Member Info for Livingstone20

Copied from HAN thread: ‘Confirmed HAN on to the indicative list for ftse250 inclusion. Finalised 2nd June and trade inside after 3rd. Well inside on valuation and must have passed the liquidity test. This should be best opportunity in while to narrow discount with several million of passive money coming on top of buybacks on to a v limited float (family, CGT constrained etc). May finally get a squeeze up over next month. Fingers crossed this can get up to £4!’

Confirmed on to the indicative list for ftse250 inclusion. Finalised 2nd June and trade inside from 3rd. Well inside on valuation and must have passed the liquidity test. This should be best opportunity in while to narrow discount with several million of passive money coming on top of buybacks on to a v limited float (family, CGT constrained etc). May finally get a squeeze up over next month. Fingers crossed this can get up to £4.

Thanks @MrBrian28 - that’s encouraging. I have been trying to do my own calculations and AI checks on this for months! Bmy always very cautious with guidance and consensus seems fairly conservative given year ahead. ‘Exceptional’ pre-orders could easily see another 10%+ on 26/27 EPS. I’m holding for another 12 months targeting 750-900p.

A few analyst upgrades and a few extra pence on this and it will get back into ftse250 in weeks. If a close miss it will almost certainly be back at some point in next 12 months on back of double Maas blockbusters, new Potter TV series and AI revenue streams.

And now Cantor have sold them again! Bit odd

Anyone have any ideas as to why Cantor Fitzgerald took 24.46% new stake on 25th?

Won’t the large institutions be left with little option for exit now but to push for a sale to private which would better suit fluctuations of deal flow and remove management?

Shouldn’t high LNG actually in theory help share price as Vaco Muerta needs international investment and a clean legal slate, thus in event of favourable outcome on the appeal encourage a more rapid settlement? If covered before many apologies - relatively new to this one.

New Harry Potter series to debut December 26 and run for 10 years! Should help with a bumper Xmas! Just need a Maas film deal next…

Fantastic news - two in the same financial year - and rest of series to come! Turnaround time!! Confident we’ll be back above 6 this time next year.

‘Ahead of expectations’ if you review the tables at bottom would likely take beyond 2025 figures for full year so concerns to date seem to have been overblown.

We all have our own reasons for investing and hope you made a good profit!

For others, with debt eliminated, production capacity tripled and loss making distraction removed, this could have a great next 18 months if they can get the auctions flowing again. I’m very positive about the run through to end of 26 and holding on, and may tuck a few more away on any dips now the dilution risk has gone. This could start to generate good cash. IMO

Key line: Gemfields is also pleased to advise that material progress has been made in respect of the strategic review of Fabergé and will update the market as appropriate.

I wouldn’t feel too sorry for Bill as the discount IS his fees. To illustrate if you and Bill bought the (10) stocks in the market you would both get 100% of the upside. So if went up 20% you would benefit by 20%. Within PSH though you pay performance fees whilst Bill receives performance fees from you, and the 80% he doesn’t own. Thus your return is 17% whilst his return is 35% if goes up. You both lose 20% if goes down. It is what Bill loves to describe as an asymmetric return. He can’t do this in US but UK investment trust rules allow. When you compound that 3% difference each year vs just holding the stocks then a 30% discount is explainable. Which it is not really in Bill’s interests to explain to you! The discount only materially narrows if the fees reduce which looked possible when they explored sharing costs with their proposed US new fund which then flopped or if achieve similar with Howard Hughes, which I haven’t fully assessed yet. I have heavily simplified above to help illustrate the point. Bill will argue you can’t simply replicate his portfolio as his market timing is confidential and he supplements with complex instruments that are not readily accessible to private investor. Buybacks obviously help a bit but fees are main driver. For transparency I have one of my largest holdings here, eyes open to the above, but fee reduction is the key to major discount reduction and that will only happen if it also works for Bill. I have joined lots of shareholder meets and this reality is well hidden.

Re. Harry Potter TV: ‘The TV series, which will span at least a decade, will have more breathing space to explore the plot lines from the books without the time constraints of the film.

Filming is expected to begin in the summer at Warner Bros. Studios Leavesden in the UK and the first series could air as early as 2026 on HBO Max.’

This sounds like great long term underpinning of value.

‘ We are progressing opportunities to monetise academic content through AI deals in our authors' best interests.’ High volumes of peer reviewed academic quality content are like gold dust in the AI gold rush. Others in this space have announced £10m one-offs, £75m pa AI content targets and significant recurring revenue streams from likes of Microsoft and AWS. Bloomsbury academic is not quite their scale but this still adds another potential upside to the S J Maas new release, Harry Potter TV and new M&A/integration possibilities. I’m buying more at these levels as it is has always delivered for my portfolio to date and seems prudently run but with a good growth story.

Revenue up but profit down considerably was the headline.

It’s not very scientific analysis but I am seeing more and more people reading S J Maas on train and tube!

News as last. Here we go!

Another Brazil release that could be business as usual but is also entirely consistent with an impending transaction as an acquirer is usually wants to put their own CFO in, even if retaining key operational management, thus would likely exclude from new retention scheme when implementing.

Rio de Janeiro, 20 February 2024 – Wilson Sons S.A. (B3 Ticker: PORT3) (“Wilson Sons” or “Company”), in compliance with article 157, paragraph 4, of Law No. 6,404/76, as amended, CVM’s Resolution nº 44/2021 and other applicable legal and regulatory provisions, hereby informs its shareholders and the market in general that Ms. Fabrícia Souza, the Company’s Chief Financial Officer, will no longer be a member of the Company’s Executive Board of Officers effective 13 March 2024. Until that date, Ms. Souza will support Wilson Sons in finalizing the 2023 annual financial statements.

Mr. Fernando Salek, current Chief Executive Officer, who has previously served the Company as Chief Financial Officer, will ensure the continuity of the financial agenda, supported by the Investors Relations Officer, Michael Connell, and the controller, Marcello Torres.

The Company expresses its wishes of esteem and gratitude to Ms. Fabrícia Souza for her dedication to the Company.

Michael Robert Connell

Investor Relations Officer