Member Info for MattTheBrave

I think there's some confusion here - there is a placing coming. It just happens to be from existing employees who received 85m worth of shares locked up until the beginning of May this year. Like other placings previously, any wanting to sell will (if there's enough of them - DT estimating 20m, but it could be as much as 80m)) participate (as sellers) in an accelerated book build. Every time this has happened, the share falls about 10% because that's been the level required to get the issue away. The key thing here is that this no change to fundamentals and no dilution of current shareholders. The share action today is simply institutions having a punt that they will be able to buy the shares back lower in the issue. Wording in the statement below is clear I think (I have changed sale to SALE to make my point)?

On 1st May 2022, the post-IPO lockup on up to 85.5 million shares, held primarily by current employees, is scheduled to expire. To help facilitate an orderly SALE of such shares, eligible shareholders will be offered the opportunity to participate in a placing structured by way of an accelerated book-build (the "Placing"). It is expected that Jefferies International Limited would act as Global Coordinator on any such Placing

It's the placing which is hurting the stock. Past experience tell us that these tend to come at a c5-10% discount to current price, and the stock then falls as a result. People have wised up to this, and people are just manoeuvring ahead of it. 20m shares represents over 3% of the company and 85m over 12%. Average daily vol is 3m. I'm afraid that the market is actually being rational at this juncture. Given the 7.5% fall so far today, probably worth just hanging on at this point.

Davey - sad news indeed. We have a had a few chats over the years about diversification. You don't need to sell it all really, you just need to de-emphasize it in your portfolio. I've always thought an investor should never invest so much in one stock that it can cripple you. However, I also wonder how bad you'll feel if it bounces back to £5?

Moonbeam up 20% this morning. Anyone know why?

Good H1 results - clearly the statement after full year numbers was way too conservative. Still not a cheap stock, but I'm happy to stay for the ride back into the £20s.

Hi Opt - yep, I hold a lot of REITs including Ediston. I'm broadly breakeven on my total holding now from a capital perspective, but made over 20% on divvys. Currently on a 13% discount to NAV, and should benefit from inflation raising rental income in the medium term. It is down about 15% since Russia invaded though so not quite sure about your final comment?

They aren't trading - they are still delisted. Apparently there was a broker where you could trade in theory, but I'm not sure whether that ever really happened. You were right to write it off as a loss.

I disagree - too early to call TT unsuccessful based on one quarter revenue figure. First 6 months saw tremendous growth which kept IGG growth positive when all around (CMC and Plus) saw falls. The US market was clear weakness/gap in IGG's business and whilst I agree not cheap, the TT trade gave them immediate presence and better growth (than existing business). The huge FCF generation of IG's business will soon pay down debt associated with the deal, and divvy's/share buybacks will then come to the fore.

Yep. really good results. Still, PE of 19x is giving them the benefit of the doubt going forwards. I'm a happy holder here, but above £5, I'm looking to let a few go.

Numbers are broadly ok, but not standout. I think the market is disappointed in the slowing growth at TT, plus the sharp fall in the stock trading business. The latter can be explained by the sharp rise due to 'meme stocks' last year, but the TT does look a bit disappointing, particularly given current market vol where you might have thought that exchange traded options would have done well. Still, overall growth is positive, PE low, yield c7% and divvy likely to grow so still a great stock to hold from here.

...through 110p today. The elecy generators are fantastic inflation hedges, so I'm staying put here having bought most of my holding below £1.

Thanks Dan. It's hard to say what these filings actually mean - the registration of fixed and variable charges was also announced just prior to the 2021 refinancing, so not sure if this is significant or not. the fact that Solus has now ceased to be a significant holder is very interesting though. Have they sold to the other debt holders, or a third party? Who knows, but like you, the absence of any news to say the refinancing has been done leads me to expect the worst here.......

You catch any more falling knives GS, you'll be able to join the Circus...:-)

So, the 1 year debt extension agreed last year ended on Monday. Astonishingly, there has been no news as to whether this has been rolled again, or whether the debt holders have finally put the company out of its misery. Given that we still haven't seen any results since H1 2020, the signs aren't good........

Hellyeah - couldn't agree more - I also hold both in size.

So KR1 has just been diluted? Or KR1's holding has also increased? Are we saying that these sort of things could happen at any time, 'cause if so, that completely debases the value of the holding.

BTC irrelevant for KR1. Of concern is the collapse in the Moonbeam price. Anyone any views on what has driven this?

...and on that basis, just added more at 87p.

Results, trading, Nav, dividend and credit rating all announced on recently and all fine. Fall yesterday was fine given overall market, but another 4% fall today is odd in the face on no new news. Thought it might have gone ex-dividend, but that happens on Thursday I think.

I have to confess I don't really understand this share price. Results are strong with positive change in NAV, and profits, and dividends, and the portfolio seems to be extremely well managed. Yes, there have been a couple of share placements in the past 6 months but these have been invested quickly into good assets. The share price performance has been awful though - The share now trades at a 7% discount into the hottest area of property (BBOX at 23% premium) and a yield over 4% (BBOX below 3%). Any thoughts on why this might be, because I'm at a loss to understand!