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Not sure what did you tell us? We all know it is undervalued if that's what you mean.
What did i tell you.
I will make that one easy.
Lcm will 93 pct of cases.
Lcm are funding pat
Pat have huge tier1 gold.asset taken by gov of india
Indian press is saying it is worth 1 bn usd. Broker is more conseravtive at 750m usd.
Company trades around 15m usd so 50x if they get broker estimate.
Investors are waiting to find out the size of the claim.
Normally these mining litigation assets trade up to 20pct of claim value, however a final decison takes 3 to 4 years.
They might settle early
Bobby..take a look at PAT long old story on it..but rns give most info.
Queensland power. Was quoted as being a 1bn aud class action in press. Think we are on 20 to 30pct of award. Should be heard around mid year
Hi All,
new here, just starting my dd, does anyone know what are their pending arbitration cases? seems in their web there is only info of some class action lawsuits. Does anyone have a list of most impactful pending arbitration cases or know about some of them? saying who are the companies/claimants would suffice so I can research about the cases,
thanks in advance
Seems like a nice base put in, also the broker did not go above 38k a day on sell off.
Think we have good support now
I think the selling is drying up. We can still buy back 3m shares. At 30k a day for 3 to 4 months
It will scoop all this selling and we will revert
I agree, this is way undervalued. Just bought back in. Headed to120p again.
Hi
It seemed like a quiet period with just 3 realisations.
They still have around 50m gbp of cases over 36m, so you would think we have bumper cashflows coming in short to medium term.
No, they have 28 million AUD realised cases.
From Simon Thompson below...
" In the latest six-month period, the group concluded three cases, which delivered a ninefold increase in cash receipts to A$28.4mn, including A$10.2mn of performance fees from third-party funds. The cases generated a return on invested capital (ROIC) of 3.3 times, well above the 2.8 times average the group has achieved since inception. It also highlights a prudent accounting approach given that ongoing cases held on the balance sheet are valued at A$213mn, or two times cash invested.
It means that, as more cases are settled, the group will book substantial profits from both directly held investments as well as earn material performance fees from third-party funds. This explains why analysts at Investec Securities expect annual pre-tax profit and earnings per share (EPS) to almost double to A$47.7mn and 30.2¢, respectively, on 49 per cent higher revenue of A$77mn. "
Hi All,
Different time zone!
Just looking at this now. I took a small-ish position a few months ago at 90p. I do like the CEO.
I think these are just half year results so i suppose the second half is different. Please do correct my jet lagged mind !!, but isn’t all the revenue here unrealised (like management estimates) ? So no completed cases…Is that right?
Reality is investors like the share price supported. In low liquidity people drive the price down. If company are supporting price they move onto another stock and f*#^ with that.
So benefits are huge even when they are not buying much
Yeah the debt refinancing is going to help a lot and its interesting that they arn't sure bond vs private debt re-finance. I imagine lots of fixed price money isn't quite sure what happens next - clearly they have some options.
i don't want any more dividends either that tax situation was a nightmare. Buybacks or grow the platform is fine by me.
I am trying to talk to them to share my ideas.
Seeing cases by maturity ( return proxy)
Process in timeline ( risk proxy)
Would be useful. If i know alot of deals have positive judgement already then i anticipate cash inflow and chill on debt repayment. Even though they said they could do it no issue
My point is. If they define the returns clearly into 2 sets. Then investors see it more clearly without them.having to state so much.
I would have said well 100m aud over 36m our normal realisation time. That is flagging huge gains, but hidden in appendix.
I did like that debt refinancing can be done. That is huge. Having 70m aud hanging around makes no sense. We can use that to fast track more of it.
They need to overcome in simple words why fair value is still conservative. Stating % of nav at cash invested was a good step.
I feel like they really try to get that across, the presentation started exactly in the vein you write. I guess they have to be careful not to oversell something and maybe lawyers are overly cautious.
The FD actually at one point clearly explained what you said and concluded that the shares trade well below their intrinsic value to explain buybacks.
I'm convinced that this business will be worth a heck of a lot more in 10 years time.
It was solid. The company i thinks need to sell itself a bit clearer.
1. Lcm before funds. Roi
2. Lcm with co investment. Roi
They keep referencing historical returns. Given performance fees can double our return does it make sense.
Nav is 2x invested capital. But historically we made 2.8x. In funds x4.
This also ignores benefit of debt for leverage and continous reinvestment.
They need to make the presentation a bit more punchy.
Anyone else surprised this isn't up today? Solid numbers, applications up, solid balance sheet, continued good management.
But people selling! lol.
i think there might be another class action (*****is) that we have funded going to trial next week. i don't understand all the legal speak here but could be postponed?
https://www.comcourts.gov.au/pas/file/federal/p/nsd862/2018/actions
Are you looking at pat.l.
They say they might deliver notice of arbitration to gov of india. Papers said could be 1bn usd.
Lcm funded and market cap is only 11m gbp.
Could be another greenx. That traded up to 140m gbp on their 700m+ gbp mining claim.
It does make you laugh.
3 objections thrown out for bring BS.
Last remaining objection is they did not run the tribunal correctly :)
I hope they delay it longer so our multiple increases.
Slowly reeling in this win:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02770172-6A1193001
Nice holding a stock knowing company will buy back 20k a day. Stops the normal stupid drift on aim.
Hopefully portfolio nav is increading nicely
My guess 4 times.
In fund. Probably started 2 yrs ago. 2x multiple and with hostoric performance fees double again