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I agree, as I've said, it's about cultural relevance. No one want's some one else's warmed up left overs.
As far as stamps and NFT's go...It's Twilight of the Idols and Welcome Zarathustra...they just are relevant culturally or artistically.
There is certainly big money moving into digital assets and it is often a good idea to follow the money. With SG however I am not sure. Trying to get old codger stamp collectors to invest in digital assets is problematic. Frankly, as I have said before, are 70 or 80 year olds going to be interested...I highly doubt it.
Young people, the new up and coming wealth generators want to invest in Michael Jordan's Trainers ($1.5m) or Beeple's NFT ($69m) but not a stamp!
Did you see the post about the +234.43% Looks like it's all been achieved since the float on the 18 October, hence their need to issue the RNS.
Long may it last, good chance, I think they have a decent chance of deal flow and the ability to invest across the cap. table.
Carpe, it looks like our other investment had that decent rally today because of it's investment in a digital market place, like Sotherby's they must be getting it right ;) Poor old SGI!
The Company notes that on 15 October 2021, Bakkt Holdings, LLC, the digital asset marketplace founded in 2018, announced that it completed the previously announced business combination with VPC Impact Acquisition Holdings, a special purpose acquisition company sponsored by VPC Impact Acquisition Holdings Sponsor, LLC ("VPC Sponsor"), an affiliate of Victory Park Capital ("VPC"). The combined company now operates as Bakkt Holdings, Inc. ("Bakkt," the "Company"), and Bakkt's shares of Class A common stock and warrants began trading on the New York Stock Exchange under the ticker symbols "BKKT" and "BKKT WS", respectively, on 18 October 2021."
Pearls, as you've said before, I believe, Phoenix are the master of complex financial engineering. Over complex engineering would be my view. Without spending much time on it, I would take the advice of the world's greatest investor, WB, if you don't understand it, don't invest in it.....I'm always suspicious of complex financial engineering and as I've already said plenty of times, there are massive RED FLAGS to be found here.
Even having to ask these type of questions underlines my point. I've very clear about my view of the Castelnau IPO it gives Phoenix a chance to deleverage and find additional ways of monetizing underperforming holdings in their portfolio.
If they increased their position in SGI they'd run the risk of having to face the regulator and make an offer to take the business private, which ever vehicle they chose, it would be a party related transaction if they hold it directly or indirectly and given their absolute control of SGI's I think you'd have to be pretty confident that wouldn't benefit ordinary holders. So for me the idea that Castelnau might but more SGI is no-go, but I guess if Phoenix are far enough out of Catelnau's equity and it's someone else's cash there's a remote possibility. In the broadest sense, I think Phoenix know that SGI is a dead duck and stuffing risk into Castelnau's IPO then offering to others is a way of getting out.
Unbiased enough for you?
Either way you'll ignore it.. LOL
I imagine this is all a reaction to Phoenix's private investors asking for some, any, kind of return on this tiny part of the portfolio, which has been a mill-stone round their necks in terms of pr,
Previously Phoenix held 58% of SG.
After the Castelnau flotation, Castelnau holds 18% and Phoenix 40%. Yet Phoenix still controls Castelnau despite the IPO. IS that a correct understanding?
So, if Castelnau as part of the investment decisions decide to sell or buy more of SG, what does this mean?
Does for example, a sale of part of the 18% SG holding by Castelnau mean that Phoenix end back with the sold amount?
Devon, can you explain this from an unbiased perspective?