Young and Co's Brewery 24/05/2012
Pub giant Young and Co’s Brewery (YNGA) delivered a pre-tax profit of 17% amid restructuring, shedding assets and acquisitions.
Palmaris Capital
SPECULATIVE BUYBulls of loss-making investment concern Palmaris Capital suggest a rumoured £200m float for Scottish Resources Group could significantly enhance its value.
Coatbridge-based Palmaris, vestige of the erstwhile Waverly mining finance flop, is one of the key shareholders in Scottish Resources, formerly Mining Scotland, which owns Scottish Coal and mines 4m tonnes of low-sulphur open-cast coal a year, making it the UK’s second largest coal producer. Scottish Resources has acquired the rights to mine 1.7m tonnes of open-cast coal in South Lanarkshire on land owned by the Earl of Home, despite environmentalists’ protests.
Analysts suggest Palmaris’s stake in Scottish Resources could be worth some 20p a share if a float does go ahead. That compares to today’s 5.5p share price.
There have been several false dawns before for Palmaris, where chief executive Greg Melgaard and Patersons Quarries have major holdings. But, if this time it does happen, the shares could reward a punt.
Market cap: £8.6m
PE Forecast: n/a
Share price: 5.5p
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