{"id":252841,"date":"2025-05-22T23:35:17","date_gmt":"2025-05-22T23:35:17","guid":{"rendered":"https:\/\/som2nypost.com\/business\/investing\/maynard-paton-mountview-estates-new-non-execs-keen-focus-on-governance-awaited-as-h1-2025-discloses-another-sub-60-property-sales-gross-margin-protest-votes-reach-33-and\/"},"modified":"2025-05-22T23:35:17","modified_gmt":"2025-05-22T23:35:17","slug":"maynard-paton-mountview-estates-new-non-execs-keen-focus-on-governance-awaited-as-h1-2025-discloses-another-sub-60-property-sales-gross-margin-protest-votes-reach-33-and","status":"publish","type":"post","link":"https:\/\/som2nypost.com\/?p=252841","title":{"rendered":"Maynard Paton | MOUNTVIEW ESTATES: New Non-Exec\u2019s \u2018Keen Focus On Governance\u2019 Awaited As H1 2025 Discloses Another Sub-60% Property-Sales Gross Margin, Protest Votes Reach 33% And The \u00a397 Shares Remain 6% Below NAV"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div itemprop=\"text\">\n<p>20 May 2025<br \/><strong>By Maynard Paton<\/strong><\/p>\n<p>H1 2025 results summary for <strong>Mountview Estates<\/strong> <strong>(MTVW)<\/strong>:<\/p>\n<ul class=\"wp-block-list\">\n<li>Not the greatest of H1s, as \u201c<em>economic difficulties<\/em>\u201d and fewer property disposals combined to cut both revenue and profit by 5%, although the interim dividend was maintained and net asset value (NAV) crept to a record \u00a3103 per share.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Property sales delivered a sub-60% gross margin for the fourth consecutive H1, which increasingly suggests \u2018reversionary\u2019 gains from regulated tenancies have inherently reduced and\/or MTVW has simply overpaid for many past purchases.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Properties bought and sold following the 2014 valuation continue to realise modest gains, with no obvious adverse trends concerning transaction costs and tenancy mix. The absence of another valuation has now left two non-execs \u2018short-changed\u2019 by selling shares below NAV.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>A new non-exec with a \u201c<em>keen focus on governance, risk and compliance<\/em>\u201d provides hope the board may adopt some fresh thinking on shareholder engagement, estate valuations and director pay, especially as protest votes have reached a record 33% of the share count.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Recent share purchases by the chief executive may have signalled a tantalising buying opportunity, while the \u00a397 price now offers a 5.4% income, trades 6% below NAV and may be worth \u00a3169 if the group\u2019s properties were all sold today at their \u2018vacant possession\u2019 value. I continue to hold.<\/li>\n<\/ul>\n<p><span id=\"more-35016\"\/><\/p>\n<h2 class=\"gb-headline gb-headline-5d902513 gb-headline-text\"><strong>Contents<\/strong><\/h2>\n<h2 class=\"gb-headline gb-headline-5e1d954f gb-headline-text\" id=\"news-links-share-data-disclosure\"><strong>News links, share data and disclosure<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li><strong>Share price: <\/strong>\u00a397<\/li>\n<li><strong>Share count: <\/strong>3,899,014<\/li>\n<li><strong>Market capitalisation: <\/strong>\u00a3378m<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-500c1aba gb-headline-text\" id=\"why-i-own\"><strong>Why I own MTVW<\/strong><\/h2>\n<figure class=\"gb-block-image gb-block-image-0b451712\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1100\" height=\"389\" class=\"gb-image gb-image-0b451712\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2020\/12\/MTVW-houses-banner-1100x389-1.jpg\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2020\/12\/MTVW-houses-banner-1100x389-1.jpg 1100w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2020\/12\/MTVW-houses-banner-1100x389-1-300x106.jpg 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2020\/12\/MTVW-houses-banner-1100x389-1-1024x362.jpg 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2020\/12\/MTVW-houses-banner-1100x389-1-768x272.jpg 768w\" sizes=\"(max-width: 1100px) 100vw, 1100px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Board led by veteran family manager who continues to head an aggregate 50%\/\u00a3191m concert-party shareholding.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Properties are carried at cost, and when eventually sold at their \u2018reversionary\u2019 values may generate total proceeds significantly in excess of the recent market cap.<\/li>\n<\/ul>\n<p><strong>Further reading: <\/strong><a href=\"https:\/\/maynardpaton.com\/2014\/04\/18\/mountview-estates-plc-why-im-up-70-in-3-years\/\">My MTVW Buy report<\/a> | <a href=\"https:\/\/maynardpaton.com\/mtvw\/\">All my MTVW posts<\/a>  | <a rel=\"noreferrer noopener\" href=\"https:\/\/www.mountviewplc.co.uk\/\" target=\"_blank\">MTVW website<\/a> <\/p>\n<h2 class=\"gb-headline gb-headline-c1db1ecf gb-headline-text\" id=\"results-summary\"><strong>Results summary<\/strong><\/h2>\n<figure class=\"gb-block-image gb-block-image-11b997eb\"><img loading=\"lazy\" decoding=\"async\" width=\"1060\" height=\"720\" class=\"gb-image gb-image-11b997eb\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-summary.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-summary.png 1060w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-summary-300x204.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-summary-1024x696.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-summary-768x522.png 768w\" sizes=\"auto, (max-width: 1060px) 100vw, 1060px\"\/><\/figure>\n<h2 class=\"gb-headline gb-headline-2bf4554b gb-headline-text\" id=\"revenue-profit-net-asset-value-dividend\"><strong>Revenue, profit, net asset value and dividend<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Having reported reasonable progress and mentioned \u201c<em>more positive<\/em>\u201d economic indicators\u2026\u00a0<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<strong><em>Looking forward economic indicators<\/em><\/strong><em>, including projected inflation levels, <\/em><strong><em>are looking more positive <\/em><\/strong><em>albeit projected to lead to only sluggish growth in the coming years leaving many households yet to regain pre-pandemic real disposable income levels. <\/em><em>Thus the wider outlook is once more finely balanced as any one of a number of factors could tip the balance<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>\u2026the preceding FY suggested this H1 might have delivered a small improvement on the comparable H1.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 in fact cited \u201c<em>economic difficulties<\/em>\u201d for a lower profit\u2026<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>The <\/em><strong><em>economic difficulties<\/em><\/strong><em> being suffered throughout the country have contributed to the Company\u2019s gross profit for the six months ended 30 September 2024 decreasing by 4.5% and profit before tax by 9.0%\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The sale of fewer properties caused H1 revenue to decline 5% to \u00a337.4m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-72033204\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-72033204\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart01.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart01.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart01-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>H1 operating profit in turn slipped 5% to \u00a320.5m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-62341c45\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-62341c45\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart02.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart02.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart02-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>For context, H1 revenue was 13% lower and H1 operating profit was 22% lower than H1 2016, during which revenue reached a record \u00a342.8m and operating profit reached a record \u00a326.3m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1\u2019s revenue was split 70%\/30% between property sales and rental income, which matched the average of the ten preceding H1s (71%\/29%): \u00a0 \u00a0 \u00a0 \u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-5b318d94\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-5b318d94\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart03.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart03.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart03-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Note that MTVW typically sells its regulated-tenancy properties after obtaining \u2018vacant possession\u2019 \u2014 which in most cases does not occur until the tenant has died:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Regulated tenancies by their nature are not for any specific period of time <\/em><strong><em>and in most cases they do not become vacant until the death of the tenant<\/em><\/strong><em>. It is difficult to predict with any certainty the time at which Mountview\u2019s inventory properties might become vacant<\/em>.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>This H1 did not suggest the economy had suddenly improved\u2026<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<strong><em>We live in difficult times<\/em><\/strong><em>, but I believe that this Company will continue to prosper and can continue to <\/em><strong><em>care for its staff<\/em><\/strong><em> and its shareholders.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>At least the preceding FY had reiterated MTVW\u2019s \u201c<em>lower priced<\/em>\u201d portfolio could escape the worst of any economic downturn:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>We are fortunate that the properties that Mountview brings to auction are typically in high demand as they <\/em><strong><em>offer a lower priced entry to the housing market<\/em><\/strong><em> or, if sold to developers, <\/em><strong><em>provide opportunity for \u2018developer profit\u2019<\/em><\/strong><em>. We are hopeful therefore that <\/em><strong><em>Mountview will continue to be well placed to weather any continued downturn in the general housing market<\/em><\/strong><em>, should it occur, through both continuing sales of attractive properties and also with the opportunity to purchase potentially discounted replacement properties both through auction and private tender.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s properties are located mostly within London and south-east England, and 658 (86%) of the 818 properties MTVW sold during the five years to this H1 achieved less than \u00a3500k:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-4c38ba5d\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-4c38ba5d\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart04.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart04.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart04-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>This H1 bemoaned the higher cost of borrowing:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Although interest rates have been reduced slightly in recent months, <\/em><strong><em>they are still at levels last experienced over ten years ago and <\/em><\/strong><strong><em>are a significant factor in our increased costs<\/em><\/strong>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>H1 interest payments in fact surged 48% to \u00a32.4m due to a higher rate of interest paid on a greater level of debt (see <a href=\"#financials-balance-sheet\">Financials: balance sheet<\/a>).\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>H1 interest payments absorbed 6.4% of H1 revenue, the highest six-month proportion since H2 2013 (6.9%):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-86891a50\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-86891a50\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart05.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart05.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart05-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>H1 earnings of \u00a314m less the \u00a311m final dividend from the preceding FY meant net asset value (NAV) increased by just \u00a33m to \u00a3402m or \u00a3103.22 per share:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-5d79208e\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-5d79208e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart06.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart06.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart06-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>H1 NAV of \u00a3402m:\n<ul class=\"wp-block-list\">\n<li>Comprised properties of \u00a3484m, debt of \u00a377m and net other liabilities of \u00a34m;<\/li>\n<li>Set a new record high, and;<\/li>\n<li>Exceeds the \u00a3378m market cap (see <a href=\"#valuation\">Valuation<\/a>).\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-1799e31c\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-1799e31c\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart04.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart04.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart04-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>NAV has settled around \u00a3100 per share during recent years, in part due to special payouts totalling 525p per share declared during FYs 2022 and 2023:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-436ff34a\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-436ff34a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart07.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart07.