Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Is there anyone else holding this? Looking back if would appear we might have a June xd with a July payment. We’ve had the sale of the DCU’s and the payment from the remainder. Have to wonder will they start unload some of the DL holdings given the increase…… they are certainly dragging this wind down out!
By all means DYOR and go back as far as you want; it’s also great to get some thoughts from former employees BUT the reality is this beast is under new management and it is going to take some time to bed in and make the changes required - at this point you either believe that or you don’t!
Part 2
"The investment gain follows a move by the board to adopt a more flexible, total return approach in which Duhra will seek growth as well as high income.
It also reflects the managers’ earlier decision to cut exposure to China, due to what Duhra said were ‘flagging economic growth and an ineffective response to key domestic structural issues’.
Following signs of stabilisation in the country’s property and better consumer and travel data the manager said he had ‘tentatively’ added back to his positions in China, saying they offered ‘compelling valuations’, although he was comfortable at remaining ‘underweight’ compared with his benchmark with a 14% allocation topped up with 11% in Hong Kong.
Duhra added Chinese gaming group NetEase to the portfolio due to its ‘outstanding pipeline of new games, an established reputation in the sector, and the prospect of increasing dividends’.
The best performing country over the six months was India, where 10% is invested, thanks to positive macroeconomic data, robust corporate results, and hopes for continued supportive economic policy after state elections.
Taiwan, where 14.4% was held at 31 March, also performed well thanks to its exposure to technology names, including TSMC and other artificial intelligence (AI) beneficiaries.
Duhra said the government’s corporate governance reforms in Korea, where he has 16.7% invested, were ‘very exciting’ and meant companies were demonstrating higher dividend growth.
‘We remain focused on opportunities arising from this reform with the purchase of insurers DB Insurance and Samsung Fire & Marine and the auto companies Hyundai Motor and Kia Corp,’ he said.
‘All of these companies have performed strongly following the government’s reform announcements.’ "
Part 1
"Half-year results from Henderson Far East Income (HFEL) demonstrate an early improvement in performance following the decision in November to relax its focus on high yields.
The £373m Asia Pacific trust – for which co-manager Sat Duhra is taking full responsibility once Mike Kerley, its lead manager for 17 years, retires in June – achieved an 8.2% total return in the six months to 29 February according to half-year results.
The increase in net asset value (NAV) beat the 5.1% return from the FTSE World Asia Pacific ex-Japan index, although it lagged the 10% return of the MSCI All Companies Asia Pacific ex-Japan High Dividend Yield index.
Over the past 12 months the NAV has risen 3.4%, somewhat of a turnaround from the 7% decline over three years and the weak 55.7% return over 10 years.
Shares in the 10%-yielder have responded with a 13% advance this year to stand on a 2% premium over asset value. They offer a high 11% dividend yield after the board declared two interim dividends of 6.1p per share, an increase of 1.7% on a year ago......."
Sorry folks too long so PART 2
"Following that, the board will return at least 25% of realised gains.
‘As we look forward, we remain cautiously optimistic about a rebound in market activity, which could lead to opportunities to realise significant liquidity for the company,’ said Watts and Williamson. ‘In addition, the process around the “likely disposal” announced in December 2023 continues, and we hope to be able to update the market in the coming months.’
Currently, the majority of the portfolio remains well funded, with a cash balance of £16m and a position in listed fintech company Wise (WISE) totalling £11m."
"A disappointing 33% write-down in insurance disrupter Wefox has left investors in Chrysalis Investments (CHRY) pinning their recovery hopes on the disposal of the growth capital fund announced in December and the potential flotation by credit provider Klarna. Shares in the late-stage private equity fund, run by former Jupiter managers Richard Watts and Nick Williamson, edged 0.9p higher to 82.9p yesterday on news that its net asset value (NAV) per share rose by 4.09p, or 2.9%, to 147.46p in the first quarter.
Up another 1.4p to 84.2p today, the shares have rallied 59% since last October’s lows but remain well below their 271p peak in late 2021 and on a 43% discount to the portfolio’s 31 March valuation. Asset Value Investors disclosed an 8.4% stake last month.
The £62m ‘haircut’ for the unquoted Wefox reflected a drop in the valuation multiples of its stock market listed peers, upon which more emphasis is laid as the positive effect of its last funding round over a year ago wears off. It also reflects a ‘strategic repositioning’ within the business after non-executive director Mark Hartigan became executive chairman. Hartigan was previously the boss of mutual life insurer LV= until his plan to sell the business to US private equity firm Bain Capital foundered on the opposition of policyholders. Watts and Williamson also pointed out that although Wefox achieved a full month of profitability in December, that was more a result of seasonal factors, making extrapolation to a full year ‘inadvisable’. Revenues increased to $800m in 2023 while the cost base fell year-on-year.
On the flipside, Smart Pensions, a pensions platform the managers added to in March, was written up by 24%, a gain of 3.7p per share, following its most recent fundraising. The company, which was first bought in June 2021, is the third-largest position in the £487m portfolio at 12% of assets, following Starling Bank and Wefox, which respectively make up 24% and 14%. Starling was also marked up by 19% as less emphasis is laid on the price at which Jupiter sold a stake to Chrysalis last year and more weight is placed on its growing monthly profits.
Going public
Buy-now-pay-later company Klarna also rose, with recent annual results showing 22% revenue growth year-on-year, while AI has had a positive impact on its customer service function. The company’s chief executive said the company would go public ‘quite soon’ in a number of interviews over the quarter, which Watts and Williamson believe would inject the Chrysalis portfolio with £100m in cash.
They added that the ongoing ‘likely disposal’ of a separate company should be completed in the coming months.
As part of their pitch to secure overwhelming support at the recent continuation vote, the managers said that over the next three years, the first £100m of realisations would be returned to investors – likely through share buybacks – after satisfying the £50m buffer held back for
The latest I could find was the Feb Factsheet [no mention in March, that I seen] "Commissioning works are underway on the 50 MW Ferrymuir asset in Great Britain following successful energisation of the project on 13 February."
X - you make my point perfectly; even to the point of contradiction. You know nothing about peoples holdings, mine or Blair’s
Given your powers of observation that’s hardly surprising; the ‘one’ who left has been back twice, indeed is still here under another guise
As to post quality feel free to copy and paste anything I’ve posted that was untrue…. I do realise facts aren’t your favourite topic
Wednesday - whilst I certainly agree no one losing their job is a laughing matter. You have to accept that as a Company they simply can’t survive making losses and need to react accordingly… but never a subject of glee