The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I have been checking Norwegian corporate law. We need 10% of shareholders to call a general meeting. It is possible to vote for a London stock exchange dual listing, for even more attractive is to to call to dissolve the company and distribute the assets. Now that would be a very attractive option .
I am waiting in anticipation of update next week
How can the gap between NAV and market cap divulge so far - it doesn’t make sense to me
Is it just that North Energy Is so far under the radar or that the investments are at the more risky end and don’t appeal to the average “investment trust”
investor ?
I also have a holding in Primorus- and they have a NAV of £8m and market cap of £4m - ludicrous!! There main holding is GGP
GLA
REACH didnt fly away. As expected, but it should build a strong momentum the next couple of months. We already know that Q3 probably will be better than Q2. SP is not very far from the initial investment NORTH made in REACH. Just below NOK 2. All we need is a broker or two to realize what is going on with NORTH and REACH. Not that the majority in any of these two camps seems to care much about increasing their values.
I think that my idea of a horse box is enough to put most female equestrians off sex.
https://www.ebay.co.uk/itm/Vintage-Rice-Double-Horse-Trailer-Project/373161452737?hash=item56e227e4c1:g:spkAAOSwcp5fQS4P
Yep - we run the other brand. - Whittaker - check them out !!
Looking forward to a serious rerate in TXP to drive the value here for horse box upgrade !! - It’s not far away guys
Ah, 'nuff said.
A girlfriend asked me to buy her a new horsebox, I thought about £500.
Wrong.
https://www.oakleyhorseboxes.co.uk/detail.asp?id=40673
Morning Dana
We have horses - that’s why I’m poor !!
- apologies for off topic
LEMON FFS I know that all farmers are really poor, please treat yourself to a premium subscription for a month, we need to talk. I know that times are hard, and you have had a substantial paper loss on TXP the last couple of weeks, but PLEASE treat yourself, it will pay off for you. If necessary, I will give you the money for your sub in Trinidad at the effing £1 party.
This is looking really strong.
I Luvvit.
https://uk.tradingview.com/symbols/OSL-NORTH/technicals/
Look at day, week, month .
VERY STRONG
2.5 NOK NEXT WEEK?!
Once we have a dual listing in London, it will really motor.
JT4264 I think that we will see some more progress with the quarterly update next Monday and again on TXP hitting gas at Chinook.
Moving in the right direction.
GLA
Yes it is always difficult to buy. With equiniti/Eqi/selftrade it is utterly shambolic. Three times in the last month I have placed limit orders and they have cancelled them without any reference to me. The only way is to do it with a telephone limit order and stay on the line until it's filled or to knock it on the head and place a higher limit order.
I'm with HL as well, was worried it wouldn't get filled but was sorted fairly quickly. I'm in for the ride now and will look to add more in the near future if it keeps heading in the right direction.
Reach Subsea ASA up a healthy 18% today
Jt4264 I’ve bought 2 chunks these last 14 days and HL have always been on fill or kill
If happy with the buy in price then go for it - as Norb and Dana are saying North are looking more and more the bargain of the moment
GLA
Norb, Dana, have either of you had issues with purchasing shares? Can never seem to get a live quote and almost always fill or kill has to be the choice.
But most important, Q3 will be even better.
Impressive work by REACH despite Covid-19 and weak market conditions overall. Excellent figures even with negative impairment measures. Solid Cash flow. Goldman is holding a position of 1,2 mil shares which I believe will hold us down. This comes in addition to a lot of tired PI`s. Dont think we will fly away short term.
Norb, you beat me to it!
Excellent results from Reach Subsea should boost their share price today by 20 to 25% imho.
Superb new contract in the USA and good future utilisation of resources.
Leading contractor in preparation of off-shore wind farm projects with good growth potential.
North Energy will reap big rewards from this holding.
North should be up 10% today.
REACH record results
https://newsweb.oslobors.no/message/512035
REACH (the associated company) is presenting Q2 on August 25th. Interesting to see whether strong operational figures and utilization also ends with strong financial performance and cashflow.
Heads up ! I made a mistake in my estimates earlier today. I forgot the intra-group merger. I believe dividends to the minority interest was paid in Q2 (and prior to the merger which was approved in July). MNOK 140 in cash is based on the assumption that dividends have been paid.
******NORTH Q2/2020 estimates******
Figures MNOK / (MGBP)
Change in NAV
+ TXP 49,16 (4,11)
+ PLCS 1,46 (0,12)
+ IOX 1,05 (0,09)
+ REACH 11,99 (1,00)
- IOX bonds 0,54 (0,05)
- GE 4,69 (0,39)
= PL Q1/2020 58,43 (4,89)
= Equity Q1/2020 302,75 (25,31)
- Dividends to minority 21,4 (1,79)
+ Expected earnings Q2 58,43 (4,89)
= Equity Q2/2020 339,78 (28,41)
Shares 119 047 065
Each NOK 2,85 / GBP 0,24
******NORTH Q3 estimates based on closing values August 19th******
Figures MNOK / MGBP
Change in NAV
+ TXP 22,49 (2,09)
+ IOX 1,01 (0,09)
+ REACH 20,30 (1,74)
- IOX bonds 0,58 (0,05)
- GE 4,69 (0,40)
= PL Q3/2020 38,53 (3,46)
= Equity Q2/2020 339,78 (28,41)
+ Expected earnings Q3 38,53 (3,30)
= Equity Q3/2020 378,31 (31,71)
Shares 119 047 065
Each NOK 3,18 / GBP 0,27
Its often argued that you should expect to see a 20% discount on shares in an investment company like NORTH compared to NAV. Never understood why, but the current discount on NORTH is off the sheets. Also going forward.
Those figures look astounding - thank you for your research
Share price catch up to net asset value has to happen
I’ve just had to pay 1.88 this morning for my top up - but v pleased still
Based on the assumption that NORTH still sits at cash around MNOK 140 / GBP 11,98,
******NORTH Q2/2020 estimates******
Figures MNOK / (MGBP)
Change in NAV
+ TXP 49,16 (4,11)
+ PLCS 1,46 (0,12)
+ IOX 1,05 (0,09)
+ REACH 11,99 (1,00)
- IOX bonds 0,54 (0,05)
- GE 4,69 (0,39)
= PL Q1/2020 58,43 (4,89)
= Equity Q1/2020 302,75 (25,31)
= Equity Q2/2020 361,18 (30,20)
Shares 119 047 065
Each NOK 3,03 / GBP 0,25
******NORTH Q3 estimates based on closing values August 19th******
Figures MNOK / MGBP
Change in NAV
+ TXP 22,49 (2,09)
+ IOX 1,01 (0,09)
+ REACH 20,30 (1,74)
- IOX bonds 0,58 (0,05)
- GE 4,69 (0,40)
= PL Q3/2020 38,53 (3,46)
= Equity Q2/2020 361,18 (30,20)
= Equity Q3/2020 399,71 (33,66)
Shares 119 047 065
Each NOK 3,36 / GBP 0,28
I will look into Q2 and current NAV figures before end tomorrow. Exciting times ahead of us. I appreciate your support and interest.