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Not clear what triggered this rally, shares clearly under valued but that’s nothing new.
Appears to start before the latest RNS of NAV for November but this must have helped.
Maybe general market, maybe somehow linked to Brexit?
I will continue to believe in the company, it’s staff and the NAV. December should be out soon.
The unaudited net asset value ("NAV") per share at 30 November 2018 was 2,674.3p, an increase of 71.1p (+2.7%) for the month.
The markets eased off in the first part of November but have subsequently bounced back.
There is likely to be another RNS for December in 2weeks if they report the same as last year
The widening discount... probably over 25% ... looks like a buying opportunity.
On Morningstar the fall in the share price now gives a discount of 25%. So why the fall in the share price? Maybe there is a sell off because there is a believe that the estimated NAV from morningstar is wrong? Certainly the markets are generally down and the Nasdaq is down 20% from its peak. There is due a new NAV announcement in the next day or so, so that will be interesting to look out for.
The other possibility is that its a Brexit effect and as a FTSE 250 company its being marked down like many others as investors keep away from the uk domestic market in uncertain times. This I think is likely to be the case even though PIN has most of its investment in Europe and the US.
At this £3 buys you £4 worth of value of underlying shares in a company that has given 15%+ return on NAV in the past 1, 3 and 5 years.
I am going to continue with my view that this is a strong buy for those who dont have a share holding, and I have started to add again, though like Warren Buffett I do have a high cash holding.
I have moved to a strong buy for anyone who hasn’t a holding in pantheon and are looking if for potential of long term growth. My posts are often on the reserved side but that’s because I already have a large percentage of my disposible wealth in this company and keep thinking I should reduce it. But when I go to look I don’t find the companies so well run or the track record.. go to the website, look at the chart of growth of NAV and you will see what I mean. Hidden gem.
2603p up from 2439p in June in a trick market. So though the NAV is up by 164p... so over 6% ... the share price is lower.
I may start to add to my holding again, I still have cash sitting in this years ISA.
Unfortunately I will not be at the AGM this year as it clashes with my wife’s birthday.... shares are down with the market but may be less than I would have expected. As with my previous post the market felt toppy and there has been something of a correction.
I suspect that this has further to go. I remain heavily in cash though with holdings in PIN. I plan to continue with these unless there is something significant that comes out of the AGM, which I doubt. Hopefully some more buy back??
I was planning to wait for Warren Buffett to start spending his cash hoard but looking across the ftse 250 there are a few companies with defensive type features that have been sold down like Assura, so I maybe tempted to start adding to my position.
But for Pantheon with its exposure to the US market I will wait on WB.
Me too, I’m almost totally in cash at the moment, but I’m getting impatient. Sitting on the sidelines is dull, but my instinct says sit. Tempted to dabble a little in something but the question is what...
Touching 2100p a share, up 300p on a year ago. Just the market feels toppy but I always call these things early. Amazon and Apple hitting a trillion, but that will attract some folks just like bit coin did! Still a discount that is too big, so room to narrow one way or another. Would still be a strong buy if it wasn’t for my probably inappropriate nerves re the market
NAV at 2439p for June, was 2172p last June.. . 267p for the year, so over 12%. Better than ftse, not as good as S+P, but not bad and where the NAV goes the share price will follow eventually! Remain generally on the pessimistic side re the overall market and carrying more cash. I recognise that I am often a little cautious but Warren Buffett is sitting on $109billion in cash and he is arguably the most successful investor ever know. Interestingly he has opted to buy back more of Berkshires own shares. Pantheon perhaps could also do a little more on this front now issues around the PINR class have been resolved??
Has continued to progress. Largely in line with international, and especially US markets. Entering the summer season. Will this be a year of “sell in May”. Still heavily invested in PIN, I have taken a little off. Good to see the chairman, Sir Laurie Magnus, buying in quite significantly. May take his lead and see what the summer brings. http://www.iii.co.uk/stockmarketwire/507091/director-deals-pantheon-international-plc-pin?context=LSE:PIN
Pantheon has been very good for me for 8-9years, but my thoughts are that the risk balance may not be quite as good as was. Still at a significant discount and possibility of narrowing discount with buy backs or entry to ftse 350. However it has nearly grown its NAV in the past year and is heavily invested in US market. It has recently lost out to currency changes, but these are linked to cost of money etc which will unlikely be good for shares. Even Warren Buffett is sitting on more and more cash, unable to find anything worth buying in the US market. Maybe time to start lightening? Or at least in my case rebalancing?
