Excellent results today from MPE. Record profits, trading below worth of (tangible!) net assets, $30M net cash in the bank. 2009 may well see lower palm oil profits because of exceptional prices early 2008, but price has recovered last few months and if they can also start making money from Australian cattle enterprise it leaves a comfortable feeling - but always dyor. Check out also competitor NBPO.

Interims today just about up to expectation and MPE remains very cash rich - still with sizeable property disposals to come. Prospects for its palm oil and cattle operations are decent, but dependent to some extent on uncertainties of weather and market conditions. Overall stock market bullishness makes me a bit nervous at present, so recently sold half to cover original stake - happy to leave the rest to run for a year or two.

M.P. Evans Group PLC
M.P. Evans Group PLC (“MP Evans”) is traded on the London Stock Exchange’s Alternative Investment Market (“AIM”). The Group's assets consist of oil-palm plantations (both majority and minority held) in Indonesia, beef-cattle interests in Australia and property development in Malaysia.

StockMarketWire.com
MP Evans's board has described an unsolicited offer of 640p per share by Kuala Lumpur Kepong as wholly inadequate.

The board says the offer very substantially undervalues the company, its unique position and its future growth potential.

The board confirmed it had previously received a non-binding proposal from KLK on the same key terms as the offer. The board considered the indicative proposal, together with its financial adviser, Rothschild, and on 13 October the indicative proposal was unanimously rejected by the board of MP Evans.

The company says it will make a further announcement setting out its views on the offer and in the meantime shareholders are strongly urged to take no action in relation to their shares.

Think it was Charlie Munger, Warren Buffetts pal, who said you make your money by waiting....