Member Info for Etotheipi

FYI

FYI

If I remember correctly, the musicians were underpaid and the royalty board recalculated giving them a boost (after SONG bought them), then it seems this number has been reduced but still above the original royalties.

Interesting to see AVI putting their money where their mouth is, they've moved from 3.13% ownership to 5.01%, with 1209m shares in issue I make that about 22m shares. The timing is interesting, 13th October before the bombshell, so maybe they bought at 74p or lower over the counter. So it could have been about £16m or less.

Judging by what happened with Round Hill Music Royalty fund (67% premium to share price take over), there's a lot of value in the assets. I haven't been directly involved in the closure of an IT but as far as I can tell it isn't a fire sale just a long slow painful process of selling. So I'm gambling on a close to NAV return.

So it looks like the valuers have made a £9.75m mistake, assuming this counts towards the NAV then it will be a 9.75/2391*100 = 0.4% reduction. As far as I can see the divi will be recalculated, maybe a bit less. The discount widens to more than 50% so either a take over or assets sale if the continuation vote fails, which lets face it there's no chance of it succeeding at a 50% discount. I'm holding.

If I could answer your question I would be extremely rich.

It looks like the market doesn't like the interim report.

Tickhilton, IT boards hire the management company not the other way round. Sometimes the management company has a board member which is not good but the vaste majority are independent. The best current example is TLEI, messy business but the board have dump the aifm by encouraging investors to vote against continuation.

0715, you said "Current yields are around 10 to 12% on Secondary assets so the current valuation of £790 million will fall to £650 to £700 million which is at covenant breach.". This is quite alarming but my question is how do you know? I assume that loan covenants are not public knowledge. If I am wrong please post a link to your source.

HGT

UnicornHunter, I believe one of the benefits of buybacks is to provide liquidity in the market, so SSIT are the buyer helping any sellers. "The Market" likes this so the share price goes up. I think that's why they are buying back daily, similar to other trusts I own.

I couldn't agree more saga999. I'm hearing people now complaining that they've been told to come into the office more often but there's not enough desks.

Also, my son has just started renting a flat at extortionate rent in a newly converted office. In the worse case there's still high value in RGL's property portfolio.

I think once interest rates stop being increased and inflation appears to be under control we'll see the value of assets like RGL rise as well as growth stocks as seen in the false rallies.

Robleo, the decline in equities will turnaround once inflation looks like getting closer to 2% and central banks are expected to start reducing bank rates. The bounce back will be big imho. This probably won't happen this year but 2024 is a good bet. Assuming we don't get some sort of new geo political crisis before then. I've been adding recently, pound cost averaging. Today is looking good, so should bring some cheer.

Thanks for posting that link Laughton, interesting. I think they just need to keep calm and wait for central banks to reduce base rates, the rating will then turn back to a premium and they can start issuing shares again. I don't like the idea of them selling assets and reducing the NAV.

In reply to my own question: https://quoteddata.com/2023/07/thomaslloyd-energy-impact-board-calls-vote-continuation/

It seems voting against the continuation is the best outcome from a bad situation. Clearly the board can no longer work with Thomas Lloyd.

One of the options to vote is for a wind up. Any thoughts on this or links to commentary either way?

I've been presented with two options to vote by ii. One is the annual general meeting and the other is an extraordinary general meeting. They both have the same statements on which to vote and the same deadline. Do any of you know why there are two votes?

Gyroman, the answer to your question is here: https://hydrogenonecapitalgrowthplc.com/wp-content/uploads/2023/07/HydrogenOne_Capital_Bluffers_Guide_2023.pdf

Which is the situation for most of the ITs I own, either I'm very unlucky or the discounts on ITs are just too wide (over 17%). At some point the mood will change and the discounts will narrow or even get to premiums (remember them?).