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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Grampian | GRMP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 470.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 470.00 |
| Top Posts |
|---|
Posted at 21/12/2001 13:04 by jacsom Yes still holding prm. Are you? There has been an announcement re: Property Disposal link below. There will be a further announcement later today. js. |
Posted at 15/12/2001 18:57 by jacsom I am getting a bit fed up with the waiting and I am very tempted to take my miniscule profit on grmp and put it somewhere it has a chance of earning a bit more.js. |
Posted at 01/12/2001 09:41 by jaxaxe sadly,NO but at least the cash is safe- and the interim divi is paid out on the 2-dec.I cant get a date from Grampian,theyre very tight lipped about as and when.Good luck.JAX. |
Posted at 29/11/2001 16:13 by micos jaxaxeI agree. I can only see upside for this company and I see more and more of the lorries each day. I just wish they would announce the special dividend soon. Do you think we'll have it for Christmas? |
Posted at 25/11/2001 11:44 by jaxaxe Im holding GRMP,Im quite positive that it doesnt move over to the,better rated transport sector until next month.The prospects for the company seem excellent. |
Posted at 31/10/2001 17:25 by cwa1 Micos It is clearly too late to get in on the interim dividend. However,it is not too late to benefit from whatever Grampian announce for the special dividend/cashback/bu Personally I think there is still a lot of mileage to be had in this one yet. Cheers CWA1 |
Posted at 31/10/2001 13:49 by micos The shares are shown as XD today, so it is too late to get in. It's heartening to see some discussion at last on Grampian, thank you for your information John Skint Smith. I shall hold and await events with interest. All todays trades have been sells cashing in on the dividend. Regards to all local holders of GRMP. |
Posted at 31/10/2001 10:24 by jon skint smith The following are comments from the iii board"Company comments and brokers reports suggest share buy back of 45m. They say that could be approx, 50m shares at 90p.However key question is what will be resulting share price and ongoing dividend." "Where have you got the news of a share buyback from, I have not seen anything in the press or any info from the company. I understood that the £45m was to be returned to shareholders at 38p per share." "Chairman at e.g.m.and also at interim stated that they would discuss with shareholders best way to return cash. Cannot see anyone wanting cash dividend most I believe would prefer capital reduction hence capital repayment.In a brokers report at time of disposal of retail, Charterhouse Tilney suggested a buy back at around 90p.All this has been public for some time." "E mailed them today to ask for details on buy back. A circular to shareholders is in the process of being drawn up - I would not wish to comment until then. John D Douglas Deputy Company Secretary" It follows that a share buyback cannot proceed until the shares have gone ex-dividend! GRMP would in effect be paying themselves a divi on the stock they acquired!! Last day to get in before this stock soars to 90p+ !!! |
Posted at 29/6/2001 10:32 by wannabee Peter, I think the situation is pretty simple actually. Whatever GRMP's price before the 44p ex date, the price will be adjusted down, initially, by the 44p (+ GRMP's tax - In fact, is the 44p gross or net? If net, I suppose it'll cost GRMP something over 50p to payout 44p).This will be the case because the market makers won't be analysing anything - they'll simply mark down by the gross payout, and then it'll be business as usual, with the price then moving roughly according to the subsequent trades. I agree with your analysis that the remaining business looks very cheap, expecially as the capex will be reduced next year, and the directors have said effectively that business is going very well. Anyone wishing to buy into Malcolm has a couple of choices - either to get in now, or wait till it goes ex the special dividend. The extra cost of getting in now is effectively the stamp duty on the 44p payout - i.e. about 0.22p per share (assuming commission is constant). My personal opinion is that the price will react before the xd date so that xd, Malcolm will be on a deserved rating, higher than that implied at the moment. Those waiting to save 0.22p by waiting for it to go xd will miss out on the rise, imo. |
