Profdoc and self, if anybody can be bothered to read our earlier posts, seem to have called this one about right. The improved conditions in the commercial property market, which should persist, have seen a large increse in profits and the dividend, now 3p a share and almost twice covered on 5.9eps. NAV per share of which most is cash and there are no intangibles is 40p, about the price before the results this morning. So my guess is a useful rise in the share price from here.
Hi Old_Punter. This company is looking better and better. It was solid and strong in the recession; the high operational gearing, exceptionallly sound balance sheet and potential for a doubling or trebling of dividends bodes well for the next couple of years. They really do not need all that cash, so they might as well pay it to us. It is conceivable that the total pay out over the next four years could equal the current market capitalisation (if the directors have the will to do that - but given their conservative stance the pay out will be less, but the result will be a robust BS for the next downturn). I can live with that!!