George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
I hope William Black Can start to put some pressure on these guys. The BOD's lacklustre performance and treatment of share holders has crashed the price. Glad to see the largest non connected holder to keep buying, hopefully to have some clout at the AGM etc.
I bought and sold a few equities and trusts today. I wanted to be out for longer here, but it hit the target that I stated in my previous post. I like the trust, I banked 2% of my 6% profit, so decided to buy back. Im not planning on posting every time I buy or sell, but the post demonstrates the volatility here, especially when the S&P dropped 5% today because of weak Tesla sales. Buying back in was probably a bit rash, I think it goes lower.
I sold a decent chunk late on Thursday @894 (my entire holding) Having made 6.6% in 14 days. I think it might well pull back, in which I case I might consider a re-entry, but Im planning to buy another IT on Tuesday with the proceeds. I think its the sector that will re-rate so im not sticking with specific trusts. I know its slightly different exposure, but I like Rit capital RCP, and HHI which goes ex on Thursday next week. I doubt we will see another 6% here over next 14 days, if anything a 2.5% pullback would be my re-entry down to 875.
yes the notice came out late last night. a 7.2m legal claim (assuming gbp as it is held in uk), which curiously dates to a period from 2011 to 2019. worst case, i would say the holding is toast. a loss of about £1.3m based on price had the sale gone through. therefore a reduction of about 4.3% of the funds nav.
had the secretary of state not stepped in, this sale would have long gone through by now. one wonders why the legal action has been bought at this point in time, nearly 5 months after an offer was agreed. why didnt the claimant wait for the sale to go through and sue the private entity? i would expect the buyer to walk away now. if the claim is successful, then the company will surly be would up (as they don't have the money), so who would stand to benefit from this claim being successful. is it a method to push this in to administration, then to buy it.
a final point, i am not clear on what bearing the 'acceptance condition' from the buyer would now have? i think they essentially got 6% of share holders to agree to a deal in advance (back in december). it is possible the purchase of these shares will have to be honoured by the buyer. so my question now is did downing agree to sell any of their shares in this offer, and what does it mean? (reading that fa. chat board, it seems those who agreed cannot now sell). i dont fully understand the mechanics of the sale over there.
one final point, the fa. share price dropped by 40%, but on £6000 worth of sells. it will be interesting to see the next nav announcement to see what damage has been done. the discount to nav here had already widened back to 10%, i expect mainly due to milkwood. therefore, if the fund continues, a loss of 4.3% might not be so catastrophic over time. however, no loss is ever a good thing. i very nearly added to my position here yesterday. glad i didn't now, but will watch for weakness and may add if the discount becomes significant. i think milkwood, makes this a more interesting options, though of co**** usually retail investors end up getting rinsed, so will bear that in mind. a decent offer for eqls could help rectify the situation.
snippet from relevant rns over at fa.:
in accordance with rule 17 of the code, ise announces that, as at 6.00 pm on 30 november 2023 (being the last business day prior to the date of this announcement), ise had received valid acceptances of the offer in respect of 18,647,361 fireangel shares, representing approximately 6.16 per cent. of the issued ordinary share capital of fireangel, which ise may count towards the satisfaction of the acceptance condition.
i have not really followed fire angle, (i am aware that broadly it has been a poor show). however, i am a little confused ab
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.