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart07-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The 525p per share paid as special dividends could have otherwise been retained to bolster NAV.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1\u2019s dividend was kept at 250p per share.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The annual ordinary dividend has never been cut since at least 1985:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-4324c447\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-4324c447\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart05.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart05.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart05-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The combination of NAV growth and the rising dividend has in the past handsomely rewarded long-term shareholders. But such returns have moderated over time.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>For example, during the five years to this H1, NAV has increased by \u00a329m and paid dividends have totalled \u00a3111m to give a combined \u00a3140m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-efdd3f6e\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-efdd3f6e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart08.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart08.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart08-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Versus NAV of \u00a3373m five years ago, the combined \u00a3140m equates to a 38% return.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In comparison, increased NAV and accumulated dividends came to \u00a3153m during the five years to H1 2021 (a 50% combined NAV and dividend return) \u2014 and reached \u00a3164m during the five years to H1 2018 (a 70% combined NAV and dividend return):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-f9aa8feb\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-f9aa8feb\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart09.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart09.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart09-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The hope is future NAV and dividend growth can soon improve by MTVW undertaking shrewd property purchases. This H1 suggested such investments have been made:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">\u201c<em>Our purchasing activity, which is the future of the Company, <\/em><strong><em>has remained strong<\/em><\/strong><em> during these six months and we <\/em><strong><em>continue to be offered further opportunities<\/em><\/strong><em>. Our financial strength should enable us to take advantage of the best of these, but we will not compromise our financial prudence.\u201d<\/em><\/p>\n<h2 class=\"gb-headline gb-headline-0c220a92 gb-headline-text\" id=\"trading-properties-disposals\"><strong>Trading properties: disposals<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>H1 revenue from property sales fell 10% to \u00a326m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-dd6d4b51\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-dd6d4b51\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart10.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart10.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart10-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The property-sales shortfall was due to MTVW disposing of 73 units during this H1 versus 82 during the comparable H1:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-1cc2932b\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-1cc2932b\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart11.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart11.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart11-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The average H1 sale price (before transaction expenses) of \u00a3361k was commensurate with the \u00a3356k achieved during the comparable H1 and the \u00a3374k achieved during H1 2023.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Average sale prices can be skewed by MTVW occasionally raising \u00a31m-plus from a single transaction. This H1 included three \u00a31m-plus disposals, the most for an H1 since at least H1 2016:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-6ca186e1\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"250\" class=\"gb-image gb-image-6ca186e1\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals3.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals3.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals3-300x70.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals3-1024x239.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals3-768x179.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The information MTVW publishes for its H1s does not allow shareholders to deduce the mix of tenancy types sold during the period.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>But for each FY, the mix of tenancy types sold <span style=\"text-decoration: underline;\"><em>can<\/em><\/span> be deduced by comparing the amount invested in each type of tenancy and adjusting for property purchases undertaken during that FY.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>For example, the preceding FY reported the year-end book value of regulated tenancies, assured shorthold tenancies and \u2018other\u2019 properties had increased by \u00a320.5m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-f911f08a\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"310\" class=\"gb-image gb-image-f911f08a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-units-H1-2025.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-units-H1-2025.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-units-H1-2025-300x89.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-units-H1-2025-1024x302.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-units-H1-2025-768x227.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The preceding FY also reported \u00a334.9m spent acquiring new regulated tenancies, assured shorthold tenancies and \u2018other\u2019 properties:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-19986cd0\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"550\" class=\"gb-image gb-image-19986cd0\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-acquisitions-H1-2025.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-acquisitions-H1-2025.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-acquisitions-H1-2025-300x157.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-acquisitions-H1-2025-1024x536.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2024-results-acquisitions-H1-2025-768x402.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The book value of the regulated tenancies, assured shorthold tenancies and \u2018other\u2019 properties that were sold during the preceding FY was therefore \u00a334.9m less \u00a320.5m = \u00a314.4m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-1da89c70\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-1da89c70\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart12.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart12.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart12-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Note that my calculations (or MTVW\u2019s information) may not be strictly accurate, because FYs 2016 and 2022 give a <span style=\"text-decoration: underline;\"><em>negative<\/em><\/span> value for the assured tenancies, life tenancies and ground rents sold.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Analysing the mix of tenancy types sold could in time help explain why:\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>My calculations do not indicate an obvious change to the mix of tenancy types sold, although the preceding FY did witness a significant \u00a37m sale of assured tenancies, life tenancies and ground rents.<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[AGM 2023]<br \/>\u201c<em>Q:<\/em> <em>Sale of 50 ground rents, seems a significant number.<\/em><br \/><em>MTVW: <\/em><strong><em>Due to the Leasehold Reform Act.<\/em><\/strong><em> Analysed our ground rents and decided to put them up for auction. Sold them because they were not going to gain further value. <\/em><strong><em>Going to be a future trend of analysing and selling the freehold ground rents.<\/em><\/strong>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>The preceding FY disclosed ground rents representing approximately 1% of the group\u2019s trading-property estate:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-1b3cfd0b\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-1b3cfd0b\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart13.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart13.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart13-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>My layman interpretation of the <a href=\"https:\/\/www.gov.uk\/government\/news\/leasehold-reforms-become-law\" target=\"_blank\" rel=\"noreferrer noopener\">Leasehold and Freehold Reform Act<\/a> does not suggest MTVW\u2019s core portfolio of regulated tenancies will become an obvious casualty of the new legislation.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-c3bddcec gb-headline-text\" id=\"trading-properties-acquisitions\"><strong>Trading properties: acquisitions<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>Some \u00a323m (before transaction expenses) was used to acquire 72 properties during this H1:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-b594e8a3\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"520\" class=\"gb-image gb-image-b594e8a3\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions2.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions2.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions2-300x146.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions2-1024x498.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions2-768x373.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The average purchase price (before transaction expenses) was \u00a3316k and very similar to the average witnessed during the preceding 18 months:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-33e17121\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-33e17121\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart14.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart14.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart14-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The average \u00a3316k purchase price (before transaction expenses) was \u00a345k less than the average \u00a3361k sale price (before transaction expenses).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The difference between the average selling price and the average buying price may not have any practical relevance to MTVW\u2019s future progress. But MTVW selling at higher prices and buying at lower prices does feel more reassuring than the other way around.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>For what it is worth, the preceding four FYs witnessed MTVW achieve an average selling price greater than its average buying price:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-c3c18bdf\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-c3c18bdf\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart15.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart15.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart15-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s property expenditure remains relatively elevated, which I trust means shrewd buying opportunities have not yet dried up.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Including transaction expenses and improvement costs, this H1\u2019s \u00a325m expenditure on property purchases compares to an H1\/H2 average of \u00a317m throughout the preceding ten FYs:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-2360e380\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-2360e380\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart18.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart18.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart18-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The preceding two FYs revealed a substantial \u00a380m spent acquiring portfolios of properties\u2026 \u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-28150208\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-28150208\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart16.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart16.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart16-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>\u2026which implies the elevated buying activity has been prompted by larger landlords selling in bulk.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 did not speculate why landlords were selling, but the preceding FY did mention \u201c<em>changing and evolving legislation<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] \u201c<em>Operationally, we will monitor the requirements resulting from <\/em><strong><em>changing and evolving legislation<\/em><\/strong><em>. This will <\/em><strong><em>include environmental legislation and the Leasehold and Freehold Reform Act (2024)<\/em><\/strong><em> (the Act) hastily rushed through Parliament during the wash-up period prior to Parliament being dissolved on 30 May 2024. Early comments have noted not just the terms of this Act but also its gaps, which will need future legislation. Moreover, implementing even the current Act will require further secondary legislation<\/em>.