Kestrel Opportunities - Notice to Shareholders - Thoughts?2 Dec 2025 09:35
Any thoughts on the announcement (14-11-2025) to realise the Kestrel Opportunities Fund's portfolio?
"As a result, Kestrel has recommended to the Guernsey Portfolios PCC Board (the “Board”) that it would be in the best interests of all shareholders in KOF (“KOF Shareholders”) to realise the Fund’s portfolio in an orderly manner so that the Fund can start returning capital to Shareholders. The portfolio realisation would be undertaken in a measured way to preserve value and, in the case of our larger positions, still give us the flexibility to target a material uplift in returns. "
"We continue to believe KOF’s portfolio is materially mispriced"
"Given our revised outlook on the market, we have already realised a significant proportion of the Fund. However, we still remain fully invested in some of our larger positions such as Redcentric, Team Internet Group plc (‘TIG’) and Pulsar Group plc (‘PULS’). As you would expect, we are highly engaged with and have representatives on the Boards of all these companies..."
"TIG currently has an EV of $250m versus a forecast group EBITDA FY26 of $50m. The Company recently announced a strategic review of its entire business with the Board stating it was confident that its Domains division alone would command a valuation materially in excess of the entire Group’s current market capitalisation. Excluding the Domains division, Group EBITDA for FY26 is expected to be in the region of $25m..."
"Going forward, Kestrel will very much continue to be around for the long term. In addition to managing the remainder of KOF to maximise the value of its key holdings, we have recently diversified our business by raising a number of long duration closed ended public / private fund mandates."
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