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Bovis

May 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Bovis has rejected two bid approaches from quoted rivals Galliford Try, 1484p and Redrow, 531p, the country’s sixth and eighth biggest house builders. The former offered 886p a share and the latter 814p, albeit a mix of cash and shares. In an interesting twist, which one wag described as a reverse Victor Kiam (the man who liked Remmington shavers so much he bought the company), Bovis has also hired Galliford Try’s Greg Fitzgerald as its new CEO. Fitzgerald spent 35 years at Galliford, including nearly 10 as CEO during which time its share price quadrupled. The fact that Bovis’ shares rose on his appointment reflects the high regard in which he is held. Tipped at 840p in March ‘16, we suggest holding the shares ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Bovis

May 2017

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