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Hi Mike , yes agree with you re q4. Just finished reading the hard copy of the annual report whilst waiting for jury service. No issues for me. It’s the two year cycle as you say . Just saw the simply Wall Street article. Thought it ridiculous . We know rates and the acquisition are the key events . Information in the report on largest holders makes for interesting news. Some big hitters
Hi Mike, re Grindrod yes you understand the position correctly. Excellent that debt can be further reduced through the special dividend. I agree it is really a formality re approval. They seem to be moving assets between the companies as required to optimise fleets and values. Total value of the company will have fallen not least to reflect those disposals. In your figures remember that a number of charter days have already been locked in at higher rates and equally they are consistently beating the indexes. Personally I see the indexes strengthening well before year end to reflect the forthcoming economic stimulus moves by the Chinese govt. Dividend cover is currently 2.6 and much higher than most ftse companies so fingers crossed. I have taken the decision to reinvest as wish to build a large stake in the company for the long term given the young and ambitious board. As deleveraging proceeds, I think it inevitable that some more exciting acquisitions will take place. A young company very much at the start of its journey with the principle players having a lot of their own money invested.
Hi Mike, good points all. At the moment I am still trying to get my average down whilst taking the excellent dividend. ALL bought at 75/ 76 will look great when back to plus £1 which as the indexes change will happen . Certainly the bdiy has now come off the bottom in the last few days. Hopefully the bhsi will follow . Have a great weekend everyone
I agree with that and think it will happen. In the meantime Grindrod shipping have done some huge transactions that were released yesterday. Clearly both companies are VERY active which can only be a good think and continuing to beat the indexes is excellent
Positives . Dividend confirmed paid August 30. Charter rate again beating index by quite a margin. Debt down. Not bad given current macro economics. Mike, you are much better at shipping analysis than I am . Would welcome your thoughts
Closing deals in the Middle and Far East are always difficult and almost ALWAYS take longer than expected. I have scars on my back from own experiences re this. I think they probably had thought they would have got another one over the line by now and are slightly disappointed. I also noted the increase in costs attached with closing these deals. I have steadily increased my position but will be watching closely re hopefully the next deal
Following thoughts in no particular order
1. Accounts are far more complicated with he addition of Grindrod acquisition .
2. Charter rate beating index a superb achievement
3.Dividend cover at 2.6. Beata huge number of ftse companies
4. Good profit and continued focus on deleveraging
Not really much new from the Q4 factsheet so tomorrow will be interesting. I particular am pleased with Ed's comment. 20203 is a year of being defensive and taking a cautious approach. Particularly sensible post the large acquisition and what is going on. I for one will be reinvesting my healthy dividends.
Hi . Agreed re all points. The key is the cut off date for who will get the pay out . Keeping my fingers crossed .Am currently keeping a very close eye on every site re Taylor’s and grindrod . Sone our recommending latter as a strong buy . But tomorrow and Friday will be seriously interesting
Just spoken to a contact. Disappointing but annual report will be released tomorrow and nav on Friday. Issue has been marrying the grindrod accounts to Taylors which has been a complex exercise. I am assured nothing sinister, particularly as Grindrod are planning to return cash to shareholders later this year . Contact is reliable.
The board meeting last week was timed for 10 am for it to sign off the report. If they are following the same pattern with more success this week then yes could be. I am going to wait until 12.00 but will then contact the company.