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>The government is proposing rented properties must possess an Energy Performance Certificate (EPC) rating of C or above from 2028 for new tenancies and from 2030 for all tenancies.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s EPC information only discloses 91% of the group\u2019s properties have an EPC rating of E or above (or are exempt), with 9% yet to receive an assessment:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-0351db8f\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"400\" class=\"gb-image gb-image-0351db8f\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-epc.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-epc.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-epc-300x114.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-epc-1024x390.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-epc-768x293.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>A question about the proportion of properties that would require an EPC upgrade yielded the following unsatisfactory response during the <a href=\"https:\/\/maynardpaton.com\/2023\/10\/28\/mountview-estates-lowly-50-fy-gross-margin-despite-record-395k-average-sales-price-signals-property-purchases-realising-limited-gains-and-leaves-100-shares-trading-at-nav\/#comment-13264\">2023 AGM<\/a>:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[AGM 2023]<br \/>\u201c<em>Q: Rough estimate of the number of properties affected by EPC?<br \/>MTVW: We know the current EPC ratings of our properties. Choose your own expenditure cap and multiply that by a proportion of our property portfolio. Won\u2019t say what that proportion is. <\/em><strong><em>We do know the proportion, but don\u2019t have it to hand.<\/em><\/strong><em> Would be very unfair and unreasonable to start making a guess on that question. All we have is the figure which is presented in the annual report of the number of properties that meet EPC or have an exemption.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>I therefore speculate the proportion of properties that will require upgrading from EPC ratings D or E to C to be significant.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The government\u2019s energy-efficiency consultation sought views on whether \u201c<strong><em>landlords should be required to invest up to a maximum of \u00a315,000 per property<\/em><\/strong><em> on improvements to meet the standard (the \u2018cost cap\u2019), after which they could register a 10-year exemption to continue to let the property if it does not reach the standard.\u201d<\/em><\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The same proposals referred to <em>\u201cgovernment modelling<\/em>\u201d and \u201c<em>on average, properties will require <\/em><strong><em>between \u00a36,100 and \u00a36,800 worth of investment<\/em><\/strong><em> to meet the standard under the preferred metric approach.\u201d<\/em><\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY showed MTVW owning 2,320 tenanted properties:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-8498ce36\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"310\" class=\"gb-image gb-image-8498ce36\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-units.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-units.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-units-300x89.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-units-1024x302.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-units-768x227.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>2,320 tenanted properties imply a possible energy-efficiency improvement bill of up to:\n<ul class=\"wp-block-list\">\n<li>\u00a315m (almost \u00a34 a share) based on the \u00a36.45k \u201c<em>government modelling<\/em>\u201d mid-point estimate, or;<\/li>\n<li>\u00a335m (almost \u00a39 per share) based on the proposed \u00a315k maximum.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW seems unlikely to pass on much (if any) of the extra EPC costs to tenants, given rents for the group\u2019s core regulated-tenancy portfolio are set by <a href=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-fair-rents-guide-2014.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">local Valuation Offices<\/a>.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The book value of the trading properties includes \u201c<em>improvement costs<\/em>\u201c:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024]<br \/>\u201c<em>INVENTORIES \u2013 TRADING PROPERTIES<br \/>These comprise residential properties, all of which are held for resale, and are shown in the financial statements at the lower of cost and estimated net realisable value.<\/em><strong><em> Cost includes <\/em><\/strong><em>legal fees and commission charges incurred during acquisition<\/em><strong><em> together with improvement costs<\/em><\/strong><em>. Net realisable value is the net sale proceeds which the Group expects on sale of a property in its current condition with vacant possession<\/em>.\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>Expenditure to upgrade properties to EPC rating C therefore seems likely to be capitalised as stock and pass through the income statement only at the point of disposal.<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-35b61280\"><img loading=\"lazy\" decoding=\"async\" width=\"846\" height=\"278\" class=\"gb-image gb-image-35b61280\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2014-example-properties.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2014-example-properties.png 846w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2014-example-properties-300x99.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2014-example-properties-768x252.png 768w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2014-example-properties-624x205.png 624w\" sizes=\"auto, (max-width: 846px) 100vw, 846px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Up to 80% of this H1\u2019s \u00a323m property expenditure (before transaction and improvement costs) was spent acquiring MTVW\u2019s core regulated-tenancy properties:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-2981701c\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"520\" class=\"gb-image gb-image-2981701c\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions-300x146.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions-1024x498.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-acquisitions-768x373.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Up to 80% correlates with the up to 81% average seen during the preceding ten FYs:\u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-31100219\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-31100219\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart17.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart17.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart17-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>MTVW has spent up to \u00a3131m acquiring regulated tenancies during the last five years\u2026<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-f122c780\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-f122c780\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart16.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart16.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart16-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>\u2026which suggests the market for regulated tenancies has not disappeared just yet.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The market for trading regulated tenancies could therefore last another two or three decades, although transaction activity will inevitably dwindle over time.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The number of regulated tenancies owned by MTVW surpassed 3,000 25 years ago, surpassed 2,400 ten years ago but the preceding FY showed less than 1,900:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-2fe8f10e\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-2fe8f10e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart11.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart11.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart11-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<h2 class=\"gb-headline gb-headline-d462f4de gb-headline-text\" id=\"trading-properties-gross-margin\"><strong>Trading properties: gross margin<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s margin and profit can fluctuate due to the unpredictable mix of properties becoming available for sale during any particular period.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The percentage gain on each property sold \u2014 reflected by MTVW\u2019s gross margin \u2014 should be correlated to the duration of MTVW\u2019s ownership, which can range from a few years to a few decades.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 registered a 57% property-sales gross margin:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-14113ff7\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-14113ff7\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart34.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart34.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart34-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>A property-sales gross margin of 57% is equivalent to buying a property for \u00a3100k and selling it for \u00a3233k.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY was the third consecutive FY with a property-sales gross margin of less than 60%\u2026<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-66dd341a\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-66dd341a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart20.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart20.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart20-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>\u2026and this H1\u2019s 57% looks set to make it four consecutive FYs.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li><span style=\"text-decoration: underline;\"><em>A four-year run of sub-60% FY property-sales gross margins is very unusual. The last time such a run occurred was the four years to FY 2000.<\/em><\/span><\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The run of sub-60% gross margins now gives a lower five-year average versus the preceding five-year periods:\n<ul class=\"wp-block-list\">\n<li>Five years to this H1: 58% average;<\/li>\n<li>Five years to H1 2020: 62% average, and;<\/li>\n<li>Five years to H1 2015: 61% average.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The lower-than-normal gross margin suggests properties have been increasingly acquired for too much and\/or sold for too little.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In particular, the \u00a3100m spent acquiring properties during FY 2008 may not have delivered the subsequent gains MTVW expected at the time:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-e25bb274\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-e25bb274\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-FY-2024-spreadsheet-chart14-H1-2015.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-FY-2024-spreadsheet-chart14-H1-2015.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-FY-2024-spreadsheet-chart14-H1-2015-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The \u00a3100m spent during FY 2008 was by far MTVW\u2019s largest annual payment for additional properties\u2026 and the purchases occurred when house prices had started to falter ahead of the banking crash.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Some \u00a343m of that \u00a3100m was used to purchase Magdalen Park Estate in south-west London:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-01a0b10c\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"530\" class=\"gb-image gb-image-01a0b10c\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2008-magdalen-park-estate.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2008-magdalen-park-estate.png 1000w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2008-magdalen-park-estate-300x159.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-AR-2008-magdalen-park-estate-768x407.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The initial 2.0% rental yield from the Magdalen estate may not have offered tremendous value when, the year before, MTVW\u2019s other properties were yielding a collective 5.5% on their purchase cost (\u00a312m\/\u00a3218m).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The aforementioned tenancy profiles of the properties bought and sold do not indicate a significant change to the mix of tenancy types traded, which in turn suggests the sub-60% gross margin may indeed be due simply to \u2018high\u2019 purchase prices.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Bear in mind the \u2018reversionary\u2019 gains available from regulated tenancies \u2014 i.e. the value uplift that occurs when a regulated tenancy finishes, the rent reverts to a proper market level and the property can then be sold at a fair market value \u2014 will inherently reduce over time, as tenants become older and the duration to \u2018vacant possession\u2019 becomes shorter.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The days of 60%-plus property-sales gross margins may have therefore gone for good, as the \u2018reversionary gain\u2019 potential continues to narrow for today\u2019s regulated-tenancy buyers.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Still, gross margins can rebound significantly as the unpredictable mix of properties becoming available for sale changes. For example, the 49% property-sales gross margin for H1 2014 had rebounded to a super 66% by H1 2015.