Posted at 01/6/2001 22:48 by peter shone I hold a lot of these, over 70,000 in fact. My average price is 76p a share. been chatting about them over on MoneyworldBoring bits first Shareprice : 77 bid - 80p offer. Up 50% from rock bottom of 55.5 earlier this year. Market cap : £85.9m Turnover : £244m(up 3.8% against £235m last year) Net cashflow : £32.5m (level from last year) EPS : 9.08 pence against 5.78 pence in 2000 and 3.3 in 1999. (IIMR headline earnings per share fell from 10.95 pence in 1999/00 to 9.08 pence this year, disguising the underlying figures. Previous headline figures due largely to profits on a disposal programme - VERY IMPORTANT for later) pe ratio : 8 ish Dividend : Final 5.7p (xd 4th July) making 8p total for a 10% yield against current offer price. Reserves : £87.7m including £109m fixed assets. Pre-tax profit history : (year ending Feb) 1999 £7.7m, 2000 £10.7m, 2001 £14.7m. Subsidiaries: The Edinburgh Woollen Mill Ltd; The Heather Mills Company Ltd; Gibson & Lumgair (Scotland) Ltd; W H Malcolm Ltd; Wm Wilson & Sons (Johnstone) Ltd; Malcolm Plant Ltd; Mackinnon of Scotland Ltd; Wilfred Holden (Blackburn) Ltd Latest broker forecast : Seymour Pierce Ltd 14-May-01 2002 pretax £19.0m eps 10.9 div 8.00 2003 pretax 21.0 eps 12.3 div 8.00 Major shareholders : Issued shares 116.17m 25p Ords - Phillips & Drew Ltd 4.67%, Prudential Corp PLC 3.60%, D D Stevenson CBE 5.21%, A B Malcolm 2.61%, C Birrell 2.52%, Other Dirs 0.34%. (Lots of small holders in other words, noone with a controlling stake - ALSO IMPORTANT) Final results were released on 24th April 2001, headlined: * Year to 2 February 2001 - PBIT up 30.7% to £17.9m - Headline earnings per share 9.08 pence (1999/00 : 10.95 pence) - Dividend per share maintained at 8.00 pence. * Current trading - The Malcolm Group: Activity levels strong and margins have improved against early trading last year - EWM Group: Sales up 16.4% and like for like sales up 15.4% against last year. Like for like gross margin up 17.4%. Easter trading has been encouraging. Looking ahead, too early to assess full impact of foot and mouth. * Disposal of EWM Group - Negotiations on the disposal are now well advanced. A further announcement will be made shortly. So why then? Apart from the very high yield, the near trebling of underlying eps in three years, and the positive trading report released as part of the results? Ok, so the fuindamentals are solid, but there are plenty of solid companies around. The real interest comes from the two sources below. 1. The disposal of EWM for approx £50m, or 60% of the market value of the whole group. Where will the money go? Shareholders? That's 49p a share or so. 2. A possible bid at 95p ish from Alchemy, AFX article below: 19-2-01 LONDON (AFX) - Shares in Grampian Holdings PLC, the Scotland-based retail and transport group, were sharply higher in midday trading with sentiment boosted by weekend reports which said private equity firm Alchemy Partners has made a takeover approach for the group. At 12.33 pm Grampian was marked up 8 pence, or 12 pct, at 74-1/2. The Scotsman newspaper reported that Alchemy has tabled an indicative offer worth about 90 pence per share or a total of 110 mln stg. It said Alchemy delivered a letter to Grampian's financial advisers last Friday. The newspaper noted that Alchemy's offer could force Grampian to either abandon or postpone its planned disposal of its Edinburgh Woollen Mills retail arm. It said Grampian is just weeks away from closing the EWM sale for 50 mln stg as part of a restructuring that would allow the company to focus more its WH Malcolm transport business. So in summary, the reasons (lots of them) to be interested: 1. 10% dividend yield, 7.3% payable if you're on the register on 4th July. 2. 270% underlying eps growth in three years. 3. Positive trading report in April 4. Imminent announcement regarding a very significant disposal, with a possible shareholder payout(speculating here a bit.) 5. Possible bid situation. 6. Extensive capex programme completed, with rail freight terminals and new (huge) warehouse facility now in full (profitable) operation. 7. Involvement in highly profitable PFI construction projects. 8. Recovery from poor year for Malcolm group. Fuel is still high, but new contracts will now incorporate the higher fuel rates. Once the EWM disposal is complete, the Malcolm group will be left. Its year was summed up in the results as: The Malcolm Group The year was notable for the opening of our new operation at Crick, our entry into rail transport, and the growth in contracting activities, all of which are expected to bring benefits in the immediate future. However, largely as a result of the cost of fuel, in financial terms, the year was disappointing. Turnover showed an increase of 20.8% from £71.6m in the previous year to £ 86.5m. Operating profits, however, declined from £9.4m in 1999/00 to £7.2m for the year to 2 February 2001. For the Logistic Services division, the opening in August of the new facility at Crick, in Northamptonshire, was significant both in terms of additional warehousing capacity and in the introduction of rail distribution. In February 2001, we opened a new rail operation at Grangemouth. Rail business is now conducted on a regular basis between these two well placed locations. These new facilities enable us to meet growing customer demand for a comprehensive road to rail service. Our warehousing capacity throughout the UK now exceeds 3.5 million square feet