MWB Business Exchange Share Discussion Threads

[martincc] 25/8/2009 15:40

Recent performance of WKP and now RGU must be good for MBE

[silverfern] 13/8/2009 08:29

Back from hols so can confirm I am invested here. The surprise of the recent dividend will I hope be explained in the interims - but they will not of course say it was to move money from MBE to MWB to provide the latter with woirking cap. MBE have been buying their own stock and that will drive eps up. Change of advisor should have been for good reason too, and hopefully they will be out to prove themselves.

[martincc] 05/8/2009 13:53

I'm still in invested here also, bit of a sit and wait share.

Some activity from the 'parent company' MWB Group re Liberty's but I suppose the next event here is the ints around the end of the month (28/08 last year)
I'm particularly looking for some indication on their ongoing dividend policy following the June 'interim dividend'.

Currently a lot of interest again in commercial property shares & trusts, and other flexible office companies like MBE seem to be doing well(eg Workspace).

[yump] 05/8/2009 13:15

Its OK you're not talking to yourself !
Still following.

Timing on the chart looks about right for some sort of rise - apart from that there's no other evidence I can see apart from quite a cheap rating and the promise of an earnings bounce from the acquisition.

That should be enough in due course (hopefully not as long as the "fullness of time") ;-)

[dibbs] 05/8/2009 08:13

One MM up from the off today so it looks like we have a buyer around again. More to come today?

Dibbs

[dibbs] 03/8/2009 14:37

Attracting a few buys again today and not much stock seemingly around. I would imagine that testing the 90p price area again is on the cards soon with a higher price a very reasonable expectation if they are continuing to trade well.

Dibbs

[dibbs] 29/7/2009 08:54

On the move from the off today. Is it just that a PI is buying a few k of stock and there is none around or is more behind this. It will be interesting to see how today unfolds.

Dibbs

[lochgarman] 24/7/2009 23:24

dibbs...you may have a point about the new adviser, but i just dont know for sure. Anyway this is a highly profitable business with lots of cash. that recent divi was very nice indeed.

[johnv] 23/7/2009 12:19

given the choice, I feel that mwb which holds 70% of mbe, maybe the better choice. mwb chart is looking good.

[silverfern] 23/7/2009 09:52

yes, I wish someone would buy or sell these: then at least we would know we have a stock market quote.

[dibbs] 15/7/2009 23:31

Brewin Dolphin appointed as nominated adviser and broker today.

Maybe....

Suggesting they were either unhappy where they were? Under promoted?
Lining up corporate action and new broker can better access funds?
New broker should issue research and better promote MBE?
Clients of BD set to be advised in?

Anyone any other thoughts?

Dibbs

[dibbs] 13/7/2009 16:44

Thanks eeza, I'd missed that. They sold down just before the divi then. Certainly tardy getting the RNS out.

[eeza] 13/7/2009 16:32

The transaction is dated 1 month ago on 12 June.

[dibbs] 13/7/2009 16:06

RNS today. It looks like they have pocketed the divi and sold a million or so after that. Looks like that is why these can be bought for 75p today. Wonder if the Co will buy back more shares to clear these up?

Dibbs

[dibbs] 13/7/2009 12:20

Interesting company. Shame I missed the 15p divi, would have been very nice although at 75p to buy today these are well priced after the divi.

Dibbs

[lochgarman] 11/7/2009 20:56

silverfern..i got mine too! very nice indeed!

[silverfern] 30/6/2009 11:50

I've got my dividends - £1500 worth!

[yump] 17/6/2009 12:00

Before anyone panics its XD today - just makes it cheaper.

[yump] 12/6/2009 16:37

I guess the recession since the statement has markedly changed the exit strategy quite a bit: "they also think MBE's expansion plans will create significant value, and so are unlikely to look for an exit until at least the end of 2008."

If they are sure that its going to really get a shift on, then I imagine they'll be looking to sell into the green shoots of recovery at the same time as perhaps a surprise set of figures in 6 months or a year.

Meanwhile perhaps the div keeps everyone happy who might have originally been planning an exit. At more or less 0% interest on banked cash, a 15% dividend might be much better than selling out for the time being.

[silverfern] 12/6/2009 15:58

Well they've just bought more shares back. What they don't say is which [party they are buying from - I mean, if yu bought 1.2m of these on the open market you'd raise the share price significantly. BY giving up a div in this way it does trasnfer money to MWB; however they will have to pay tax on it. Whatever they are clearly making omney in the present climate

[yump] 12/6/2009 14:10

Got this from 5th Jan 07 on an MWB thread:

According to today's Investors Chronicle - which has MBE as one of its Tips of the Year - although MWB's management team wish to eventually turn the 68% holding in MBE into cash, they also think MBE's expansion plans will create significant value, and so are unlikely to look for an exit until at least the end of 2008.

[yump] 12/6/2009 14:06

I must admit I've got a few questions, but can't argue with the figures or the business that they are doing.

eg. why float a separate company in the first place ? (risk reduction - separate businesses - exit strategy ?)

why get the cash out and effectively give the other £3m to other shareholders ?
(why not - everyone's in it to benefit ?)

There's probably some very obvious answers to these questions.

[martincc] 12/6/2009 12:27

Had a good look at this co. and have bought in.
I couldn't quite believe the rns yesterday, so called their nomad KBC and they confirmed it was correct.

My notes re the company below. I would estimate a p/e of 7 for a co of this type/size, so have a target price 140p.

Looks like there are a few regulars/holders on this bb. - am I missing something?


Fins 26/03/09 for y/e 31/12/08
Basic eps 20.4p
Net cash £16.4m
'Although performance has been strong in the year under review, the directors are not proposing a dividend at this point in time preferring to monitor developments in the economy over the short to medium term'
Int mgt stmt 7/05/09
AIM-quoted MWB Business Exchange Plc ("Business Exchange"), the UK's second
largest provider of flexible office space, continues to deliver above its
budgeted income and EBITDA as better than anticipated enquiry levels have been
maintained over the first four months of the year. Business Exchange's
increasingly successful meeting and conference room division has also grown over the same period.
2/06/09
Take over 15 new serviced centre offices from administrators at 'virtually no capital cost'
3/06 share buybacks
The Company announces that on 3 June 2009, it bought 1,930,750 Ordinary Shares
in the market for cancellation at 70 pence per Share. Following this buy back,
the Company will have a total of 66,869,250 Ordinary Shares in issue.

11/06 declares 15p 'interim dividend. Phoned nomad KBC and confirmed correct.
Xd 17/06/09, pays 30/06/09 Divi cost £10m (£10,030,387)

So eps 20.4p, historic p/e 4.5 divi 16.66% solely on this special int.
I assume that this unexpected dividend announcement shows that they are confident things are going well, and the business is generating healthy amounts of cash.

Note majority of shares ( over 70%) owned by MWB, separately listed co.
They are majority owner of Liberty's, Malamison & Hotel du Vin boutique hotels, and MBE.
So they will get £7m+ from the dividend.