The Artisanal Spirits Share Discussion Threads

[mistertibbs] 15/6/2006 11:06

Thank you SSL. I can start signing that old Boz Scaggs glassic then

[sll] 15/6/2006 09:44

mistertibbs - you are not alone judging by today's 2 (buy) trades so far. steve

[mistertibbs] 15/6/2006 07:45

Thank goodness for a bit of common sense. Beginning to think I was the only one thinking along these lines, maybe because I have only been holding for about 8 months and still , very slowly, building up my holding in art so the continuing discount to nav enables me to continue my strategy at better prices than I could have hoped for. I believe once all this sporting stuff, summer lull and nonsense fear about inflation clears, we might see a difference?

[sll] 14/6/2006 13:34

ps - Now available at a whopping 28% discount to TNAV (at the 3.50p mid-price) or 23% if you had to pay the full 3.75p. Where else can you buy land and buildings at these sorts of discount? steve

[sll] 14/6/2006 10:04

shawzie, am with you on this. positive TNAV (well above market capn.) and solid earnings (which we have been pre-warned to expect for last year, at least) should slowly drag their market capn. up, over time - notably if their 2 core businesses continue to expand, and if they can continue to manage a steady profit from those now very well-focused and well-led businesses. ART remains undervalued, as I posited exactly 2 years ago today when kicking off this thread. Frankly, in view of the progress they have made through those 2 years to date, and for the previous one - giving them a good 3-year record - I remain mildly surprised that the present share price is not a tad higher than it is today. I guess that this stock still represents value on any measure that can typically be applied to such a stock. steve (over but not out)

[shawzie] 13/6/2006 20:51

Bylow
I was referring to ART in particular and not necessarily to shares in general.
Although I have from time to time traded profitably in ART, I still have a core
holding ranging in buying price from 11.6p to 2.625p.
As my average buying price today is now well below nav I would be happy with a buyout of ART at least nav, irrespective of market share price which currently stands at a discount to nav.
A build-up of the nav will create a stronger balance sheet and the market will push the share price higher so that the share price discount is not too out of kilter with the nav. Shareholders will share in that increased company value
over time.
Having held ART since mid 2001, I am obviously in for the long haul and, if memory is not failing me, you also are.

[gizzimodo] 13/6/2006 13:15

Why should the chairman and largest shareholder care about the share price. I still believe he is building this to a point where he can sell his stake at a decent profit - lets wait and see !!

[bylow] 13/6/2006 00:18

shawzie........ Now I am confused!.....I have always understood people buy shares in a company in order to make money. That can only happen if the value of the shares goes up and/or the company returns money to the shareholder by dividend or some other vehicle. You seem to be saying that the shareholders in Artisan should not expect to share in the rewards that accrue from an increase in value within the company.

[shawzie] 12/6/2006 23:16

Unless a shareholder wants to dispose of their holding in ART, I would suggest that an increase in the share price is of little consequence.
I would rather that the Board continues to retain profit, grow the business and
improve its cash balance.
Any increase in interest rates could affect the performance of ART and the company may need a financial cushion.

[sll] 12/6/2006 16:18

ART has released a steady stream of generally very good commercial news over recent months, with the FY2006 finals now just a month away. In my continued view, the present share price simply does not reflect either what we know of 'today' or what we may deduce for the 'future' - based on what we now have been told and what we may reasonably project. And yes, loganair, a small dividend would certainly help bring 'focus' to the presently fuzzy radar screens of many holders and watchers. It can't be resisted indefinitely if these trading results persist. steve

[loganair] 09/6/2006 14:06

As a holder of Artisan stock for longer than I care to think about,(my hair has begun to turn grey in the intervening years), Mr Stevens and the board, a small nominal dividend would be appreciated by the many of your long suffering share holders. As many have mentioned in earlier articles, this would also give a boost to the Artisan share price.

[bylow] 09/6/2006 11:37

During first week of July(see Trading statement)

[p3aks] 09/6/2006 00:22

when are they?

[bylow] 08/6/2006 12:17

Let's review this after the year end results and statement

[gjabrj] 08/6/2006 09:04

Do you think Stevens is holding the share price back with dull year end statements and no divi so he can take it private cheaply?

[bylow] 07/6/2006 17:58

I think its as much a case of investor fatigue as a lack of interest in any RNS. Stevens has got to reinstate a dividend next month and inject some dynamism into the style and substance of the year end statement and presentation.Whatever happened to the bold ideas behind Artisan International that he set up in 2003 after he bought into Artisan. That dog Wigmore Group(now renamed Speymill) with which Artisan was involved has seemingly transformed its image in the eyes of retail investors by getting involved in the German rental market. Its share price has recovered from its all times low over seven times whereas Artisan has barely doubled.

[gjabrj] 07/6/2006 14:50

Such is the lack of interest in ART, not even an RNS can muster a comment.