Went to the AGM on Wednesday. Had more opportunity to talk to diractors and managers. All seem sensible, balanced, good team. They are obviously pleased to see the conversion of redeemable shares to ordinary. Something that has taken them a couple of years to achieve. Going forwards there is clear optimism that the prospects of pantheon becoming a FTSE 350 company will attract greater pool of investors. THis clearly realistic with their track record. Could easily by seen as a “hidden gem” as it hits the main markets. This should narrow the discount which they clearly recognise is too great. If it doesn’t narrow, or even if it does, I got the impression than more but backs were likely. They remain heavily invested in USA, which has done them well. They clearly recognise that the market there looks rather frothy but the manager appears to think he can still find value. We shall see. There has been an increase in co-investment, which comes with their long term relationships. Low cost, avoiding fees and allowing access to deals that wouldnt otherwise be available. Overall the shares offer good chance of gains with narrowing discounts and potentially buy backs but the probably higher risks from the type of investments and markets. IMO. I will not be selling soon but by next AGM I will probably be lighter and holding more cash. But still a great company.
I have had �10K in this IT for about 4 years now - all ordinary shares. Pretty happy with the investment overall. It is a no frill but no spills share IMHO. Would like a divi but you cany have everything !
Hi BurtonS I wouldn’t call myself an expert, I rather use the blog as a diary of my thoughts as so rare to get any other posters. The main gain has to be for the holders of the redemption shares in the short term as the discount has narrowed and the spread is much smaller on the ordinary if you want to get out. I hold both and have tended to sell one share class and buy the the other to use capital gains. The ordinary share holder should gain as the company should enter the FTSE350, profile will increase and discount will narrow.
Hi Tobin, I guess that you are the resident expert on PIN, if only on the basis that you seem to be the only posrer on here!! To be fair I've been a holder for a couple of years and can see that your posts are sensible. I think this move is a big benefit to the share price, but having now gone boggle eyed reading the bumph, is it more of a bennefit to those holing redeemable shares than those holding ordinary shares?? I;m at a loss to figure it out. I hold ordinary shares by the way. I'd appreciate your opinion
Well sounds like it's finally happening, with Pinr being "consolidated" into Pin. Share prices esp of the pinr have moved up, but I suspect there is more to come. You only need to look down this forum to see how little this great company with its great long term performance has been on the radar. This consolidation and the fact that it should mean that it will enter the FTSE 250 will mean it gets a lot more publicity. The discount is still wide and it's still racking in the returns in NAV.
NAV passed £23/share in August. Shares up on the news but not as much as the NAV. Discount widens. Remains my biggest holding essentially because it has done so well for year after year and just keeps getting bigger. So much for a diverse portfolio. Or is it letting winners run? See no reason but carry on.
NAV 2171.9p for June Actually down on month primarily because of currency movements. 1873.6p a year before and 1532p year before. That's approx. 60% in 2years. The markets have had a good run especially in the US, but can not complain; except pantheon is such a huge part of my portfolio as a result is it's good performance. Fortunately I don't want to trade out and don't have to. Company continues to do what it does best. Share price doesn't reflect its on going success, with huge discount. They say the market in the short term is a voting machine and in the long term a weighing machine. Pantheon remains clear evidence of the inefficiency of markets, which in part is what it continues to exploit.
Due to change in year end it's a 11 month year. NAV which is what it's all about, up 17%, annualised 18.5%. Not bad going, but all markets are up. Share price up 40% Pinr price up 39% But that' was generally earlier in the year. In November 2016 at the time of the AGM it was 1695p now 1809p 6.7% share price rise in 9mth. But better than leaving it in the bank. Still troubles that the discount is wide 18% on the PIN and over 23% on pinr on Morningstar today. Narrow the discount or resolve the issue that it has for historical reasons 2share classes with same NAV, or both and this should be in the FTSE250. If it was in the FTSE 250 then the discount may narrow anyway. Chicken and egg. The changes in the board last year don't appear to have upset the ship, steady as she goes .. up!
