As investment counters go, Marshall Monteagle Plc* (MMP) is not a JSE counter that springs to mind when looking to add diversity. MMP has flown below the radar — not openly engaging investors or offering particularly insightful financial reporting. The share is rather illiquid with 58% of the roughly 36-million shares in issue held by Lyndwood Nominees. Roughly 60% of the company sits in the hands of three shareholders. There’s nothing fancy about MMP. It’s a well-run import and distribution business with property investments on the side and some investments. But its track record has been mercurial with a generous 243c/share returned via dividends to shareholders over the past five years. But there is a cautious air in the latest annual report with chair Alistair Barclay sounding a warning on distributions. He said over the past 10 years MMP had hiked dividend payments each year to shareholders with the investment portfolio and property portfolio increasing in value. However, he poi...

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