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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mallett | LSE:MAE | London | Ordinary Share | GB0005583504 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 55.00 | - | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
| Date | Subject | Author | Discuss |
|---|---|---|---|
| 16/2/2012 01:18 | Re Masterpiece-I feel Investors have overlooked what a terrific (and valuable)business this is-IMHO in no way is this an average business and hence my decision to give the business a higher rating- It's business franchise which protects it from competition,allowing the Company to raise prices over and above the inflation rate(and controlling costs at the inflation rate) whilst adding more exhibitors. This gives it an expanding value-eg in 2010 they had 112 exhibitors and raised their stand prices by 11% for 2011 yet still gained a further 40 exhibitors. The Company requires very little in the way of working capital as the vast majority of it's outlay is spent on the actual exhibition in June yet the Company collects this money some 8 months in advance-so a negative conversion cycle and no bad debt risk. Since it's involved in a service industry there's no capital expenditure in fixed assts eg Property, land, plant, machinery or stock with the inherent concerns about write downs. These two points mean that the business is able to make very high rates of return on capital invested Scalable business model-means that, simply put, Masterpiece has the potential to generate growth in revenues significantly faster than it's cost base-see operating leverage. Ingeniously,the exhibition is housed in an expandable marquee(ie a large tent)that can be expanded to accommodate further stands at very little extra cost. I think the outlook for this business is very bright.Already in just it's third year,it is one of the worlds most prestigious and largest exhibitions of it's kind.With 165 exhibitors this year against 280 for TEFAT in Maastricht, conditions exist for Masterpiece to make significant inroads into that gap over the next few years. regards | rainmaker | |
| 16/2/2012 00:06 | Rainmaker - 15 Feb'12 - 23:54 - 3267 of 3267 edit Many thanks for your input,ES that's a stimulating and thought provoking comment. We could value Masterpiece as bond with post tax profits of circa £200k, medium dated interest rates of close to 2% so £10mln(ie 50 x 200k) but of course that's based on last year profit(and profits will rise again this year as the number of exhibitors rise from 152 to 165)but above all it doesn't factor in (any)growth that will form the majority of the valuation. The reason, I've chosen a price to sales ratio is that, given Masterpiece's particular set of cicumstances, IMHO it's the best guide to the valuing business as the other ratios such as price/book and price to earnings are of so little relevance as to be meaningless. Masterpiece is in a service industry and therefore has very little in the way of fixed assets(it rents space from Mallett) and besides the value of the business is in it's intangibles such as brands and the Partner's trading relationships, knowledge and contacts. Furthermore since the business is a partnership there is no information publicly available. Using a price/earnings ratio is problematic since Masterpiece is in the initial high growth phase. It also has enormous operating leverage since the vast majority of it's costs are fixed rather than variable so profits are very sensitive to changes in turnover. regards | rainmaker | |
| 16/2/2012 00:02 | The IC selections in 2008 were a complete and embarrassing failure-from memory I believe that only one of the 8 selections had a bargain ratio of 1 and some had a BR of as little as 0.30........then they were UK construction Co included at the top of the cycle. | rainmaker | |
| 14/2/2012 14:47 | So its 2 out of the last 4 that they (IC) haven't done well. This seems like a decent enough company though - its main list rather than AIM too so I can put it in my ISA. Have to think about it. Most of the other stocks on the list were AIM. Very quiet BB but that not a bad thing. | dr biotech | |
| 14/2/2012 00:50 | I had to smile when I read the Investors Chronicle banner bar on this site advertising the Bargain share issue with the tagline of something like unearthing or discovering hidden value. Not once in their Mallett write up did they mention the annual Masterpiece exhibition in which the Company hold a 23.75% stake.Last year it had 28,000 visitors,152 exhibitors and a turnover of maybe £7.5mln,made a profit of £270k.Exhibitors,vis Value it at the average multiple for a listed Company of twice annual sales then it's worth £15mln and Mallett's stake is valued at £3.5mln.IMHO given the Company's attributes three to 4 times annual sales would be a much fairer representation of value so £5.34mln to £7.12mln. Regardless since Mallett's is trading at less than it's liquidation value and less than the value of it's stock then the Masterpiece stake is significant hidden value and in the current share price for nothing. regards | rainmaker | |