and we are well placed to fulfil customers' needs. Over the last two years we have been developing European links, with haulage, into France and the Benelux countries in particular. With our increased capacity at Crick and the setting up of a rail network, the potential for more business in Europe has increased significantly. The Construction Services division showed a significant growth in turnover, particularly in the contracts business. A combination of our 'one stop shop' approach and the formation of partnerships with our customers will stand us in good stead as market conditions and margins improve. The division completed several major contracts with partners in PFI, house building and major school projects. Operating margins in this business were impacted during the year by costs associated with developing the contract side. A key to success in the coming year will be to deliver higher margin business in this sector. Oh, one last thing. The last time they made a decent sized disposal they made it to 121p a share. In 1998 they were over 140p a share. Alchemy's offer seriously undervalued the company, and has almost certailnly pushed along the EWM disposal as a means to raise shareholder value. All only opinions. and a reply from: Subject: Re: Grampian Holdings Author: Brian Pendlebury (Brian Pendlebury) [i] Date Posted: 30 May 01, 15:51 A useful and interesting post Peter. I would comment/query on the following:- 1) The Company has not acknowledged the approach from Alchemy reported by AFX(quoting a newspaper article)back in Feb. 2) Divi yield is very good. Are you concerned by dividend cover? Dividend to EPS is very high (generous). 3) EWM accounted for £11.7m out of £17.9m of Group profit. The other half of Grampian, Malcolm Group saw t/o up 20% and profits down +20%. Logistics is a tough business in the UK. Future earnings, following sale of EWM, are down to Malcolm and what the Board do with the EWM sale proceeds. 4) A perfunctory comparison with larger Scottish Logistics company C.Salveson(SVC) would suggest Grampian today undervalued on P/E basis by as much as 50%. All in all I would think its a good punt for short/medium gains on the back of divi return, ewm disposal options and bid interest. Subject: Re: Grampian Holdings Author: Peter Shone (Peter Shone) [i] Date Posted: 30 May 01, 21:52 Stu, I have to admit I thought long and hard about the impact of the F&M thing, and concluded that as EWM was in the late stages of disposal that any impact would most likely be on the disposal price. No doubt the company will have argued (successfully one hopes) that the F&M thing is a once in thirty years event, and should not be considered in the underlying value of the company. But perhaps not. It is undoubtedly a small but not insignificant risk. Brian, 1. - Perhaps it's just as important that the company didn't deny it either? Surely if there was no basis in an AFX reported article the company would have had to comment? 2. - Yes I am concerned about dividend cover. However I think that the EWM disposal will have had some influence on the decision to maintain the dividend. There has been no indication of the likely destination of the £50m from the EWM sale though, it is by no means certain that shareholders will figure in the equation. 3. - The company blamed fuel prices for the fall in margin at WH malcolm, I don't have a problme believeing that. Fuel prices appear to have stabilised, at leats for the short term, enabling profits to be reconstructed. Also the rising price of fuel will have the (desired?) effect of driving (sic.) more freight onto the rails, perhaps the main reason for WH M's shift into this business. Lots of emphasis on this in the results, they obviously see it as the way to go. DIRFT is just across the M1 from Crick, (Daventry International Rail Freight Terminal). Who will benefit most then? WH M seem to be at least up with the game if not ahead of it. See www.dirft.com for some useful background info. Eddie Stobart and Tibbett & Britten are there, WH M with no large block holders may be a tempting morsel? TBG are on a historic pe of 19, ok so they're much larger, but... Their chart is also quite informative, if you do a three year comparison to GRMP, the two charts are parallel lines up to Jan 2000. Then GRMP dived with the retailers. Surely an EWM disposal would lead to something of a rerating as they change market sectors to transport from general retail? Perhaps this also is driving the EWM disposal? 4. I agree, they are 50% underpriced compared to SVC (pe 12.5). Comparison to Tibbett & Britten TBG (pe 19.6) is even more favourable. Excel also on a similar rating (pe 19.2). TRansport sector as a whole rated at around a pe of 18. For GRMP to be on that rating the share price would be ~ 200? I'm not saying that will happen, there's a lot of water and bridge interaction to go on between now and then. But it's hardly a depressing thought is it? |
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