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Showing some upward movement.
How long before there is a significant change to the discount?
By that I mean the share price goes up not the NAV comes down!
Have they invested all the proceeds of the IPO?
Think I remember them saying they haven't.
A mistake was to put the company in the growth capital section of investment trusts. Everything is on massive discounts there.
Note Augmentum, it's hiding in a different sector and it's pure fintech. But is only on 30% discount.
Also I wonder how long they will put up with the discount? I can see them taking it private again.
"Given the post tax profitability, the cash position of the company and the outlook, we felt that
$165 million is an appropriate level. We guided at the time of the IPO and we'll continue to guide
to a progressive absolute dividend. We wouldn't necessarily expect the same percentage growth
year on year and don't guide to a dividend payout ratio, but more in terms of this being a
progressive absolute dividend for the business."
"Our business is designed for diversification and we believe our
Partner-firms are well positioned for an inflationary environment.
Private market fundraising and investing activity have continued
even amidst uncertainty and we are pleased with the progress our
Partner-firms have made this year, performing in line with our
latest guidance.
Our model, based on long-term fee-related earnings, provides
resilience against challenges to realisations for performance and
gives visibility to the majority of our revenues. Diversification
across strong Partner-firms means we are not dependent on a
single fund raise. Our largest underlying fund continues to
represent less than 5% of Aggregate Partner‐firm AuM.
We believe that the Company is robust and well-placed to face
a changing fundraising and operating environment.
Well positioned for an inflationary environment."
This dividend, when combined with the interim dividend declared of 3.5 cents per Ordinary Share, totals 14.5 cents per Ordinary Share for 2022.
Next year I'm hoping for minimum 15c, which make over 12p per share or around 8%.
Xd tomorrow? Final dividend 11c
I make it 11.72p.
A very decent increase as i bought at 159 this is a decent dividend.
Surprised the share price isn't reflecting it.
" total 14.5 cents per Ordinary Share for 2022."
Hopefully it'll be higher next year.
Dividends
"Petershill Partners has set a progressive dividend policy which will reflect earnings growth over time. The Board reviews the distributable reserves periodically, including consideration of any material changes since the most recent audited financial statements, ahead of proposing any dividend. The interim dividend is set to one-third of the prior year's annual dividend amount, and the final dividend proposed is set to reach the target for the year. Shareholders will be given the opportunity to approve the final dividend for the year at the Company's Annual General Meeting ("AGM").
Based on the financial results for the year, the Board has proposed a dividend of $125 million or 11 cents per Ordinary Share to be approved by Shareholders at the AGM on 24 May 2023. This dividend, when combined with the interim dividend declared of 3.5 cents per Ordinary Share, totals 14.5 cents per Ordinary Share for 2022."
Clearly not the bottom added today at 5.5% down.
Hoping for a rerating.....soon!
I would not be surprised if it took a year to cut its discount to say 15%.
A good return if it does.
I bought today at 164p
You never know this might be the bottom.
Alternative/complex investments have taken a kicking.
Should rename this thread "Directors losses". We are getting to the point where the tiny dividend starting to get attractive. The company should now focus on dividend growth however high dividends are a negative for the directors and JPMorgan as they pay more TAX on it, however it will attract PI's.
Exploring Goldman Sachs’s Listed Private Equity Vehicle, Petershill Partners – With Robert Hamilton Kelly, Managing Director
In the first episode of our Private Equity Miniseries, Simon speaks to Robert Hamilton Kelly, Managing Director of Petershill Partners. They've raised over $10 billion of P.E. capital since 2007, investing in private equity and alternatives businesses at the GP level.
https://www.moneymazepodcast.com/podcast/robert-hamilton-kelly
Mr Kheraj had again bought a further 50,000 at 177.8p.
Either he knows better (and should) or this turns out to be one big falling knife.
Global markets in meltdown as recession fears mount.
https://www.thisismoney.co.uk/money/markets/article-10787143/Global-markets-meltdown-recession-fears-mount.html
A lower level of risk.
A GP stakes investment is the direct acquisition of a minority equity position in an alternative asset manager (GP); in other words, making an investment in the fund sponsor as opposed to in (or alongside) the fund itself.
https://mjhudson.com/gp-stakes-investing-taking-private-equity-exposure-to-the-next-level/
Naguib Kheraj bought 3rd May 2022
125,000
£2.55
£319,375
very strong recovery here , £3 soon
I am still watching and price is getting lower but when to buy that is the question,
i think i would wait till Notice of Q4 2021 Trading Statement ,
Why "low levels of risk" MrFlibbles?
The big risk here, as with any hedge fund operation, is a cyclical or secular bear market, taking all asset values down. Given where we are in the long term bull, and the macro pressures facing the CBs, I would call that a medium or large sized risk.
I think using technicals are pointless because the sellers are getting out on IPO and Naguib Kheraj is picking these up on his own without drawing any media attention to PHLL allowing the discount that now stands over 30% to stay under the radar. Strong buy if you are happy to see a loss for an unknown period of time... however the reward very high for low levels of risk.