Haynes Publishing Group – the 2017 Annual General Meeting

Ticker ($HYNS.L) – Full listing (FTSE fledgling)

Share price 202.5p (market cap £30.6m approx.)

Book value £21m approx. / EV £27m approx.

As per previous AGM’s, the directors could not have been more welcoming to the various shareholders who were able to attend the Haynes Publishing (LON:HYNS) AGM held yesterday (8th November 2017) at the fantastic Haynes International Motor Museum. (http://haynesmotormuseum.com/ - a charitable trust founded by John Haynes).

After meeting and greeting some of the Board over coffee the formal business of the AGM commenced with Eddie Bell giving a brief overview of the last financial year noting the recent acquisitions of OATS and E3 Technical (providing new routes to market and crossing selling opportunities) and stating that the overall business was doing well but still “in transition”.

All resolutions were duly passed and shareholders were then invited to ask questions.

I have recorded below my recollection of the main Q&A session which includes notes of further discussions held with management after the conclusion of the main Q&A.

Question: The Group hold a number of shares in treasury – can the Board confirm whether these are now back in profit?

Yes, there are circa 1.2m shares are held in treasury, these being purchased in 2011/12 at around the 190p area so that are now back in the money.

Question: Can you report any further progress on the sale of the Sparkford HQ site and the remaining Nashville (US) property?

The Sparkford site is still on the market although we have not yet had any formal offers. There have been some discussions with developers and our Agent re: the mix of the site (currently residential with some commercial) and we may look to change this mix to make it more attractive to prospective purchasers and / or sell off sub-plots.

With respect to the Nashville property we have secured a large non-refundable deposit from a prospective purchaser and anticipate that the sale should be concluded before the end of 2017.

Question: It’s evident that sales of printed manuals in North American and Australian are still declining albeit more slowly – what is left to…

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