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-08544334 gb-headline-text\" id=\"trading-properties-rental-income\"><strong>Trading properties: rental income<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s H1 rental income gained a useful 11% to set a new six-month record of \u00a311.1m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-a3925ab5\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-a3925ab5\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart21.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart21.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart21-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The greater rental income reflects the elevated rate of recent acquisitions \u2014 and perhaps a higher rental yield on purchase.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW appears to have enjoyed a step-change to rental income, whereby twelve-month rental income now exceeds \u00a321m after settling within the \u00a318m-\u00a319m range since FY 2016.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>During the five years to this H1, twelve-month rental income has gained 12% or \u00a32.3m while the book value of all properties has advanced 16% or \u00a366m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-d5a4c5ab\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-d5a4c5ab\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart22.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart22.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart22-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The figures suggest for every net \u00a31m spent on new properties during the last five years, an extra \u00a334k (3.4%) has been added to the rent.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#comment-13407\">2024 AGM<\/a> implied MTVW sought to buy regulated tenancies supplying rental incomes of between 2.5% and 3% of cost.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>H1 rental income of \u00a311m equates to an effective 4.6% rental yield from this H1\u2019s average \u00a3478m book value of all properties:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-e739da82\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-e739da82\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart23.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart23.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart23-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>4.6% is a small but welcome improvement on the 4.4% witnessed during the preceding FY, which was the lowest rental yield since at least FY 1998:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-f832a5bf\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-f832a5bf\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart22.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart22.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart22-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>4.6% is also ahead of the present 4.25% base rate.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Barring the 79% spike registered during the pandemic when certain maintenance work was deferred or cancelled, this H1\u2019s 72% rental-income gross margin was the highest since H1 2019 (72%):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-67af9ad7\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-67af9ad7\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart24.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart24.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart24-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>I trust this H1\u2019s improved rental-income gross margin supports the notion of MTVW now acquiring properties with a higher initial yield and generally undertaking shrewd purchases.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 generated a rental income \u2018surplus\u2019 of \u00a32.8m after rental income of \u00a311.1m paid maintenance costs of \u00a33.1m, administration costs of \u00a32.8m and bank interest of \u00a32.4m:\u00a0<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-a8e1fe9b\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-a8e1fe9b\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart25.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart25.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart25-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Twelve-month \u2018surplus\u2019 rental income now runs at approximately \u00a33.5m, which provides useful headroom for higher operating costs and interest rates (see <a href=\"#financials-balance-sheet\">Financials: balance sheet<\/a>). However, annual \u2018surplus\u2019 rental income did exceed \u00a35m between FYs 2014 and 2023:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-36deba46\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-36deba46\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart23.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart23.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart23-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<h2 class=\"gb-headline gb-headline-07529150 gb-headline-text\" id=\"trading-properties-properties-valued-by-allsop\"><strong>Trading properties: properties valued by Allsop<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>MTVW continues to dispose of properties at a premium to a past valuation.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>To recap, MTVW commissioned property agent Allsop during September 2014 to assess the group\u2019s estate.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Allsop returned a \u00a3666m valuation \u2014 some 2.1x the \u00a3318m book value of the properties owned at the time.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The Allsop assessment was based on MTVW\u2019s properties remaining in their regulated-tenancy state and therefore excluded any \u2018reversionary\u2019 gains.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The Allsop assessment was never applied to the formal accounts. MTVW\u2019s properties instead remain on the balance sheet at their cost price.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Following the Allsop assessment, MTVW reveals the proceeds from sold properties versus their Allsop valuation:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-42a39567\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"320\" class=\"gb-image gb-image-42a39567\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop1.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop1.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop1-300x90.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop1-1024x306.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop1-768x230.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>This H1 witnessed MTVW sell properties with a combined \u00a314.9m Allsop valuation for \u00a321.2m \u2014 a premium of 42%:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-fce1cca6\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-fce1cca6\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart26.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart26.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart26-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Rather oddly, this H1\u2019s 42% premium was well below the 60%-plus premiums enjoyed during FYs 2022 and 2023, and was the lowest since H1 2016 (38%).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I would venture the low, 42% premium was due primarily to an unfortunate mix of sold properties that did not quite live up to their expected disposal value.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>After all, every Allsop-valued property was acquired before or during 2014, and previous sales of Allsop-valued properties have yielded worthwhile premiums of up to 66%.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Note that MTVW did not appear to incur weaker selling prices for its Allsop-valued properties. The 56 sold during this H1 achieved an average \u00a3379k\u2026<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-2c8599e4\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"320\" class=\"gb-image gb-image-2c8599e4\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop2.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop2.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop2-300x90.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop2-1024x306.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop2-768x230.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>\u2026compared to \u00a3314k during the comparable H1 and \u00a3363k during H1 2023.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The realised premium to the Allsop valuation has implications for estimating MTVW\u2019s potential share price (see <a href=\"#valuation\">Valuation<\/a>).<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-1cdbf0b7\"><img loading=\"lazy\" decoding=\"async\" width=\"1165\" height=\"338\" class=\"gb-image gb-image-1cdbf0b7\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2015-example-properties.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2015-example-properties.png 1165w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2015-example-properties-300x87.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2015-example-properties-768x223.png 768w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2015-example-properties-1024x297.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2019\/07\/MTVW-AR-2015-example-properties-624x181.png 624w\" sizes=\"auto, (max-width: 1165px) 100vw, 1165px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>During the ten years following the Allsop assessment, MTVW has raised \u00a3455m from selling properties the agent had valued at \u00a3304m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Selling properties that Allsop had valued at \u00a3304m implies the book value (i.e. the original cost) of the properties sold was \u00a3145m (i.e. \u00a3304m divided by the aforementioned 2.1x multiple).\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Selling Allsop-valued properties with a \u00a3145m book value indicates Allsop-valued properties with a \u00a3173m book value remain within MTVW\u2019s ownership (i.e. the \u00a3318m book value at the September 2014 assessment less the \u00a3145m since sold).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>If MTVW has taken ten years to sell Allsop-valued properties with an estimated \u00a3145m book value, the remaining Allsop-valued properties of \u00a3173m could therefore take a further 12 years to sell.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This H1 showed total trading properties possessing a \u00a3460m book value, implying properties purchased after the Allsop review have a \u00a3287m book value (i.e. \u00a3460m less the remaining Allsop-valued properties of \u00a3173m).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>As more Allsop-valued properties are sold and other properties are purchased, the less relevant the 2014 Allsop valuation becomes to MTVW\u2019s share price.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s results commentary has never referred to the Allsop valuation since the assessment was undertaken, and the preceding FY repeated the explanation why:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024] <em>\u201cThe [Allsop] valuation is <\/em><strong><em>not a useful tool for running the business <\/em><\/strong><em>because we are always going to await vacant possession, and no perceived uplift in value can justify selling a tenanted property. The nature of our business and the rules and conventions under which we operate <\/em><strong><em>place no obligation upon us to value our trading stock<\/em><\/strong><em> at any given time and therefore the valuation has not been updated since.<\/em>\u201d\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>Numerous shareholders have questioned the board during several AGMs about the prospect of another Allsop-type valuation. However, the board has repeatedly rejected another assessment. Reasons given have included:\n<ul class=\"wp-block-list\">\n<li>The assessment is not used by management;<\/li>\n<li>The assessment is expensive, and;<\/li>\n<li>There is no accounting requirement.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks during the <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#comment-13407\">2024 AGM<\/a> confirmed the directors were unanimous in their decision not to undertake another Allsop-type valuation.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>An irony perhaps of the board not undertaking another valuation is that, should the directors wish to sell, they may not achieve a satisfactory price for their shares.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW non-exec Mhairi Archibald meanwhile raised \u00a335k after selling MTVW shares during March at \u00a388.50 \u2014 <span style=\"text-decoration: underline;\"><em>14% below<\/em><\/span> this H1\u2019s NAV per share:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-6b3ec356\"><a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"300\" class=\"gb-image gb-image-6b3ec356\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-non-exec-sales2.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-non-exec-sales2.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-non-exec-sales2-300x86.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-non-exec-sales2-1024x293.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-non-exec-sales2-768x219.