Andrews Sykes Share Discussion Threads

[jeff h] 23/5/2018 13:08

A tender offer

[rhomboid] 23/5/2018 11:06

They have 4 options:

1 Do nothing...might be attractive for Estate planning purposes..but hopefully a long way off🙂

2 Special Dividend- tax implications

3 Acquisition..not in their usual playbook but who knows?

4 radically raise the Capex to increase growth rate...unlikely as I think they’re currently growing as fast as they want to with Capex not a limiting factor.

Any other suggestions on a postcard 🙂

[keithfox] 23/5/2018 10:56

I follow the weather and make educated guesses at how it affects their turnover etc. but I must admit I'm not an expert in financial matters per se. Can anyone help me with the net funds bit? They have over £20m now which is a lot for a company their size. I presume the company won't carry on growing it will they, seems a bit of a waste really? What do co's do with excess amounts like this? Do they share it out, or do they keep it for a rainy day (no pun intended)? Doesn't look like they will ever go into the takeover market again sine the Cox business in the late 90's. Any ideas?

[keithfox] 22/5/2018 12:45

Totally agree. I am hoping the weather has helped them a bit in the first half what with the beasts from the east, the late spring, and now these intermittent warm spells. There have been years in the past where we haven't seen this sort of weather until July and then only fleetingly.

[quepassa] 22/5/2018 10:19

Horndean,

Fully concur.

When blocks available in this thinly-traded share, I too am accumulating


ALL IMO. DYOR.
QP

[horndean eagle] 22/5/2018 09:20

Shares look pretty attractive and so have been accumulating. They have about 50p in cash. Strip that out and its on a p/e of about 13.5. That is a bit mean for a business with such prodigious cash generation and roce metrics.

[tmfmayn] 18/5/2018 18:42

Thanks Rhomboid. My returns not perhaps as good as yours from what I have seen on Twitter!

As you mentioned my blog, here are my notes from the 2016 AGM if anyone is interested:
hxxps://maynardpaton.com/2016/05/11/andrews-sykes-cash-cow-attractions-sustain-7-4-yield/#comment-9756

[ignoble] 18/5/2018 17:19

Rather a good idea

Be nice to think that we have all done rather well with our ASY investment both income and capital gain wise.
A lot of my faith has been down to the Board and the way we have been considered as shareholders.

So gentleman , what do you buy a 100 year old billionaire for his birthday ?

[thorpematt] 18/5/2018 16:14

Yep all in order.

No need for any meetings realy but here's what we'll do: When Mr Murray gets to 100 we'll ALL turn up to mark the occiassion and achievement.

I'll bring some custard creams in case there's a bit of shortage.

[ignoble] 18/5/2018 14:05

Good Afternoon Keith ,
Well put ...all seems in order

[keithfox] 18/5/2018 13:52

As no one else is talking I'll talk a bit more! The increase in turnover/operating profit/cash inflow is all good really, they are steadily improving. Just a shame that exchange gain last year has skewed things a bit. Also, yet again he is cautiously optimistic about the future but he already knows what most of this first half is like, so I think they are doing pretty well again (don't forget the beasts) this half and it looks like (barring a disastrous summer) we are in for another 12p in 4 months. All going along nicely really especially having got rid of the pension deficit and getting net funds up over £20m.

[keithfox] 18/5/2018 08:21

Well not bad overall but the drop in EPS doesn't look good even though overall profits/earnings are up. As they say last year looked better because of the exchange gains but they've now caught up with them. Net funds of 20m is impressive.

[cwa1] 18/5/2018 07:46

Results released:-

[rhomboid] 17/5/2018 11:50

Thx Maynard , by the way congratulations on a very insightful blog and of course the excellent returns you’ve achieved over the years👍

I’m back in here for the third time..both previous sales were probably a mistake hence my return in time for what I hope will be excellent-if tardy-results

[tmfmayn] 17/5/2018 11:34

I went to the agm two years ago. Not at the Dorchester sadly, but at the firm's corporate office in central London. I think 3 ordinary shareholders turned up. Sadly the venerable chairman did not show, nor did most of the non execs. But at least one Murray son was there. Execs were quite happy to chat about the business after the formal meeting. I did not require any proof of a shareholding to get in. I cannot remember the standard of refreshments.

[ignoble] 17/5/2018 11:18

Sounds good to me !
Trying to remember how many years ago that I attended.
Mr Murray Senior was no spring chicken then , amazing to think that he is 98 years of age.

What a life !

[valuehustle] 17/5/2018 11:18

Didn't realise you were on here rhom! Good to know :-)

[rhomboid] 17/5/2018 11:11

I like filter coffee & plain biscuits...I also like the Dorchester 🙂

[ignoble] 17/5/2018 11:00

Filter coffee and plain biscuits !
Eat before you go , lol

Good to see The Board not throwing money away on posh coffee and fancy food
Lol

[rhomboid] 17/5/2018 10:56

Sounds like I need to attend the next one diary permitting 👍

[ignoble] 17/5/2018 10:44

Many years ago ....Dorchester Hotel I recall.
Cup of coffee and a few biscuits.
Mr Murray Senior plus certainly eldest son , three other Board Members and maybe 7 shareholders.
The Murray family were very welcoming,

Not really quite sure why they hold one , The Murray's own the vast proportion of the stock so any vote goes one way.

Pleased that I went and good to meet the Murrays ...

[cockerhoop] 17/5/2018 10:23

Has anyone on the board ever attended the ASY agm? Interested in the style, format etc?

I seem to recall an agm report in the dim & distant past.

[ignoble] 16/5/2018 16:10

Aye , left France when it was occupied and fled to the UK . Flew 40 plus missions in Mosquito Aircraft.
Highly decorated by the French Government after it all ended.

[mw8156] 16/5/2018 16:03

see Mr Murray, 98- year old chairman, was noted to be the oldest in the Sunday Times Rich List published last Sunday, served as a navigator, good for him!, in the RAF in WW2 and that the family are billionaires with interests also in London Finance/Security, forget which, as well as 'hotels'.

[thorpematt] 16/5/2018 08:59

Yeah, not the sort of company that causes too much worry is ASY. Also not the most talkative.