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XPP does it again !!!!!!!!!!!!!! 10% holding. Surely our Managers paid close attention to how the companies performing.
Similar to others, I am always learning. I read this today in the interim report:
"Pursuant to the terms of the Portfolio Management Agreement, the Portfolio Manager is entitled, with effect from Initial Admission, to receive an annual management fee equal to the lower of: (i) 1.0% of the net asset value (calculated before deduction of any accrued but unpaid management fee and any performance fee) per annum; or (ii) 1.0% per annum of the Company's market capitalisation. The annual management fee is calculated and accrues daily and is payable quarterly in arrears."
I don't know of any other ITs where the management fee is based on the share price when there's a discount. Add that to the fact that both managers own a lot of shares, they are strongly aligned to the success of the IT.
You all bought XPP in the 700's instead of OIT. I'm a scaredy cat.
Another 5000 for me at 137.7p. On the basis that the rot has stopped.
One of my stalwarts, seeing as I bought at inception, but this week has jaundiced my outlook somewhat. No doubt the spin will be you can't get it right all the time. Purchase of an additional tranche of XPP on the 3rd Oct, when the sp was 10000-11000p, suggests panic, not a shrewd investment. Falling blade comes to mind, unless they were picked up at a significant discount but I would guess nowhere near the sub 700p on Friday.
I just wonder if another increase in holdings will appear on Monday - or whether burnt fingers is accepted.
Will look at adding - lets see what Monday brings GLA.
Following UK small and mid caps down. Seems oversold with z score of -4 and RSI 23.
I like OIT and hope it recovers quickly.
Agreed. I sold at 152. Seems that XP, XAAR, Elementis and other holdings over recent months have really disappointed with in my view less than stellar management performance. I had confidence that Stuart was selecting excellent recovery plays but now many now need a takeover to replenish recent share price declines. That's not good.
Strategy being takeover candidates, you don't expect a team heavily involved with monitoring their concentrated holdings, to not see XPP in trouble, with around a 46% drop in share price. No holding RNS before or afterwards as of yet.
Eye off the ball or just complacency??
Been buying this quite heavily in the 150-153p range, where we seem to have settled. Today, looking at its top 13 investments which I run a watchlist on, they are up 5.5% over the period, with little change in the sp. If the prem/discount was dramatically changing I could understand as the investments are static - who knows.
Bought into this about four months ago and has been going down ever since. Is it just bad timing or is this going down big time?
Although bizarrely feb rns states 3.2% which differs from my HL top 10 holdings for NCC
With an 8% holding in NCC, I sincerely hope our management off loaded prior to todays debacle - profit warning was intimated in bold letters in February.
SEC made some underwhelming actions to address their discount last year. So they have two choices now. Either throw in the towel with OIT or make some serious proposals of their own.
Maybe or perhaps flying a kite. SEC is bigger and has had a reasonable decent year. I can't imagine Gresham House giving in without a fight.
ODYSSEAN INVESTMENT TRUST PLC
Proposal to Strategic Equity Capital plc
The Board of Odyssean Investment Trust plc ("OIT") announces that it has made a proposal to the Board of Strategic Equity Capital plc ("SEC") regarding a combination of SEC and OIT to be effected by way of a section 110 scheme of reconstruction by SEC and a transfer of assets to OIT (the "Transaction"). The combined entity would be managed by Odyssean Capital LLP under the existing OIT investment strategy.
OIT has received letters of intent supporting the Transaction from SEC shareholders representing 32.9 per cent. of the issued share capital of SEC.
The Board believes the combination of OIT and SEC presents a unique opportunity to create a leading investment trust differentiated from the wider UK small cap sector. The combined entity would have a long-term supportive shareholder base, strong shareholder liquidity and discount control mechanisms, a premium rating and greater scale, and this would be of long-term benefit for both sets of shareholders.
The discussions between OIT and SEC are at an early stage and accordingly there can be no certainty that terms of the Transaction can be agreed. A further announcement will be made in due course.
Puts a bit of mud in the waters?
http://www.lse.co.uk/DirectorsDeals.asp?shareprice=OIT&share=odyssean_inves
Good enough for me .... I’m in !
I subscribed for shares in OIT because I have great confidence in the skills of the team and to projections of long term sustained growth outperforming the market. I look forward to an exciting long-term future as a shareholder here. All the best, Barry
I participated in this IPO because I was persuaded by (a) the talent of the fund managers and (b) the contributions made by them into this company. All the best for a market-beating long term future! Barry
I participated in this IPO because I was persuaded by (a) the talent of the fund managers and (b) the contributions made by them into this company. All the best for a market-beating long term future! Barry