Share price17 Oct 2017 15:06
Hi guys don't get too enthusiastic about this company. It's still controlled by the family and I would guess each member wouldn't dare sell unless it was a takeover. It used to have a huge cash pile, then they bought the millstone and incurred losses, plus the huge pension scheme deficit, and the very poor management, doesn't add up to an inviting prospect! The father of the sons now "running" the business had a very tight ship, an excellent reputation, and built the company up to having masses of cash and an excellent customer list.
I attended several annual meetings when the sons took over and suggested several areas to be looked at, but to no avail. I held shares which cost several times the current quote and was against frittering away the cash pile, also I suggested that they should get a wholesaling expert to run the business - no chance! The family shareholders were aghast at the thought of a non family member being in charge - now look at it! Be warned it's not investable as the dragons would say.