Firering Strategic Minerals: From explorer to producer. Watch the video here.
To generate an attractive total return for shareholders consisting of dividend income and capital growth through investments in specialty lending opportunities.
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Almost odd to see this move up but happy to see it. News of next return might help?
I have trouble understanding why they don’t use the funds generate in the winding process up to buy their shares into treasury as there has been constant selling depressing the SP.
Given the enormous supposed discount to NAV this would give profits to the remaining holders.
Maybe Victory Park want to push the SP down and then use a sleight of hand to take out the loans and shares at a low valuation. They give so little information that’s what worries me.
An 18.5% yield (according to LSE), potentially up to 2028, plus a share portfolio effectively valued at near zero by the market. The uncertainties around Fair Value surely baked into the share price now.
Thanks Broomtree
When they supply the Fair Value Assessment required I would imagine
Thinking of topping up shares but still have HL restriction. What should unlock this?
Yes, all in all I guess it's not a bad outcome for holders. At least with a bit more certainty over future dividend payouts, the focus for now returns to recovering as much of the NAV as they can for holders. Discount currently standing at over 47% according to HL, which seems pretty outrageous.
I thought it would stay at 2p but they would argue it has in equivalent terms. Still no great shock but we have an idea now that it will reduce with each payment by the equivalent
So there we have it Krusty!
1.89p for the quarter (ex div on 20 June, paid on 18 July)
They've reduced the payment in accordance with the 5.12% capital return already made. I had taken the same approach in my spreadsheet for future income although I have to admit I thought they would pay 2.00p per quarter for this year before it reduced more rapidly. Are they preserving a little bit of extra cash to drag this out?! Hey ho, not to worry. At least the divi is now declared and payment is only 5 weeks away.
Guitarsolo
Raggedtp
I think your assumption are conservative IE a fair bit more than that.
I would say 75p with out any returns from the equity.
Thanks Krusty, but the last dividend declaration was made on 22nd Feb and it went ex-div on 29th Feb. So we are more than three months on from that (+18 days). You're correct going back 12 months but I am thinking of it in relation to the last payment.
I was probably the other buyer! I'm a long-term holder who thinks this is just ridiculous and am averaging down. Never sensible, one might say, but ALL the equity might be worthless, and this is still worth over 50p NAV, plus the yield as they sell down, so not less than 64-65p total over two years.
Last year's first quarter dividend announcement came on 26th June so on that basis we're not due an update for a couple more weeks yet.
II's still dumping chunky amounts on the market, even if PI's could buy they wouldn't be able to keep up with those numbers. The downward spiral continues.
Re the large discount, depends if it's a discount to NAV (which is to be expected in the circumstances) or discount to current sp (which would be disastrous for holders).
Think this is positive....if there was some "horrendous" nav announcement you'd have thought it might've come at same time?!?
We are overdue the quarterly dividend anouncement.
On the share price front, I have a feeling we are being set up to be "happy" to sell the rump of assets (possibly within VPC) at a large discount. Tell me I am being paranoid!
Well i've bought more today. If we get (a not unreasonable) 8p divi plus 15p capital return over the next year there wont be many complaints i suspect
Certainly looks like the majority of trades today have been PI buys.
Still some retail buying so not all brokers have stopped sales?
Yes agreed broomtree, & 10x normal volume on Friday which must have been majority sales. Let's hope for a swift resolution & perhaps a rebound in the sp.
Just thinking further about this issue, with people only able to hold or sell, this could fall further for pure technical reasons….. I’m thinking there might be a buying opportunity coming when it’s resolved
Got it, yes could well have done. Will be sitting tight for now.
Krusty - you’ll have a secure message from them yesterday. Basically paperwork issue but the buying restriction won’t help and maybe panicked a few
Thanks for the heads-up NDEG, will check my HL account now. Wonder if this explains the big drop again this morning?
Interesting. Normal trading on ii but the gap between the sp and nav continues to widen. I found the OakBloke report very helpful. Clearly a lot of nervousness here but is it overdone? the numbers suggest so.