Member Info for GekkoGordon

Does anyone know what the 2% remaining stub is?

A great outcome! Thanks for a few years of fun

Being robbed blind of upside by the current proposal. Sale is to a vehicle inside Blackstone so we're basically helping the house make a buck. There's plenty left to give in this vehicle given the discount rate used to reach the 90c NAV and they're looking to acquire that at a discount. Also agree with the below poster on the way the offer is being presented - totally disingenuous.

This is correct

Tangible NAV per share (i.e. the legacy loan book) was 542p at June 30th. Current SP means you get a slight discount and then the asset manager for free. A strange turn of events.

Pollen street differs quite meaningfully from a BDC following the merger of the management company and the investment trust. Investors now have partial ownership of a balance sheet of an investment assets (like a BDC/investment trust) but also an ownership stake in the management business (which manages external funds on behalf of institutions). I'd suggest looking at companies like ICG or Tikehau in the UK for a comparison or KKR in the US.

Had a dedicated piece on Burford with Artem Fokin. V good (bull side) review of the case outcome. Aired April 10th.

Good snippet on Burford from Angela Aldrich (first aired Feb 17th). 2nd half of the podcast.

Looks to me like proposed methodology is less transparent than the prior approach. Might be why the market is puking

Does seem like this space is getting more competitive based on different funds emerging in the market. I suppose that's only natural over time

It will include any and all shares held, regardless of the time they were acquired

Why are they suddenly giving guidance when they haven't before (for good reason in my view)? Seems sus.

Good point about Capital Group. I think they're positive to have onboard in a takeover scenario because they're super long-term investors and hopefully won't be thinking about a quick buck - should be helpful in making sure that, if she goes, it's at a fair price.

@Janebolacha, are you also slushycat...?

Understand Poindexter but the £15 share price was at a P/B of 4 or 5 (i.e. pricing in an awful lot of growth) even though P/E didn't look outrageous.

But that element of it has unwound so agree this SP movement is perplexing

Potentially the earnings? I think we're still below 2018 earnings levels at this point. This is supposed to be a growth stock and while a lot of metrics look v encouraging, and Burford's earnings are lumpy, there hasn't been growth there yet.

https://www.globalcapital.com/article/b1nwq1rjx0rmqb/aero-supplier-meggitt-takes-$300m-in-us-private-placements

https://www.globalcapital.com/article/b1nwq1rjx0rmqb/aero-supplier-meggitt-looks-to-sell-us-private-placements

Not seeing any news but aerospace is absolutely tanking. Anyone know why?

https://www.flightradar24.com/data/statistics

For anyone that's interested - a stronger rebound than I'd expected.