This is money

1 mins. to read
This is money

As it happens I have decided to ease back on MPAC (LON:MPAC) since Family Cawkwell has got quite enough – several hundred thousand at, now, 182p. Although there is no dividend, today’s results are really very encouraging.

Not highlighted was the fact that the pension fund surplus has increased from negligible to something of the order of £15 million. Given that there are only 20 million shares, this is money.

TNAV is £43 million before notional upward adjustment for pensions fund surpluses (UK and USA) and capitalisation is £36 million. There is c. £30 million cash and it is all systems go.


Elektron (LON:EKT) has a division called Checkit. I do not understand it but somebody thinks he does. The shares are now 28.5p. One could not dare sell a chart like this.


I went on buying Clear Leisure (LON:CLP) last week. I might be wrong (it’s really too early to be remotely confident) but if tnav is 3.5p, anything under 1.5p is a steal. More news follows from the Italian Courts very shortly.


I got the Personal Assets Trust (LON:PNL) quarterly newsletter yesterday. Apparently, a shareholder complained that there were hardly any dealings and that the management fee was not therefore justifiable. Sebastian Lyon (Jeremy’s son), the manager, declared that he worries for his money.


Finally, I like a bit of drama with my football. In Argentina a few days ago, the ref issued 36 red cards in one game. That is all 22 players and 14 substitutes. It must be the Latin American temperament.

Comments (2)

  • Oscar DAgnone says:

    Hi Evil,
    The 36 red cards were issued in 2011
    The BBC article was 5 days ago.
    However, 5 years ago another referee issued 36 red cards, this time in Paraguay.

    The dates you refer to may be wrong, but you are absolutely right about the Latin temperament and red cards.

    All the best from your devoted (Arg-Brit) follower


  • Martin says:

    Hi Evil,

    there are two different valuations regarding the UK Scheme. The one in the books is much better looking than the formal triennial actuarial valuation. Why do you choose to use book value of the UK Scheme? This makes a huge difference for the valuation of MPAC.

    “The UK scheme was subject to a formal triennial actuarial valuation as at 30 June 2015, which completed on 1 August 2017.
    The funding valuation of the Group’s UK defined benefit scheme showed a funding level of 83% of liabilities, which
    represented a deficit of £70.0m (30 June 2012: £53.0m) with an estimated recovery period of 14 years from 30 June 2015.”

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