Morning!
Not sure where to start today but there has been an announcement from my own portfolio, so it’s natural to start there.
Property Franchise (LON:TPFG)
Share price: 169.5p (+2%)No. of shares: 26 millionMarket cap: £44 million(I have a long position in TPFG.)
Half Year Trading Update and Directorate Change
This is a collection of estate agent brands, from whom TPFG collects management service fees, which we can think of as royalties. The standout brand is probably Martin amp; Co. It also has a small, hybrid agency called Ewemove (like Purplebricks (LON:PURP), but much smaller and managed more carefully).
I’ve had a tiny stake in TPFG since April, to give me a chance to study it more fully and decide if I want to promote it to a full-size position. Please note that these shares are illiquid – if you take out the top shareholders, what’s left for private investors is tiny.
Also, the dividend yield is quite high (gt;5%), which creates a tax problem for me. So I’m probably just going to keep my tiny stake in it, for now. I’ll have…
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