B.P. Marsh & Partners Live Discussion

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TX2 02 Sep 2019

LEBC total implied value up £10m Seems from news today from B P Marsh that its investment in LEBC has run into problems.The FSA have stopped LEBC giving advice to clients on Defined Pension schemes.This has knocked the valuation of LEBC and hence B P Marsh for six. As ever the question is has LEBC been giving incorrect advice & hence heavy compensation due? I did comment a couple of years back here that LEBC was operating in an area not within Marsh’s area of expertise and wondered if its increased investment here was wise. I have been a shareholder in Marsh for many years and are still 80% up on cost after todays disaster but not a happy bunny.I think the market is correct in writing off the full value of the LEBC holding until full clarification is given by BPM and the shares should be treated with caution in the meantime.

MONKEYSO 11 Jun 2019

Final results NAV 350p in a subdued year with brexit uncertainty effecting a possible IPO for LEBC,one of the largest holdings. Looks pretty good and with buybacks at 15% below NAV (i.e.297p),I would suggest a floor around the 300p mark. NAV has in addition historically been calculated conservatively. A solid hold in the current climate.

TX2 16 Oct 2018

BPM Interims Out I think that major investment LEBC Holdings could list on the market in the next year or so which may help growth in the future.

Greyinvestor 16 Oct 2018

BPM Interims Out Sensible results out today, I thought. Nothing flashy, just steady progress. New NAV is £3.33 v January £3.39. This is just optics after the rights issue, to which I (over)subscribed. Underlying is a NAV increase of 4.7%, and a total return of 6.4%. My objective with BPM is to try to get a 10% compound return. It has a decent chance of that. There is some concentration risk, with two large holdings. I see that as being the downside risk, but it also means that there are likely to be realisations within the fund. The share price is now in line with a 15% discount, so will most likely only move up as the NAV does. Currently there is a decent amount of uninvested (and therefore non-earning) cash. A Strong Hold for me.

MONKEYSO 11 Oct 2018

Views on BPM trading update A huge buying opportunity here following another 8% drop purely on market panic. I estimate discount of 25% to NAV when interims are announced on Tuesday.

TX2 09 Oct 2018

Views on BPM trading update With most of the shares held by Brian Marsh & the new Australian investor the shares are fairly thinly traded;it only takes modest sales to move the share price.I think a few people are taking money off the table from their portfolios generally. If share price falls more than 25% below NAV which I think was the figure given I expect BPM will buy back shares as indicated although this will probably be post results.I imagine these will be in line with expectations although it will take time to deploy cash recently raised. BPM has an exceptional record.I have no plans to sell.

MONKEYSO 09 Oct 2018

Views on BPM trading update An unusual fall in the share price today,which in the absence of any news,seems like a top up opportunity ahead of interims next week.

MONKEYSO 05 Sep 2018

Views on BPM trading update According to the RNS, the last sentence under the NAV section says:“It excludes any investment portfolio movement since 31 January 2018.” So I think we can expect some reasonable increase in NAV when interims are announced.

TX2 05 Sep 2018

Views on BPM trading update BPM’s NAV was in fact 339p at 31/01/18;the NAV of 321p was that given @ 09/07/18.This fall was caused by the share placing & open offer totalling £17m following PSC Insurance Group Investment in BPM and issue of new shares to existing holders which was done at a discount to NAV.We also need to take account cost of 4.76p dividend which I think is charged in this period. However when the 321p NAV was given @ 09/07/18 the NAV figure used the investment asset valuations for 31/08/18.Some of these I expect will have increaed so I would expect some uplift in NAV but perhaps to a figure not much different than that in January due to technical factors mentioned. BPM has been a very good investment for me I am up by nearly 140%;before considering the dividends and I think the new money raised will be well invested producing an excellent return in the future when it is fully deployed.

MONKEYSO 05 Sep 2018

Views on BPM trading update All looks good here. 2 biggest investments LEBC and Nexus going great guns. LEBC trading profit up 95% in 6 months to march 18. Nexus EBITDA has grown four-fold in 3 years. Adjusted NAV of 321p at 31/1/18 must be substantially higher now. I look forward to the interims on October 16th.

Deepsleeves2 22 Jul 2018

B P Marsh results Been impressed by AJ Bell since moving from Barclays when the changed to yet another “new and improved platform” Deep

Greyinvestor 19 Jul 2018

B P Marsh results I spoke too soon on brokers. Actually A J Bell processed the placing fine in the end, whereas Hargreaves Lansdowns approach was a bit simplistic…

Greyinvestor 12 Jul 2018

B P Marsh results Keep it up. I’ll try to use the site from time to time. I find it very difficult, not least because it doesn’t seem to hold a thread in date order unless people reply to each other…

pied_kingfisher 12 Jul 2018

B P Marsh results I’m still here, but very disappointed with the new site. However, on this my first visit for a few days some improvements are evident so I’ll hang on for a while.

Greyinvestor 12 Jul 2018

B P Marsh results I’ve taken up my rights in full, plus got a few more in the excess placing. Well processed by Hargreaves Lansdown and badly processed by A J Bell. For the record, well done BPM for making available the placing to private investors. Thank you for being shareholder friendly. Is anyone still using this board? Th old one seemed so much easier to use, and better.