Safeland should be 50%+ higher. Oh I know it is not an exciting share but last reported nav was 94p and since then share buybacks and buoyant trading in the first half mean that it is now around 110p, this AIM sleeper's share price now 55.5p.

The sector trades around a 15% discount, but even if we give SAF a 20% discount, given last year's loss (now trading profitably) that would put it at 88p. It has a property portfolio worth 13.5 million and repayments outstanding of about 5.5 million, but net assets are nearly 20 million in total when including their Italian and other smaller divisions as well as some small investments. Even allowing for the fact that management are nowhere near as sharp as GSC's management for example, the shares are just way way too cheap. The 12 million of sundry investments (ie excluding the property ones) are in the price therefore for less than 2 million.

So the market cap is now under 10 million (after buybacks) and the nav is about 20 million.

PS I've bought 5000 so far. Just as a bonus the chart is on the verge of a multi-year breakout!

Hi hawick///SAFELAND-ISLISTED ON THE full market NOT AIM//// SOwhat shares have brouht on AIM//////

Impress me! Graph trend at this moment appears good. BUT!!!! Profits down, EPS down, Turnover down, Dividend = 0 last paid March 2002.

Housing market and property development over next few years ?

NAV valuation may go down.

Price moved up on little or no volume.
Who has tipped this one??? Who has already bought.
Normal market size is small = costs of trade high. Try and sell if you need to.

I think I will stay on the side line and watch.

Good luck if am wrong.

Yes but that was last year. You've omitted to mention the RISE in nav following buybacks since, and the company saying trading much better this year.

And of course the housing market has nothing to do with commercial property atall. Amazing how many people confuse the two.

Even omitting the commercial property, and repayments, the other 12 million or so of investments are in the share price for about 2 million fred.

A bargain, as a few people are beginning to realise. Suggest you take a closer look, again. I am very confident the value will out, and sooner than people might anticipate given the chart.

brave call to stay out of this one i'd say, good luck! I chatted with management reccently and was pleased to hear general comments which I read as positive about recent trading, which persuaded me to get in.

Even tastier now fred, don't stay on the sidelines for too long! 1.2 million increase in nav today! :)

Safeland Plc ('Safeland' or the 'Company'), the property trading and investment
company, announces that it has accepted the offer made on 28 September 2004 by
Erinaceous Group plc ('Erinaceous') to shareholders, for the entire issued
ordinary share capital of Hercules Property Services plc ('Hercules'), which
went unconditional on 22 October 2004. The offer consisted of 45p in cash and
2.183 ordinary shares in the capital of Erinaceous ('Erinaceous shares') for
every one ordinary share held in the capital of Hercules, resulting in Safeland
holding a total of 2,183,000 new Erinaceous shares.

On 22 October 2004, Safeland disposed of its entire holding of Erinaceous shares
at 130p per share. Following the settlement of the trade on 5 November 2004 and
the receipt by the Company of 450,000 under the offer, the cash proceeds
totalling 3,287,900 will be utilised by Safeland as general working capital.

The 2,183,000 Erinaceous shares held by Safeland represents 2.45 per cent of the
issued ordinary share capital of Erinaceous. The sale of the Erinaceous shares
together with the cash to be received from Safeland's acceptance of the offer
will result in a total gross profit of 1,229,900. As at 31 March 2004,
Safeland's investment in Hercules was held in the books of the Company at cost,
at a value of 2,058,000.

Hercules was demerged from Safeland and floated on AIM in May 1996.

HI hawick// SORRY/// i see from your last post that YOU do KNOW/ about SAFE LND//// also agree with your comments regarding SAFELAND for TEN YEARS-(I THINK )-this com pany has perform well/// but price wise has NOT/////

New all time high today, at last getting abit of recognition and I think ready to confound any doubters this time.

Hawick....

I told you it would come good in time.
Very exciting times ahead following todays news...

Price has held up well following the news.
The number of shares floating around must be very thin.

A few more buy backs and we could soon move up to 1...

The Lipman family are a canny bunch.

Well launch of 7 new companies was rather unusual.
I was expecting them to go private to be honest.

I have sold mine 8ball for a profit but before the announcement, which I have to confess I can't get my head round!
Where have these companies materialized from, are they cash shells, how much cash do they have, what will they be worth, do the funds come from SAF? Are they being floated.
It is all very bizarre and one of the fgreat maxims of investing is only to invest in what you understand. And this I do not, even though I have been around markets a while. Really glad they have come good for you though.
PS: I have even more GSC shares than ever!!