George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
More good news from today:
https://quoteddata.com/2024/03/newly-enlarged-henderson-high-income-beats-benchmark-2023/
Henderson High Income says its NAV total return for 2023 was +9.8% compared with the benchmark return of +8.1%, an outperformance of +1.7%. Unfortunately, the emergence of a discount meant that the share price total return was +0.9%, with the share price ending the year at a discount to NAV of 7.7% having started 2023 at a small premium of +0.6%.
The dividend increased from 10.15p to 10.35p and this was covered by earnings of 10.39p.
continues...
Norma Broadbent impresses with FY results, the stock up 30% (last known 2% of NAV here).
Richard Grithis is buying Centaur Media Plc, he is up to 4.4%.
Journeo plc have received another order.
The Works is delisting from MM and moving to AIM (which should save costs for the company).
SPEC looks the only bad stock currently, making new lows, though reaching strong support.
Now up to 28.02% an increase of 12% (all owned directly). Where has this stock come from?
This is the last snapshot I can find of the register, not sure how correct this might be (WRT downing themselves).
Have Milkwood cleared out Premier Miton?
Note the Foresight group acquired their stake when they acquired some downing VCT funds, they could possibly have offloaded, although their remit, would suggest they too would prefer the fund continues.
I would say, regards any vote, that it appears that Downing themselves have at least 11% of the vote, but Milkwood now have 27%. Very interesting.
Foresight Group LLP - 10,388,813 22.29 % 8 M p
Milkwood Capital Ltd - 7,780,412 16.69 % 6 M p
Premier Fund Managers Ltd. - 5,220,253 11.20 % 4 M p
Downing Strategic Micro-Cap Investment Trust Plc - 5,025,819 10.78 % 4 M p
Downing LLP - 4,291,022 9.207 % 3 M p
Asset Value Investors Ltd. - 3,300,000 7.080 % 3 M p
Rath Dhu Ltd. (Isle of Man) - 2,220,000 4.763 % 2 M p
First Equity Ltd. - 1,500,000 3.218 % 1 M p
Downing Ventures - 743,750 1.596 % 583 301 p
Wesleyan Unit Trust Managers Ltd. - 325,000 0.6973 % 254 888 p
So it seems that Milkwood capital are building a large stake here to vote against the resolution to return capital. (See news articles). Then it seems that Downing have tried to increase the amount of capital that will be returned, perhaps to sway some voters. "level of cash within the Company's portfolio against the Company's NAV as at 6 March 2024 (being the NAV referred to throughout the Circular) has increased to over 40%." Proposing return of 26p on 4th April.
Milkwood have declared with about 17% so far, I think they will need to buy a few more to get this over the line, unless they have found another party who wants to remain invested. Crazy that the SP did not increase during this time.
"The issue and redemption of B shares is subject to the passing of the resolutions to be moved at the General Meeting of the Company being held on 3 April 2024, which together seek to approve the implementation of B shares schemes by the Company."
If Milkwood manage to stop the return of capital, then this money will need to be re-invested presumably, but in to what? DSM could end up with even more cash if and when Fire angle sale goes through. I for one don't mind either scenario. I agree that funds like this are heavily discounted, the market is heavily discounted, and more so small caps. Therefore the potential return if this fund continues should be much more in 24 months. I was planning to purchase stocks in the fund, with the capital returned anyway, so don't mind holding on. Perhaps the last few months have allowed a re-think of the portfolio, and potentially a chance to start over on a few new positions. I for one, like these concentrated portfolios, of 10 or so holdings. Will Milkwood have any influence? That would be interesting. Milkwood were pressuring Foxtons to sell up last year.
Up 8% as another interested party appears.
The DSM portfolio was last reported as consisting of over 5% EQLS. Should boost the NAV.
https://news.sky.com/story/ex-chancellor-hammonds-fintech-railsr-eyes-merger-of-equals-13098444
The recent TR1 was good timing, how fortunate for the holder.
March 6, 2024
https://global.nissannews.com/en/releases/nissan-starts-trial-of-stationary-power-generation-system-fueled-by-bio-ethanol
Thank me later :)
Results look ok, some sensible measures in there, like pausing the dividend and discontinuing low margin products. They have a US tax rebate due this year of $2.7m USD.
Now they need to make further progress this year and get back to strength.
Https://www.youtube.com/watch?v=fxlBkGZEw9M&ab_channel=InvestorMeetCompany
Notes from presentation:
Net LTV 25.8%. Debt facility 320M, with 252.5 drawn / 67.5 available.
91% debt hedged / fixed.
Regarding the debt 150M long term debt locked in for 10 years (no date given) at 3.18%.
Remaining 170M expires Nov 25, of this 80M is hedged. (Meaning the 90M is floating rate, Meaning that they have used up all their fixed rate debt, the 67.5 available is therefore not fixed). I wonder what this will look like when refinanced in 2025, However referring back to the 25% LTV, I guess this will be ok. This also explains why there are no buy backs, as they said buybacks would be from debt, and the benefit would therefore be negligible.
Great company, great product, great presentation.
We have a notifiable stake of 8% in the trust now from Milkwood Capital.
We also have some action over at NBB, where downing have sold 6.65% of NBB, and it looks like Canaccord have picked it up. No change to share price so this serves as an exit at current NAV, bearing in mind how iliquid that one is...not bad.
The trade has printed today (From Friday) 4,000,000 at 7.5p , £300k.
Still incorrect. Spread was narrow 1006 to 1008 at the time of writing. Doh. Been a long week.
I am still happy to hold some of these, I only bought a starter pos, Id happily take some more under £10.
Sorry, yes I am watching the level 2 screen, incorrect statement, but agree with Teddy, that Market makers are still influencing the price. Singer is best offering at 9.90. Really level 2 is even easier to manipulate than SETS. I can close that spread now, if I want to offer mine at 1030.
Hi Surprised. Yes I saw that RBC broker note too, exactly my sentiments. Also listening to the Vox market interviews CVS is expanding in to other countries like Australia. I dont think the CMA can reach them there. These drops are totally overdone on market maker stocks. They are just doing it to generate liquidity, and earn a commission.
Bought Bango this week too, same deal. These are all in the pension, so can hold them more or less indefinitely.
I think the chances of a TO on any of these companies makes sense to hold a little of each for max exposure to M&A.
This has nothing to do with office blocks, which are an avoid for me in general. I think SREI has some offices but they are not blocks, and have been super revamped with everything green credential, and the rents increased due to demand.
AIRE - portfolio of 19 commercial long-leasehold and freehold properties. The portfolio includes care homes, hotels, student housing, nurseries, car showrooms and petrol stations.
WEbsite is good, with map and details of all properties
https://www.alternativeincomereit.com/portfolio/our-properties/
I bought at 150.5 yesterday and sold at 156.5 today (in the first hour). Taking in to account the stamp duty, I made 5 points. So obvious when shorts smash it down like that. There is no liquidity here, only shorts trading with themselves, and endless idiots posting on their behalf.