Went to the AGM last week. The 29th annual AGM. Interesting to chat with fellow investors, which I don't do on here! One, lets call him Martin, was actually the companies tax inspector going right back to GT ventures, and though retired many years still follows and invests in PIN, another PI actually ran a couple of investment trusts in the past, and his childrens inheritance invested in PIN. Reassuring. And alsohad the opportunity to speak to members of the board, and listen to a presentation by Mr Andrew Lebus. There appears some disquiet from other PIs about the wide discount, but unclear if the sort of share buy back that maybe necessary to address the discount will occur. Motion to buy back 14.99% of both share classes was proposed by the board and passed. But this has been the case for a couple of years, and though there has been some buy back it, and the portfolio being mature is notably cash generative (20%+/year), the buy back is only in order of 1/10th of the level authorised. Apparently the PINR are quite tightly held, but then buy backs in this class should find it easier to have more impact, but last year all the buy back was in this category and yet the discount remained wide and wider than the PIN. It maybe that continued buy back this year does suddenly have an impact with the Market makers suddenly finding themselves short. Remains a good company, that appears to know what it is doing, even though there were a couple of changes of the guard, notably Tom Bartlam, I remain happy about my investments with them.
Interesting couple of weeks. RNS and annual financial report sees Tom Bartlam stepping down, he has done a great job for the company. The NAV has never been higher and this morning on morning star is £20+ for the first time. In part from weakness in the £. Unfortunately for Mr Bartlams, in the eye to history, the share price hasn't reflected his tenure in the last year. NAV went over the year £15.32 to £18.73, but the share price for PIN up just 1%, and PINR down 9%, with discount on PINR out to 37% This isn't his fault though, the industry remains out of fashion, but I suspect not for long. The discounts have started to attract attention, and share priced have moved significantly in past week or so following a bid for SVG. Pantheon isn't quite the same position as SVG, with the Pantheon Ventures group behind it. Indeed it looks like PV are getting involved with the wind up of SVG But there again maybe they will look at their own vehicle for PI assess to VC market. I hope not. VC industry has always to look to the long term and over look the vagaries of the market. Indeed look to use the inconsistencies of the market to enhance the value of the funds they manage. I look with interest to the AGM.
RNS NAV 1873.6 for end of june. Looks like morning star are not far off with assessment of marked improvement in NAV post Brexit and the currency gains. share price of PIN up, but PINR are not, but history shows they will usually come back together at some point. Generally I remain happy that some of my "wealth" is invested other than in the UK, and remain happy that it is in PIN (R)
NAV on morning star 1894p. Obviously a marked improvement, presumably associated with fall in the pound post Brexit. Interesting that it is only in the last couple of days we have seen increase in share price; maybe ahead of a RNS that someone expects or knows should move the market? Certainly its not the wider market which is flat. Discount is still at 27%, and for the PINR its 36%. Have taken the opportunity to increase my holding. The share price hasnt risen in the PINR for sometime despite the rise in NAV, The discount is now greater that at anytime I have seen it since the the aftermath of 2008. I wish I had invested more then; I expect that I will be making the same statement in a year or so.
Reviewing my last post I clearly imputted an incorrect NAV. Current NAV 1730p A huge discount especially when it is sitting on £110million in cash. The Pinr is buy at 1200p though I note in the last RNS pin was buying up its Pinr ar 1150p, and helping with the NAV. There has been a bounce back after the post Xmas sell off, hopefully this will be reflected in the NAV. Fascinating that there appears so little interest in PIN given its record and discount. More opportunity to add to my holding at a lower share price than last year at a greater discount.
Global shares are down, and pin are too, but over sold. They don't hold drillers or miners and the NAV is 1297p. Discount now over 28% and nearly 31% on the Pinr. It's a rare opportunity to pick up stock in a IT that has such a pedigree.