Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Just to confuse the unwary even more, the company has now suddenly changed it's name to Rockwood Realisation with the ticker RKW. So everyone over to the shiny new chat board
Not really Partypiece, if you read the other posts here you will see that you are in line to get £3 per share back in cash soon, that's why the price fell by roughly £3. So I'd guess you are actually up over "a few months" rather than 25% down?
Hello guys. I bought a few months ago. Stuck 5K in thinking I had an opportunity looking at the Nav, yet I stand now 25% down. Not good.
I'm not very experienced. How do you see this playing out, am I going to lose alot of money? Is there anything I can do? Any advice and thoughts appreciated
Hi forbes. Short answer is no. The £3 per share will be paid out of cash held by the company - the payment date for that was announced today after the vote - 30 December 2021. The share price has fallen today by a similar amount because the "ex" date was today (i.e. anyone buying after today is excluded from that payment).
You can still sell your shares if you wish, and will still get the £3 per share cash payment, as I understand it, provided you owned the shares today. If you don't want to sell, the plan is for there to be further cash payments (and corresponding reductions in the share price) over the next two years - you can sell at any point during that time, same as normal.
So your choice is probably to sell up now to get the cash in one lump, or hold on and get it in dribs and drabs, hoping to get slightly more in the long term. The new investment managers have said most of the disposals of assets are likely to happen in 2023.
Bear in mind I am not an expert, just giving my understanding. Good luck!
again forgive my stupidity - does this 300p per share thing mean that all our shares are sold automatically on 15th Dec for 300p?!
thank you @blahblahdoh - really kind explanation - thank you for your time. Unfortunately I didn't see it 'til now and regret not selling! Damn.
Interesting comment from Harwood:
"Whilst some holdings will no doubt be sold in the coming months, it is our view that the majority of the remaining portfolio should be sold over the course of 2023 as by then the impact of COVID will have hopefully abated and this will create the most value for shareholders."
That means that even after the near-term returns of cash, a substantial portion of the trusts holdings could still remain towards the end of the two year period, leaving a door open and ample time for potential further developments?
Many thanks for the clarification, BlaBlaBla. Net result, I’ve bitten the bullet and sold out. What a mess this ‘management’ have created.
Selling offers a quick and simple exit if you don't have the time or energy to engage with Gresham House's spiteful, illogical and unnecessary attack on small shareholders. If you sell now you will be getting less than the theoretical value of the assets. The actual value, though, is highly debatable due to the overhang created by Gresham's proposed two year deadline for disposal of assets, i.e. effectively a forced sale or "fire sale" situation.
It is also worth noting that Gresham have proved less than reliable over calculating the NAV: https://quoteddata.com/2021/11/gresham-house-strategic-announces-nav-overstatement-2/
The wind up is still subject to a vote (13th Dec), but seems inevitable due to the distinctly odd behaviour of anonymous institutions who, for unexplained reasons, have somehow been induced to back Gresham's selfish, inferior proposals. The reason this is strange is that it appears to be against their own financial interests? Former GHS chair David Potter recommends voting against these proposals: https://portfolio-adviser.com/ex-gresham-house-strategic-chair-details-conflicts-of-interest-at-trust-in-open-letter-to-shareholders/
Perhaps the regulators ought to investigate how and why institutions were induced to vote against their own financial interests? A small anonymous group imposing something detrimental on themselves, as well as on the majority of shareholders seems unusual, to say the least.
If you "stick" then you will probably be stuck with greedy Gresham's wind-up proposals, assuming they are passed. To any reasonable person they are ridiculously complicated, but can perhaps be simplified into 3 main parts: 1. quick return of cash via the "B share scheme" - essentially this would give shareholders £3 per share payable later this month, 2. The tender offer - this seems to be a way of offering shareholders a choice over holding onto all their shares or surrendering part of them now in order to release more cash quickly - as I understand it the number of shares actually liquidated will be proportional depending on the overall total number tendered, i.e. you won't know exactly how many you are selling until the process completes, it will be a proportion of those you tendered, and the price will be slightly below the calculated NAV at the time, 3. the liquidation of all the remaining assets by various means including eliminating reserves and disposing of holdings, all to be returned to shareholders as cash at unspecified date(s) within the next two years.
Please appreciate that this is a simplification and is merely my lumbering understanding - feel free to correct or improve it - I would guess that most small shareholders have even less of a clue than I do about this woeful abomination foisted on them by Gresham. Investment trust holders deserve better treatment.
