The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Second biggest holding Games Workshop rose by 10% yesterday, which hasn’t been reflected in the share price as yet.
Wow why?
Got it now thanks. Share reorg.
Anyone able to explain the drop when nav is 11 quid?
The original 2015 JMIS offer prospectus states a Trustee will be appointed to exercise any subs that have not been exercised by their holders by the expiry date provided JMI is significantly above the 915 EP. They will then sell the newly created shares into the market and after a deduction for the exercise cost and for fees*from the proceeds, will return the remaining balance pro rata to holders of the subs. https://am.jpmorgan.com/blob-gim/1383254263341/83456/prospectus-sub-shares-23-jan-15.pdf Page 50. *Previously noted these fees range around £50k for other subs. If the case ~1.5p per JMI sub. Notable there have recently been 4x 19k buys of subs @ ~25p. JMI spread 948-955. GK.
Hi. Situation is improving with 946p having just been paid for JMI, 31p above the subs 915p exercise price. Just got a quote to buy subs at 23p (was 12p 2w back), so for those interested in acquiring JMI at present it is 8p (~1%) cheaper to buy the subs then subscribe. The subs are now bid at 10.5p, ~100% up on 2 weeks back. With 6 weeks to expiry very much a punt for subs holders. See how it goes. GK.
Hi O&T Yes the gearing is now eye-wateringly impressive, however that has to be balanced against the very short life left - expire end June - and the large spread on the subs, presently 7.5 - 12.5, bid was 5 earlier on. The underlying is ~925 - 928 on the most recent trades, so with the exercise price being 915p the subs are moving over to a discount (sub + ex price < underlying price). Even with further rises in the underlying I would still expect a persisting discount as few will want to hold to expiry as that will mean either exercising (very large cash outlay) or hoping the company will offer post expiry settlement (I can find no commitment on that) and the other factor being the large spread. Despite all that there is distinct value at risk here with as said if there is a 5% lift in the underlying that would take that price to ~ 58p over the ex. If we get that 50p for selling subs before the wind up looks feasible. 4x. 10% gives ~9x. If JMI instead holds at the present sp or falls, don't be surprised at wipe out of the subs. I hold a few and am hopeful. Horse race territory now. ATB. GK.
I have been accumulating the subscription shares for a while. They are currently 12.5p to buy and I think they represent exceptional value at this price. If the shares rise 5%, the subscription shares should quintuple.
This trust has a very nice portfolio of investments. The NAV is on an impressive upwards curve. The shares are on something like a 20% discount. So far, so good, so boring you might say. BUT: There are SUBSCRIPTION SHARES exercisable at 915p up to end June. They are just on the money and are at a mid price of 12.5p and can probably be bought at the mid. Setting of a limit is essential. For the gambler a continuing bullish market & a narrowing of the discount could provide short term strong percentage returns. Not for the fainthearted & pin money only but maybe a better bet than the 3.30 at Kempton Park.
I just don't like the look of things, given the fall. Very slight profit, but it's taken far too long. Now watch it rocket :-) Still, if it does, I have the subscription shares I can buy.
10.11 next LOL
I'm showing a profit!
the only one on here that's bought into this load of rubbish? It would seem so lol Typical of me to buy at the highest price this has ever seen and then watch it go downhill for the last year :-( Can someone explain this bonus share issue to me? Am I really expected to pay 915 to get an extra bonus share? If so, I think I'll pass.