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Last checked at 
14 Aug 2009 07:00
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GUINNESS PEAT GROUPΒ PLCΒ - MARKETΒ UPDATE
The company's profile hasΒ not changed greatly sinceΒ either of the two previous updates.
However, that rather disguises the fact that "things are happening" which are not yet ready for formal reporting. GPG is increasingly recovering a positive outlook on future prospects, both generally and specifically in respect of some investments which have been disappointing in the past.
GPG's Interim Report to 30 June will be issued at the end of the month and will again show an accounting loss for the period. This is mainly due to legacies from the earlier portfolio upheavals and our share of losses incurred by Coats and Capral (both of which have survived a very difficult half year).
The Board is still focussed on returning value to shareholders as announced in 2008 and even if it is not possible to adhere to the original timetable of 2010 it will certainly occur as soon as possible thereafter. In the meantime, we may have to endure another poor result at31 December 2009.
ShareΒ market conditions have greatly improved in recent months but we anticipate further repercussions from the "credit crisis" with opportunities to emerge which will be more favourable than over investing at the present time. GPG's balance sheet and liquidity continuesΒ to be a great strength in those circumstances.
Attached is a detailed internal valuation of GPG as at 10/8/09. It is unaudited and E & OE but is the management working model and unlikely to contain significant error.
Notwithstanding the accounting losses incurred in 2008/09, it is reassuring to note the company's net asset value as per the various Market Updates hasΒ held up reasonably well atΒ Β 47.94p (47.68p at 4/5/09 andΒ 45.59p at 22/12/08).
COATSΒ
The book value of CoatsΒ isΒ Β£272Β millionΒ comprising:
|
Β£mΒ |
||
|
Gross assetsΒ |
862Β |
|
|
LessΒ creditors minorities & provisions |
(590) |
|
|
Net book value |
Β£272Β |
The ultimate realisation value of CoatsΒ isΒ considered to beΒ significantlyΒ in excess of thisΒ figure.
Β
|
UKΒ SHARE PORTFOLIO
|
Share price
|
Β
|
Β£m
|
|
|
8.9% x Adnams "B"
|
Β
|
92.00
|
Β
|
2.3
|
|
5.9% x AH Medical Properties
|
Β
|
0.17
|
Β
|
0.6
|
|
3.6% x Ashley House
|
Β
|
0.81
|
Β
|
1.4
|
|
26.2% x Autologic
|
Β
|
0.33
|
Β
|
5.5
|
|
4.1% x Brookwell
|
Β
|
0.42
|
Β
|
0.2
|
|
4.6% x Chrysalis Group
|
Β
|
0.67
|
Β
|
2.1
|
|
3.7% x Creative Entertainment
|
Β
|
0.00
|
Β
|
0.0
|
|
6.8% x Daniel Thwaites
|
Β
|
1.62
|
Β
|
7.0
|
|
15.2% xΒ DawsonΒ International
|
Β
|
0.03
|
Β
|
1.0
|
|
11.3% xΒ DickinsonΒ Legg
|
Β
|
0.18
|
Β
|
0.8
|
|
5.7%Β x Fuller Smith & Turner
|
Β
|
4.75
|
Β
|
8.8
|
|
5.7% x M J Gleeson
|
Β
|
0.74
|
Β
|
2.2
|
|
14.2% x Inspired Gaming Group
|
Β
|
0.04
|
Β
|
0.4
|
|
5.5% x Inspired Gaming Prefs
|
Β
|
0.33
|
Β
|
1.7
|
|
6.5% xΒ JerseyΒ Electricity "A"
|
Β
|
69.00
|
Β
|
2.6
|
|
6.4% xΒ JerseyΒ New Water Works
|
Β
|
35.00
|
Β
|
0.6
|
|
1.1% x M & G Equity
|
Β
|
0.02
|
Β
|
0.0
|
|
7.0% x Nationwide Accident Repair
|
Β
|
0.93
|
Β
|
2.8
|
|
27.7% x Newbury Racecourse
|
Β
|
7.25
|
Β
|
6.4
|
|
3.1% x Shepherd Neame "A"
|
Β
|
7.42
