UOS – The share price suddenly looks interesting after I have slowly accumulated this on a number of different occasions from a bit over a year ago now. I estimate on average buying mostly at 48-49 and have received decent dividends yet until recently (traded 60 cents late yesterday) it has been a reasonably boring ride. Having said that I have been pleased reading about the operational performance of the company in that time.

The buyback announced yesterday might have helped. It is quite a small buy back in size but realistically there is probably not much point making an on market buy back much larger, given that the majority shareholders own so much so it would be difficult to buy back a whole lot more shares on market. As I have said many times management keeps a very low profile with no glossy PowerPoint presentations accompanying releasing results to the market. It seems to create a mystery surrounding them and potentially puts off some investors, which I don’t mind because that created the opportunity sub 50 cents. Now that I have enough of a fill of shares I welcome any communication to the market on capital management initiatives, even if small. They have bought shares back in the past but not this year. So for those paranoid about management and raising the question why wouldn’t they do a buyback and something doesn’t smell right, yesterday’s announcement is a small positive.

AGS – A very recent purchase for me hoping to firstly get a capital return, and then hopefully an innovative transaction so that the shares can trade nearer cash backing rather than the 25% discount. Within a very short time I possibly have received both catalysts, yet it is trading marginally below my purchase price! I have only come across the transaction announced today and not looked at it closely. At least the company they have partnered with today (TYX) has had a positive re-rating on market so far. I see they have only initially spent $2 mill of the $24 mill cash that AGS is sitting on. That $2 mill may climb to 5 or $6 mill if they obtain a 20% stake in TYX soon if I understand it correctly from a quick glance. So whilst they have left plenty of room for the sizeable capital return and then still will be sitting on cash I am fairly comfortable with AGS, even if the market is not very enthusiastic about the recent announcements yet.

NAM – The agricultural sector has been mixed for me this year. AAC was a very good winner, but only very recently I found again that blogging occasionally can also make you look a bit foolish. ELD was a loser for me this year and I recently managed to sell days before a positive announcement. NUF was a satisfactory positive return and I sell days before the release of their results and significant upward earnings revisions from analysts! NAM is one I am still holding and I came across a Livewire article this morning that probably sums up why I haven’t taken profits on this yet far better than my writing and analytical abilities. So here is a link for anyone interested.



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