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Marshall Monteagle looks good value |
2 Mar 2012. Marshall Monteagle are a difficult company to analyse - I couldn't find a website, and there's not much public info about them. I couldn't even find any views on the various broker platforms I'm on (BOE, PSG & ABSA Stockbrokers). But the value that their accounts are showing, makes me willing to do some work.
To add to the complexity, Marshall Monteagle publish their results in USD.
Investments in:
the U.K. (Halogen Holdings owns 78% of Heartstone Inns, a UK group of country pubs specialising in quality food. It owns & manages 5 rural pubs & also manages a further 4)
Europe
U.S.A.
the Far East
Commercial properties in:
the U.S.A - a large multi-tenanted industrial property in San Diego. The high vacancy rate of 12% is in line with market norms.
South Africa - commercial & light industrial property portfolio. Vacancy levels are below national averages.
An international import and distribution businesses in food & household consumer products - procurement, supply chain & risk management services to multiple retailers, wholesalers & manufacturers in Southern & Central Africa, Indian Ocean Islands & Australia.
The tools & machinery import & distribution business "had a particularly challenging year, and profits were down substantially on 2010."
Food processing & logistics in South Africa
FY2011 was the first full year of results from the coffee business purchased from Conafex Holdings SA in 2010. "The business markets its products to multiple retailers & the hospitality sector in South Africa & managed to secure additional contracts during the year. Management also increased capacity during the 2nd half of the year by importing a state of the art new roaster from Germany".
Near the end of 2011, it purchased minority holdings in Merchant & Industrial Holdings.
In 2010 purchased a coffee business from a former associate, Conafex Holdings SA.
It can get confusing when one reads reports about it delisting at the start of 2011. What happened was as follows:
"Marshall Monteagle Plc" was previously known as "Marshall Monteagle Holdings". In order to reduce costs, in February 2011 Marshall Monteagle cancelled its listing on the Luxembourg Stock Exchange & London Stock Exchange, and transferred its JSE listing to Newco. The company couldn't migrate its listing, as this would have required the approval of all shareholders, which was impossible as some shareholders are untraceable. Therefore the company sold all its investments in subsidiaries to Newco on 1 October 2010. Newco took over all remaining assets and liabilities, and financed the cost of liquidation. At liquidation the sole remaining asset were Newco shares, and shareholders received 2 Newco shares for each Monteagle share they held.
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