— DAVID SYLVESTER

It’s tragic that so few shareholders are participating in Chris Seabrooke’s low-key investment vehicle. Annually only around 250 000 shares (worth around R2,7m) change hands. That is frustrating because Sabvest has a quality portfolio that offers shares at an enticing discount to the underlying value — possibly because of a misperception that the largest investment (SA Bias Industries) plies its trade in the local clothing and textile industry.

Underlying cash flows have improved over the years, and the company is now a regular dividend payer. The fact that astute investors like Hugh Roberts and the Ellerine Brothers are significant minority shareholders should inspire investors to persist with a prolonged price pitch.

With R13,2m shares in issue and a market capitalisation of

60 000.

The lubricants business manages to pay a decent dividend, and decades of conservative management have fortified it against the odd operational knock. There are a mere 8m shares in issue, with roughly 75% held by a handful of shareholders, including the Spanjaard Group and the Spanjaard family. But be warned: you’ll need the patience of a saint to secure a worthwhile parcel of shares. Recent statistics show that Spanjaard’s trading volumes reach around 220 000 annually, or a mere 18 000 shares (R90 000 worth of trade) a month.

Determined investors who snapped up shares in the wake of a R600m rights issue about 18 months ago have done rather well out of the UKbased property company that in the past was disparagingly dubbed the poor man’s speed over the years. Despite perennial profitability, Cargo Carriers does insist on maintaining a conservative dividend cover (though a fairly decent 150c/share in payouts has been returned to shareholders since 2006). A change to a more generous dividend policy and the possibility of strategic involvement from Bidvest could warrant investors chasing down small parcels of scrip.

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