RE: Uplift in SP17 Mar 2023 12:52
Afternoon Damien,
Just checking in here (although currently not a holder) and I see there have been a few developments! NAV is about where it was when I bowed out in December (c.EUR 14.5) but they have ditched the F/X hedging! Good! Cash flow dependecy is more important (imo) than "smoothing" out the NAV (which it didn't do either!). No sign of contrition by management you say? Huh, doesn't surprise me. That was what p***** me off more than anything else, the fact they thought they should play F/X games with my dividend and then not say sorry when they ******ed it up.
Did I bow out too soon PCPunter? Well, the share price is about where I left it (I know it has recently been higher), but I invested the money in MNG which is also about where I bought, but I've earned about 7% in dividends since. So, I'm happy enough with that.
I did well enough out of PEY between 2015-2022 and am pleased to see they've reinstated the dividend. They aren't bad at picking investments and have a nice geographical spread. Without the F/X risk (unnecessary imo) the NAV should do OK from now on.
I will keep an eye on it and would buy again now that the F/X risk has gone and at least one of the execs responsible has gone. I'll probably wait to see having funds available coincides with a short term mis-valuation by the market.
Glad to see PEY is on a better path!
GLA
Guitarsolo