Quayle Munro Share Discussion Threads

[stevie blunder] 16/8/2014 22:25

Hi, I agree there is little coming up on the Transactions page, which could be worrying. However they said at the interim stage that:

"We have a healthy pipeline of potential and mandated assignments for the remainder of the period, and we are cautiously
optimistic that we will deliver a satisfactory profit for the period to 30 September 2014."


The reason for the change of year end was that a lot of transactions closed in the summer months so that a September year end was more appropriate. Hopefully we shall see more evidence of that.

Last year the share dealing form was sent out 18th Nov so I would expect similar this year.
I will try to get to the AGM this year since they have quietly dropped the promised Edinburgh meeting.

[joan of arc] 16/8/2014 13:47

Stevie, I just took a look at the QYM website to check on dates and I noticed that they are getting virtually zilch advisory work compared to last year which seems a mile from their confidence at the interim report stage. Take a look and tell me what you think.

PS. When is the next share auction date, do you know?

[joan of arc] 02/6/2014 20:48

Yes, I viewed them as my security but they are not getting any younger and I am not so convinced about the integrity of the new bunch. They may be playing a game of attrition to mop up the Morris shares before they get serious about realising the asset.
Anyway they pay a good divi still and I have made and cashed in a fortune thanks to QYM. The one thing to watch is the cash and whether this gets syphoned off or not or used to pay the divis. That will be a warning signal.

[stevie blunder] 02/6/2014 17:30

the next auction date will be after the finals so Nov/Dec, it should be on the website nearer the time.

I am really keen to see the end game on Morris, so am planing to hold and see what happens. With listed house builders valued at a good bit more than NAV there might be an opportunity to sell out to a quoted company or float in the next few years. I am hoping for a good bit more than the current valuation of the B shares.

Chris Kemball sold his last company for good money to Natwest, and I hope he can repeat the trick, so I am happy to go along for the ride. I think the cash and the investments like Morris are some downside protection. I am comforted by the fact that if I get stuffed, the Jo Elliot and Ian Quayle Jones will get stuffed too, and I don't think that is going to happen. (famous last words!)

[joan of arc] 01/6/2014 20:30

I had complained to TDW and they knew noting of a payment but I see as you said it was paid on the 30th. Hopefully they et ir right for November.
Are you going to stay beyond the next auction date? Which is when?

[stevie blunder] 30/5/2014 17:30

Re the dividend, the payment date is now 30th May

This conflicts with the financial calendar on the website which quotes 16th May.

In fact the 16th May is the record date. Slight snafu, which I should have spotted.

[joan of arc] 26/5/2014 00:15

Fingers crossed then. I haven't checked if my divi is paid yet. If not I will chase this week

[stevie blunder] 20/5/2014 19:50

The final was split 17p for the A shares and 5p for the C, ie the Morris income.

The income consists of the interest on the shareholder loan of 4.2 million which is at 10% (from memory), so should be around 10p/share less tax over the year.
So more to come at the finals. Also interesting that they say they will take into account the longer reporting period when setting the final since this will be a 15 month year with the change in year end, so should be a one off larger divi in November.

I am hoping Morris will pay a divi in the next few years if they don't float or get sold.

It is jam tomorrow, but they say they will make satisfactory profits this year, so here's hoping. And they all have lots invested so should be keen to see it work.

[joan of arc] 20/5/2014 11:43

Well nothing much is happening on the 'new' business front. Also they bought back a load of shares at less than NAV but it has since continued to drop by about 10%. It seems to me that to run the business and pay divis they are eating into the cash.
I can't say I am particularly impressed so far. By the way do we only get 2p divi from Morrison - it doesn't seem like much?

[stevie blunder] 19/5/2014 13:48

Yes according to the website they posted the cheques on the 16th
I don't have it in I my Barclays account yet, hopefully overnight tonight
Results went up on the website on Friday
I think they were pedestrian but would be interested in your view
Interesting investment in Brightpearl tho

Cheers
Steve

[joan of arc] 19/5/2014 09:56

Stevie,
I have a note to myself saying that we were due a divi payment on the 16th May. Does this tally with your reckoning?

