C.H.Bailey is primarily a Cardiff outfit with interests in ship repair and the interims on 23rd December were probably missed by the majority because they were too busy buying presents for their loved ones.The fact is,however,that the real interest may lie in the true NAV of this company.
They own Land in Cardiff with potential for development and,indeed,they are in discussion to sell that for development.
They own a hotel on a prime development site in Malta.
They own a safari park franchise in Africa.
The shares raced ahead to 22p in the belief that the Cardiff deal would be done and have fallen back to 17p because negotiations are still ongoing.So what,I think the fall is overdone and there will be an immediate bounce if the deal goes through.
The development potential in Malta could be mouth-watering but that is not in the price.
The safari park is profitable and the ship repair acquisitions they have made should produce profits over the next 12 months.
The board is trying to rationalise a complicated share structure and ,therefore,you need to read all the RNS announcements over the last few months.Nonetheless,there is far more to this company in terms of assets than first meets the eye.DYOR.

Hello,I see the price is drifting lower on small volume sales and ,sadly,that is a feature of a share which has very little following.My impression is that profits are attainable and, if achieved, a re-rating will follow.There is no reason to hold a non-core asset like the Malta hotel unless you believe the site has significant development value.
I think it was Mark Twain who said "buy land-they stopped making it years ago."CHB has land in Cardiff and Malta at very old valuations;but I have not attempted to judge the Malta upside in case I get nervous.I really think this is one to buy and tuck away for a year.

You raise an interesting question - what is the "core" business of Bailey ?
It seems to me that, judged as a percentage of assets, the following merit being classed as core:
- UK engineering
- UK property
- Malta property (this might be the largest of all)
There are also international investments, African safari camps and a travel agency.
Since the death of the Chairman a couple of years back, big strides have been taken to focus on the business essentials namely profitability.

The problem is that the dual share structure combined with low market cap put off all mainstream institutions, and it is also too small for most individual investors. Communications have been poor in the past but the interim statement was much more helpful, so the new team seem to be more keen to communicate with the stockmarket.

Agreed with you that this is best tucked away.

There has been a considerable uplift in B share value this month and to-day saw a 19% recovery in the ordinary shares which cancels out the recent drift at a stroke.This may be a temporary burst of action but if it heralds a land sale announcement then watch out for some excitement.