| 13/2/2012 23:36 | Investors Chronicle Annual Bargain portfolio v All Share Index 1999 IC Bargain portfolio +59.0% All Share Index +17.3% 2000 IC Bargain portfolio +28.1% All Share Index -4.5% 2001 IC Bargain portfolio +2.5% AllShare Index -17.2% 2002 IC Bargain portfolio -29.0% All Share Index -31.0% 2003 IC Bargain portfolio +146.0% All Share Index +29.0% 2004 IC Bargain portfolio +17.1% AllShare Index +11.0% 2005 IC Bargain portfolio +50.0% All Share Index +16.1% 2006 IC Bargain portfolio +16.9% All Share Index +11.3% 2007 IC Bargain portfolio -0.9% All Share Index -6.0% 2008 IC Bargain portfolio -60.1% All Share Index -30.9% 2009 IC Bargain portfolio +53.4% All Share Index +25.6% 2010 IC Bargain portfolio +46.1% All Share Index +18.6% 2011 IC Bargain portfolio -19.5% All Share Index -0.27% IC compound annual return +13.8% FTSE All Share +0.7% regards | rainmaker | |
| 13/2/2012 23:36 | DB-the spread briefly narrowed to 70/73p last thursday, the day before the IC Bargain list was published but agreed the spread is generally a pain. I'll post the list of 13 years of annual returns in next post but as you correctly state it went down almost 20% last year-they've got this annoying habit of picking shares with a bargain ratio(ie market cap/net working capital)of as little as 0.30(ie market cap of 30% of net working capital).This defeats the whole object of the exercise. Of course, Ben Graham didn't consider he had found a true "bargain" unless the ratio was 1 or more so in a purchase at that level, he effectively gained all the Companies tangible fixed assets(plant, property, machinery, land etc) at no cost.(together with of all of the Companies intangible assets brands, patents, distribution agreements,copyright The Investors Chronicle picked PVCrystalox last year with a bargain ratio of 0.50 with seemingly no regard or understanding of the prevailing industry conditions(a vicious spiral of savage cost cutting and substantial hikes in production)Yet again, they got found out with the shares losing 90%.In my experience in such special situations you should look to purchase at a BR of around 4. Some years ago it was Teather & Greenwood that lost 90% of it's value after they selected them with a bargain ratio of 0.30. The IC also pick new and untried and untested businesses which, as both a conservative and defensive Investor, I'm sure he would never advocated regards | rainmaker | |
| 11/2/2012 19:48 | That year was last year in which the share he recommended tank nearly 20%. Decent write up in the IC though and I will think about these - the spread is off putting though, I don't really want to be 400 down the instant I buy them | dr biotech | |
| 10/2/2012 14:22 | I haven't yet seen the article in today's Investors Chronicle but Mallett(MAE) is one of the 10 selections in their annual "Bargain"portfolio.Q regards | rainmaker | |
| 08/2/2012 09:39 | Mallett set to move to Dover Street next month- regards | rainmaker | |
| 31/1/2012 20:43 | Just looking at Mallett's annual cost saving of at least £600k from move to a cheaper premise at Dover Street and note that they have a 1 year rent free period from 1 November 2011-see below.On this and other factors already mentioned,I think that Broker forecast of net income of £310k or 2.23 eps for current year is far too low- They are expected to assign lease at New Bond Street to Fendi from 23 February(for convenience call it end of Feb)so as annual rent bill for NBS is £1.2mln that means a two month rent charge of £200k. They start paying rent at Dover Street from 1 November 2012 so two months rent on a pro rata basis that's £100k charge. So for their financial year ending 31 December 2012,there're saving £900k in rent-normal rent of £1.2mln less £300k. Property move RNS Number : 7700R Mallett PLC 09 November 2011 Mallett PLC Property move Following the announcement made on 29 June 2011, Mallett PLC ("Mallett" or the "Company") is pleased to announce that it has received consent from the landlord of its London premises, 141 New Bond Street, to assign its lease to Fendi UK Limited. The assignment is therefore now unconditional and is expected to complete on 23rd February 2012. Mallett is also pleased to announce that it has agreed a new 15 year lease to occupy the whole of Ely House, 37 Dover Street, London W1 as its new London showroom. Ely House is an 18th Century townhouse of grand scale with impressive rooms. It was built between 1772 and 1776 for the Bishop of Ely by the renowned architect Robert Taylor (1714-1788) and was described as "one of the best houses in London" by Country Life in 2002. The magnificent interiors retaining much of their original stucco decoration will make the ideal partner to the furniture and works of art that are the hallmark of Mallett. The move will reduce the Company's London rental cost by over 50% and no upfront consideration will be payable to take on the lease. The terms of the new lease include a one year rent free period from November 2011 and the Company will undertake a certain amount of refurbishment work on the new premises before moving in on or before 23rd February 2012. For further information please contact: Mallet Plc 020 7499 7411 Giles Hutchinson Smith, Chief Executive Michael Smyth-Osbourne, Finance Director This information is provided by RNS The company news service from the London Stock Exchange END MSCLLFLILALAIIL Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes. regards | rainmaker | |