[stevie blunder] 10/3/2014 08:21

Possibly not!

I thought there might be the odd lurker, if so let us know......

[joan of arc] 09/3/2014 20:09

Stevie, is there anyone else other than you and I that still hold these shares?

[stevie blunder] 09/3/2014 10:23

Financial calendar now on website. Interim dividend and interim results now both due 16th May, ie the interim dividend is delayed a month compared to previous years.

[stevie blunder] 02/3/2014 20:38

I have downloaded the Morris Group accounts from Company House for £1.00
Worth a read, a lot of management speak about the new financing and trading in the first 20 weeks of the current year up to Sept 2013.

Looks very positive, eg the land bank is worth 56 million more than they paid for it.

[joan of arc] 13/12/2013 11:48

Thanks for staying on the ball, Steve. I have been too busy to do any follow ups re our last exchanges. It will probably have to wait until the New Year now.

[stevie blunder] 13/12/2013 11:08

The website Shareholders section is now password protected. I had no trouble getting a username and password by phoning the number on the website.

I see the change in year end means that the interims will now be in July. At least that means they will be able to report full year results from Morris which has a year end 31st March. It also means the interim dividend is paid well before the interim results, which is quirky. ;-)

[stevie blunder] 01/11/2013 10:28

I have the Annual Report in PDF format I can e-mail it or you can ask Andy Walls for a copy.

Just reading it now.

Apparently the website is under reconstruction and they are not updating it in the meantime. Would have been nice to know.

AGM 13th Nov at 12 noon with management presentation at 11:00

[stevie blunder] 12/9/2013 08:51

I see that my QYM shares are now described as:

Ord GBP0.05 (A&B STAPLED)

Nothing in writing or email from Barclays Stockbrokers.

[stevie blunder] 07/9/2013 18:28

Thanks for that.

I would be very grateful to see what Andy said to you my email is

edited

[joan of arc] 07/9/2013 16:28

I had a long telephone conversation with Andy before they delisted - he seemed to be pretty much on the level. I subsequently sent him an email with some follow up questions, which I don't believe to be confidential and I can email to you if you give me an email address. Regarding Morris his response was

" I HAVE DISCUSSED WITH MY BOARD - I AM INFORMED THAT THE MORRIS INCOME WILL BE ATTRIBUTED TO THE A&B SHARE HOLDERS - LESS TAX AND PLC COST OF ADMINISTERING THIS INVESTMENT. HOWEVER THIS MAY NOT NECESSARILY MEAN THAT THERE WILL BE A DIFFERENCE IN THE DIVIDEND RECEIVED BY AN A&B SHAREHOLDER V'S A 'C' SHAREHOLDER."

I hope that clarifies things for you.

[stevie blunder] 07/9/2013 14:11

Will do.
Shareholder communication will be more difficult for them in the future since I assume they will not be using the RNS services. I haven't got a definitive answer from them how they will make the announcements. I would suggest it might be a good idea to drop them an email to let them have your email address. I normally contact Andy Walls.

Likewise I don't have an answer about how the interest from the Morris loan notes will be handled. The announcement says that it accrues to the B shares, but will it be paid out or rolled up? We don't know. Also any Morris dividend should go to the B shares. That could be significant as Morris paid 2 million in divis in 2006.
Loan note interest of 200k plus QYM's 23% share of potential 2 million divi is something like 15p/share (less any tax). :-)

[joan of arc] 07/9/2013 10:55

Stevie, f you get to find them before I do let us know via this board. Ta.

[stevie blunder] 07/9/2013 10:26

Emailed the company about the finals. They will be later this year sometime around mid-October.

[joan of arc] 12/8/2013 18:25

Last chance to buy and sell tomorrow.