Bought recently at prices between 328p and 340p. Net asset value from end of June finals was 445p and gearing below 10%. West Midlands based property developer/investor with good track record. Portfolio of (mainly) industrial and commercial properties looks modern and over 90% occupied.Gross rental incomes over 14M p.a cover all outgoings more than twice and whilst property capital values may well fall over next year or two (after strong rises in the last few) imo the fall in share price from peak around 540p early in 2007 is overdone. Only 17 employees, so main risk looks to be the economy suffering to the point where tenants fail in large numbers. Still an element of the falling knife about the sector, but at these levels I am prepared to buy and wait - believe this share should reward the patient investor. Always DYOR

Ex dividend this Wednesday 28th 10.55p (5.3%)

Half Yearly Report

Final Results

Now held for over 10 years and MKLW has been a very solid if unspectacular performer - which does for me. Market cap now approx £330M. Current yield well over 4% and small but regular dividend increases have been a feature. Recent half year results to Dec show big uplift in profit beacuse of enhanced property valuations, but underlying performance remains good. Vacancy rate 7.5% to reduce in second half. Two properties sold for total £20M were in the books at £10.7M, which gives comfort in balance sheet strength. "Optimistic" about the outcome for the full year. Not for traders, but the Mucklow family have managed it well for many years and still good imo for long term investors. Always dyor.

Smelling salts needed after very unusual recent share price movement! More volume than normal of late - perhaps a tip somewhere. Commonwealth Games come to Birmingham in 2022 and there might be opportunities looming there, but track record is first class and mine locked away in the ISA. Always dyor.