Derek Pain: Russian magnate might attract a realistic sum for me to unload SnackTime
No Pain, No Gain
Friday 27 September 2013
Stake building is a common but often intriguing occurrence in the stock market. Sometimes it is merely a City institution creating a holding. On other occasions, when a businessman or a company starts gathering shares in an unsuspecting target, the motive could be more ambitious such as seeking a behavioural influence or the prelude to mounting a full-scale – possibly hostile – takeover bid.
In the former category Henderson Global Investors has established a 17.3 per cent interest in ISDX-traded and former no pain, no gain portfolio constituent Chapel Down, the English wine producer. As an example of a stake being accumulated prior to bid action look no farther than Markerstudy's 11.4 per cent involvement in portfolio member, Brightside where takeover talks took place.
Just how to categorise a flamboyant display of stake building in SnackTime, the vending group, is far from easy. My guess – and it is only a guess – is that the share manoeuvres could well lead to bid action.
Behind the buying is Boris Belotserkovsky, reputed to be a billionaire businessman. He is said to be the major distributor of gaming equipment in Russia and also embraces vending interests. His involvement in SnackTime, by far the biggest loser in the portfolio, first materialised in July when he emerged with a near 4 per cent stake.
His interest, as I write, has climbed to 7.6 per cent. The buying pushed the bedraggled shares to 18p. They are now around 15p, capitalising the struggling company at a mere £2.5m. The portfolio paid 119p a share four years ago and I watched happily as the price neared 200p. As I have said many times since then I should have sold but a blinkered attitude hoping the group's performance would improve kept the portfolio on board.
With the shares so low it is hardly worth selling; my hope is that they will rally sufficiently to make any unloading produce a realistic sum.
It may be in response to the hovering of the Russian gaming magnate that SnackTime made a statement saying it "has been made aware" that Vendia Groep has a 29.96 per cent interest that is subject to a lock in for 60 per cent of the holding. However, the arrangement expires on Monday, a development that could tempt Mr Belotserkovsky into action.
From poor relation to the star of the portfolio – Booker, the cash and carry chain. It has produced another impressive performance. Aided by the recent summery weather, half-year sales rose by 16.5 per cent. Such a display included the Makro acquisition where the "turnaround is progressing well". Stripped of the Makro influence Booker sales advanced 2.3 per cent.
The wholesaler continues its expansion in India where it opened two more branches and now has six in the sub continent.
Avation, the aircraft-leasing group has, in active trading, reached 100p. A buy back of 150,000 shares at 94p accounted for a minor slice of the share action. The group, which has leased another aircraft to Virgin Australia Regional Airlines, has attracted further interest from Slater Investments, run by Mark Slater, son of the legendary Jim. It has been a shareholder for some time and has recently lifted its stake to 5.74 per cent, but another fund sold shares.
Finally Brightside, the insurance group that ended talks with Markerstudy, with which it has trading links . It seems the bidder's appearance made life difficult and a downbeat interim statement shows pre-tax profits of £7.5m against £8.2m. Last year the group achieved £17.5m but Martyn Holman, who is likely to end his reign as chief executive, says year's profits could be down by 15 to 20 per cent. He adds the board is "realistic" about second-half profits but optimistic about next year and beyond. The interim dividend stays at 0.22p a share.
Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk
China stock collapse: Five things you need to know about 'Black Monday'
Bargain Hunter: Exclusive discount on a SmartGlider - a self-balancing electric scooter
My Tinder date asked for a refund when I declined a second meet up
Bank-beating exchange rates on your international payments
Be warned of the dirty tricks the bailiffs pull
- 1 Kermit the Frog has a new girlfriend named Denise
- 2 The excuses your boss is most likely to believe when you call in sick
- 3 Moscow voted the world's unfriendliest city
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...
Day In a Page
The terraces of this two-bedroom penthouse apartment offer panoramic views that stretch over fifty miles from the cliffs of Beachy Head.
In the heart of the coastal village of Mumbles and moments from the pier, this five-bedroom Victorian terrace is set over three floors and retains many original features.
In a sandbanks location, moments from the beach, this three-bedroom apartment has a large open-plan living area and a south-west facing balcony.
This four-bedroom home has an annexe accessed from the side of the house, with potential for improvement and conversion subject to the necessary permissions.
In the heart of the hamlet of Wardley, this five-bedroom period home offers countryside views and a stylish interior, with original features and open fireplaces.
Offering countryside views and landscaped gardens, this three-bedroom Grade II-listed lodge has a spacious conservatory and a large cellar that could serve as a workshop.
Set in approximately 1.5 acres, this four-bedroom home comes with a second, detached property that's currently used as an annexe.
In the hamlet of Newchurch, this former parish church is now a four-bedroom home complete with clock tower and eyrie.
Offering scenic views from a large balcony and sun terrace, this four-bedroom home has a wraparound garden and a heated swimming pool.
Offering views across the Humber and East Yorkshire Wolds from a glass panelled balcony, this four-bedroom barn-style home befits a life of leisure.