| 27/1/2012 00:37 | Swedish activist Value Investor, Peter Gyllenhammar increases his stake in Mallett(MAE) to 25.5%- Holding(s) in Company Share this article PrintAlert TIDMMAE RNS Number : 2606W Mallett PLC 26 January 2012 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i) -------------------- 1. Identity of the issuer or the underlying Mallett plc issuer of existing shares to which voting rights are attached: (ii) -------------------- 2 Reason for the notification (please tick the appropriate box or boxes): -------------------- An acquisition or disposal of voting rights X -------------------- An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached -------------------- An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments -------------------- An event changing the breakdown of voting rights -------------------- Other (please specify): ------------------- -------------------- 3. Full name of person(s) subject Peter Gyllenhammar to the notification obligation: (iii) -------------------- 4. Full name of shareholder(s) Bronsstadet AB (if different from 3.):(iv) Union Discount Company of London Ltd -------------------- 5. Date of the transaction and date 2012-01-25 on which the threshold is crossed or reached: (v) -------------------- 6. Date on which issuer notified: -------------------- 7. Threshold(s) that is/are crossed or reached: (vi, vii) 25% -------------------- 8. Notified details: -------------------- A: Voting rights attached to shares (viii, ix) -------------------- Class/type Situation previous Resulting situation after the triggering transaction of to the triggering shares transaction if possible using the ISIN CODE ----------- -------------------- Number Number Number Number of voting % of voting rights (x) of of of shares rights Shares Voting Rights ----------- --------------- --------------- ------------- -------------------- Direct Direct Indirect Direct Indirect (xi) (xii) ----------- --- -------- ----- ------ ------------- ----------- --------- ------------------ ------------ 3360500 3360500 3439500 3439500 Indirect 25.5% Indirect ----------- --------------- --------------- ------------- ----------- --------- ------------------ ------------ B: Qualifying Financial Instruments -------------------- Resulting situation after the triggering transaction -------------------- Type of financial Expiration Exercise/ Number of voting % of voting instrument date (xiii) Conversion Period (xiv) rights that may be rights acquired if the instrument is exercised/ converted. ------------------ --------------- -------------------- C: Financial Instruments with similar economic effect to Qualifying Financial Instruments (xv, xvi) -------------------- Resulting situation after the triggering transaction -------------------- Type of Exercise Expiration Exercise/ Number of voting rights % of voting rights (xix, financial price date (xvii) Conversion instrument refers to xx) instrument period (xviii) ------------- ------------- ------------- --------------- -------------------- Nominal Delta ------------- ------------- ------------- --------------- -------------------- Total (A+B+C) -------------------- Number of voting rights Percentage of voting rights -------------------- 3439500 25.5% -------------------- 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: (xxi) -------------------- Peter Gyllenhammar is the 100% owner of the following companies owning the shares in Mallett plc: Bronsstadet AB 2586000 Union Discount Company of London plc 853500 Proxy Voting: -------------------- 10. Name of the proxy holder: -------------------- 11. Number of voting rights proxy holder will cease to hold: -------------------- 12. Date on which proxy holder will cease to hold voting rights: -------------------- 13. Additional information: -------------------- 14. Contact name: Peter Gyllenhammar -------------------- 15. Contact telephone number: 0046 708 185244 -------------------- | rainmaker | |
| 15/1/2012 19:53 | Im doubful there will be an upturn here dugganjoe. The Internet is where a lot of dealing takes place now. Mallet could go the way of Partridge Fine Arts and others. | orinocor | |
| 10/1/2012 22:25 | Mallett's earning estimate for the current year to 31 Dec 2012 are 2.23p-see www.share.com (it's free to register).As far as I know there is just one Broker providing estimates for this Company and they have doubled this figure in the last three months.For the twelve months to December 2013 they just added a forecast of 6.78p so just shy of £1mln net income. No dividend forecast even for 2013 but given the strength of it's balance sheet,it's return to profitability and it's cash generative nature, I believe they will pay one this year. A prospective p/e of 32.5 for the current year is expensive-historical regards | rainmaker | |
