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Just bought some more at 4.55p, think this will move towards the tender offer price over the next week or two, which we know is probably at a discount to NAV dyor
X-O Jarvis
Must receive my written instruction by the 10th of June 2024
I may well just hold onto mine. Had these since NFT so probably around break even. Never bought in to break even.
Thanks Popes. From reading the RNS it appeared that shareholders needed to contact the company directly, but as most of us hold through our broker's nominee account, I guess we should give our instructions via our broker. The fact that Jarvis has already contacted you seems to confirm that. Hopefully my broker will be in contact shortly.
The tender offer looks a good deal if you want to lock in some gains at this level, although the NAV should hopefully move significantly higher in the post halving bull run. 12-15p seems very feasible IMO. I can't quite believe that UK investors miffed at having no BTC ETF have bid up MSTR to well over NAV, whilst PNIX offering exposure to BTC, ETH and SOL has sat at a huge discount to NAV for ages. A real diamond in the rough for those that could be bothered to look for it. Well done all.
Got details of tender offer in this morning from Jarvis. This looks like a quick return for anyone who got bought these just before the record date.
Has anyone had any communication yet from their broker for submitting their instructions for the tender offer?
Whichever way you look at it, this company is emerging to be a solid business, double figures is not out of the question now for the share price
Thanks for those responses.
I found AJ Bell allowed me to buy and so I got in yesterday. But I tried about a month ago and it wasn't working with AJ Bell, so in retrospect it might have been because I was trying to place an order out of hours and they don't take orders on this stock.
I expect the NAV is higher than the last reported seeing as ETH has moved up so much, so it might not be good value to accept this tender offer
5.39p looking great https://www.investegate.co.uk/announcement/rns/phoenix-digital-assets-plc--pnix/phoenix-digital-proposed-tender-offer-/8213105
Fully agree, expect to move upwards as the gap is significant DYOR
X-O co.uk
£6.95 buy or sell & you can have an ISA account.
X-O trading
You can also buy via ISA or share dealing on IG. You can get a quote for a price with IG as they have direct market access so can beat the spread.
AJ Bell offers it.
Can anyone recommend a broker in the UK that would allow buying shares in PNIX please? I've tried all the largest brokers but none are allowing it. I have a friend who spreadbet these via IG index but the spread and costs are high with them.
Exactly, either way this has much higher to go now and the buyback will just fuel the price even higher
I make that around 5.3p per share
Sorry seen it on the website.
“Share Buy Back in 2024 at NAV
The Company has announced that it will purchase up to 857M of its ordinary shares in a tender offer at an amount equal to the net asset value of the Company per share.”
So the price will be the proceeds less tax liability for 85% of your shares!?!
Is the intension to sell all the crypto and do the buyback using the proceeds less the tax liability which would leave a cash shell with no assets or is it a partial buy back leaving some cash for future investment?
“The size of this taxation liability will depend on the size of the buy back which has not yet been determined. However, the Company can advise that it anticipates the taxation impact to be in the range of 0.7p to 1.1p per share.“
Noisy - Agree
Ethereum have got catalysts coming up as the big banks push for ETF's,
Solana's got a system where the more adopters, the more coin buyback and burn's they do.
Either way there is a clear strategy to exit now from the company and they are clearly waiting for the next spike to capitalise for the shareholders.
The Crypto market looks like it is consolidating nicely from that initial rise this year and I feel like its gearing up for another push into ATH's. Which could result in a NAV here of 10p+ quite easily. IMO.
BTC is only around 38% of the portfolio, IMO the Ethereum and Solana holdings could power up the NAV
The trick here is calculating how much bitcoin you own
(Bitcoin owned/market cap) * your shares. For every 100,000 shares you have 0.0617444012884044 Bitcoin ~£3300 today. It'll cost you £4100 to buy 100,000 shares and the own other digital assets. We're in a bull run in looking forward to seeing what happens to bitcoin over the coming months.
I'm not sure, maybe people are too lazy to figure out how to buy as not all brokers have access. Just like in crypto you make the real money when it's more difficult to buy. The share buy back should make this intresting
Why hasnt this moved toward NAV?
Has much further to go to bridge the gap as Q1 NAV 7.38p, expect tender buybacks to kick in shortly, that will add momentum too as this is way undervalued