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Last checked at 
15 May 2009 07:00
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GUINNESS PEAT GROUP PLC - MARKET UPDATE
The company's profile hasĀ not changed greatly since the 22Ā December 2008 update.
The main emphasis in the current year has been to develop exit options to maximise the realisation of those investments which no longer have future potential for GPG. Also, to examine new prospects in the context of changed market conditions. In retrospect, we could have been more aggressive in pursuing new opportunities in earlierĀ monthsĀ but caution was the overriding influence.
So far, there has been one material divestment (MYOB) and three new holdings, all of which are showing positive returns (althoughĀ that is not necessarily the preferred outcome in the initial phase of a long term investment strategy).
Our principal operating subsidiary, Coats, has obviously been adversely affected by the economic downturn but to date, trading has held up as well as could be expected.
Attached is a detailed internal valuation of GPG as at 4/5/09. It is unaudited and E & OE but is the management working model and unlikely to contain significant error.
COATSĀ
The book value of CoatsĀ isĀ Ā£299 millionĀ comprising:
|
Ā£mĀ |
||
|
Gross assetsĀ |
992Ā |
|
|
LessĀ creditors minorities & provisions |
(693) |
|
|
Net book value |
Ā£299Ā |
The ultimate realisation value of CoatsĀ isĀ considered to beĀ significantlyĀ in excess of thisĀ figure.
Ā Ā
|
UKĀ SHARE PORTFOLIO |
Share price |
Ā£m |
||
|
Ā Ā 8.9% x Adnams "B" |
91.50 |
2.3 |
||
|
Ā Ā 5.9% x AH Medical Properties |
0.17 |
0.6 |
||
|
Ā Ā 4.2% x Ashley House |
0.72 |
1.4 |
||
|
26.2% x Autologic |
0.24 |
4.0 |
||
|
4.1% x Brookwell |
0.40 |
0.3 |
||
|
1.9% x Camper & Nicholson |
0.25 |
0.2 |
||
|
3.7% x Creative Entertainment |
0.00 |
0.1 |
||
|
6.6% x Daniel Thwaites |
1.55 |
6.5 |
||
|
15.2% xĀ DawsonĀ International |
0.03 |
1.0 |
||
|
11.3% xĀ DickinsonĀ Legg |
0.18 |
0.7 |
||
|
2.8% x Fiberweb |
0.52 |
1.8 |
||
|
5.4% x M J Gleeson |
0.82 |
2.3 |
||
|
14.4% x Inspired Gaming Group |
0.03 |
0.3 |
||
|
5.5% x Inspired Gaming Prefs |
0.37 |
1.8 |
||
|
Ā Ā 6.5% xĀ JerseyĀ Electricity "A" |
70.00 |
2.7 |
||
|
Ā Ā 6.4% xĀ JerseyĀ New Water Works |
35.00 |
0.6 |
||
|
1.1% x M & G Equity |
0.01 |
0.0 |
||
|
7.0% x Nationwide Accident Repair |
0.95 |
2.8 |
||
|
27.7% x Newbury Racecourse |
9.25 |
8.2 |
||
|
3.1% x Shepherd Neame "A" |
8.00 |
2.8 |
||
|
1.1% x SweetĀ China |
0.04 |
0.0 |
||
|
6.0% x Sysmedia |
0.01 |
0.0 |
||
|
5.7% x Third Advance Value |
0.07 |
0.1 |
||
|
10.9% x 333 Holdings |
1.00 |
0.3 |
||
|
13.7% x Young & Co's Brewery "A" |
4.85 |
19.3 |
||
|
33.7% x Young & Co's Brewery "NV" |
3.95 |
25.5 |
||
|
Two undisclosed listed companies |
0.21 |
|||
|
Ā£95.8m |
||||
Ā Ā
|
AUSTRALIAN SHARE PORTFOLIO |
