Small Cap Value Report (22 Nov 2016) - LVD

Good morning!Great to see everyone at Mello Beckenham last night. Hopefully my presentation on Avesco (LON:AVS) was of interest. I've emailed the slides to PIWorld, who also filmed it, so will link to them once it's published.We discussed potential takeover targets last night at Mello, but one we didn't mention was Lavendon (LON:LVD) (in which I hold a long position) - which has this morning received a 205p cash bid from a Belgian company. Lavendon is my 3rd largest long position, and has been languishing around 120-140p for some time. Therefore this bid looks very attractive to me.However, management don't seem to agree, and they have rebutted the offer. That announcement also contains a positive trading update. That seems a mistake to me. Personally I would be very happy to accept 205p, because the market consistently undervalues this company.I've got an 11:45 meeting in the City, then a 1pm, then a 3pm meeting, so unfortunately I'm going to have to down tools here now, and adjourn until this evening. Some interesting companies to see, so I shall report back if anything of interest surfaces.