Member Info for CJ66

Good 3 weeks of articles in Investers Chronicle using Marstons as the example - which by chance provided an unbiased more in depth look at various aspects.
Basically confirmed a snail growth with far more spent on debt repayment than dividends - but pretty open reporting compared to most.
They are addressing the issue and it looks like a balance between keeping the dividend and slow repayment is a viable option - without the dire collateral consequences of debt reduction some are proposing here. Kept as a dividend play, I also think 27p is a bit extreme unless the bottom fell out of the pub trade and we all stopped drinking!

I expect production to be in line with expectations,
but this was the period of sharp ramp in gold price to circa $1500, which on a relatively fixed cost base will push up profit / cash levels.

Halfpenny - It would also be useful to see a graph of the US Presidents brain waves as well - I have a feeling this may work in direct correlation with the gold price charts !

think as you say this seems a protest rather than an actual fat cat problem, and appears to have caught the board by some surprise with the - having to go back and explore with the major shareholders.
In this case I think it is good news as clearly the major holders are not prepared to allow any papering over, business as usual carry on, as with most AGM's. They clearly want to see under the bonnet, that must benefit the business (and us), unless they find out there is no engine - fingers crossed it's easily repairable!

...and remember 'framework' is not a contract - it just means you are a favoured bidder - so would normally then compete in a mini tender with other bidders i.e. it is not secured work or any guaranteed margin = maybe 1% !

Quite so, and theoretically 44p should be a support level, so don't know why price sometimes goes below - but if nimble enough to buy below, well done & it does feel satisfactory getting in ahead the institutions...

60p - Yes 1 ! I have held here for some time - was a reasonably successful if eclectic company until a Mr Putin stuck the boot in - ruined extensive sales to Crimea and East of Ukraine. Also just to finish it off they had just taken a big loan from the EU for new equipment - war = paying for equipment not really needed in the short term + stuffed by the currency, that meant twice as much needs paying back in Euro's from earnings in the local currency!
Management seem sound and Jack Rowell (Former England Rugby coach) a Director.
Long road back, but they are slowly recovering - however now the previous dividends some way away + Ukraine looked on as a near basket case rather than a potential European joiner means it will probably need remarkable results to garner any interest.
I am still holding and so low, I could look to add more if I think the binary option will come. As a p.s. work out the earnings as profit less currency gains/losses or you get a very distorted picture as it reports in £'s. i.e. interims actually circa 0.03p - to my mind x10 (PE of 10) would be circa 6p share price.

Yes I see your point, but I understand you will be able to put in for any excess amount you wish (granted not guaranteed to get).
All in all however by pulling the price down for everybody - institutions & small shareholders you can effectively get in around the same price.
i.e. currently you can buy at 45p on a current rate of 3p divi it's 6.67% - it would be 6.8% at 44p.
The lesson as you indicate is that this is a dividend share - not a price flyer. It's already happened twice before with equity raises and year highs & lows are virtually the same for each of the last 3 years now!
Similar thing happened for me at Warehouse REIT - where I ended up buying more shares at a cheaper price in the market than the offer - swings & roundabouts - but for once I felt I was better off than the institutions (small comfort) !!

Like property REIT's this will likely be an ongoing issue here - it pays out nearly all of it's profits, so the only way to get money for new investments is issuing more shares. To do that successfully it has to offer a discount = this may happen several times - 2 steps forward 1 back.
It's a choice of good dividend or good share price growth.
At least they are currently still offering to small shareholders, unlike many other companies.

Yes, agree that it is disappointing when the covered dividend hasn't buoyed the price up - but it does ned signs of positive management / results
vs the obvious lack of / slightly suspect acquisitions etc.
Still think it is a positive that Bayford are on board and should help or give them a kick or even buy more shares.
All in all a 'drift' but not 'abandon' to me!?

Former CEO, current non exec selling £380k shares because he is retiring after 46 years - can't really blame him, he can't take it with him into the next world !

Good business, but see the several post below yours - 1 issue as pointed out in Investors Chronicle this week - this is 1 of the increasing number of companies who issue shares at a discount, but not to ordinary shareholders - and in this case even less excuse as the Directors all helped themselves to whatever they wanted individually in the discounted placing.
Being a REIT they have to hand out most of the profits - so often the only way to grow is issue more shares - which be cause they keep doing at a discount keeps the share price down and dilutes earnings.
I acknowledge that the Medicx merger was a different 1 off opportunity to create value.

Having purchased a controlling share of Furlong from Dudson, Churchill has now purchased the rest of the shares that were owned by Portmerion. This gives a greater control of it's own supply chain and another source of wider profit. As it was purchased out of their cash pile, I consider this another good use of money. Looking amazingly solid and growing into the difficult economic and Brexit headwinds. It still seems to rate as a contrarian buy.

Reliant on ups & downs of gold price - but circa Oct 11 will be Q3 results and full gold price rise....

Maybe holding steady as is it such a bad thing - the recent debacle should leave the man at the top exposed - he must have been asleep at the wheel as unaware of the companies issues which is not acceptable. In this light it is probably a positive catalyst for change, and yes I wouldn't be surprised if Bayford are having a say in who is going to be appointed - could even be somebody from Bayford, which again I would view in many ways as positive.

Could also be down just because no reference to the rather cryptic RNS a month ago - not that this is any issue with as below, expected on track results, with virtually assured excellent 2nd half catching the gold price + further cash / lower debt, exploration progress etc - and a fine dividend being much better than even holding a lump of the glowing stuff itself !

...or rather 'come bad' depending if your looking at a takeover at around £7 or MPE directors fighting for at least £10. I know the pre bid price was well below these, but it's a big difference!
Todays results - under very low CPO prices point on why not try the bottom end.

You were about right Skop - what an irony that we have been waiting for years for the catalyst 2nd Zone permit - and it arrives just as it's hardly worth getting the stuff out of the ground!
I know being a commodity that these things are cyclical, and I'm sure it will come good again at some point - it's just a matter of how patient and when..?

As mere individual holders, I can't help feeling slightly smug and unsympathetic that Hargreaves managed to carry on buying on the up and then sold (panicked or followed the herd) at a loss - and now must be beginning to look a bit rueful !

all speculative ...but also wonder if there is any tie up between this news and the slightly cryptic RNS about the Govt engagement.
I know AAZ indicated in a previous exploration update that one of their discoveries went right up to and probably beyond the limit of their licence area?