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Thanks Shiner, I see, that makes sense. Incidentally I've just had a look on JLP's website at the significant shareholders. It is a very heartening sight. Quite a vote of confidence!
Hi AS, it might be meant that Jubilees value had become disproportionately high within the portfolio. The rebalance brings the value of the shares within the portfolio back to an appropriate level ( ie 2.34%). The nano fund is 243m with approx 144 holdings.
There isn't much point to this post but regarding the recent discussion last week about II selling...Marlborough have updated their fund fact sheets and JLP is certainly off the top ten for the Micro Cap and it has dropped to 5th on the Nano Cap. Some posters mentioned that it was a logical move to rebalance the fund as JLP became to big for it. The Micro Cap fund contains companies with a market Cap of 250m or less at time of purchase. I cant see any info about there being an upper threshold to the size of company the fund can hold. For instance, the fund contains S4 capital which is currently valued at 3 billion, something like 7.8 times the market cap of JLP. I can only assume that they have done extremely well over the last year and have now found better value elsewhere - something had to make room in the portfolio. I do appreciate there are plenty of other big holders and that Marlborough themselves maintain a position in the Nano cap.
You're £300K up and your whinging.... there really is no pleasing some people.
Arry, many companies have poor histories but it doesn’t stop them turning it around. Even Apple almost went under in its early days and that seems to have turned well! If you think do poorly of CB and LC then sell up and move on because, based on your own opinion, it’s not going anywhere? If you can see a better management team, move there?
.. Someone asks why more IIs don't invest then I give a view... Nobody is saying I'm wrong... And PS I now have 3.1m and am approx 300k up but despite this... Colin is still a liability and always has been... Leon is technically brilliant but an average CEO as demonstrated by the poor management of stakeholders for many years and the very bad comms JLP issue. The business is in a strong position now but has a poor history... Get real
Totally agree Mikie (as usual!). Leon strikes me as a super competent operator - the kind that are often outplayed by oily spineless politicians in big companies, who by the luck of the situation has been handed the chance to lead. He is doing a fantastic job and is a big part of my confidence in this share. He’s got a point to prove and for the next few years I suspect he will be doing just that - his drive to prove this company and his ability will allow him to focus far longer than a simple mercenary goal. We are either going to end up alongside the majors or make the feckers gag and choke if they try to swallow us. Happy, happy days!
I’m not really interested in what happened 5/10/15 years ago- I’m interested in the now and the future. Leon has my full backing for what it’s worth. Since I have been scrutinising him, he has been steadily manoeuvring this company into a market leading highly profitable business , that is just getting out of the starting blocks. He has worked this magic from a position of no where, no money, no credibility, no hope and in my books is starting to over achieve, with I believe the best to come. He is now a proven deal maker with the technical ability to back this up! But most importantly the profits are going through the roof and beyond.
@arryaccountant
I have 2.7m shares at an average of 9.8p. So for me the last 6 months have been excellent, and Leon has been an example of how to run a business and communicate it with the market - i rate him highly.
Clearly timing is everything, including buying on the rise, PGM pricing and JLP's future with the recovery of copper from tailings.
What drew me to invest significantly was also...
->The green push EV's, accelerated growth post Covid (Biden's plan), and a potential super-cycle
->Tailings at surface - little risk unlike exploration and mining
->Tailings in potential vast supply in the Zambian copper belt
->JLP already making money
->IP's on certain processes
->Transferable technology - Australia ?
->Zambia's improving socio-economic and political improvements
->Colin B's & Leon C's contacts in the region together with some note-able in-country board members.
We are in need of updates and for specific projects to come on-line. We as investors also need to be patient.
Personally, if you can i would be topping up because this share is only going one way in the near term, though my time line is initially 2-3 years.
IMO ATB Shorn
arry. It's easy to snipe at directors from the sidelines. If you are such an expert why don't you put yourself forward to be chairman. You were the same whinger on the II bb. Colin started this company. He and Leon have navigated it through troubled waters to the position it is today. You seem bitter and twisted. If you got the timing wrong on your investment then you need to look in the mirror.
If you don’t have trust in the management why are you still invested here? It seems to me that you talk the company up when it suits you and talk them down when it suits you.
...and let's not forget they took JLP from £1.20 to 1.2p ...a history that follows them
numbers aside...... is there universal trust in the competance of the JLP board - -absolutely not. Leon is a great CTO/COO but not a great CEO, The birdman has been proven to be *loody useless
Arry, with the increase in SP and earnings can’t see why anyone is nervous. Funds have to rebalance because JLP is outperforming their investment rules? Not a bad place to be?
"So in summary, where are the II buys is more where I am left wondering"....JLP historical reputation in the market was shocking.....to many late and *uckup projects and to many placements (..any one remember Australia). To add to that Colin the Bird Man is a walking disaster as Non-Executive Chairman and uninvestable to many II's.
so the market is understandably nervous.
As of now on the Marlborough Funds site the fact sheet for the 3 Micro-Cap Funds for March 2021 shows them holding 1.8% of each fund in JLP shares, it being the 8th largest holding in each. For the Nano Cap Fund it is showing as the largest holding at 3.3% of the fund. As the Micro-Cap specialises in companies under £250mill and the Nano Cap those under £100 mill it is hardly surprising that they are reallocating funds to companies that fit that profile... JLP has just been too successful and got too big. As to your point, NTD, we already have seen growth funds adding with Slater and Jupiter. As time goes on I expect these to be joined by other bigger names.
Great notes about II sellers below - thanks all who are looking at this. However as we reach exit point for the microcap and small co funds, I would have expected us to be witnessing purchases from growth funds - for me (and from the board for most), this is the very definition of a growth stock and with ESG and disruptive agility in this sector to boot not being fully reflected in the current or forward P/E.
So in summary, where are the II buys is more where I am left wondering. However its an idle thought only - this share is going places its just when we get going so will sit back again and hope the train is moving next time i look out the window...
GLA
NtD
TR1 re Marlborough unlikely as there was no TR! when they purchased, owing to their shares being held in a nominee broker account. Morningstar still has them holding 48,771,000 which was down 9,229,000 from where they were. So they have been selling. It'll be interesting to see if Morning Star are behind the curve and Marlborough Micro Cap have sold up.
Good spot old cobra. Fancy doing some maths to work out if we would be due a TR1?
Morning everyone...long time reader, first time poster here. I don't know if this has anything to do with the recent drop but Jubilee metals was the 7th top holding in the Marlborough Micro Cap fund up until 2 days ago when it disappeared from their top ten list entirely. Presuming they have reduced their position significantly although I don't know how many they held. Thoughts?