Mallett Share Discussion Threads

[rainmaker] 28/6/2013 12:43

Callum in the near future, I'm going to stop posting on these BBs. If you ever want to reach me, just left hand click over the letter symbol hightlighted in yellow at the top left hand of the thread list(next to the yellow high lighted "upgrade" and "logout" boxes), then left hand click on "create new message" and just put in "rainmaker" in the "to" box then just send like an e-mail ie put a title, some text then click on send message.

regards

[rainmaker] 28/6/2013 12:37

Hi Callum,How are you getting on?No, I don't think so, more likely there'll announce a profit fig for Masterpiece with the interims second week in August.I think we can expect great returns from the event. IMHO it will definitely be profitable even thought the number of exhibitors has dropped very slightly from 166/170 to 162, and I also expect an increase in profits for the exhibition due to raised stand prices.Stand prices account for some 90% of turnover.However over the next few days you can definitely expect plenty of articles, all based on the same press release giving details of major sales at the event.

The Broker covering this stock has a £800k net profit for Mallett next year which is around 6p a share.I think this will definitely be upgraded in the coming months as I believe the cyclical upturn in their decorative arts business will gather steam-see my post 449. Turnover is something like £4mln less than typical levels and almost twice that figure for the peak in 2006. Sooner rather than later the Chinese(the world largest) will turn their attention to Mallett's market. The Company has had a major marketing drive into that market in the last year or so and I expect this to bear fruit, particularly at the very top end of the market which Mallett dominate.

regards

[rainmaker] 26/6/2013 21:18

The Masterpiece preview was today and we should get some feedback on sales in the next few days or so. I think Mallett should have a very good exhibition judging by last years returns-their best at any exhibition for more 12 years and strong recent sales at their New York showroom. With the interims due the second week of August,when we should get news of the sale of 49 Clapham High Street for circa £2.7mln, I expect the Mallett share price to do very well in the next month or so.



regards

[rainmaker] 23/6/2013 13:25

162 exhibitors at this year's Masterpiece event starting in a few days time so we can expect another good profit.I expect the Mallett share price to do very well in the coming weeks




AIMHO, DYOR

regards

[orinocor] 16/6/2013 15:38

no profits and no assets but 25% of it is worth £5M? Why?


Rainmaker
10 Apr'13 - 13:42 - 417 of 447 0 0

. Sadly a sale of Mallett's stake in Masterpiece, I think, is a real possibility fetching as much as £5mln/£6mln(that's 43p a share). It's going to make a loss this year with the number of exhibitor stands(that provide circa 90% of revenue) dropping from 170 to 134.

AIMHO,DYOR
regards

[orinocor] 16/6/2013 15:36

Oh dear. Reading the other Mallet thread Rainmaker saying he expects inevitable losses as Masterpiece but not to worry they can sell their share and this will result in large cash inflow into Mallet. So selling their 25% share in Masterpiece, a company with no assets and no profits, will result in large cash inflow. ROFLOL. Wasn't it for £25,000 that Asprey's sold their 20% share not long ago.
On behalf of all serious ADVFN investors Id like to apologise to anyone who has to read Rainmakers' posts.

[rainmaker] 10/6/2013 13:00

Don't like to be cynical because it's not really me but running a PLC it seems you need to be part businessman, part diplomat, part PR man etc,etc. Mallett had a trading update in May and they said that they expected to conclude talks on the sale of 49 Clapham High Street soon. Can't help feeling the announcement of the sale is being news managed and will be released with trading update in the second week of August when it will overshadow/bury or temper a poor performance from Masterpiece exhibition(exhibitor stands down from circa 170 last year to 134 this)Absolutely no mistake Mallett's stake in Masterpiece is valuable for a whole variety of reasons eg Mallett exhibit annually at all the worlds top exhibition including the 240 stand TEFAT at Maastricht and their results at last year's event was best returns for a fair for at least 12 years. IMHO it's perfectly feasible that prompted by inevitable losses at this year's event that may well sell their 23.75% stake which will mean another large cash in flow in addition to the £2.7mln to £3.0mln for 49 CHS.

