ST influence waning? |
"It remains the Board's aspiration to maintain a dividend of at least 2.78p per share for the years ending 31 January 2023 and 31 January 2024, subject to ongoing review and approval by the Board and the Company's shareholders."
So Marsh provides his outside shareholders with a yield of under 1%! Really taking the mickey... |
...from Q4 last year...
BP Marsh & Partners plc posted interims for the 6 months to July 2021 yesterday. Net Asset Value at 31 July 2021 was up to £155.0m from £142.6m a year earlier. Consolidated profit before tax was £6.2m down from £6.5m. Total shareholder return was 9.3% for the 12 months since 31 July 2020, inclusive of the July 2021 dividend paid. Current cash was £3.5m (including a £2.6m loan facility), cash availability (including loan facility) will increase to £5.5m following a £2.0m loan repayment from an investee company. A decent return and decent cash pile to invest in other opportunities - the Group currently participates in 17 companies and is in discussions with a number of interested parties regarding new investments. The company is not a bad way of getting exposure to a portfolio of early stage financial services intermediary businesses. Valuation is reasonable on a forward PE ratio of 8.6. Steady, but not overly exciting. One to monitor....from WealthOracleAM |
 Trading Update:-
We have had a positive year to 31 January 2022. This began with the early repayment of loans from Stewart Specialty Risk Underwriting Ltd in Canada, and from Nexus Underwriting Management Limited and CBC UK Limited, both headquartered in London.
However, we are particularly pleased with the number of disposals which have been completed in the second half of the year. We have realised our holdings in MB Prestige Holdings PTY Limited in Australia, Mark Edward Partners LLC in the USA and Walsingham Motor Insurance Limited in London. We are also in the final stage of the proposed sale of our majority stake in Summa Insurance Brokerage S.L. ("Summa") in Spain. More information about each disposal can be found below in the Chief Investment Officer's report.
We continue to keep a close eye on the developments regarding Coronavirus but we are encouraged by the recent relaxation of restrictions in the United Kingdom and the fact that business appears to be 'returning to normal'. In line with this, the Company is beginning to return to the office on a more regular basis, adopting a hybrid approach where appropriate.
We are looking forward to 2022 and believe the Company is well positioned to take advantage of opportunities as they arise. |
Seeing as the NAV is way more than the shareprice you would think they would apply a decent dividend to start bridging the gap not the pathetic one we've got. |
Have to wonder where the share price would be without ST's constant pumping! Certainly below 300p. |
BPM the lead tip from Simon Thompson in the IC this week(not that you'd notice by the share price or trading volume!)
The bottom line is that Iwould be surprised
if BP Marsh doesn’t announce a rise in NAV
per share to 450p. Moreover, given the cashrich balance sheet, there could be upside to
the annual 2.44p-a-share dividend. My 375p
target is starting to look conservative. Buy. |
Possibly someone got wind of another ST tip, issued since yesterdays close.
www.investorschronicle.co.uk/ideas/2022/01/17/exploiting-a-small-cap-value-play/
Positive too, doesn't give a new target but says his exisitng 375p target is starting to look conservative. |
strange movement towards the close. |
Interesting;LEBC is the one investment we hold that I have had some concerns re the valuation;hopefully I will be proved incorrect,however it is also in a different area from the rest of our insurance portfolio.I wonder if sometime in the future our holding could be incorporated into Tavistock maybe for Tavistock shares which could be sold on to institution holders. |
10 January 2022
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Investee Company Update - LEBC Holdings Limited
B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early-stage financial services businesses, notes the announcement from Tavistock Investments Plc ("Tavistock") regarding their investment in LEBC Holdings Limited ("LEBC").
Tavistock has agreed to acquire 21% of LEBC Holdings Limited from Marie McVitie, the widow of LEBC's founder and former Chief Executive, the late Jack McVitie. The acquisition is subject to customary approval from the Financial Conduct Authority.
The consideration paid by Tavistock to Marie McVitie for her shareholding in LEBC will be GBP10m. This implies a 100% equity valuation for LEBC of GBP44.5m, which underpins the Company's own valuation of LEBC at 31 July 2021 of GBP25m for its 59% shareholding.
Tavistock is an AIM listed financial services group that has over 175 advisers across the UK helping 40,000+ clients look after more than GBP4 billion of investments.
B.P. Marsh, alongside LEBC's Management Team, look forward to working with Tavistock to support LEBC in entering the next phase of development and growth.
Commenting on this new partnership, the Group's Chief Investment Officer, Dan Topping stated:-
"B.P. Marsh welcomes Tavistock as our new investment partner in LEBC. This is a great opportunity for all businesses involved, with there being a number of synergies to be implemented over the coming months.
"This transaction with Tavistock further endorses our investment mantra of supporting our original partners to secure an exit when needed, whilst also supporting our portfolio companies' underlying Management Teams."
Derek Miles, LEBC's Managing Director, stated:-
"On behalf of LEBC and its Management Team, I would like to welcome Tavistock as a new shareholder in LEBC.
