No mention of any possible penalties for LEBC or restitution - |
looks as though LEBC might have been advising clients to leave gold-plated db pension schemes, which is almost never in their interests? |
Checking back my comments,CK left on one week notice, not one month.
She was a Non Exec member of LEBC.
Interesting there is nothing on the LEBC webpage with any info. on today's news.
R. |
Sorry for holders here; but IMO Brian Marsh was always untrustworthy due to his blatant gerrymandering of claimed growth stats (P. No. 508 above; and earlier).
Hopefully there'll be a reasonable bounce to sell into and move on - don't look back! |
Buying opportunity |
Yf23_1
I do not like to say,because I have lost a lot of money in the past myself, and it makes me ultra- vigilant , but read my last comment.
Something was not right.
R. |
Oh great, a years worth of gains evaporated in minutes in yet another Simon Thompson disaster. |
CK ,executive director leaving on one month's notice.
Apart from immediate health issues for which there is no comment,this is not a good omen for the group.
Been with co. for thirteen years and no explanation given as to her departure,one can only hope her decision to leave is nothing to do with company issues.
R. |
 Hope you find what you’re looking for. I do quite like these owner managed VC/PE collections bought on discounts though they are particularly shareholder friendly.
I’m surprised the recent share price has been quite so weak but with the restated BB policy I’m hoping we are near a medium term low though it would be daft to fund anything like 10% BB with the money they raised around 250p last year.
Relatively small volumes and News seems to drive the share price but if you look back over several years the NAV and share price have tracked higher and I’ve been in throughout. The mostly privileged fund raise raise last year around 250p did stick in my throat but it did provide funds for continued investments and they have a good portfolio track record. Nexus and LEBC will surely be exited at the right price one day and shareholders might be offered a tender, dividend, special, whatever suits Brian’s tax planning best. I’m staying on the basis boredom, NAV margin of safety, and jewels in the crown are reasonable places to hide. |
Bailed out.
Very slow progress,small investment in Australia, and peanuts in buy backs, huge spread.
Not much to like : should have increased their stake in Nexus, that is the jewel of the portfolio.[if possible, probably........ NOT]
aimho/dyor |
Sold some BPM today, generally disappointing share at the moment and I can see this going lower, never mind about NAV.
Spread to buy and sell is punishing and to sell is almost impossible over 2000 shares without having to get a nebulous figure from the MM's
We need Lebc to float, but this has been kicked into the long grass at the moment, so holders will have to be patient.
Imho dyor
R. |
Finance director buys shares. All 500 odd,hardly worth the statement.
R. |
4.76p, share has dropped only 1p x div.
That has to be good news? |
x div tomorrow. 4.75p |
RNS Number: 7436B
B.P. Marsh & Partners PLC
11 June 2019
“The Group's investment portfolio movement during the year was as follows:
31st January 2018 valuation Acquisitions at cost Disposal proceeds Adjusted 31st January 2018 valuation 31st January 2019 valuation
£79.1m £8.7m £Nil £87.8m £101.9m
Investments
As at 31 January 2019 the Group's equity interests were as follows:......
LEBC Holdings Limited
(www.lebc-group.com)
In April 2007 the Group invested in LEBC, an Independent Financial Advisory company providing services to individuals, corporates and partnerships, principally in employee benefits, investment and life product areas....
Date of investment: April 2007
Equity stake: 59.3%
31 January 2019 valuation: £35,485,000221;
LEBC not mentioned by Simon Thompson in latest IC article.
LEBC represents quite a bit of the investment portfolio asset value. This was going to be a hot new issue but now postponed. It is very nice getting a plug from ST every so often. But BPM riskier than you might think from the share price movement (i.e. lack of movement most of the time) |
BP Marsh posts record net asset value
Simon Thompson
Investors Chronicle
Insurance sector investment company BP Marsh & Partners (BPM:300p) has delivered an 11.9 per cent average annual compound growth in net asset value (NAV) since 1990 by backing the management of its investee companies at the right time and then holding for the long run.
