Member Info for ftseexplorer

Shenners, I’m the same boat. I feel we have been screwed over with all proceeds being used to deleverage and basically a 3 line whip to say pass the vote ‘or else’.

There were shenanigans over a power struggle with Spiegel and I find it highly suspect that he trots off to the new company with the CFO no doubt with their shareholdings under written somehow and a nice golden hello!

At least Sunak is putting a bit of focus on closing the Saudi Arabia Eurofighter order ahead of Crown Prince’s U.K. visit.

https://www.telegraph.co.uk/politics/2023/09/26/rishi-sunak-urges-germany-to-approve-sale-of-jets-to-saudis/

Oogle, I welcome your constructive dialogue. I am not saying that surveying is not worth having as a service as the company has the Eddisons and Ernest Wilson brands, but why do it by acquisition and by paying hefty premiums. Do it organically. I believe the share issuing is entirely for management incentive as acquisitions have been funded through cash and earn-out. Instead they should be doing share buy backs which doesn't dilute private shareholders capital.

Chelsea - your deliberate twisting of posters comments (or maybe its a literacy thing) is not constructive. However, for what it's worth I am here because 80% of BEG's revenues are counter cyclical and in theory it should be adding a hedge to my otherwise cyclical holdings, in the current high interest environment. Except it's one of my worst stocks over the last 12 months. As my average is about 20% below current price I am happy for now to take the growing dividend but frustratingly I can't see us reaching the 24 month highs anytime soon at which point I will cash out.

Here WE go again- blinkered, reading what you want to read. Non- core acquisitions are a distraction. Property agents is one thing but surveyors is quite another. Low barriers to entry and easy to set up again once they’ve sold out! I have no interest in having a spat with you. I believe there is more than just me on this board who question their strategies.

As stated, I am long on BEG but I am critical of their strategy.

I acknowledge that AIM shares are down but my feeling is that is to be expected with a large cyclical % and it being the junior index on the FTSE in the midst of a severe financial downturn.

Begbies on the other hand is counter-cyclical and their core business should be flying - and if they weren't distracted by non-core acquisitions, they might even be making some serious market share gains.

If I read this chart correctly it indicates that of all the companies on the AIM, Begbies is the 7th worst performing share! I think it is updated quarterly.....

https://www.londonstockexchange.com/indices/ftse-aim-all-share/constituents/table?page=35

I get the impression you like the last word Chelsea11 and you are finding it hard to move on from a passing comment from someone who you drove off the board because they had a differing view to your own.

Just to keep a little balance on the board other than blindly bullish, given that interest rates are at highs not seen since 2008 and insolvencies rolling in daily that it is a little disappointing there wasn't an upgrade. It was such a convincing update that the share price has dropped to 17 month lows but I will wait to the next update during which time we will have had our shareholding diluted a bit further. I think Alas_Smith's point was that counter cyclicals should be flying right now and yet a fair proportion of BG's growth is driven out of acquisitions.

Having traded in and out of this one over the last 12 months or so - it is a classic business in transformation.

About this time last year they had a staffing crisis having to employ expensive contractors, so I take heart that they have reduced headcount by 11% being their biggest cost and within that a 20% reduction in contractors since H1.

Next year turnover may be flat but with higher margin business in the mx and lower cost structure this should reflect in bottom line.

YTD stats

Begbies Traynor -19.31%

FTSE 100 +0.25%

FTSE250 +0.32%

FTSE AIM -0.36%

The last 4 posts seem to have two common sub texts but from different posters who have a very low number of individual posts.

Could they be bot generated?

I think we can agree that this share is not exactly a city "darling". I'd even say it is disliked for whatever reason, when it should be flying in the current climate. I think myself and others have simply put forward reasons why this may be and "unblinkered" in so far as to not believe that all their acquisitions represent a good investment.

Chelsea11, surely the point of a discussion board is to encourage debate and challenge somewhat blinkered views. I’m that respect Alas_Smith did that and for that reason this board will be poorer for it.

There really is no need to be so vindictive to others who may have a differing view.

I’ve covered this previously but I do think a factor weighing on this share is the constant issuing of new stock for incentive plans of directors.

Over the last 12 months 2.5m new shares have been issue which is the equivalent of of 1.6% on the issues stock.

Most other companies buy back stock to issue as share incentives, whereby the private investor isn’t affected.

Should reflect in interim results on 12th Sept.

https://news.sky.com/story/electrified-models-help-power-uk-car-production-up-by-almost-a-third-12950940

Sorry to see you go Alas_Smith, I enjoyed your unblinkered analysis. I was lucky enough to buy my first tranch in Q1 2020 when Covid hit at 61p, if I recall. This has helped my average. I only hold currently because it is a contrarian investment with growing dividend. I'll be looking to exit in the next 12-18 months by which time I hope the economy will have some green shoots.

I don't believe the numbers are correct on LSE. I have just taken a look and I believe her holding on 10th August was 7,629,115 shares, so still pretty tidy. Not sure she's worth it though!

I was rather pleased to have topped up at 113.4p but this further drop is painful.

Such large movement on thin volumes. I have faith that the company is well placed for growth and management buys must count?!

Can't quite understand what has driven the 11% decline in Tangible NAV?

Other than that I feel a solid set of results given the backdrop - can't understand the doom sayers...

What i would say is that the wording of the post you refer to 3 months ago is not ideal but I think there was enough data to allow question marks on acquisition strategy to remain. I remain quizical and am prepared to accept it needs more time. If you look at FRP operating in the same counter cyclical market who haven't spent on acquisition but achieiving similar growth in rev and profitability.

Chelsea11, I use the platform to read reasoned debate and I see no value in enticing disagreements. These are good results and encouraging but the city don't seem blown away today and we are some way away from recent highs of £1.48 seen in January despite a clearly bearish marketplace. IMV there remains a question mark whether all of the acquisitions are having the synergistic effect they are designed to have.

Turnover growth of 11% of which 6% was organic strikes me that BT are operating with growing tail winds anyway and the £5.36m of turnover generated through acquisition has cost £8.4m (plus on-going amortisation of acqusitions of £6.3m). Time will only tell whether these synergies accelerate but an increase in operating margin of 1% to 17.9% is a good start. I have specific doubts over buying small chartered surveyors as against bringing these on naturally in-house. There is a risk that these individuals are locked in only until they achieve their earnouts and leave to set up again. I also have a gripe at the continued dilution of shares for incentives. I think I would prefer to see BT pull back on acquisitions, focus on execution andwinning new business and using cash flow to share buy backs.

Looks like I was on the same page as the Directors who bought another £0.8m of shares yesterday!