Updates

Lavendon - Unsolicited bid and counterbid!

December 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Patience finally paid off after Lavendon received a cash bid from Belgian industrial equipment supplier TVH Group at 205p a share, which values the business at £348m (enterprise value of £506m). TVH has however only received acceptances accounting for 12.3% of the equity and therefore the bid has not received board approval. M&G, which holds 19%, has little interest in the present offer which values it on a forward EV/EBITDA of 4.7x and compares with a 4.6x forward multiple over the last three years. Separately, however, Lavendon has also unveiled it is in talks with France’s Loxam about a counterbid.The undervaluation has persisted for so long but nice to see it all come together. Await develo ...

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Lavendon (December 2013)

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Lavendon - EBITDA rises 5% to £75m (March 2013)

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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