This four-bedroom home offers versatile accommodation with annexe potential; features include a hot tub, sauna and Norwegian BBQ hut.
Well-located for schools, colleges and the town centre, this contemporary thatched cottage offers flexible living space with six bedrooms.
Built in 1907, this four-bedroom Edwardian period home has been refurbished by the current owners, retaining many original period features.
Surrounded by landscaped gardens, this five-bedroom home offers living space across three floors.
This lovely country home in Burnham Market is currently run as a popular holiday cottage, with five en suite bedrooms and colourful gardens.
This three-bedroom 17th-century former village bakery is just a few miles from the East Sussex coast.
Set on a landscaped plot, this light and airy four-bedroom home comes with a log burner in the lounge, a fitted kitchen and an open-plan ground-floor layout.
Set sail for this four-bedroom farmhouse in Cowes. With five acres of land and an indoor pool, this home oozes character. There is even potential to let a one-bedroom annexe.
Built on a former chapel site, this impressive four-bedroom home boasts balconies, stunning views and contemporary modern living.
This three-bedroom house is situated in a quiet mews and set over three floors. Features include glazed staircases and high ceilings.
A period townhouse set over four floors, this five-bedroom home was built in the 18th Century and retains many original features.
With five bedrooms, this spacious home offers beautiful gardens and modern interiors - set within the popular market town of Bingley.
A few miles from the seaside at Perranporth, this four-bedroom farmhouse sits amongst nine acres of idyllic grounds - including a lake and two barns used as holiday lets.
In the pretty market town of Bungay, this grade II-listed Mill House is arranged over four floors, offering four bedrooms and three reception areas.
This first-floor flat comes with two bedrooms, an impressive open-plan reception room and two lovely roof terraces.
This five-bedroom home comes with a range of outbuildings including a large barn which could be converted into a self-contained granny-flat or rental.
Moored at Taggs Island and reached via a pretty garden, this two-bedroom houseboat has a vaulted reception room and skylit garden studio - currently a beauty salon.
On the edge of the city, this six-bedroom home comes with an outdoor swimming pool and a large garage block that has annexe potential.
A contemporary house spread over three storeys, this three-bedroom detached home has large sliding doors that open out to the River Quaggy.
Moored in Chelsea's Cheyne Walk, this houseboat offers two double bedrooms and a teak deck that's ideal for al-fresco dining.
This former village bakery, dating back to the 17th century, is now a three-bedroom detached home just a few miles from the East Sussex coast.
On the picturesque Isle of Man, this four-bedroom character home has a ground-floor shop that's currently run as a newsagents and a flat that would make an ideal holiday let.
In a new collection of flats, this first-floor two-bedroom apartment offers ample entertaining space and a prime view of Furze Green from a private balcony.
This three-bedroom stone-built cottage currently trades as the village store with a restaurant in the annexe and family accommodation on the upper floors.
Previously two semi-detached properties, this five-bedroom home is spread over three floors with a large breakfast kitchen, orangery, office and gym on the second floor.
This five-bedroom home enjoys countryside views over the Blyth estuary to Southwold, offering flexible living space with a ground-floor annexe - ideal for use as a holiday let.
Close to the market town of Eye, this four-bedroom detached home offers a double-height living room which takes the place of the original, 19th-century, chapel nave.
Dating back to the 19th century, this four-bedroom home needs modernising. Spanning three storeys, the red-brick house has a fireplace, a small terrace and a cellar.
Just outside of Cambridge, this single-storey home offers three double bedrooms, a living room with vaulted timber ceiling and ladder steps that lead to a mezzanine study area.
This six-bedroom Georgian home is on three floors with open fireplaces, a two oven Aga, an annexe, and cottage gardens with outbuildings and a car barn.
A former coach house, Glebe Farm Stable is now a three-bedroom cottage with a double car barn, an attached office, kennels and an outbuilding that's currently used as a gym.
Located beside an impressive Victorian viaduct, this four-bedroom home has an open-plan living area that is glazed on two sides, with skylights and high ceilings.
A former furniture workshop, this three-bedroom home has high ceilings and painted brick walls, in a village setting only fifteen miles from the coast.
This five-bedroom stone townhouse features a pine staircase and an Inglenuk fireplace, double doors from the lounge give access to an enclosed courtyard.
This five-bedroom, detached home blends traditional and modern design; the sleek kitchen features a gas hob and oven set within an exposed chimney breast.
Capitalise on the fabulous views of Trevone Bay by taking two homes and creating one spacious boutique B&B. Just a cliff-top walk from Padstow.
Surrounded by woodland, this five-bedroom manor house has plenty of outdoor storage space in the form of three converted loose boxes, two smaller outhouses and a woodstore.
This six-bedroom home is set amongst three acres of grounds. Currently a large family home, Clift Hill has potential to make a B&B or countryside retreat, subject to change of use permissions.
This Grade II-listed three-bedroom home is situated on a private road, just a short walk from the sandy beaches of Frinton-on-Sea.
Less than five miles from Malmesbury, this four-bedroom cottage comes with equestrian facilities and gardens that extend to approximately three acres.