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By By Richard Rivlin

Date: Tuesday 03 Oct 2000

LONDON (ShareCast) - OCTOBER 3: Abbeycrest, the jewellery manufacturer and distributor, has an admirer who is showering the company with attention by increasing his personal holding. Danny Fiszman, lead shareholder in Arsenal football club and a non-executive director at Psion, has quietly built up an 11.46% stake in the group.


The fundamentals of Abbeycrest make it appear to be a smart investment. The group is forecasting pre-tax profits of more than £6m on sales of more than £75m in the year to February 2001. Yet its shares are stagnant at 111.5p giving it a rating of less than 7 and a dividend yield of more than 6% that makes it just as attractive as any high street bank account.

But what is Fiszman's game plan? Respected as one of the shrewdest diamond traders around, Fiszman's Star Diamond Trading is one of the most well-respected UK outfits. According to recent press reports, conversations between Abbeycrest chief executive Michael Lever and Fiszman have been friendly.

But this has not quelled speculation in some quarters that Abbeycrest could become a vehicle for Fiszman to finally put a value on his private interests.

If any talks were proceeding in this vein, given the transparency of Fiszman's stake, the company would be obliged to make an announcement. Given that no news is emanating from the group's Leeds offices, speculation on any possible link up would be premature.

But for value investors looking for an interesting angle to a traditional old-economy company, Abbeycrest, could be one worth tracking.

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