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Thanks CM - was this in IC? Could you post article if you have or summarise for me please?
Not sure if Corporation Financière Européenne S.A will bid again, but any bid would need to be a lot closer to NAV. Noticeable that investments in Circassia, HSS Hire Vertu Motors and Brave Bison have all been performing better. Ixico investments also look shrewd move to me. GL
Because tipped again by Simon Thompson today so sp marked up-and spread widened! Notable that no director buying for 18 months when several bought at 56p - or maybe they were 'allicated' (I didn't check. Not clear what it will take to reduce the discount, without a bid.
I wonder why? People beginning to understand big discount to NAV, will re rate soon with some nice investments. Any views??
88.25p this is so undervalued it’s ridiculous
Corporation Financière Européenne S.A increasing - cant be that unhappy. Another bid on the way perhaps....?
Now 79.94 - complete bargain at these prices, time for another top up
NAV was 76.42p on 29 Jan no wonder CFE are sniffing around...
Thanks for the info guys.
CIP is being followed by Simon Thompson of Investors Chronicle as per another post. E.g.
https://pdfs.investorschronicle.co.uk/IC_Alpha_CIPMerchantCap_Simon_2709New.pdf
Of course, if it essentially has corrupt leadership then all bets are off.
Currently 11.36% spread. Is the spread on this always quite poor?
CIP Merchant Capital (CIP:44p), a
Guernsey based closed investment company that predominantly
invests in listed equities by adopting a private
equity style approach, held half its portfolio in cash when
I published my portfolio. The hefty cash backing proved
a drag on performance last year when net asset value
(NAV) declined slightly to £46.2m (84p a share). However,
by keeping its powder dry for more attractive investment
opportunities, CIP has been shielded from the worst of the
stock market crash. Indeed, the portfolio outperformed the
FTSE Aim All-Share index by 11 percentage points during
the first quarter of 2020, albeit it took some hits as the latest
NAV of £37.5m (68.2p) highlights.
What this means is that net cash of £18.6m (33.8p)
now backs up 77 per cent of CIP’s market capitalisation of
£24.2m, so CIP’s portfolio of investments are in the price for
£5.6m, or 70 per cent below their £18.9m market valuations.
To put the ‘margin of safety’ into some perspective, CIP’s
stake in CareTech (CTH:380p), a heavily asset-backed provider
of social care services and one of the largest companies
listed on London’s junior market, is worth £3.5m alone.
CareTech’s shares are rated on a modest forward price/
earnings (PE) ratio of nine after factoring in 11 per cent
likely earnings growth this year, buoyed by the operational
benefits from the October 2018 acquisition of Cambian.
CareTech’s net debt of £291m is backed by a freehold
estate worth £774m, and debt service is not an issue as
annual interest costs are covered six times by cash profit.
Importantly, the majority of service users in care are children
and adults with a learning disability, mental health diagnosis
and/or with challenging behaviours, so do not fall into a
high-risk group or frail and elderly. It’s business as usual.
CIP’s portfolio also includes valuable stakes worth
a total of £4.5m in Orthofix Medical (US:OFIX), a
$500m (£404m) market capitalisation Nasdaq quoted
medical devices company, and Aim-traded Circassia
Pharmaceuticals (CIR), a cash-rich speciality biopharmaceutical
company focused on allergy and respiratory
diseases. I can see upside to both investments, and several
other of CIP’s holdings, too. The decision to widen the
investment manager’s sector remit is sensible in light of the
value opportunities across the whole market. Buy.
https://pbs.twimg.com/media/EQUIg0kWkAMR_bL?format=jpg&name=small
https://twitter.com/IChronicle
As a business man i would ecpect him to be investing in Sound Energy. Could even fund the pipeline for a guaranteed return and steady income. Easy money for them and without the risk
I wonder if Marco will steer new investments towards James Parsons and Sound energy Trio?
http://www.investegate.co.uk/Article.aspx?id=201112230705065510U
http://www.investegate.co.uk/Article.aspx?id=201112230700135509U