B.p. Marsh & Partners Share Discussion Threads

[spob] 07/6/2016 07:32

Final results out

[jimbo3352] 27/5/2016 09:46

I think it is a little disingenuous of the company to claim a surplus on disposal when the carrying value of RQIH was £1.243m in the 2015 accounts

[elmfield] 16/5/2016 18:13

I tend to agree, have had this as a firm hold and over twelve months we may do quite well.

[thirty fifty twenty] 05/5/2016 10:11

I think the recent disposal of RQIH is a very good signal for the following reasons:

1. it is converting a volatile and illiquid asset into CASH
2. the disposal price is ahead of book value thus adds (very modestly to NAV)

3. the fact that it is BP Marsh himself that is buying the shares is good news.....Why did he buy and BPM not just sell into the market? I doubt if RQIH will continue to surge in price as this would be very embarrassing for him personally. If there was no buyer in the market for 1% of RQIH then similarly we have done well as BPM shareholders. Thus I conclude that he paid a fair price for something he believes that over time will be a good investment.

4. So why sell at all? Well as is stated in the RNS it is because it is 'non-core'. To me the important aspect of this sentence is that 'they care'. They care how the group is perceived (remember Mr Marsh and directors owns >70%) which is an indication I think that they care about the discount, believe it is unwarranted and are taking action to reduce it. it is quite significant that Mr Marsh has spent well over £1m of his own money to increase his effectively holding in RQIH from 0.6% to 1% - why do it? I can only come to the conclusion that its because it will add value to his 60%+ shareholding in BPM.

5. Overall, this indicates to me that the NAV at results will be good and there might be some surprise announcements over the remainder of the year that will give the share price a decent nudge upwards. They have still not spent any money on buying back shares.

Time we tell.....


All IMHO, DYOR + BoL
BPM is in my top5 hldgs

[elmfield] 10/2/2016 19:28

Well sky I beg to differ,
I think these are a good twelve month bet, very happy to hold
and I may add,
Share buy backs in progress? I wonder.

[bscuit] 10/2/2016 17:19

Sky
going to my comment elsewhere at least ASY (similarly controlled) has a good dividend.

[skyship] 10/2/2016 16:19

Simon Thompson has revisited BPM yet again; and yet again this provides a good exit opportunity for holders.

Posted this comment to his article:
==================================

"Sorry Simon - in this case I think you have been rather seduced by the "apparent" historic growth.

The too frequently and disingenuously quoted claim of double digit compound growth relies upon unknown performance prior to the Company's listing back in 2006.

It seems to me to be entirely misleading to continually claim bold performance stats when the compound growth since listing is nearer to just 6%pa; and an underperforming 6.3% in the recent boom market conditions that have prevailed since Jan'09.

In this respect they are very much one of the wooden spoon holders in the Private Equity sector.

A further criticism is the parsimonious dividend policy; often a problem with companies controlled by family interests.
========================================

[breaktwister] 19/1/2016 15:37

Nice to see increasing share buybacks here. I continue to hold even though I have reduced my exposure to equities significantly in this crazy market.

[bscuit] 05/11/2015 19:40

.... and how will the Hyperion £6M be spent?

[elmfield] 05/11/2015 18:17

Has to be value for those with the patience to wait,
and the cash to do so with.

[ramridge] 05/11/2015 14:47

Thank you corrientes.

[corrientes] 05/11/2015 14:32

The private punter never sees the true story. Many times I've seen the MM's deliberately drop the price on pitiful volumes so to scare out weak holders, only to see a re rating shortly thereafter.

I just can't see Helium being conned into buying a company that has no potential. Don't be fooled by what you see in the very short term.

[ramridge] 05/11/2015 14:09

Guys - So Helium increases its holding to over 6% and the share price drops by 5%+.
Can anyone care to explain to a bewildered investor?

[corrientes] 05/11/2015 13:05

Could well be, but Helium (Swiss company ?) must see something we don't.

The number of times a CEO has given out information to a private punter only to see the opposite of what he said happening, is legend. Only II's get 'proper' information and sometimes, even that turns out to be incorrect.

[skyship] 05/11/2015 10:51

So, the buyer @ 150p was the Helium Special Situations fund, taking their holding up by another 545k from 1.247m to 1.792m:



I sold the last of my holding @ 157p yesterday after correspondence with the Chairman/CEO indicates it may be extremely unlikely that we will see the type of "shareholder friendly" moves I was suggesting.

Who knows, may be entirely wrong, as, I agree, on a 31% discount they can't be classified as expensive - just may not be cheap anymore...

[elmfield] 04/11/2015 14:33

Yes, agree.
Sitting in holding very tightly.

[corrientes] 04/11/2015 13:13

still ridiculously high discount to NAV.

[shauney2] 04/11/2015 10:59

Breaking out on the back of those big trades yesterday.

[skyship] 03/11/2015 15:28

...following 1m trades @ 150...

[elmfield] 21/10/2015 18:00

Sky,
You know me, often take a longer view,
You always make money but sometimes sell before me!
I think this is a good place to be, over the last six months I think
it has out done many other things by staying still!
Rising dividend do me just fine while I wait.

[skyship] 21/10/2015 17:33

Even professionals like Simon Thompson can get things wrong; but he did so as the Interim RNS stated a 9.3% increase. It was a 9.3% increase for the past year; but for the past 6 months for the Interims, the gain was actually 4.2% from 216p. Still respectable - but not 9.3%. Yet again BPM couches their words in what I believe to be a deliberately misleading form:

Hence, ST starts his piece as follows:

"Aim-traded insurance sector investment company BP Marsh & Partners (BPM:155p) has announced a bumper set of results buoyed by an impressive performance from its equity investment portfolio. In the six months to end July 2015, the equity book increased by an eye-catching 9.3 per cent in value which sent net asset value per share surging from 205p to 225p."

[corrientes] 21/10/2015 09:31

Not to be morbid, but if the Chairman prefers IHT rather than lifetime CGT, understandable ; not a lot is going to happen to the BPM shares price. Its still a fiefdom, despite opinions to the contrary.