News blog

Chamberlin

  • BY: Andrew Hore |
  • POSTED: 13/08/2013 |

Miton has not been put off by weak current trading and the impending departure of the chief executive at foundries operator Chamberlin and it has taken advantage of the share price decline to increase its stake.

Gervais Williams is the manager of Miton’s smaller company income funds and he was partly attracted to Chamberlin by its dividend. He acquired the original stake in Chamberlin at 135p a share, which was an 8% premium to the share price at the time.

Miton has increased its stake from 9.1% to 11.9%. The shares are held by Diverse Income Trust and CF Miton UK Multicap Income Fund and the latter appears to have bought all of the additional shares.

Chamberlin’s chairman Keith Butler-Wheelhouse has also edged up his interest in the company to 1.1%.

The hoped-for recovery has not materialised so far this year for Chamberlin and earnings expectations for the year to March 2014 were slashed from 9.8p to 4.3p last month.

At 81.5p a share, up 5p, Chamberlin is valued at £6.49m. That is 19 times prospective 2013-14 earnings. A maintained dividend of 3.25p a share is equivalent to a 4% yield.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf

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