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/a><figcaption class=\"gb-headline gb-headline-4140c723 gb-headline-text\"><em><sub>(Source: <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a>) <\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Had MTVW undertaken another Allsop-type assessment and revealed further \u2018hidden value\u2019 within its property estate, the shares may now be trading above NAV\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026and both the wife of Dr Williams and Ms Archibald may have raised somewhat more than they did (see <a href=\"#valuation\">Valuation<\/a>).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Note that the 2014 Allsop valuation \u2014 and the revelation that the property estate could be worth 2.1x its then book value \u2014 prompted the share price to rally to \u00a3125:<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Another valuation that reveals further \u2018hidden value\u2019 could once again re-rate the shares (see <a href=\"#valuation\">Valuation<\/a>) and prevent directors (and other shareholders) from being \u2018short-changed\u2019 by the market should they ever wish to sell.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I maintain MTVW should implement regular Allsop-type valuations to provide greater clarity about the inherent value of the group\u2019s property estate.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In particular, further valuations would help shareholders judge the astuteness of MTVW\u2019s recent purchases and perhaps allay worries of:\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks at the <a href=\"https:\/\/maynardpaton.com\/2021\/07\/15\/mountview-estates-estimated-nav-still-surpasses-200-per-share-after-remarkable-h2-shows-welcome-1-55x-sales-premium-and-12-5-final-dividend-lift\/#comment-12966\">2021 AGM<\/a> revealed the Allsop valuation cost \u00a3600k and \u201c<em>would be more now<\/em>\u201c.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Even if another Allsop assessment cost \u00a31m, the shareholder value created through an increased market-cap could make the process extremely worthwhile. The shares moving from \u00a397 to, say, \u00a3117, following a favourable valuation would create additional market value of \u00a378m.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The cost of regular valuations could be offset partly by savings generated from:\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The board may argue MTVW\u2019s illustrious NAV and dividend records have served outside shareholders very well despite the lack of formal valuations.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-010990a9 gb-headline-text\" id=\"trading-properties-properties-not-valued-by-allsop\"><strong>Trading properties: properties not valued by Allsop\u00a0<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>The Allsop assessment and associated disclosures allow shareholders to evaluate the properties not valued by Allsop.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>During this H1, properties bought after the Allsop valuation raised proceeds of \u00a35.2m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-db202d70\"><img loading=\"lazy\" decoding=\"async\" width=\"1070\" height=\"320\" class=\"gb-image gb-image-db202d70\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop3.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop3.png 1070w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop3-300x90.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop3-1024x306.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-disposals-allsop3-768x230.png 768w\" sizes=\"auto, (max-width: 1070px) 100vw, 1070px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>But what was the original cost of those properties that raised the \u00a35.2m?<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The Allsop-valued properties sold during this H1 had an Allsop valuation of \u00a314.9m, which suggests their book value (i.e. purchase price) was \u00a314.9m\/2.1x = \u00a37.1m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The total book value of properties sold during this H1 was \u00a311.3m, which implies the book value of the properties bought after the Allsop valuation and sold during this H1 was \u00a311.3m less \u00a37.1m = \u00a34.2m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Raising \u00a35.2m from selling properties with an estimated \u00a34.2m purchase price indicates MTVW disposed of the properties at a 24% premium.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks during both the <a href=\"https:\/\/maynardpaton.com\/2019\/07\/15\/mountview-estates-2019-results-show-encouraging-h2-as-nav-climbs-to-94-per-share-and-closer-to-97-share-price\/#comment-12556\">2019 AGM<\/a> and the <a href=\"https:\/\/maynardpaton.com\/2023\/10\/28\/mountview-estates-lowly-50-fy-gross-margin-despite-record-395k-average-sales-price-signals-property-purchases-realising-limited-gains-and-leaves-100-shares-trading-at-nav\/#comment-13264\">2023 AGM<\/a> stressed MTVW purchased regulated tenancies at 75% of their \u2018vacant possession\u2019 value.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In theory at least, a regulated property purchased one day at 75% of \u2018vacant possession\u2019 value \u2014 which then becomes vacant the next day \u2014 should enjoy an immediate 33% \u2018reversionary\u2019 gain.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I calculate during the ten years following the Allsop valuation, MTVW has raised a total \u00a369m from selling properties not valued by Allsop with an estimated book value (i.e. purchase price) of \u00a364m:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-0965daf9\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-0965daf9\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart27.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart27.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart27-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>I calculate during the five years to this H1, MTVW has raised a total \u00a351m from selling properties not valued by Allsop with an estimated book value of \u00a346m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>My estimates indicate MTVW\u2019s purchases following the Allsop assessment of September 2014 have led to \u2018reversionary\u2019 gains somewhat below the 33% that buying at 75% of \u2018vacant possession\u2019 should generate.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>My estimates could easily explain why the property-sales gross margin has been less than 60% during recent years; properties bought and then sold since September 2014 have seemingly realised only modest gains.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>My estimates may also explain why the share price has made little headway during the same time:<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Of course, not every property MTVW has purchased following the Allsop assessment has been sold.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Those properties not valued by Allsop but still owned by MTVW could be sitting on huge paper gains, while those that have been sold were held for relatively short durations that would always limit their final profit.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Furthermore, MTVW acquires properties other than regulated tenancies, which may require more than the ten years since the Allsop assessment to maximise their upside.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Still, buying properties for an estimated \u00a364m\/\u00a346m and then selling for \u00a369m\/\u00a351m can\u2019t be deemed a rousing success \u2014 especially when 33% \u2018reversionary\u2019 uplifts should be enjoyed.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>My Allsop calculations and those undertaken by other shareholders probably explain the pointed questions about MTVW\u2019s purchases during the <a href=\"https:\/\/maynardpaton.com\/2023\/10\/28\/mountview-estates-lowly-50-fy-gross-margin-despite-record-395k-average-sales-price-signals-property-purchases-realising-limited-gains-and-leaves-100-shares-trading-at-nav\/#protest-votes-david-pears-executive-pay\">2023 AGM<\/a> and the <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#comment-13407\">2024 AGM<\/a>.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks to those questions during the 2024 AGM included:\n<ul class=\"wp-block-list\">\n<li>\u201c<em>We\u2019re satisfied that the purchasing process is robust<\/em>\u201c;<\/li>\n<li>\u201c<em>We are content with the returns which have been delivered<\/em>\u201c, and;<\/li>\n<li>\u201c<em>Calculations from the outside are based upon summary level information and lead to a different answers to what you get from the inside, which include precise costs associated with the individual properties.<\/em>\u201c<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Note that transaction costs (as well as improvement costs) are included within the book value of the trading properties:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[FY 2024]<br \/>\u201c<em>INVENTORIES \u2013 TRADING PROPERTIES<br \/>These comprise residential properties, all of which are held for resale, and are shown in the financial statements at the lower of cost and estimated net realisable value.<\/em><strong><em> Cost includes legal fees and commission charges incurred during acquisition together with improvement costs<\/em><\/strong><em>. Net realisable value is the net sale proceeds which the Group expects on sale of a property in its current condition with vacant possession<\/em>.\u201c<\/p>\n<figure class=\"gb-block-image gb-block-image-64b5098f\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-64b5098f\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart28.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart28.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart28-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The absence of a follow-up Allsop-type assessment leaves me to assume the properties not valued by Allsop but still carried on the balance sheet are unlikely to enjoy an eventual sale value vastly in excess of their aforementioned \u00a3287m aggregate purchase price.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-f7c1278b gb-headline-text\" id=\"financials-balance-sheet\"><strong>Financials: balance sheet<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s accounts remain very straightforward, with properties and debt the two prime entries:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-f2f3326d\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"853\" class=\"gb-image gb-image-f2f3326d\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-balance-sheet.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-balance-sheet.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-balance-sheet-300x244.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-balance-sheet-1024x832.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-balance-sheet-768x624.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The aforementioned \u00a325m spent on new properties (including transaction and improvement costs) led to a free cash outflow of \u00a31m, with dividends of \u00a310m then increasing H1 debt from \u00a367m to \u00a377m.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Debt at \u00a377m is the highest since H2 2014 (\u00a378m), but is equivalent to only 16% of the group\u2019s \u00a3484m total property estate:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-dfb658c9\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-dfb658c9\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart29.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart29.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart29-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>For perspective, MTVW operated with net debt equivalent to 25% or more of its property estate during FYs 2008, 2009, 2010, 2012 and 2013:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-da18c0b8\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-da18c0b8\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart30.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart30.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart30-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s banking facilities allow borrowings of up to \u00a390m, equivalent to 19% of the total property estate.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>A repeat of this H1\u2019s \u00a311m debt increase during H2 would take debt to \u00a388m and require MTVW to extend its \u00a390m borrowing facilities in order to undertake significant further purchases.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Finance costs of \u00a32.4m for this H1 were 48% greater than the \u00a31.6m for the comparable H1, and implied a 6.65% interest rate on this H1\u2019s \u00a372m average debt:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-350f54c6\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-350f54c6\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart31.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart31.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart31-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>My estimated H1 interest cost of 6.65% is the highest since H1 2008 (6.73%).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The preceding FY reconfirmed MTVW\u2019s borrowings incur an approximate 2% margin above <a href=\"https:\/\/www.bankofengland.co.uk\/markets\/sonia-benchmark\" target=\"_blank\" rel=\"noreferrer noopener\">SONIA<\/a>.