I agree with you Forbes. I was under the impression that a tender offer would show what share price you would get if you accepted? Would a wise holder clarify the position for us mortals?
Am a little confused as to what's happening - should I quickly sell my shares or just keep them? If the fund is winding up does this mean value will fall quickly?
The saboteurs have so far wiped £7m off the trust's value since they kneecapped Helen Sinclair. They sure know how to look after shareholders interests, those financial geniuses, and paragons of corporate governance.
What about the small companies GHS invests in, now facing two years of depressed equity, under the cloud of forced sales, destroying both value and development capability. For incubating assets, that is pure poison. Published NAV probably cannot now be trusted, and neither can those who have seized control and sabotaged the company, just when it was starting to make great progress under Sinclair. None of this destruction was necessary or rational, imo, it is blatantly against shareholders interests.
Well Gresham and their supporters have succeeded in wrecking the company, and it's now going to be run down under Harwood over 2 years. Lousy outcome for all: the Gresham group will now have to wait for their cash, Harwood get no fees, and small investors are simply shafted with no choice in the matter. So much for treating other investors fairly, but at least Gresham won't be extracting enormous fees from the company any more, thanks to Helen Sinclair - she was the one really looking out for investors, and it would be really interesting to know the details of how Gresham colluded with other shareholders to force her out.
This was always going to end in a disagreement and like Fidelity with Genesis IT all investors should be offered a tender at NAV, especially as the Trust is replete with cash following Aegean takeover. This is proper corporate governance and not the let’s keep our jobs and ignore the retail investor which pervades. I note holders of 43% are calling for an EGM and hence the board should be thinking again. Unless there are plans to merge it with another it is far too small for most institutions so will continue to languish without a discount control. Buying back shares is a pretty hopeless measure as it will merely continue to decrease the value of the trust and hence its viability
Seems like Rock Nominees Ltd, (parent of Gresham House) have some minor quibbles about being ditched by GHS investment trust. They have called for the immediate return of GHS cash to shareholders, complete realisation of assets and return of capital within 24 months of meeting. This despite the opportunity of simply selling their stake to new managers Harwood. They are apparently deeply concerned about all the other investors, and very anxious about corporate governance. It certainly isn't petulant revenge, an attempt to shut down the trust for good if they are no longer allowed to manage it. That, of course, cannot possibly be the case, they are not, after all, petty, vindictive vipers. It's simply an alternative suggestion, for polite discussion at an EGM.
Richard Staveley is returning as portfolio manager and Harwood are planning to buy Gresham House's stake in the company:
https://www.investmentweek.co.uk/news/4038396/gresham-house-strategic-trust-appoints-harwood-capital-proposes-change
Investment manager is changing from Gresham House to Harwood Capital.
Company name is changing from Gresham House Strategic to Rockwood Strategic.
Rationale: lower fees, higher net asset value, cooler name
Chairman David Potter is retiring, Gresham House are to review the whole investment strategy.
Despite big gains over the last few years, the trust remains at a discount to Net Asset Value, which restricts growth. The review aims to consider options for overcoming this.
The presentation from Gresham House delivered at our Birmingham Seminar on 19th March is available in our members area here: https://www.sharesoc.org/members-area/
Gresham House present at our ShareSoc seminar in Birmingham on the 19th March which may be of interest to potential investors and current shareholders hTTps://www.sharesoc.org/events/sharesoc-growth-company-seminar-in-birmingham-19-march-2019/
will no longer allow investments in - same as Captial of Georgia. Shame.
Since when the sp has moved sharply ahead, with today’s dividend announcement the icing on the cake.
Simon Thompson, the small companies analyst in Investors Chronicle has reviewed an earlier tip of GHE and raised his target price from 460p to 500p. He quotes some figures from Liberum Capital: 2018 pre tax profit �2.58m 2019 pre tax profit �4.95m Cash and liquid assets at year end to be 161p. Cash adjusted PE for 2018 13, falling sharply in 2019. He's very positive about the acquisition of FIM Services. He also points out the additional cash the company will get when the LMS warrants get converted shortly.
Gresham House present at our next Manchester seminar on the 28th March which may be of interest to investors. More details here: hTTps://www.sharesoc.org/events/sharesoc-growth-company-seminar-manchester-28-march-2018/