DYOR, AIMHO

regards

[rainmaker] 07/6/2013 11:18

Baner-I definitely agree with your comments but I don't share your pessimism. It looks like we will have to wait until the release of the interims, in the second week of August, for news of the sale of 49 Clapham High Street but I'm sure it will happen.Expect an absolute minimum £2.5mln from the sale but IMHO far more likely £2.7mln to £3mln or about 20p a share.Sooner or later, the Chinese, the worlds largest Collectors of Arts and Antiques, will turn their attention to Mallett's speciality of English and Continental seventeenth and eighteenth century furniture. New York is currently enjoying strong sales.

regards

[baner] 07/6/2013 10:28

it seems the reason for Gillenhammar not being invited to the board is that he does not accept that the management and board run the company for their own personal purposes rather than the best interest of the owners. and then the weinstock people probably do not want to be known to have sacked the socially well-connected but less competent Lord Daresbury........so we get a complete limbo situation while the cow is slowly dying. sad story and shame on the weinstock people who no doubt ignore their responsibilities here!

[rainmaker] 05/6/2013 02:12

Lets hope so-his and our interests are most definitely mutually compatible since he doesn't have a seat on the board.

regards

[playful] 04/6/2013 22:48

We can only hope our Swedish friend sorts things out for the benefit of all shareholders...

[rainmaker] 04/6/2013 19:54

A very good point Playful, I've been wondering the same thing -I've reproduced the RNS of 28/3/2013 for the final results-see last paragraph. What is this Company about, jobs for the Boys?


TIDMMAE
RNS Number : 0772B
Mallett PLC
28 March 2013
Mallett plc
Preliminary results for the year ended 31 December 2012
Mallett Plc ("Mallett" or the "Company" or the "Group"), retailer in high quality antique furniture and works of art, announces its results for the year ended 31 December 2012.
Summary
-- Underlying trading performance improved to a loss before tax of GBP0.3m (2011 - loss before tax of GBP0.9m).
-- Reported loss before tax on continuing operations GBP0.1m (2011 - profit before tax of GBP0.4m)
-- A slight drop in inventory at GBP11.9m (2011 - GBP12.3m)
-- Net debt reduced to GBP0.7m (2011 - GBP1.1m)
-- Decision taken to exit from James Harvey British Art Limited -- Planning permission obtained in March 2013 to redevelop our freehold property in Clapham, London into residential flats.
For further information contact:
Giles Hutchinson Smith 020 7499 7411
Michael Smyth-Osbourne 020 7499 7411 Chairman's statement
Dear Shareholder
2012 proved to be another challenging year for the decorative arts market.
Nevertheless, our results for 2012 show an improvement on the previous year with an underlying trading loss before tax of GBP0.3m compared to an underlying trading loss before tax in 2011 of GBP0.9m. The reported loss before tax is GBP0.1m (2011 - profit before tax of GBP0.4m) but this includes a one-off impairment write back of GBP0.2m on the value our Clapham property (2011 - includes the profit on the assignment of our Bond Street lease of GBP1.3m) which we have excluded to arrive at the underlying trading performance of the Group.
The first half of the year showed much promise, with increased interest from clients and more energy in the market. This generated a 19% improvement in Mallett Antiques' turnover for the first six months compared to the same period for 2011. However, the second half of 2012 saw a significant reduction in activity, highlighting the continued fragility of the market.
In light of this, your Board is continuing its strategy of improving margins and reducing costs, entering new geographical areas (particularly in the growing economies of the Far East and South America), expanding our client base and developing our product range using the glamorous setting of Ely House to exhibit an eclectic mix of high quality works of art to attract the broadest range of collectors.
The Board is committed to this strategy and, for 2013, is pursuing a range of further initiatives to both drive sales and reduce the cost base. Firstly, Henry Neville will be relocating to London from New York, where he will continue in his role as head of sales and marketing, and the Company intends to reduce substantially its fixed costs in New York by subletting two floors of the Madison Avenue showroom. Secondly, significant investment is planned on the Mallett website to create an engaging and effective marketing vehicle into new market areas and which will also allow on-line purchasing. Thirdly, a series of major events is planned at Ely House, beginning with a major English Furniture exhibition in May showcasing two important US collections.
In addition, the Company has enhanced the value of its freehold property in Clapham, South London, currently occupied by Hatfields Restoration, by gaining planning permission to redevelop it into seven residential flats. Planning permission was granted on 11(th) March 2013 and the Board is now considering the options for the Group with regard to this property to maximise value.
Other cost reductions will be made where possible without reducing Mallett's ability to maintain the exceptional levels of service expected by our clients.
Due to a loss after tax of GBP0.3m for the year, the Board is not recommending a final dividend for the year. No interim dividend was declared. The Company's Annual General Meeting will take place on 30(th) May 2013.
Finally, I am sad to announce that our Finance Director, Michael Smyth-Osbourne will be leaving Mallett in June 2013. Michael has been an excellent Finance Director and the company will miss him. I would like to take this opportunity to thank Michael for his service and to wish him well in his next appointment. We are not planning to find a replacement at this time and his role will be undertaken by the existing Financial Controller, Iain Hutchinson.

