Redskyresearch features Wyevale Garden Centres in their April edition. The article concludes :-

The stock market malaise has made some great businesses
which have always commanded hefty price premia look
very cheap in absolute terms and Wyevale is a prime
example. There have been very few opportunities during
the last ten years to buy Wyevale on a prospective price
earnings ratio of less than 16x. Yet it is currently available
on a historic price earnings ratio of 11. And on a dividend
yield of 4.6pc.
Do you think the UK gardening craze is over? We dont.
We think it has barely begun. And we think Wyevale will be
one of its most notable beneficiaries. So it is all but certain
that Wyevale will be a more valuable company in the next
5 to 10 years than it is now. The only issue is, will it get
cheaper in the short run? It might. But in case it doesnt,
were going to make it a BUY.

There is some action here. A trawl of recent RNS releases shows that there are some substantial stakes being built up. Laxey and Millenium are the largest, with 30% between them. Many days are quiet but they are interspersed with some large deals going through. For an example, see last Friday near the close, a 2.5m broker trade. This could trigger another RNS next week if it relates to an existing holding.

The company has stated that it is reviewing its business, and it is also conducting a valuation of all its properties. There must be the possiblity of a pre-emptive strike in advance of the outcome of this being revealed. The total site values should show a substantial increase over the current numbers.

Some progress at last.


LONDON (AFX) - Wyevale Garden Centres PLC has named Monday Sept 12 as the
date for its extraordinary general meeting.
The meeting was requisitioned by rebel shareholder Laxey Partners, which
holds a 19 pct stake.
Laxey is proposing the removal from the Wyevale board of chairman David
Williams and the appointment of Robert Ware, a former director of MEPC, in his
place.
The Wyevale board is unanimously recommending shareholders vote against
Laxey's proposal.
Wyevale announced Laxey's call for an EGM on July 26. At the same time it
said several parties, including private equity houses, are considering making an
offer for the retailer.
Today it said this process is expected to conclude within "a number of
weeks".
At 9.33 am shares in Wyevale were unchanged at 577 pence, valuing the
business at 323.2 mln stg.


Could be in for quite a skirmish......

EGM should now be in session. The outcome will be decisive, as bidders are understood to have held off pending the outcome of this meeting. Steady buying this morning over 580p.