Share price |
A$m |
||
|
7.7% x A VĀ Jennings |
0.33 |
7.0 |
||
|
71.1% xĀ CanberraĀ Investment Corp |
0.68 |
57.6 |
||
|
9.8% x Capilano Honey |
1.25 |
0.6 |
||
|
75.6% x Capral |
0.08 |
23.5 |
||
|
55.8% x Capral Notes |
58.80 |
16.4 |
||
|
4.7% x CSR |
1.31 |
80.1 |
||
|
19.9% x eServglobal |
0.43 |
14.7 |
||
|
13.0% x Farm Pride Foods |
0.30 |
2.2 |
||
|
5.3% x GME Resources |
0.06 |
0.8 |
||
|
5.0% x IOOF Holdings |
4.06 |
13.8 |
||
|
24.0% x Maryborough Sugar |
1.77 |
19.8 |
||
|
7.6% x MetalsX |
0.12 |
10.8 |
||
|
26.7% x MMC Contrarian |
0.41 |
15.6 |
||
|
12.8% x NSX |
0.18 |
1.7 |
||
|
24.2% x Peanut Co ofĀ Australia |
4.20 |
7.3 |
||
|
44.4% x Rattoon Holdings |
0.12 |
26.9 |
||
|
4.2% x Ridley Corp |
0.80 |
10.3 |
||
|
8.7% x Symex Holdings |
0.43 |
4.8 |
||
|
17.0% x Tandou |
0.25 |
3.8 |
||
|
25.0% x Tooth & Co |
0.02 |
0.6 |
||
|
Sundries including Tourism Property Group, |
||||
|
Tasmanian Pure Foods andĀ 2Ā undisclosed listedĀ investments |
17.7 |
|||
|
A$336.0m |
||||
|
=Ā£164.44m |
||||
Ā Ā
|
AUSTRALIAN TRADING SUBSIDIARIESĀ AND JOINT VENTURES |
||||
|
Australian Country Spinners (50%) |
||||
|
Greens General Foods (72.5%) |
||||
|
Gosford Quarry (100%) |
||||
|
Tafmo (56%) |
||||
|
These companies have anĀ aggregate book value of A$57.0m. Minor progress has been made in terms of cash flow and asset divestments but as profitability has not yet been achieved, no value has been attributed for the purpose of this update.Ā Ā In the case of Tafmo, losses have been a necessary product of the development and initial marketing of the company's point-of-sale technology. ThisĀ isĀ making good progress towards break even, after which the potential for increasing profitabilityĀ isĀ considerable. |
|||
|
NEW ZEALANDĀ SHARE PORTFOLIO |
Share Price |
NZ$m |
||
|
1.3% x ASB Capital Prefs |
0.77 |
3.5 |
||
|
4.1% x Allied Farmers |
0.49 |
0.4 |
||
|
1.5% x Fisher & Paykel Appliances |
0.48 |
2.1 |
||
|
35.0% x Tower |
1.40 |
95.0 |
||
|
19.4% x Turners Auctions |
0.80 |
4.3 |
||
|
65.6% x Turners & Growers |
1.36 |
93.9 |
||
|
NZ$199.2m |
||||
|
=Ā£76.04m |
||||
|
Ā |
Ā |
|||
|
SINGAPOREĀ SHARE PORTFOLIO |
Share Price |
S$m |
||
|
0.3% x Isetan (Singapore) |
2.96 |
0.4 |
||
|
17.3% x Pertama Holdings |
0.21 |
8.7 |
||
|
S$9.1m |
||||
|
=Ā£4.13m |
||||
Ā Ā
|
GPG SIMPLIFIED BALANCE SHEET ATĀ 4/5/09 |
||
|
Ā£mĀ |
||
|
Cash at Bank |
315Ā |
|
|
Coats |
299Ā |
|
|
Share Portfolio - |
||
|
UK |
96Ā |
|
|
Australia |
164Ā |
|
|
NZ |
76Ā |
|
|
SQ |
4Ā |
|
|
Total Assets |
954Ā |
|
|
Net creditors |
(17) |
|
|
Contingencies, say |
(25) |
|
|
Capital Notes |
(149) |
|
|
NET EQUITY |
Ā£763Ā |
|
|
1.42 bn shares onĀ issue = 53.73p per share Ā |
||
Ron Brierley
Chairman
15 May 2009
UKĀ Contact:
Richard Russell
Company Secretary
+44 20 7484 3370
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