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Daisy 20-340 AUM this year alone how can you say 3 years and not got started yet in a negative way. I see this very differently and this will start to get bigger very quickly and therefore more positive. Starting a fund isn’t easy and can take a lot of time but it has grown each quarter. The BOAGF was never the big ticket item and now we have many fingers in attractive strategies we are less reliant on any one of them. I have zero problems buying assets if they are value accretive, this is a tried and tested strategy and is quite normal in growing AUM which is a key objective to generate fee revenue. That’s precisely why one day I believe we will get bought out as it is easier to do that than build from scratch.
SBP can you share your evidence to suggest the Northstar insurer owner went to one of Jason’s outfits as that’s contrary to my understanding and I don’t believe GS would have been pressured into buying something that he didn’t want or see as value accretive.
I believe the delays, Pello situation have caused some to sell and move on, their choice but once this admin is sorted I do believe we will be rewarded and have been buying on the dip. The business has been growing and that’s key. The opportunity here is much better than 12 months ago.
I’m not sure why people choose to whinge so much on here when they can sell and move on. Whinging doesn’t help anyone and is likely to further damage a SP that needs news flow if you decide to hold.
Lol
I have done.
Several times.
Into the filter bin you go..
Buzz word of 2021 "Entitled" email the company & have a moan at them.
Its taken over three years and has not got started yet.
I am entitled to moan and complain as much as I want.
No point posting on here at the moment, full of theories without any facts backing them up & moaners, couple of very good posts last week explaining that it takes a lot of time to build a company.
Some good points made SBP.
GS found it more easier to add a ready made asset onto his own company as there was no sign of signing up any of his own business.
That remains the case, he has had over three years to deliver something and all he had done is added small amounts to the BOAGF fund.
This next update is make or break, I will not be adding again until we have some clarity.
If there is more jam tomorrow, I will be out.
It has gone surprisingly quiet on here, where has everyone gone?
Probably all sold up and won`t admit it.
Bermuda does not tax profits, it taxes consumption. So it is a tax haven which specifically attracts insurance and re-insurance businesses through light regulation .
If there is no corporate tax to pay, there is no need for stringent audits to deter avoidance. That is the conundrum GS faces. He has bought 95% of a company which owns an insurance company which has never had to be audited. If you know you are not going to be audited, your records policy will be different than if you know you are. And in any case the records will be local P&L stuff rather than GAAP compliant. Who has agreed to do the audit?
He is now stuck with a FCA requirement to come up with a prospectus which includes 2 years of consolidated and audited group accounts to UK standards before the placing shares which bought the Bermuda deal can be admitted to trading on LSE. There must be a risk that he cannot pull it off, which is why the SP has fallen from 8 to 2+. He is a master of cut and paste but not good on new authorship IMO.
I think he was pressured into this deal to get the CEO of Northstar off the books to join one one Jason's outfits in NYC
There must be a bunch of placees who are teed off with this situation after six months and are stuck with non-tradeable shares. Perhaps the US Pinks might allow OTC trading of them, but there is little liquidity there.
There has been large selling volumes, and I don't buy the T20 margin call story for all of them.
The outstanding risk is that if he obtains FCA approval for the deal, all those placees will rush for the door because the 4 bagger has vaporised.
The guy has a great idea with LS but terrible on delivery and communication. It need not be so. What possessed him to go off-piste with a Bermuda insurer?
Said GS After the money has been spent….”Northstar has not been required to produce any audited financial information and Providence has only had to provide certain limited audited information to the Bermudan regulator.” Maybe, just maybe Bermuda standards aren’t quite world class, which might explain the long delay in getting the accounts written up to UK standards. Which perhaps beggars the question of what happens should they find they have been sold a pup? For now I’m glad to be on the outside looking in, rather than on the inside looking out…
It would help if we had the Prospectus published.
End of Q3 trading this week, so we should be having a nondescript update coming in about a month. Nothing to get excited about with this lot.
Before anyone says it, I am just having a moan.
Its gone a bit dead here! We need that guy back with the false rumours