Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Tim Creed said buybacks would be considered if the share price got totally out of whack with the NAV.
It would seem that the 'out of whack' threshold has been reached, armed with a renewed authority they are free to purchase as and when they choose for the next 12 months.
Hopefully this is the floor under the SP we have all been praying for.
"Schroder UK Public Private Trust plc (the "Company") announces that on Monday 9 May 2022 it purchased 50,000 of its ordinary shares at a price of 23.2 pence per share, to be cancelled.
Following this purchase, the Company's issued share capital consists of 908,589,238 ordinary shares of 1p each. The total number of voting rights in the Company is 908,589,238.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries:
Schroder Investment Management Limited
Tel: 020 7658 6000"
Wow, so they've actually commenced the buyback? With what money I wonder? Proceeds from past sales I presume, because I doubt the SUPP portfolio produces a yield... Anyway, if there is spare cash lying around, this is a better use of it than new investments I think.
Tim Doig said they were in a net cash position at the webinar at the end of April.
He said they had dipped into the revolving credit facility to fund investments whilst waiting for the £12m to come through for seedrs .
How much cash they have was stated however.
It can't be much, less than £9m would be my guess.
The NAV is being dragged down by Oxford Nanopore.
IPO at 425p
Rose to over 700p.
And now trading at 260p
Roger said that Schroders believe that there was some upside still on the table at the IPO price and that the company have exceeded their expectations pre IPO.
If you trust Schroders judgement the only way is up!
Sorry, should have read
*How much cash they have was NOT stated*
ONT might well be dragging down the NAV but the buyback will have no effect on the NAV itself, only, theoretically, on the discount to NAV.
Seems clear they don't have much ammo (cash) for a meaningful buyback anyway.
Given recent events, I think they should invest in Reaction Engines and get the US State department to buy their superior hypersonic products. Best be safe than sorry.