The company’s shrewd management team, led by founder and chairman Brian Marsh OBE, maintained this enviable track record in the 2018-19 financial year by posting a total shareholder return of 11.7 per cent. Moreover, Mr Marsh has “every reason to believe that we will repeat our usual mantra of delivering 10 per cent growth in NAV, dividend and trading profit in the current financial year, too”. He has every reason to think this way as BP Marsh’s investment committee has been recycling the net cash proceeds of £16.6m raised from last summer’s placing and open offer into new investments, and is delivering some hefty gains from the existing portfolio, too.
For example, the £2.85m investment BP Marsh made last July for a 20 per cent stake in ATC Insurance, an Australian-based Managed General Agency and Lloyd's Coverholder, specialising in accident, health, construction, engineering and sports insurance, was revalued upwards by 89 per cent to £5.4m after ATC “smashed profit forecasts”, according to BP Marsh’s managing director, Alice Foulk. The revaluation still looks conservative, equating to a multiple of 60 per cent of gross written premium (GWP) of AUS$61m (less cash), or around 10 times ATC’s annual cash profits.
It’s not the only eye-catching revaluation as BP Marsh’s 44.3 stake in CBC, a retail and wholesale Lloyd's insurance broker, was lifted by 77 per cent in value to £4.9m, implying an equity value of £11m for CBC as a whole, or 11 times annual operating profit, which increased by 29 per cent in 2018. CBC’s trading performance is likely to be even better this year, highlighting the benefits of incentivising its staff following the management buy-in backed by BP Marsh. Moreover, CBC is well placed to benefit from the merger of Marsh & McLennan and Jardine Lloyd Thompson as there is a real opportunity to attract prime staff from those companies and then heavily incentivise them, the upshot being further valuation creation for CBC shareholders, including BP Marsh.
There was also a notable gain on BP Marsh’s second-largest holding, Nexus Underwriting, an independent speciality managing general agency that has been making some shrewd acquisitions. BP Marsh now holds an 18.5 per cent stake in Nexus with a carrying value of £30.1m, implying an equity valuation of £166m, or 11 times the annualised cash profit of £15.2m Nexus is forecast to make this year based on profit growth of 20 per cent and GWP of £313m. That represented a net valuation uplift of £4.4m and expect further investment upside here, too.
Admittedly, not all investee companies posted revaluation uplifts, but that’s why diversification is critical to portfolio management. In any case, a £2.6m provision is dwarfed by unrealised gains of £14.1m. In aggregate, annual dividends, fees and loan interest received from portfolio companies of £4.6m was well ahead of BP Marsh’s operating expenses of £3.9m, thus freeing up some cash to reward shareholders with a final dividend of 4.76p a share to be paid next month. Net profit of £12.5m is a very acceptable return on average net assets of £112m. Interestingly, BP Marsh has “£10m of projects in the pipeline”, so expect news on further investments later this year.
Shares in BP Marsh have produced a 265 per cent total return since I first advised buying at 88p ('Hyper value small-cap buy', 22 Jan 2012), representing a compound annual growth rate of 22 per cent, and have risen from the 280p level since I last advised buying (‘Alpha Alert for financial gains’, 18 Mar 2019). Trading on a 14 per cent discount to NAV per share of 350p, with management guidance supportive of a 10 per cent NAV uplift this year, and the directors’ committed to share buybacks if the share price discount widens to 15 per cent or more of NAV, the investment risk is firmly to the upside. Buy. |
Decent results and outlook, bit of profit taking but expecting further steady progress. |
Good luck holders, sold up and moving on. |
Looks like someone is accumulating in advance of the results. I'll be holding on for better things to come!! |
Been quite perky this week considering. |
Steaming up towards a new all-time high. |
Annual Results Announcement
Tuesday 11th June 2019! |
at last, some action in the share price.
R. |
I'm also looking forward to seeing the annual results. I'm expecting steady progress across the portfolio rather than any "showstoppers", but there's likely to be another tickle from Simon in the IC which generally lifts the share price a few percent. I'm very happy holding this share for some slow and steady progress. |
Been a fair bit of positive action over the past 3 weeks or so and still a couple of weeks for results, so hope it keeps up its momentum :). |
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