Member Info for mathsprof

Thanks Paul. I've seen their ads so I'll look them up.

Do you get free trades under £500?

Can anyone explain to me how PH manages to persude holders to sell lots of batches of 500k to lower the price? Or are they doing it by some other means? Where rae these 500ks coming from?

And there is also a US listing of UK shares called CUK, priced in $
So currently CCL=20.79$, CUK=19.36$, CCL.l=£14.126
£1=$1.35, so discount in US is currently 7%, or 8% compared with London price.
Share buyback has certainly reduced discount in last year.

The reason the US price is at a premium to the UK price is that the UK shares do not have the same voting rights as the US ones. This has always been the case (since Carnival aquired P&O/Cunard some time ago). The discount has varied over time, and the reason that CCL is buying back UK shares is that with a large discount they can do so without risk and bank the profits. Note that the UK shares are not being cancelled, so theoretically could be re-issued in the future without the cost of applying for a new listing. But I can't see they'l ever do that.
Last year the discount was well over 15% - I think the long term average is under 10%.

CCL gained a miserly 1.2% during 2021, making it 7/8 of the shares that I owned last year.
A reasonable performance, given the continued uncertainty, but there is much potential for sustained growth next year.
The highlight(!) of the year was a visit to North Shields to see the Azura going nowhere, docked peacefully in the Tyne. Let's hope that I actually see it again in Malta in a few months time.
Happy new year to everyone here!

Now the top riser. There's a good reason why. Carl says more news expected soon.

I think your last comment is what will happen to the first planes carrying pax to the empty ship in Barbados. Is that what you meant?

Its because the repositioning and early caribbean cruises were cancelled, and the 10/12/21 cruise and following were already advertised long ago, so could not be changed.
I suppose they might have added in an extra new transatlantic sailing beforehand. . . ??
Our October Azura cruise was cancelled quite late on in the year.

I quite agree. £400k to several million is good business.
Some posters seemed to be implying the the SP will fly because of PhaseFocus news (this week!). It won't, but I'll be happy with a few pence as dividend or a few million to invest in new/old ventures. After all that's what BRH seems to do well.
I think the SP drop is overdone, so I've had a top up!

Don't get too exited about PhaseFocus. It's current valuation on our books is well under 10% of BRH mcap. However good their news might be, it's value to BRH will only be pennies on the sp. Maybe a maximum of 10p if PhaseFocus stake is worth £5m (ie x10).

Iceman888 - I am thinking along similar lines to you.

The sad truth is that 401 is all ready for the next stage, but needs backers, probably somewhere around £10-£20m. It is clear that they have not been forthcoming in the last few years since the results were out. A JV had been hoped for, maybe still is but one that requires some of the funds, too.
I am now getting worried that 201 may be heading up a similar dead-end street without further investment by VAL. Or maybe it will be the case that it will be progressed without any significant upfront payment.
It appears to me that the hope is that the VAL story can be sold to IIs or HNWIs. Look over at SAR at what several HNWI investments have done to the SP. (I am only comparing the raising of capital, not any other aspect of the companies!)

The two of you are arguing over the meaning of "free"
1 free= no money needed to pay for the shares
2 free=nothing to do to get the warrants
Thisd difference may clarify a number of other posts, too.

Please could someone explain how giving away warrants at the current SP is giving away equity? When (or if) they ever pay for their shares VAL will receive the cash.
The 22p price tag is surely not unreasonable given that in the last 12 months the SP has been under that for much of the time.
The sad truth, as far as I am concerned, is that it indicates that probably the BOD don't have much in the pipeline in the next few months to report, other than a fund raise of some sort or other.

CCL have paid for the UK shares by issuing new US ones. So the number of shares in circulation will remain roughly the same, and so future dividends wont be greatly affected. The whole point of the exercise is for CCL to profit from the discount the UK shares trade at relative to the US ones. One effect of this buying is that the discount has narrowed quite a bit since the end of June - a plus for UK holders.
I have no idea why the UK shares are not cancelled, perhaps it means they can be sold in the future without the usual costs of issuing new shares? (maybe if the discount disappears???)

The key to the trade is the time (1706 or 1707...)
It's always at the UT 1635 price or the mid closing price if no UT.

I believe it's a kind of balancing trade between MMs that often occurs after a busy day. Nothing to get excited about. Look out for further 1707 trades in the future!

Don't foreget they have already received the special dividend, so they're well in the money.

EC - consider that the SP has already factored in the return of sailings in July/August. Many were announced months ago, and there really has been no new good news since. There is still healthy scepticism about how soon CCL can return to profit.
I think £14 is currently about right, given the actual and anticipated return to sailing for much of he fleet.

I should have checked your sums - 3% of $220m = $6.6m . . . . .

hi reefles. I agree with your analysis, other than the fact that the daily variation in SP is often over 5%, so depending on when in the day trades were made, profit/loss will be more or less.

It does seem though that those shorting, here and in the US are not phased by recent announcements, and still expect further falls in the SP.