| 12/12/2011 12:40 | A further increase in the number of stands at Masterpiece 2012 to 165 from 152 this year and 116 in 2010. Slightly disappointed as I expected a larger increase but perhaps due to worldwide financial uncertainty with events this year. Nevertheless Masterpiece goes from strength to strength and factoring in a modest 25% increase in the number of visitors next year(this year was up 55%), I expect an additional £1mln of turnover, the vast majority of which to hit the bottom line so I expect the exhibition to hit £1mln profit. regards | rainmaker | |
| 30/11/2011 00:46 | Just watching the Mallett(MAE) share price moving up in recent days, now 65p bid/72p offered. Market cap is still only £9.5mln. Bringing the proceeds from the sale of the New Bond Street lease to Fendi for £1.7mln over and above the £255k stated value in current assets-see assets held for sale in latest accounts, means that net net current asset value or net working capital(that's current assets less all liabilities, a proxy for the Company's minimum liquidation value)becomes 89p a share.However there's a freehold property in Clapham, London valued at £2mln so that's another 14.5p a share to bring the total to 103.5p, a full 43% above the current offer price. There's also the matter of a stock writedown in 2009 worth £3.30mln or 24p a share in the aftermath of the banking crisis in September 2008.Mallett reported better than expected figures for their antiques business (approx 87% of their business) because of selective and prudent buying at this time. Looking at the long term value of this business you could quite justifiably add this figure to Mallett's minimum liquidation value since the collectively the value of their stock rises over the long run and sooner or later they will surely upwardly revise the value of this stock. But there's also the annual Masterpiece exhibition in which Mallett hold a 23.75% stake which according to Mallett is expected to make £270k this year.So it's clearly worth a great deal more that the £5,000 figure that one naive Poster claims.If we deduct tax at 28% and give it a no growth 10 earnings multiple then it's worth almost £2mln and Mallett's stake is valued at £460k or 6.3p a share.However it's clearly growing in every sense, with the number of stands up 35% year on year despite an 11% increase in psm prices, the number of visitors up 47%.If reports are to be believed then the waiting list for exhibitor stands has grown from 60 to 150.Potentially in a few years time they could easily rival,TEFAT, as the worlds largest Art and Antiques exhibition held annually in Maastricht which has some 280 exhibitors and I believe some 80,000 visitors. I believe the average PLC trades at just over twice annual turnover so on that basis,with current turnover which I estimate to be £6.5mln, Masterpiece is worth £13mln and Mallett's stake £3mln or 22p a share to give 125p a share in total, a 82.5% premium to the current Mallett share price. However given the undeniably excellent growth prospects for this business at this stage of it's life cycle and the superior attributes of the actual business-for a variety of good reasons this is not your average business-then I believe a price to sales ratio of 4 is appropriate which would value Masterpiece at £26mln and Mallett's stake at £6mln. Of course I'm not really that interested in Mallett(MAE)'s minimum liquidation value per sey, only in so much as the substantial margin of safety it affords at the current share price but rather the going concern value, as an established and successful business since it's going to be worth a lot more on that basis. Leaving aside the value of Masterpiece for one moment,current turnover is some £3mln below normal levels.It's true that there are structural changes in this industry(although the real problem at the moment is comparatively low levels of business activity) as there is less supply but this makes their own stock potentially even more valuable, With the demise of two major competitors in 2009-their new Bond Street neighbour and main rival for close on 100 years, Partridge Fine Arts and John Hobbs has given Mallett an exceptionally strong business franchise at the very top end of the market. Wisely they have decided to capitalise on this strength in their policy of selecting exceptionally fine pieces with as much as seven figure price tags.Not only should Mallett's market share increase but also their margins, as they will be in a far stronger bargaining position in the buying and selling of antiques at the very top end. Prospective sellers will no longer offer a very fine(expensive) piece to Mallett then be able to offer it to Partridge in the hope of a better price, or vice versa. regards | rainmaker | |