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Trailing twelve-month interest costs are \u00a34.5m, and assuming debt stays at \u00a377m and SONIA stays at 4.21%, annual finance costs would advance to \u00a34.8m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Paying an extra \u00a30.3m or so through higher interest will trim immediate NAV growth\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026but should (in theory!) enhance longer-term NAV \u2014 assuming of course the properties purchased by the extra borrowings generate eventual returns well in excess of my projected 6.21% annual debt cost!<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The aforementioned \u00a33.5m rental-income surplus after all maintenance, administration and finance costs should (in theory!) allow MTVW to borrow a further \u00a356m at 6.21%, which would take gearing to 28%.<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-6a86a9ba gb-headline-text\" id=\"financials-administration-expenses-employees\"><strong>Financials: administration expenses and employees<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>H1 administration expenses gained 2% despite the lower revenue:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-0806ba7e\"><img loading=\"lazy\" decoding=\"async\" width=\"1060\" height=\"340\" class=\"gb-image gb-image-0806ba7e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-admin-costs.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-admin-costs.png 1060w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-admin-costs-300x96.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-admin-costs-1024x328.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-results-admin-costs-768x246.png 768w\" sizes=\"auto, (max-width: 1060px) 100vw, 1060px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Employee costs represent the majority of administration expenses. During the preceding FY, administration expenses comprised employee costs of \u00a35.4m and other costs of \u00a31.6m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>A significant proportion of employee costs are payments to the directors. During the preceding FY, employee costs consisted of \u00a32.4m paid to the directors (see <a href=\"#boardroom-new-non-executive-director-pay\">Boardroom: new non-executive and director pay<\/a>) and \u00a33.0m covering the salaries of other employees plus the group\u2019s social security expense:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-17d85fab\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"250\" class=\"gb-image gb-image-17d85fab\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-employees1.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-employees1.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-employees1-300x71.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-employees1-1024x244.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-AR-2024-results-employees1-768x183.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Administration expenses absorbed 25% of rental income during this H1, a welcome reduction from the 27% recorded during the comparable H1 and 29% recorded for H1 2023:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-ad82979b\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-ad82979b\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart32.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart32.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart32-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Note that administration expenses are weighted towards H2 \u2014 presumably due to year-end employee bonuses! \u2014 and the annual proportion absorbed from rental income has increased steadily since FY 2013:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-01481492\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-01481492\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart30.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart30.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart30-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Mind you, annual administration expenses versus the value of total properties have remained very consistent at approximately 1.5%:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-85b26ef0\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-85b26ef0\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart31.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart31.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart31-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Higher salaries for employees \u2014 and directors! \u2014 may therefore not be entirely out of step with the group\u2019s progress.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s chunky director pay may be a by-product of not operating an option scheme, not contributing to executive pensions and keeping other expenditure to a bare minimum.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Nothing is certainly spent on investor communications beyond the annual report, the <a href=\"https:\/\/www.mountviewplc.co.uk\/investor.html\" target=\"_blank\" rel=\"noreferrer noopener\">website<\/a>, the occasional terse RNS and hosting shareholder meetings.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I understand the general meeting that follows the protest votes at each AGM <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#comment-13478\">costs \u00a350k to host<\/a>\u2026<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-ae8c29b0 gb-headline-text\" id=\"boardroom-protest-votes\"><strong>Boardroom: protest votes<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s shareholders fall into three camps:<\/li>\n<\/ul>\n<ol class=\"wp-block-list\">\n<li>The <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#sinclair-family-concert-party\">Sinclair family concert party<\/a>, which is led by MTVW chief executive Duncan Sinclair and at the last published count <a href=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/05\/MTVW-2022-11-14-concert-party-50.4.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">controlled 50.4% of the shares<\/a>;<\/li>\n<\/ol>\n<ol start=\"2\" class=\"wp-block-list\">\n<li>The Murphy family and connected parties, who claim to own 24% of the shares and whose leading shareholder is Margaret Murphy, the chief executive\u2019s sister, and;<\/li>\n<\/ol>\n<ol start=\"3\" class=\"wp-block-list\">\n<li>Everybody else, who own approximately 25% of the shares.<\/li>\n<\/ol>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s last eight AGMs have witnessed c30% protest votes against:\n<ul class=\"wp-block-list\">\n<li>Re-electing certain non-execs and, recently, both the executives;<\/li>\n<li>Approving the board\u2019s pay, and;<\/li>\n<li>Re-appointing the auditors.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The protest votes have been led by the Murphy family and connected parties.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I understand the Murphy family:\n<ul class=\"wp-block-list\">\n<li>Has lost the trust of the non-execs to act on the views of all shareholders, and;<\/li>\n<li>Is frustrated about a general lack of influence at board level.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Particular grievances held by the Murphy family concern MTVW\u2019s:\n<ul class=\"wp-block-list\">\n<li>Interpretation of the corporate-governance code concerning \u2018independent\u2019 non-execs;<\/li>\n<li>Executive and employee pay;<\/li>\n<li>Lack of transparency over the size of the concert party\u2019s combined holding;<\/li>\n<li>Borrowing limits as set by the group\u2019s articles of association (<a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#comment-13478\">a disagreement seemingly dating back to 1991<\/a>), and;<\/li>\n<li>Low gains realised on properties purchased following the Allsop valuation.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The Murphy family stated during the <a href=\"https:\/\/maynardpaton.com\/2021\/07\/15\/mountview-estates-estimated-nav-still-surpasses-200-per-share-after-remarkable-h2-shows-welcome-1-55x-sales-premium-and-12-5-final-dividend-lift\/#comment-12966\">2021 AGM<\/a> that it was no longer in direct communication with the board and would engage with the directors only through a \u201c<em>public forum<\/em>\u201c. I understand that policy remains in place.<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-5a6a8fb9\"><a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"1040\" height=\"385\" class=\"gb-image gb-image-5a6a8fb9\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-talisman.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-talisman.png 1040w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-talisman-300x111.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-talisman-1024x379.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-talisman-768x284.png 768w\" sizes=\"auto, (max-width: 1040px) 100vw, 1040px\"\/><\/a><figcaption class=\"gb-headline gb-headline-895cea2d gb-headline-text\"><em><sub>(Source: <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Mr Pears is not a happy shareholder, at least judging by his 2023 AGM questions.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The Murphy family, <a href=\"https:\/\/talismanglobal.co.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">Talisman<\/a> and other unhappy shareholders prevented the re-election of the independent non-execs at the 2024 AGM \u2014 and the seven prior AGMs:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-17da83ef\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-17da83ef\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart33.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart33.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart33-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The Murphy family (and connections) and Talisman have clearly become fed-up with the executives, too, given the votes against the executives have increased from immaterial numbers to 3%, then 9% and now 32% at the last three AGMs:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-7b2a46b4\"><img loading=\"lazy\" decoding=\"async\" width=\"880\" height=\"570\" class=\"gb-image gb-image-7b2a46b4\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-agm-results-non-execs.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-agm-results-non-execs.png 880w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-agm-results-non-execs-300x194.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-agm-results-non-execs-768x497.png 768w\" sizes=\"auto, (max-width: 880px) 100vw, 880px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Following each AGM, MTVW is entitled to convene a general meeting (GM) and hold a further vote to re-elect the ousted non-execs.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The ousted non-execs have (to date) all been re-appointed at the subsequent GMs because the <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#sinclair-family-concert-party\">Sinclair family concert party<\/a> can then vote on the non-exec re-elections (unlike at the AGMs, where the concert party is prohibited from voting on \u2018independent\u2019 resolutions):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-38b1996e\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-38b1996e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-FY-2024-spreadsheet-chart39.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-FY-2024-spreadsheet-chart39.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-FY-2024-spreadsheet-chart39-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>Held during November, the 2024 GM attracted almost 1.3 million protest votes \u2014 equivalent to 33% of the share count and the highest proportion since the protest votes commenced during 2017.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Stock-market rules dictate any company incurring a 20%-plus AGM or GM protest vote has to contact the unhappy investors and publish an update to all shareholders within six months.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Six months after the 2024 AGM, during February, MTVW announced:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[RNS February 2025] \u201c<em>Following the 2024 AGM, and as it has done previously, the Company identified as far as possible those shareholders who did not support the various resolutions and attempted to engage with them to seek their views.\u00a0 <\/em><strong><em>Some shareholders did not wish to engage. <\/em><\/strong><em>The Company remains committed to shareholder engagement and we will continue to offer to have discussions with shareholders and will take into account their concerns and considerations in the future.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>Six months after the 2024 GM \u2014 just last week! \u2014 MTVW announced:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[RNS May 2025] \u201c<em>Following the General Meeting, and as it has done previously, the Company identified, as far as possible, those shareholders who did not support the resolutions and attempted to engage with them to seek their views. <strong>Some shareholders did not wish to engage,\u00a0other shareholders raised matters which are under consideration by the Board and its Committees<\/strong>. <strong>The Board is grateful to those shareholders who took part in the engagement process and value the feedback provided.<\/strong>\u00a0The Company re-affirms its commitment to ongoing shareholder engagement and will continue to offer to have discussions with shareholders and will take into account their concerns and considerations in the future.\u201d<\/em><\/p>\n<ul class=\"wp-block-list\">\n<li>The different wording about shareholder engagement within those two announcements does not appear to have any great relevance.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>After all, 16 AGM\/GM protest votes since 2017 suggest engaging with the board has become a futile undertaking.