|
Β
|
2.6
|
|
1.1% x SweetΒ China
|
Β
|
0.03
|
Β
|
0.0
|
|
6.0% x Sysmedia
|
Β
|
0.01
|
Β
|
0.0
|
|
5.7% x Third Advance Value
|
Β
|
0.10
|
Β
|
0.1
|
|
10.9% x 333 Holdings
|
Β
|
1.00
|
Β
|
0.2
|
|
14.2% x Young & Co's Brewery "A"
|
Β
|
4.58
|
Β
|
18.9
|
|
33.7% x Young & Co's Brewery "NV"
|
Β
|
4.03
|
Β
|
26.0
|
|
Β
|
Β
|
Β
|
Β£94.2m
|
|
Β
Β
|
AUSTRALIAN SHARE PORTFOLIO |
Share price |
A$m |
||
|
7.7% x A VΒ Jennings |
0.34 |
7.2 |
||
|
10.6% x Babcock & Brown Power |
0.08 |
5.8 |
||
|
71.2% xΒ CanberraΒ Investment Corp |
0.55 |
46.6 |
||
|
9.8% x Capilano Honey |
1.20 |
0.6 |
||
|
75.6%Β xΒ Β Capral |
0.10 |
29.4 |
||
|
55.8% x Capral Notes |
58.80 |
16.4 |
||
|
4.7% x CSR |
1.99 |
121.9 |
||
|
19.0% x eServglobal |
0.41 |
15.5 |
||
|
13.0% x Farm Pride Foods |
0.27 |
1.9 |
||
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5.8% x GME Resources |
0.11 |
1.0 |
||
|
Β 1.3% x IOOF Holdings |
4.55 |
13.2 |
||
|
24.0% x Maryborough Sugar |
2.10 |
23.4 |
||
|
7.6% x MetalsX |
0.12 |
10.3 |
||
|
28.6% x MMC Contrarian |
0.43 |
17.4 |
||
|
12.8% x NSX |
0.25 |
2.4 |
||
|
24.8% x Peanut Co of Aust |
4.20 |
7.6 |
||
|
44.4% x Rattoon Holdings |
0.20 |
4.5 |
||
|
10.0% x Ridley Corp |
0.95 |
29.4 |
||
|
8.7% x Symex Holdings |
0.53 |
5.9 |
||
|
19.9% x Tandou |
0.26 |
4.6 |
||
|
25.0% x Tooth & Co |
0.01 |
0.3 |
||
|
Sundries including Tourism Property Group, |
||||
|
Tasmanian Pure Foods andΒ 4Β undisclosed listedΒ investments |
33.0 |
|||
|
A$398.3m |
||||
|
=Β£199.75m |
||||
|
AUSTRALIAN TRADING SUBSIDIARIESΒ AND JOINT VENTURES |
||||
|
Australian Country Spinners (50%) |
||||
|
Greens General Foods (72.5%) |
||||
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Gosford Quarry (100%) |
||||
|
Touch NetworksΒ (56%) |
||||
These companies have an aggregate book value of A$57 million. All have had problems of one kind or another which are gradually being resolved but as profitability has not yet been achieved, no value is attributed for the purpose of this update.
Touch Networks (formerly Tafmo) continues to make good progress towards what we believe will ultimately be a very successful investment.
Β Β
|
NEW ZEALANDΒ SHARE PORTFOLIO |
Share Price |
NZ$mΒ |
||
|
1.3% x ASB Capital Prefs |
0.71 |
3.2Β |
||
|
4.1% x Allied Farmers |
0.35 |
0.5Β |
||
|
1.3% x Fisher & Paykel Appliances |
0.84 |
7.3Β |
||
|
35.0% x Tower |
1.74 |
118.1Β |
||
|
19.4% x Turners Auctions |
0.80 |
4.2Β |
||
|
65.6% x Turners & Growers |
1.55 |
107.0Β |
||
|
NZ$240.3mΒ |
||||
|
=Β£96.81mΒ |
||||
|
SINGAPOREΒ SHARE PORTFOLIO |
Share Price |
S$mΒ |
||
|
0.3% x Isetan (Singapore) |
3.39 |
0.5Β |
||
|
17.3% x Pertama Holdings |
0.25 |
10.6Β |
||
|
S$11.1mΒ |
||||
|
= Β£4.61mΒ |
|
GPG SIMPLIFIED BALANCE SHEET ATΒ 10/8/09 |
||
|
Β£mΒ |
||
|
Cash at Bank |
308Β |
|
|
Coats |
272Β |
|
|
Share Portfolio - |
||
|
UK |
94Β |
|
|
Australia |
200Β |
|
|
NZ |
97Β |
|
|
SQ |
5Β |
|
|
Total Assets |
976Β |
|
|
Net creditors |
(22) |
|
|
Contingencies, say |
(25) |
|
|
Capital Notes |
(162) |
|
|
NET EQUITY |
Β£767Β |
|
|
1.60 bn shares on issue = 47.94p per share |
||
Ron BrierleyChairman14 August 2009
UKΒ Contact:
Richard RussellCompany Secretary
+44 20 7484 3370
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