[sll] 02/6/2006 12:43

Good points, gj, which is why the large discount could become a small premium under certain 'circumstances' that might, one day, occur. This stock has now become an attractive & profitable niche property play, at this pricing and on this PE, with known clean and profitable results to 31/3/6 (we just don't have the precise figures, but will do soon) on the way. I accept that it is a much more attractive bet for a new entrant, today, than to many who have been here for a long while and who started out at much higher pricing. There have also been a few sellers of late, but I just can't help thinking that the MM's will be able to manipulate that to their ultimate advantage with known good results just round the corner, which are nevertheless not yet fully reflected in the price. What we and the MM's can't anticipate, however, is what words Mr Stevens and his Board will choose to wrap around ART's 2006/07 prospects. Those words (and the possible re-intro of a token dividend) could prove crucial. On all past form, I would expect the forward comments to be balanced and muted. steve

[gjabrj] 02/6/2006 11:07

That's the way it will stay until a dividend is re-introduced IMO.

Also the net assets are stated at cost, so the real value could be substantially higher, especially the 42 acre site. I wonder how the planning is going on this one?

[sll] 02/6/2006 10:51

Discount to TNAV now 26% at 31/3/6. These net assets (excluding intangibles etc) are essentially freehold land and finished houses/buildings or buildings in the course of construction. 26%? Very undervalued IMHO. steve

[edale] 29/5/2006 14:30

SLL - agree with your comments but do believe this will come good. I have a chequered history on this having first bought in at 20p in 2000(ouch) but topping up at 2.3p and 2.9p in 2004/5 so now near to break even overall. The average last 12 months price has been approx 3.5p against 2.75p for the previous 12 months so we have actually seen a 27% increase over that period but with the volatality and spread it doesn't feel like it. The company now looks to be on a firm footing under MS and making good progress so would expect the share price to begin to reflect this over the next year. One concern I have is that other than Aspen there is no other holding greater than 3%. This presumably means there are no 'big' investors out there with the confidence to take a significant holding. If we get to the stage where we see a couple of 3% holdings I believe this will be significant and sufficient to give the share price the boost we the holders would like to see.

[sll] 29/5/2006 09:50

bb - ART was knocked back in the general retreat of the last week or so (having not advanced much with the preceding advance). Now that that correction has stabilised somewhat, I would expect ART's discount to TNAV to narrow again soon. 23% (as detailed above) appears a tad overdone for a business that is steadily profitable and whose assets are largely property based in support of future activity. There is a pattern here - the market is told that the results will be OK, but appears not to believe that until they are on the table. This time last year, the price worry was linked to a possible slowdown in 2005/06 (FY05 having outperformed) plus lingering concerns about Bickerton. Very soon, we'll see OK FY06 results and the financial 'rinse out' of Bickerton - and then the price worry will transfer to a 'possible slowdown' in 2006/07. In my view the much expressed and backward-looking 'bear case' here (just read the entire thread) will become progressively less tenable. steve

[blueblood] 23/5/2006 10:18

Nice buy @ full ask gone through. I hope we can touch 5p come results in early July.

[shawzie] 22/5/2006 23:01

RNS Number:2268Z
Artisan (UK) PLC
03 March 2006


Artisan (UK) plc

Placing for Cash and Director's Shareholding

Artisan (UK) plc ("Artisan" or "the Company"), the residential house builder and commercial business park developer, is pleased to announce that it has today placed 40,000,000 ordinary shares in the Company at 2.75p per share to raise #1.1 million for additional working capital. These shares have been placed with Aspen Finance Limited, a company of which Michael Stevens is a director and in which he has a beneficial interest. Aspen Finance Limited is now interested in 69,666,667 ordinary shares representing 21.21% of the Company's issued share capital.


RNS Number:4178B
Artisan (UK) PLC
12 April 2006


12 April 2006

Artisan (UK) plc

Directors' Shareholdings


The Company was informed on 11 April 2006 that Aspen Finance Limited, a company
in which Artisan's Chairman Michael W Stevens has a beneficial interest,
purchased on that day 2,000,000 ordinary shares in the Company at 3.75p per
share. Mr Stevens is now beneficially interested in 71,666,667 ordinary shares,
representing 21.81% of the Company's issued share capital.
----------------------------------------------------------
I find it interesting that Aspen has paid 3.75p per share, so soon after paying only 2.75p per share. Perhaps this is the beginning of a larger stake building exercise leading to Artisan being taken private.
The longer Artisan share price is kept down, the cheaper the company can be bought. If Aspen is at breakeven on its investment in Artisan, share price is heavily discounted and profits are retained in the business, then a buyout may look appealing to Aspen.

[sll] 22/5/2006 12:53

The discount to TNAV is now around 23% as at 31/3/6. For a niche developer, with freehold land & buildings assets (in the main) this discount seems somewhat overdone, hence ART remains 'undervalued' on the first fundamental measure of 'assets' to market capn. On the other important fundamental of net attributable earnings, I make the historic PE to be no higher than 8.2 at 31/3/6, factoring in a net of tax result at the circa 1.5m level and the recent equity issue of 40m shares. Again, this does not seem especially stretched for a solid little business that has sorted out its past issues and has focused itself well in defensible sectors going forward. Also, its recent 'gearing-up' puts growth back on the agenda - now that the streamlined management team can actually focus on their businesses rather than keep looking backwards through legal files. I remain optimistic for ART. Steve