a trend reversal. At present the trend is still downwards, but with any share that recovers, there has to be a turning point. There is no new news out to give this a kick in the jacksie and change things around right now, but neither is there any new news out there to continue to push this South. A case of having to have patience in a rather volatile share in a rather volatile sector (imno). Regards CM

Almost exactly a year ago, 6 November to be precise, I bought into TW at around 118p. The very next day some "character" put a note out saying that the housing sector was over priced and was due a retrace!, great, thank you very much. So, what did I do?, well, seeing the share price fell by over 6p the next day I sold out at around 114p, taking a small loss. What happened shortly after?, yeap, you probably guessed it, the housing sector, along with TW recovered. Where is TW now?, at around 187p having been over 200p. TW. along with most of the housing sector stocks got hit today. But, if we look at the greater picture then it is surely positive.. There is a major shortage of new housing and affordable housing and that isn't going to go away anytime soon. Traditionally the first quarter of the year is a very good one for house builders (as I learnt to my cost last year, having sold out of TW). Look at the share price graphs for the housebuilders up to and including the last 5 years. Sure there has been set backs as there will be for any share but the overall direction is North and overall I believe there is more to come. It is annoying that one broker, Liberium, can have an effect on share prices. Perhaps they have reason as did the broker/person did last year. Whoever it was last year ended up with egg on their face and got it seriously wrong. Yes there may be pressure on margins; I dare say that will be addressed if it becomes an issue. cm45 - "someone knows something about this that I don't", well yes of course they do; we are only pi. But sometimes I have learnt that we have to sit these times through. It is only Liberium's opinion and is not necessarily any more right than if they were to tell everybody to buy in big time, "fill your boots!". TomE - I understand your feeling and your action. It is easy to think that we should sell up and move our funds elsewhere, I have done that a number of times. Sometimes it works, sometimes it doesn't. I am still learning to have patience despite my experience over 20 years or so; it is not easily learnt. Mentally, it is not easy to buy back in once we have sold out because we are always looking for the best re-entry point, never knowing where it is. Scared to re-invest if the share price is falling, scared that we have missed our opportunity at the best price if the share price is rising!. Good luck all CM

The market never likes delays, Robins. Most of the comments made by the CEO in the results were positive, but there was the issue of delays raised. The report of the delays can be read in the half year results. With the company declaring a dividend plus record profit, not all is doom and gloom. I also think that the sector that QP is in can be quite volatile. Normally I would not invest in the sector, guess you can call it diversification. Fortunately some of my other holdings are performing "in line with my expectations, or better". Rather a gloomy time right now, but things can easily turn with a change in sentiment and a timely positive RNS. Regards CM

I too am very disappointed with the share price performance since the release of the results. I did think that INL would have broken out of their recent trading range on the upside, but no, it seems we have to wait longer. I too have seen no analysis of the results anywhere which is a shame. So why the retrace?. Well, I would be guessing to a large extent. It could be down to a number of reasons. Firstly, the delay, twice, in releasing the results; the market never takes kindly to that. There may be considerable confusion from the financial records over the consolidation of DGVL into the accounts. I have just spent some time looking at the RNS and can make neither head nor tail of the consolidation. Obviously it was important which is why the results were delayed. Usually one years record would be compared to anothers but here it is very difficult to make a fair comparison. So, maybe the market is confused and is showing it. Perhaps things will settle down. Just out of interest, I have just done a share price performance comparison over the last 3 months between INL, TW. and TEF. Over that period both INL and TW shares have risen by just over 2% whereas TEF have fallen by over 8%. RDW up 1.8% and BDEV down 3%, BWY up 8%. So all things considered and in comparison (despite record results) things don't look as bleak as they may have done. Slightly different results if we do a share price performance comparison over a longer period of time, but nothing horrific. I have found, to my cost, in the past, that I can act too quickly and sell off holdings which had I held a little longer would have out performed. I didn't have the patience, and maybe not the confidence. Certainly another RNS stating planning permission had been obtained for one or more projects INL have in hand would surely help the sentiment. In the meantime the unexpected retrace is rather a kick in the pants, especially as I increased my holding at 76p on Thursday. Regards CM

Good evening BT. GBG has had a terrific run of late so no surprise about todays retrace, only the size of it perhaps. Wouldn't be surprised to see £3 hit by early next year. By year end this year may be pushing it a bit. Re GBO, you would not have been able to sell even had you been around BT. The damning report came out on the Thursday evening and the shares were suspended immediately on the Friday morning. I stayed up late on the Thursday night reading the report. No, I am not impressed with TW either, he seems to take delight in finding fault. Whereas at times that can be beneficial by warning us of misdemeanours etc. he too often rubs folks up the wrong way, not so much by what he says but how he says it. Not sure if he practises at being a wotsit (chose your own description) or if it comes naturally. Anyway, onwards and upwards for GBG and all who sail within her (or him, or it!). Have a good weekend. I'll be working...........2 more busy days of school half term. Not sure who are worse, the kids or the parents!..........but on reflection.......it's probably the parents!. Don't run out of the Jura Regards CM