MAY Gurney Share Discussion Threads

[simon gordon] 26/6/2006 11:05

Reminds me of Mouchel Parkman who are on a forward P/E of 18.

[jonwig] 22/6/2006 18:33

In the absence of a prospectus, Shares mag today has a decent summary:

Continued demand for
infrastructure upgrade and
maintenance services has
prompted May Gurney to seek
a UK listing. The company has been
growing turnover and profit for the past
seven years and has major deals with the
likes of Network Rail, the Highways
Agency and South West Water.
Chief executive David Sterry claims May
Gurney has experienced significant growth
since a management buyout in 2001,
competing for contracts against large plcs.
He believes a stock market listing will raise
the company's profile, strengthen the
balance sheet and provide funds to support
organic growth and select acquisitions.
More than 75% of contracts are on a longterm
basis, typically between five and ten
years. It is primarily interested in
highways, rail and utilities work, where
there is ongoing demand for maintenance
services. It works with several county
councils on road projects, with new
contracts worth between £15 million and
£50 million per year. London
Underground's £2.3 billion station
modernisation programme is also
providing good opportunities, with May
Gurney currently undertaking escalator
upgrades.
Costs include salaries for its 3,200-strong
workforce and ownership of maintenance
vehicles and systems. It made £16.7 million
pre-tax profit in year to 31 March, 2006 on
£364.9 million turnover.
May Gurney will join the Aim market
this week with a £130.6 million market cap.
It has placed 23.7 million shares at 186p
with institutions, with the offering nearly
twice over subscribed. After expenses, it
has raised £13.5 million with a further £30
million going to existing shareholders. The
management will own 40% post listing,
with 11% held in an employee share option
trust and 35% with institutions.

But is it worth chasing higher?
not for now ...

[jonwig] 21/6/2006 07:50

Placing price 186p. 2x oversubscribed.
Looks to have made a strong start.
Won't be buying until (unless) the share price settles down a lot.

[jonwig] 21/6/2006 07:49

...







Significant shareholdings:

Polar Capital Forager Fund ...... 2,920,000 ... 4.16%
Mr AD Wright .................... 2,300,000 ... 3.27%
Octopus Investments ............. 2,149,351 ... 3.06%
May Gurney Group Limited ESOT ... 1,604,378 ... 2.28%

David Sterry .................... 6,758,800 ... 9.62%
Ian Findlater ................... 4,550,000 ... 6.47%
Richard Dean .................... 3,600,000 ... 5.13%
Michael Dunn .................... 1,469,344 ... 2.09%
Tim Ross .......................... 363,375 ... 0.52%
David Galloway .................... 100,000 ... 0.14%
PhilipFellowes-Prynne .............. 29,500 ... 0.04%

Total shares in issue: 70,236,016.