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>However, the ineffective protest votes have not yet persuaded the Murphy family to sell; <a href=\"https:\/\/find-and-update.company-information.service.gov.uk\/company\/00328020\" target=\"_blank\" rel=\"noreferrer noopener\">Companies House<\/a> indicates Margaret Murphy has maintained a 500k-plus MTVW shareholding since at least 1980:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-64a2eeb3\"><img loading=\"lazy\" decoding=\"async\" width=\"890\" height=\"310\" class=\"gb-image gb-image-64a2eeb3\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/05\/MTVW-AR-1980-shareholdings-for-H1-2024.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/05\/MTVW-AR-1980-shareholdings-for-H1-2024.png 890w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/05\/MTVW-AR-1980-shareholdings-for-H1-2024-300x104.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/05\/MTVW-AR-1980-shareholdings-for-H1-2024-768x268.png 768w\" sizes=\"auto, (max-width: 890px) 100vw, 890px\"\/><\/figure>\n<figure class=\"gb-block-image gb-block-image-ecc4f8b3\"><a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"1040\" height=\"385\" class=\"gb-image gb-image-ecc4f8b3\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-mamurphy.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-mamurphy.png 1040w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-mamurphy-300x111.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-mamurphy-1024x379.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-dd-mamurphy-768x284.png 768w\" sizes=\"auto, (max-width: 1040px) 100vw, 1040px\"\/><\/a><figcaption class=\"gb-headline gb-headline-75ebc5be gb-headline-text\"><em><sub>(Source: <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Talisman has not announced any selling since reporting its last purchase during January 2023:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-0440c0e8\"><a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"1240\" height=\"140\" class=\"gb-image gb-image-0440c0e8\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-sharepad-talisman.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-sharepad-talisman.png 1240w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-sharepad-talisman-300x34.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-sharepad-talisman-1024x116.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-sharepad-talisman-768x87.png 768w\" sizes=\"auto, (max-width: 1240px) 100vw, 1240px\"\/><\/a><figcaption class=\"gb-headline gb-headline-593ccf64 gb-headline-text\"><em><sub>(Source: <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>The voting at the 2025 AGM will be intriguing following the appointment of a new non-exec\u2026<\/li>\n<\/ul>\n<h2 class=\"gb-headline gb-headline-1707bad7 gb-headline-text\" id=\"boardroom-new-non-executive-director-pay\"><strong>Boardroom: new non-executive and director pay<\/strong><\/h2>\n<p class=\"has-global-color-8-background-color has-background\">[RNS November 2024]<br \/><em>\u201cMountview Estates P.L.C. announces <\/em><strong><em>that Tracey Hartley MSc MBA MRICS FTPI has been appointed as an independent Non-Executive Director of the Company,<\/em><\/strong><em> with effect from 1 January 2025. Tracey will join the Audit and Risk Committee, Remuneration Committee and Nomination Committee on appointment.<\/em><\/p>\n<p><em>Tracey has over 25 years of expertise in residential property investment, property, and asset management across Estate, Block, and Build to Rent (BTR) sectors. She has also established a strong track record in senior leadership, strategy, and operations.<\/em><\/p>\n<p><em>Her career includes a decade in Operations and Fund Management roles at Grainger, and she has served as the Head of Residential at The Howard de Walden Estate, JLL \u2013 The Crown Estate, and Chief Operating Officer at Cortland Europe before joining CompassRock International as Senior Director \u2013 Operations in June 2024.<\/em><\/p>\n<p><strong><em>Tracey has a keen focus on governance, risk, and compliance, ensuring best practices are followed across all levels of operations.<\/em><\/strong><em> Her industry-shaping roles include participating in the Government\u2019s Private Rented Sector (PRS) Taskforce, serving as the current Chair of the British Property Federation (BPF) Residential Management Committee, being a member of the BPF Living Sectors Board and the RICS UK &amp; Ireland World Regional Board.<\/em><\/p>\n<p><em>Duncan Sinclair, Chief Executive Officer, commented:<\/em><\/p>\n<p>\u201cTracey brings a wealth of relevant experience to the board. We welcome her to Mountview and look forward to working with her.\u201d<\/p>\n<ul class=\"wp-block-list\">\n<li>Ms Hartley\u2019s \u201c<em>keen focus on governance, risk, and compliance, ensuring best practices are followed across all levels of operations<\/em><strong><em>\u201d <\/em><\/strong>could make her a welcome appointment for unhappy shareholders\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026assuming her adherence to corporate-governance \u201c<em>best practices<\/em>\u201d rubs off on MTVW\u2019s board!<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Ms Hartley\u2019s bio published by MTVW is the same as that <a href=\"https:\/\/www.compassrock.com\/tracey-hartley\" target=\"_blank\" rel=\"noreferrer noopener\">published by her employer<\/a>, but this <a href=\"https:\/\/thearl.org.uk\/news\/the-arl-in-conversation-with-tracey-hartley-coo-cortland-europe\/\" target=\"_blank\" rel=\"noreferrer noopener\">insightful interview<\/a> reveals an unconventional CV involving a weekend job at an estate agent and obtaining a degree through the Open University.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I therefore trust Ms Hartley brings some fresh thinking and differing opinions to the board (on regular estate valuations in particular!):<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-68c14f7e\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"399\" class=\"gb-image gb-image-68c14f7e\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-TraceyHartley-600x.jpeg\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-TraceyHartley-600x.jpeg 600w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-TraceyHartley-600x-300x200.jpeg 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\"\/><figcaption class=\"gb-headline gb-headline-b15dce11 gb-headline-text\"><em><sub>Tracey Hartley<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Ms Hartley is deemed \u2018independent\u2019 of the <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#sinclair-family-concert-party\">Sinclair family concert party<\/a>, and she could therefore act as a conduit between the board and the Murphy family, Talisman and other unhappy shareholders.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Recruiting Ms Hartley to succeed the aforementioned Ms Archibald has certainly taken MTVW some time. Ms Hartley was appointed on 1 January 2025, some <em><span style=\"text-decoration: underline;\">18 months<\/span><\/em> after Ms Archibald\u2019s standard nine-year non-exec term ended on 30 June 2023!<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>No doubt Ms Hartley will be asked many questions at the 2025 AGM \u2014 not least about:\n<ul class=\"wp-block-list\">\n<li>How she intends to act as a true \u2018independent\u2019 non-exec and therefore not attract regular protest votes, and;<\/li>\n<li>MTVW\u2019s corporate governance and whether it meets with her \u201c<em>best practices<\/em>\u201c.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW may put Ms Hartley\u2019s \u201c<em>best practices<\/em>\u201d for governance and compliance to the test; the preceding FY listed six non-compliances against the corporate-governance code (<a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#comment-13474\">point 19<\/a>).<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Ms Hartley succeeding Ms Archibald raises the question of who will chair MTVW\u2019s remuneration committee. The role will become vacant when Ms Archibald finally departs the board after the 2025 AGM.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Rem-comm chair is of course a vital board position given the history of executive pay.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In particular, the chief executive has collected a bonus every year since at least FY 2001, and such bonuses have pushed his total pay beyond \u00a31m since FY 2020:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-2617d71f\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-2617d71f\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart35.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart35.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2024\/10\/MTVW-FY-2024-spreadsheet-chart35-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The feeling among many AGM attendees over the years is the executives are paid generously for essentially:\n<ul class=\"wp-block-list\">\n<li>Putting vacant properties into auction;<\/li>\n<li>Collecting rent, and;<\/li>\n<li>Buying properties during recent years that may not have earned worthwhile gains on disposal.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The executives may argue their pay has been justified over the longer term.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Between FYs 2005 and 2024 for example, total executive pay came to \u00a332m\u2026<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-21212027\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-21212027\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart33.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart33.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart33-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>\u2026while NAV has advanced from \u00a3122m to \u00a3400m.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Executive pay during the preceding FY absorbed approximately 0.5% of NAV, which does not sound a lot\u2026<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>\u2026 but starts to add up when NAV has advanced by just 8% \u2014 <em><span style=\"text-decoration: underline;\">or 1.5% per annum<\/span> <\/em>\u2014 during the five years to this H1.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The proposed \u00a3350k limit was somewhat higher than the total \u00a3194k the non-execs were paid during the preceding FY.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Board remarks during the <a href=\"https:\/\/maynardpaton.com\/2024\/11\/02\/mountview-estates-90-shares-trade-12-below-nav-steepest-discount-for-more-than-10-years-after-fy-2024-admits-third-consecutive-sub-60-gross-margin-and-re-emphasises-recent-purchases-realising-s\/#comment-13478\">2024 GM<\/a> suggested the new \u00a3350k limit was not because Ms Hartley had demanded a significant fee to become a non-exec:<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[GM November 2024] <em>\u201cA limit is a limit, <\/em><strong><em>it doesn\u2019t mean [the \u00a3350k] is something\u2026 that we have to aspire to get to<\/em><\/strong><em>. It is a matter of giving enough room for the business to be run efficiently <\/em><strong><em>without resorting to EGMs every five minutes to change this limit<\/em><\/strong><em>\u2026. when hopefully the \u00a3350k will prove very adequate for a number of years.\u201d.<\/em><\/p>\n<h2 class=\"gb-headline gb-headline-b49da2e3 gb-headline-text\" id=\"valuation\"><strong>Valuation<\/strong><\/h2>\n<ul class=\"wp-block-list\">\n<li>I calculate the shares could now be worth \u00a3169 were all of the group\u2019s regulated tenancies to end immediately and the properties then sold at a fair market value.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The following table outlines my sums:<\/li>\n<\/ul>\n<div class=\"gb-container gb-container-238a7f06\">\n<table id=\"tablepress-1011\" class=\"tablepress tablepress-id-1011\">\n<tbody>\n<tr class=\"row-1\">\n<td class=\"column-1\">Property stock Sept 2014 (\u00a3k)<\/td>\n<td class=\"column-2\">317,651<\/td>\n<\/tr>\n<tr class=\"row-2\">\n<td class=\"column-1\">Less sold Allsop-assessed stock (\u00a3k)<\/td>\n<td class=\"column-2\">(145,032)<\/td>\n<\/tr>\n<tr class=\"row-3\">\n<td class=\"column-1\">Remaining Allsop-assessed stock (\u00a3k)<\/td>\n<td class=\"column-2\">172,619<\/td>\n<\/tr>\n<tr class=\"row-4\">\n<td class=\"column-1\">Allsop-premium-to-book<\/td>\n<td class=\"column-2\">2.10x<\/td>\n<\/tr>\n<tr class=\"row-5\">\n<td class=\"column-1\">Sold-premium-to-Allsop <\/td>\n<td class=\"column-2\">1.42x<\/td>\n<\/tr>\n<tr class=\"row-6\">\n<td class=\"column-1\"\/>\n<td class=\"column-2\">513,576<\/td>\n<\/tr>\n<tr class=\"row-7\">\n<td class=\"column-1\"\/>\n<td class=\"column-2\"\/>\n<\/tr>\n<tr class=\"row-8\">\n<td class=\"column-1\">Stock purchased since Sept 2014 (\u00a3k)<\/td>\n<td class=\"column-2\">287,005<\/td>\n<\/tr>\n<tr class=\"row-9\">\n<td class=\"column-1\"\/>\n<td class=\"column-2\"\/>\n<\/tr>\n<tr class=\"row-10\">\n<td class=\"column-1\"><strong>Possible property stock value (\u00a3k)<\/strong><\/td>\n<td class=\"column-2\"><strong>800,581<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1011 from cache -->\n<\/div>\n<ul class=\"wp-block-list\">\n<li>I have taken the estate\u2019s September 2014 value of \u00a3318m and subtracted the (estimated) \u00a3145m book value of Allsop-assessed properties sold since that date.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I then multiplied the \u00a3173m remainder by:\n<ul class=\"wp-block-list\">\n<li>The 2.1x \u2018Allsop-premium-to-book\u2019 multiple, and;<\/li>\n<li>The 1.42x \u2018sold-premium-to-Allsop\u2019 multiple that was realised during this H1.