[playful] 04/6/2013 14:41

RM I have a question for you, we have been previously told Michael Smyth-Osbourne will be leaving Mallett in June 2013 so why re-appoint him?

[rainmaker] 31/5/2013 14:59

Guys, call me cynical but were the board waiting for the renumeration report to be voted through before they announce the sale of 49 Clapham High Street? In fact, don't anwer that.

regards

[spob] 31/5/2013 11:25

yes obviously

Peter G ?

[callumross] 31/5/2013 11:02

Do those AGM voting figures suggest a bit of dissension in the ranks, a shareholder revolt even, Rainmaker?

[rainmaker] 30/5/2013 02:02

From Mallett's trading update of 17 May 2013-

"Our inventory and cash positions remain at a similar level to the start of the year. Following receipt of planning permission to redevelop our Clapham property into seven residential flats, we have had discussions with property agents and a number of developers regarding the best way to extract value from the site for the long term benefit of the Company. We hope to conclude those discussions shortly and will update the market on the position at that time."

regards

[rainmaker] 29/5/2013 16:09

God, the Mallett board move slower than a Snail. Still waiting for the announcement they promised us soon, in the May trading update.

regards

[orinocor] 21/5/2013 22:19

baner i very much doubt whether Mallet can offset capital gains from flats against historic income tax losses. The flats may yield 10p over the next few years but its a one-off and is not significant. The shares have already risen 15p so any benefits are well and truly factored in. This looks very risky now at this inflated price.

All in all Mallet is a tired old business that will inevitably lose out to the online auction sites. I may consider buying at 30p but not before

[rainmaker] 17/5/2013 12:04

Very much so, Playful. We've got a Property at 49 Clapham High Street worth 20p a share,in the price for virtually nothing since we're trading at roughly net working capital and also likewise their stake in Masterpiece, the UK's largest arts and antiques exhibition worth considerably more. Then in addition, we have a main business forecast to make £800k net income next year with IMHO excellent growth prospects.Pinch me, I'm dreaming.

regards

[playful] 17/5/2013 11:43

P.G now holding 29.6% – Still great value here in my opinion

[rainmaker] 17/5/2013 10:15

Trading update just released from Mallett(MAE) and the share price has immediately risen to 80p bid 85p offered-



HOME » LSE » LSE » Mallett share price



Mallett PLC Interim Management Statement
PrintAlert
TIDMMAE
RNS Number : 9907E
Mallett PLC
17 May 2013
Mallett PLC
Interim Management Statement
Mallett PLC ("Mallett" or the "Company"), the dealer in high quality antique furniture and works of art, issues the following interim management statement for the period from 1(st) January 2013 to 16(th) May 2013.
Current trading
Trading for the first four and a half months of the year has improved on the last four months of last year and is ahead of the same period for last year. Trading in the UK remains fragile but the US showroom has seen a significant improvement in activity, with the mood in New York feeling more upbeat. We attended the American International Fine Art Fair in Palm Beach in February and the European Fine Art Fair in Maastricht in March with success at both, and held an individual artist exhibition at Ely House in April where the majority of the paintings sold. All this has meant that, overall, we are trading in line with management expectations.
We are hopeful that the improved trading will be sustained with further strong marketing activities being undertaken. We have just released our Spring catalogue exhibiting some of our exciting new pieces and we are shortly to have an exhibition of Great English Furniture in Ely House showing exceptional pieces of 18(th) and 19(th) century English furniture from private collections which have not been seen for several generations. We will then be exhibiting at the Masterpiece fair in London at the end of June.
Financial position
Our inventory and cash positions remain at a similar level to the start of the year. Following receipt of planning permission to redevelop our Clapham property into seven residential flats, we have had discussions with property agents and a number of developers regarding the best way to extract value from the site for the long term benefit of the Company. We hope to conclude those discussions shortly and will update the market on the position at that time.
For further information please contact:
Giles Hutchinson Smith, Chief Executive 020 7499 7411
Michael Smyth-Osbourne, Finance Director 020 7499 7411 Forward Looking Statements
This announcement may include "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements.
These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSEAPSXFDADEEF

[rainmaker] 15/5/2013 22:22

I have to ask why this Property isn't being advertised. What possible reason could there be for not advertising it?They already have planning consent for change of use and 7 luxury flats.Perhaps a sale has already been agreed? Can anyone think of any other reason?

regards