| 25/11/2011 13:06 | Thanks P-an excellent link.I think it's definitely worth getting an eye on his holdings. IMHO hard to imagine Mallett(MAE) doing anything other than going up from current levels.Minimum liquidation value here, as measured by net working capital, is going to be 89p with the sale of the New Bond Street lease to Fendi for £1.7mln. I'd love to know how many exhibitors there's going to be for Masterpiece 2012(152 this year but apparently applications for 300 stands , 112 in 2010)Maybe 200? The exhibition made £270k this year. I'm confused about some £700k of additional costs this year and I'm not sure if the exhibition reverts to it's original location at Chelsea Barracks next year as it was supposed to but nevertheless we get 200 exhibitors then expect £2mln profit from the exhibition with Mallett collecting £400k. regards | rainmaker | |
| 24/11/2011 18:44 | Hi Rainmaker, I'm tracking the rest of Peter Gyellenhammars holdings on the WAM thread if anyone is aware of any other holdings I've not mentioned please let me know. | praipus | |
| 24/11/2011 16:22 | Peter Gyllenhammar increases his stake in Mallett to 24.4% TIDMMAE RNS Number : 7314S Mallett PLC 24 November 2011 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i) -------------------- 1. Identity of the issuer or the underlying Mallett Plc issuer of existing shares to which voting rights are attached: (ii) -------------------- 2 Reason for the notification (please tick the appropriate box or boxes): -------------------- An acquisition or disposal of voting rights x -------------------- An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached -------------------- An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments -------------------- An event changing the breakdown of voting rights -------------------- Other (please specify): ------------------- -------------------- 3. Full name of person(s) subject Peter Gyllenhammar to the notification obligation: (iii) -------------------- 4. Full name of shareholder(s) Bronsstadet AB (if different from 3.):(iv) Union Discount Company of London Ltd -------------------- 5. Date of the transaction and date 2011-11-18 on which the threshold is crossed or reached: (v) -------------------- 6. Date on which issuer notified: -------------------- 7. Threshold(s) that is/are crossed or reached: (vi, vii) 24% -------------------- 8. Notified details: -------------------- A: Voting rights attached to shares (viii, ix) -------------------- Class/type Situation previous Resulting situation after the triggering of to the triggering transaction shares transaction if possible using the ISIN CODE ----------- -------------------- Number Number Number Number of voting % of voting rights of of of shares rights (x) Shares Voting Rights ----------- ---------------- -------------------- ---------- -------------------- Direct Direct Indirect Direct Indirect (xi) (xii) ----------- ----- ------- ------- ------ --- ---------- ------------- --------- ----------- --------------- ORDINARY 3083500 3083500 3293500 3293500 24.4% ---------------- -------------------- ---------- ------------- --------- ----------- --------------- B: Qualifying Financial Instruments -------------------- Resulting situation after the triggering transaction -------------------- Type of financial Expiration Exercise/ Number of voting % of voting instrument date (xiii) Conversion Period rights that may rights (xiv) be acquired if the instrument is exercised/ converted. -------------------- ---------------- -------------------- C: Financial Instruments with similar economic effect to Qualifying Financial Instruments (xv, xvi) -------------------- Resulting situation after the triggering transaction -------------------- Type of Exercise Expiration Exercise/ Number of voting % of voting rights financial price date (xvii) Conversion rights instrument (xix, xx) instrument period refers to (xviii) ------------- -------------- --------------- --------------- -------------------- Nominal Delta ------------- -------------- --------------- --------------- -------------------- Total (A+B+C) -------------------- Number of voting rights Percentage of voting rights -------------------- 3293500 24.4% -------------------- 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: (xxi) -------------------- Peter Gyllenhammar is the 100% owner of the following companies owning the shares in Mallet plc: Bronsstadet AB 2557500 Union Discount Company of London plc 736000 Proxy Voting: -------------------- 10. Name of the proxy holder: -------------------- 11. Number of voting rights proxy holder will cease to hold: -------------------- 12. Date on which proxy holder will cease to hold voting rights: -------------------- 13. Additional information: -------------------- 14. Contact name: Peter Gyllenhammar -------------------- 15. Contact telephone number: 0046 708 185244 -------------------- Note: Annex should only be submitted to the FSA not the issuer Annex: Notification of major interests in share A: Identity of the persons or legal entity subject to the notification obligation -------------------- Full name (including legal form of legal entities) -------------------- Contact address (registered office for legal entities) -------------------- Phone number & email -------------------- Other useful information (at least legal representative for legal persons) -------------------- B: Identity of the notifier, if applicable -------------------- Full name -------------------- Contact address -------------------- Phone number & email -------------------- Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation) -------------------- C: Additional information -------------------- For notes on how to complete form TR-1 please see the FSA website. This information is provided by RNS The company news service from the London Stock Exchange END HOLDKQDNNBDDFDB | rainmaker | |