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I arrived at a \u00a3514m \u2018vacant possession\u2019 value for all of MTVW\u2019s properties that were owned at September 2014 but have yet to be sold.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Since September 2014, MTVW has acquired additional properties with a \u00a3287m book value.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>I have assumed these additional properties will be sold for their \u00a3287m book value \u2014 based upon my analysis of properties bought and then sold since the Allsop assessment.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Adding the \u00a3514m and the \u00a3287m together gives \u00a3801m.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>This next table adjusts that \u00a3801m for 25% taxation, the \u00a324m conventional property portfolio, the \u00a377m debt and the residual other liabilities of \u00a34m to give a possible NAV of \u00a3658m or \u00a3169 per share:<\/li>\n<\/ul>\n<div class=\"gb-container gb-container-ba998971\">\n<table id=\"tablepress-1012\" class=\"tablepress tablepress-id-1012\">\n<tbody>\n<tr class=\"row-1\">\n<td class=\"column-1\">Possible property stock value (\u00a3k)<\/td>\n<td class=\"column-2\">800,581<\/td>\n<\/tr>\n<tr class=\"row-2\">\n<td class=\"column-1\">Less tax at 25% (\u00a3k)<\/td>\n<td class=\"column-2\">(85,239)<\/td>\n<\/tr>\n<tr class=\"row-3\">\n<td class=\"column-1\">Plus other investments (\u00a3k)<\/td>\n<td class=\"column-2\">24,335<\/td>\n<\/tr>\n<tr class=\"row-4\">\n<td class=\"column-1\">Less debt (\u00a3k)<\/td>\n<td class=\"column-2\">(77,300)<\/td>\n<\/tr>\n<tr class=\"row-5\">\n<td class=\"column-1\">Less net other liabilities (\u00a3k)<\/td>\n<td class=\"column-2\">(4,186)<\/td>\n<\/tr>\n<tr class=\"row-6\">\n<td class=\"column-1\"\/>\n<td class=\"column-2\"\/>\n<\/tr>\n<tr class=\"row-7\">\n<td class=\"column-1\"><strong>Possible NAV (\u00a3k)<\/strong><\/td>\n<td class=\"column-2\"><strong>658,191<\/strong><\/td>\n<\/tr>\n<tr class=\"row-8\">\n<td class=\"column-1\"><strong>Possible NAV per share (\u00a3)<\/strong><\/td>\n<td class=\"column-2\"><strong>168.81<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- #tablepress-1012 from cache -->\n<\/div>\n<ul class=\"wp-block-list\">\n<li>My estimated NAV sums are not perfect, and the following questions remain unanswered:\n<ul class=\"wp-block-list\">\n<li>How long will MTVW take to sell all of its properties?<\/li>\n<li>Will future house-price inflation compensate for being unable to sell all the properties immediately?<\/li>\n<li>How relevant is the 2014 Allsop assessment today?<\/li>\n<li>Will properties bought since the 2014 Allsop assessment continue to be sold close to cost price?<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Note my sums conservatively apply this H1\u2019s 42% premium that was realised on the Allsop-valued properties. Applying the average 55% premium realised during the preceding five FYs, I arrive at a possible NAV of \u00a3694m or \u00a3178 per share.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s shares continue to trade below NAV:<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The best time to buy should be when the market cap trades at or below NAV, at which point no future gains from any property purchases are priced into the valuation.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>What future gains could lie ahead?<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>As noted earlier, the combined additional NAV and dividend return over the five years to this H1 was \u00a3140m or 38% \u2014 equivalent to a 6.6% CAGR:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-52cb2d13\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" class=\"gb-image gb-image-52cb2d13\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart08.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart08.png 700w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-spreadsheet-chart08-300x171.png 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\"\/><\/figure>\n<ul class=\"wp-block-list\">\n<li>The <em><span style=\"text-decoration: underline;\">next<\/span><\/em> five years repeating that 6.6% CAGR may not enthuse prospective investors given:\n<ul class=\"wp-block-list\">\n<li>MTWV\u2019s returns have been declining over time;<\/li>\n<li>Post-2014 property purchases appear to have realised modest gains;<\/li>\n<li>Ongoing protest votes have not persuaded the board to conduct a new Allsop-type valuation, and;<\/li>\n<li>New EPC (<a href=\"https:\/\/www.gov.uk\/government\/publications\/guide-to-the-renters-rights-bill\/guide-to-the-renters-rights-bill\" target=\"_blank\" rel=\"noreferrer noopener\">and other<\/a>?) legislation will probably increase costs and reduce future margins.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Perhaps a discount to NAV is actually now required for investors to generate a suitable total return.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The \u00a397 shares offer a 6% discount to this H1\u2019s \u00a3103 per share NAV:\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>For even further perspective, the shares sank to \u00a321 at the depths of the 2008 banking crash, giving buyers a 56% discount versus the then \u00a348 per share NAV.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Something to consider perhaps is the chief executive\u2019s recent share buying.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>He purchased shares at \u00a388.50 earlier this year, including those sold by non-exec Ms Archibald:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-7f854b4a\"><a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"300\" class=\"gb-image gb-image-7f854b4a\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases1.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases1.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases1-300x86.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases1-1024x293.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases1-768x219.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/a><figcaption class=\"gb-headline gb-headline-2cb61ded gb-headline-text\"><em><sub>(Source: <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>According to <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a>, the chief executive previously purchased shares during 2011 at \u00a340.50 and before that during 2009 at \u00a323:<\/li>\n<\/ul>\n<figure class=\"gb-block-image gb-block-image-d4a5a607\"><a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"440\" class=\"gb-image gb-image-d4a5a607\" src=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases2b.png\" alt=\"\" srcset=\"https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases2b.png 1050w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases2b-300x126.png 300w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases2b-1024x429.png 1024w, https:\/\/maynardpaton.com\/wp-content\/uploads\/2025\/05\/MTVW-H1-2025-sharescope-ceo-purchases2b-768x322.png 768w\" sizes=\"auto, (max-width: 1050px) 100vw, 1050px\"\/><\/a><figcaption class=\"gb-headline gb-headline-818346a7 gb-headline-text\"><em><sub>(Source: <a href=\"https:\/\/maynardpaton.com\/sharescope\/\" target=\"_blank\" rel=\"noreferrer noopener\">ShareScope<\/a>)<\/sub><\/em><\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>The chief exec enjoys a 15%\/\u00a358m personal shareholding and does not really need to buy more shares. I therefore trust his infrequent purchases are signals for when he finds the discount to NAV irresistible.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>MTVW\u2019s shares have not always traded at a discount.<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>In particular, the 2014 Allsop assessment pushed the shares to \u00a3125 during early 2015 as buyers paid a 69% premium to the then \u00a374 per share NAV:<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Another Allsop assessment divulging further \u2018hidden value\u2019 could easily prompt a favourable price-to-NAV re-rating.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Occasional bouts of wider market optimism can also push the share price well beyond NAV. In particular:\n<ul class=\"wp-block-list\">\n<li>Buyers at the \u00a380 peak during 2007 paid a 75% premium to the then \u00a346 per share NAV, and;<\/li>\n<li>Buyers at the \u00a3145 peak during 2021 paid a 42% premium to the then \u00a3102 per share NAV.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>You never know, the shares may one day trade above NAV due to a trade-sale occurring.\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>When asked during the 2024 AGM about whether MTVW will continue to operate until the shrinking pool of regulated tenancies finally disappears, the chief executive hinted the group\u2019s estate could be sold beforehand:\u00a0<\/li>\n<\/ul>\n<p class=\"has-global-color-8-background-color has-background\">[AGM 2024] \u201c<em>We will have to consider what else to do. It could be that we just gradually pay dividends and ultimately return the capital and wind up the company in that manner. On the other hand, <strong>there may be another company that has other specialisations but is<\/strong>\u00a0<\/em><strong><em>very capable of taking the rump of our portfolio, who may come in and buy that rump<\/em><\/strong><em>. We\u2019re not very near that date yet.<\/em>\u201c<\/p>\n<ul class=\"wp-block-list\">\n<li>At least future returns from today should be front-loaded by dividends: \u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>The illustrious ordinary payout runs currently at 525p per share and supplies a useful 5.4% income at \u00a397.<\/li>\n<\/ul>\n<p><strong>Maynard Paton<\/strong><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>20 May 2025By Maynard Paton H1 2025 results summary for Mountview Estates (MTVW): Not the greatest of H1s, as \u201ceconomic difficulties\u201d and fewer property disposals combined to cut both revenue and profit by 5%, although the interim dividend was maintained and net asset value (NAV) crept to a record \u00a3103 per share. Property sales delivered [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[91933,42801,19116,4519,7727,46142,73147,22287,31178,91931,50933,91932,57651,91935,11417,6251,25552,14371,91934,22000],"dealstore":[],"offerexpiration":[],"class_list":["post-252841","post","type-post","status-publish","format-standard","hentry","category-investing","tag-awaited","tag-discloses","tag-estates","tag-focus","tag-governance","tag-gross","tag-keen","tag-margin","tag-maynard","tag-mountview","tag-nav","tag-nonexecs","tag-paton","tag-propertysales","tag-protest","tag-reach","tag-remain","tag-shares","tag-sub60","tag-votes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Maynard Paton | MOUNTVIEW ESTATES: New Non-Exec\u2019s \u2018Keen Focus On Governance\u2019 Awaited As H1 2025 Discloses Another Sub-60% Property-Sales Gross Margin, Protest Votes Reach 33% And The \u00a397 Shares Remain 6% Below NAV - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/som2nypost.com\/?p=252841\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maynard Paton | MOUNTVIEW ESTATES: New Non-Exec\u2019s \u2018Keen Focus On Governance\u2019 Awaited As H1 2025 Discloses Another Sub-60% Property-Sales Gross Margin, Protest Votes Reach 33% And The \u00a397 Shares Remain 6% Below NAV - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"20 May 2025By Maynard Paton H1 2025 results summary for Mountview Estates (MTVW): Not the greatest of H1s, as \u201ceconomic difficulties\u201d and fewer property disposals combined to cut both revenue and profit by 5%, although the interim dividend was maintained and net asset value (NAV) crept to a record \u00a3103 per share. 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Property sales delivered [&hellip;]","og_url":"https:\/\/som2nypost.com\/?p=252841","og_site_name":"Som2ny Network","article_published_time":"2025-05-22T23:35:17+00:00","og_image":[{"url":"https:\/\/maynardpaton.com\/wp-content\/uploads\/2020\/12\/MTVW-houses-banner-1100x389-1.jpg","type":"","width":"","height":""}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"37 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/som2nypost.com\/?p=252841#article","isPartOf":{"@id":"https:\/\/som2nypost.com\/?p=252841"},"author":{"name":"admin","@id":"https:\/\/som2nypost.com\/#\/schema\/person\/a66cfe5cdcbceba9b5562fe085bcaba4"},"headline":"Maynard Paton | MOUNTVIEW ESTATES: New Non-Exec\u2019s \u2018Keen Focus On Governance\u2019 Awaited As H1 2025 Discloses Another Sub-60% Property-Sales Gross Margin, Protest Votes Reach 33% And The \u00a397 Shares Remain 6% Below NAV","datePublished":"2025-05-22T23:35:17+00:00","mainEntityOfPage":{"@id":"https:\/\/som2nypost.com\/?p=252841"},"wordCount":7452,"commentCount":0,"publisher":{"@id":"https:\/\/som2nypost.com\/#organization"},"image":{"@id":"https:\/\/som2nypost.com\/?p=252841#primaryimage"},"thumbnailUrl":"https:\/\/maynardpaton.com\/wp-content\/uploads\/2020\/12\/MTVW-houses-banner-1100x389-1.jpg","keywords":["Awaited","Discloses","Estates","Focus","governance","Gross","keen","Margin","Maynard","MOUNTVIEW","NAV","NonExecs","Paton","PropertySales","Protest","Reach","Remain","shares","Sub60","Votes"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/som2nypost.com\/?p=252841#respond"]}]},{"@type":"WebPage","@id":"https:\/\/som2nypost.com\/?p=252841","url":"https:\/\/som2nypost.com\/?p=252841","name":"Maynard Paton | MOUNTVIEW ESTATES: New Non-Exec\u2019s \u2018Keen Focus On Governance\u2019 Awaited As H1 2025 Discloses Another Sub-60% Property-Sales Gross Margin, Protest Votes Reach 33% And The \u00a397 Shares Remain 6% Below NAV - 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