Chapelthorpe Share Discussion Threads

[judgement] 18/6/2003 19:58

It does rather, doesn't it :-)
He really should read his own report, and perhaps speak to the management, before spending such sums!

[kingdwg] 18/6/2003 11:42

Mark Watson-Mitchell has in the past posted on these boards and a comment from him now could be considered a favour. He is known to have a good relationship with Brian Leckie and may be prepared to share his views on the company.

[garyfd] 18/6/2003 10:23

kingdwg Don't forget that 2 years ago he tried to buy the company and offered
32p a share but nobody would back him.He then bought 1 million shares at 15p.
So he doesn't inspire me with his actions.

[kingdwg] 18/6/2003 10:11

Judgement That rather makes Mr Leckie look an idiot for blowing the best part of 30 grand then. He shouldn't have to read between the lines, the facts should be at his fingertips.

[judgement] 18/6/2003 08:58

Not, a deramp at all, I am only only posting what I read between the lines.
I would only consider buying again at below 8p, and not in the near term.

[santangello] 17/6/2003 23:58

Then if you are going back in...why post such gloom.
Don't understand some punters.....
Classic de-ramp.

[judgement] 17/6/2003 22:45

kingdwg, overall I'm a big fan of CPL, but I've recently sold up for the following reasons:

1. With the new chairman and FD the management style has changed markedly. I was very comfortable with the previous downbeat style (although it didn't do much for the share price)

2. Alarm bells ring anytime I read a set of accounts where I feel the headline numbers are being over-massaged. I could barely believe the eps number presented. One number that should not manipulate is eps, so to present a headline number of 1.69p when the actual eps was 0.08p is really not on.

3. Their exceptionals have become too repetitive to be considered exceptionals. I cannot really see a clean set of results when I believe the business is still contracting.

4. I have no objection to the dividend being paid out of reserves as such, especially as it is covered by cash flow, but I don't think they're coming clean on what their new div policy is. They are not bullish on trading prospects, and have put a clamp on capex, so I suspect they are actually trying to narrow the discount to NAV by covertly running the business down, and returning the money to shareholders via the dividends.

5. I am very concerned about the renewal of the large automotive fibres contract. I know that CPL are confident, because they believe they are the big player, but with cost cutting pressures on their customers, I can see it either going to a far eastern supplier, or pressure being applied to pricing at re-negotiation time.

6. Turnover seems to be continuing to drop.

Having said all that, I would very likely buy back in again, but obviously only at a lower price.

[kingdwg] 17/6/2003 13:16

Judgement It feels different this time, no large protected sellers at the end of the day, report was more upbeat although I noted your comment on dividend cover. To me that indicates confidence in the future, blw reckons the next set of results will be clean. This co have market leading positions and any improvement in trade should lead to a large increase in the bottom line.

[judgement] 17/6/2003 12:41

Normally the big exit comes after the ex-div - I wonder if it will be earlier this year?

[santangello] 17/6/2003 08:59

No real benefit either way, unless you are a hefty Tax payer or a CGT avoider..
Price will reduce accordingly when XD, so in the very short term, it is either Capital or Income, not both.

A fair sized sell off yesterday, but if you look closely at the trades last week, it is only the mug punters and those with pressing positions elsewhere who will have sold.

E.g 1.5 million at 13.25p ?????????

Will not have been any T+10ers bailing, but selling on T+2 to close positions is highly likely, as I could have done that for a huge profit myself, but resisted as the upside is still very much in attendance with these honies.



As I said, I am adding today, but missed the pre mark up opportunity !
My connection was playing up on all my PCs.

Good look.
Santangello

[santangello] 16/6/2003 20:49

oooooooops !
Tommorow it is then, my apologies, been on the red wine.

May leave it late though, todays mark down looked a little severe.

Anyone else applying the same logic here ?

Cheerz,
Santangello

[kingdwg] 16/6/2003 16:56

If you want the div SANTANG you have to top up tomorrow (xd day is Wednesday) after that it's too late. Friday is the record date which doesn't mean an awful lot to us.

[santangello] 16/6/2003 15:52

All the Stag merchants jumping ship.
Marvellous buying opportunity.

If the re-trace continues, I will double my considerable holding on Thurs or Fri depending on the MMs.

What a lovely dividend to lap up if on register this coming Friday.
mmmmmmm

[tonyx] 16/6/2003 11:42

A bit of profit taking today-expected I suppose. Still looks cheap at these levels.

[wirralowl] 15/6/2003 23:02

Me too, but amazing to see that on a forecast EPS of 2.6, CPL is on a forward PE of 5 with a dividend of nearly 6% and yet Rowan Dartington only have CPL as a hold ? What criteria would they need for it to be a buy, I wonder ?

[kingdwg] 15/6/2003 10:59

Apparently these had a write up in the Mail on Thursday and also by MWM on watshot where he reckons they'll leap to 16p. Details on iii.

[barnetpeter] 14/6/2003 11:42

IC also mentioned them yesteday as "fairly priced" albeit at the suggestion that the dividend would be 1 pence (so yield of 8% at current price) and EPS of about 1.6p (so about 7). Bizarre rating IMO although they did point out had had a decent run. Mind you at below 7p, they were offerring 15%!

It seems to me this is virtualy a one way punt at the moment. Big dividend (next Friday is the register date for 0.5 divi) will support the stock even if markets fall back whilst they have three decent busineses so every chance if economy improves. 8% yield well covered by earnings, cash in the bank and fair growth potential? As SHARES said; "a cheap snip".

[nonic] 14/6/2003 11:31

CPL is play of the week in Shares mag this week. Can anyone put up what is in the article, please?

Nonic

[tonyx] 14/6/2003 00:59

How about that 248K?

[kingdwg] 14/6/2003 00:52

yeh sort of like get me 70k no make that 140. gungadin

[tonyx] 14/6/2003 00:41

That 140k looks like more Director buying to me.

[kingdwg] 14/6/2003 00:26

Make that 85%, got sucked back in this morning.

[santangello] 13/6/2003 14:48

..I agree, I have bought bucket fulls over the last three days.
Plenty of upside.

[fez] 13/6/2003 14:29

Whopping great 1,500,000 buy...something afoot?