| 22/11/2011 09:14 | opeating out of a house with no shopfront will mean passers by on route to sothebys will no longer be popping in. yep, end of an era. sales will really fall now imho. | dugganjoe | |
| 17/11/2011 12:44 | Interim Management Statement Share this article print TIDMMAE RNS Number : 2524S Mallett PLC 17 November 2011 Mallett PLC Interim Management Statement Mallett PLC ("Mallett" or the "Company"), dealer in high quality antique furniture and works of art, issues the following interim management statement for the period from 1(st) July 2011 to 16(th) November 2011. Property move As announced by the Company on 9 November, we are pleased to report that last week that we signed the lease on our new London showroom which will launch a new era for Mallett. The new showroom is Ely House, a grand 18(th) Century Grade 1 listed townhouse in Dover Street, thus keeping Mallett in the heart of Mayfair. It was built between 1772 and 1776 for the Bishop of Ely by the renowned architect Robert Taylor (1714-1788) and was described as "one of the best houses in London" by Country Life in 2002. The magnificent interiors retaining much of their original stucco decoration will provide the ideal framework for the high quality furniture and works of art that are the hallmark of Mallett. At approximately 14,500 square feet over 6 floors, it is larger than our current premises, but our rental cost will be reduced by more than 50% as a result of the move. No upfront consideration is payable to take on the lease and there is a one year rent free period which will allow for the completion of a certain amount of refurbishment work, principally the installation of high quality lighting for exhibiting our pieces, before moving in on or before 23(rd) February 2012. At the same time we have received landlord's consent to the assignment of our lease on our current London showroom, 141 New Bond Street, to Fendi UK Limited for GBP1.7m. The assignment is therefore now unconditional and is expected to complete on 23(rd) February 2012, with the funds from the sale being used to cover the refurbishment costs on Ely House and for general working capital requirements. Current trading Energy levels have been slow to return to the market since the summer holidays, following the encouraging activity we experienced during the middle part of the year. However, our year-to-date trading results are currently ahead of last year's and are in line with management expectations. We exhibited at the Fine Art Asia fair in Hong Kong for the first time in October. This was successful in raising the profile of Mallett in that area and in making new contacts. We will look to build on these relationships over the coming months to raise our sales and marketing efforts in China and Asia. We, once again, exhibited at the International Fine Art and Antique Dealers Show in New York and again made a number of sales, although the mood in the city was more subdued than in previous years. Financial position As expected, our net debt position has increased since the half year due to the lower trading levels over the summer holidays and the payment of a rent deposit on completion of the Ely House lease. However, we remain comfortably within our overdraft limit and continue to watch closely for good buying opportunities. Balancing our cash position with the need for new stock to maintain a freshness in our showrooms remains a key focus for management. For further information please contact: Giles Hutchinson Smith, Chief Executive 020 7499 7411 Michael Smyth-Osbourne, Finance Director 020 7499 7411 Forward Looking Statements This announcement may include "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. Forward-looking statements are subject to risks and uncertainties and accordingly the Company's actual future financial results and operational performance may differ materially from the results and performance expressed in, or implied by, the statements. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Rules of the Financial Services Authority or other applicable laws, regulations or rules. This information is provided by RNS The company news service from the London Stock Exchange END IMSEAPFKFFPFFFF | rainmaker | |
| 11/11/2011 08:57 | i think mallet will have to to write down the value of their stock soon because the revenues just keep falling. Then the cheaper location will also be bad news for the sales figures. The UK may go into recession as well next year. Even the fellow who used to be the managing director of mallet said it was a dying business. | orinocor | |
| 10/11/2011 08:21 | Do you know why the head of hatfields has left suddenly? walked the plank? | dugganjoe |
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