"With the joint support of B.P. Marsh and Tavistock, I look forward to building on LEBC's strong track record of growth, taking the business forward in the best interest of all our stakeholders." |
Great outcome and validation of
Pe in this case |
Nice little disposal announced:-
Date: 22 December 2021
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Investee Company Disposal - Walsingham Motor Insurance Limited
B.P. Marsh, the specialist investor in early-stage financial services businesses, is pleased to announce that on 21 December 2021 the Group sold its stake in investee company Walsingham Motor Insurance Limited ("WMIL"), a London-based Managing General Agency, which specialises in UK Courier and Taxi fleet motor insurance.
B.P. Marsh sold its 40.5% shareholding in WMIL for GBP4.6m in cash. As part of this transaction, the Group will receive a further GBP0.2m in cash from its 20% shareholding in Walsingham Holdings Ltd, resulting in total proceeds of GBP4.8m alongside the repayment of GBP0.3m in loans.
WMIL has been acquired by Humn.ai Limited ("Humn"), a London-based insurance provider producing real-time data-driven fleet insurance.
The Group initially invested GBP0.3m in WMIL in December 2013, with total equity investment to date of GBP0.6m. In addition, the Group provided GBP1.2m in loans which were subsequently fully repaid. The Group also invested in Walsingham Holdings Ltd in May 2018 and provided GBP0.3m in loans to enable it to acquire 11.7% in equity of WMIL from an exiting shareholder. Over the eight years following the initial investment, WMIL has grown its Gross Written Premium from start-up to over GBP26m.
In total, including the amounts receivable from both WMIL and Walsingham Holdings Ltd, this disposal represents a multiple of eight times the equity invested. This represents a 23% uplift over the valuation announced at 31st July 2021 of GBP3.9m, and an Internal Rate of Return of 22% (inclusive of all income and fees).
The disposal of WMIL is in keeping with B.P. Marsh's strategy of investing for the long term in start-up and early stage businesses with ambitious management teams. This allows the Company to work with management to help grow their business, before disposing of its stake at a beneficial time for both B.P. Marsh, management and the investee company itself.
CEO of WMIL, Garry Watson, commented:
"It has been a pleasure working with the B.P. Marsh team over the past years and their contribution and support has been invaluable in getting Walsingham to where we are today."
Commenting on the disposal, the Group's Finance Director and Nominee Director on the Board of WMIL, Jon Newman, commented:
"It has been a pleasure to work with Garry Watson, Martin Gray and the whole team at WMIL over the past eight years and to see the business grow and flourish. The acquisition by Humn offers an exciting future for them, and we wish everyone at WMIL every success.
"The sale of our stake in WMIL at an IRR of 22% is another example of B.P. Marsh being able to identify niche opportunities to back successful management teams and to successfully realise value for our shareholders. This demonstrates the benefits of our investment process which has proven successful over a number of years." |
Pathetic that. Sales need to be accelerated |
Monster purchase :-)) |
Just top sliced a few as getting a bit overweight and can't see what will drive share price higher short term. Other than me selling a few of course! |
Some steady buying, could see 350p soon. |
Yes lebc should be on a better footing going forward. Hoping it can start to add some value. |
Very pleased with how the insurance investments continue to progress.I admit I have a concern with the value ascribed to LEBC,the financial adviser,looking at its accounts over recent years it seems to be making a substantial loss,the area of pension "equity release" in which it was involved is a risky area.The most recent public accounts for LEBC are to 2020 so hopefully the improvements indicated will appear at net profit level this year.I have been a shareholder here for 9 years & obviously have had an excellent return but at the moment I feel the 20% discount to NAV is about right. |
Yes , further increase in nav to 430p, and presume latest addition to nexus is after year end so not in figures. Might we get tipped again as well? |
Markets seem happy with today's news. Still a long way to go I hope!
Interim results:-
Commenting on the results, Brian Marsh OBE, Chairman, said:
"This is a good set of results for the Company, and the continuation of a long trend of strong portfolio growth.
"We continue to believe in our strategy of investing in people with ambition, and a track record of delivering within their sectors, and this again has been borne out by these results. The Group has also demonstrated its flexibility with our most recent exit from MB Prestige Holdings PTY Limited, highlighting the agile nature of the business and its ability to extract value from its investments.
"Looking forward, we continue to seek investment opportunities into new businesses, to diversify our portfolio further, and increase investor returns."
and investee company update:-
Commenting on the refinancing, the Group's Chief Investment Officer, Dan Topping stated:-
"B.P. Marsh were delighted to be able to introduce CBC to Coutts.
This is part and parcel of our investment ethos and an example of how we support portfolio companies as they go through their various stages of development.
With the ongoing support of the Group, alongside Coutts, we look forward to seeing CBC continue to grow over the coming years. " |
Yes bpm at massive discount to nav buying nexus shares at discount to their nav / or last valuation at least. Where will it end? A premium listing one day. Nexus is becoming quite a significant business now with plenty of growth ahead. Market asleep to this for now. |
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