Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
Short seller having a go at LAC...
https://www.bleeckerstreetresearch.com/research/lac
Since publication TRR up 10%, but LAC down 16%.
Directors locking in big profits on Options, but doesn't necessarily send a good signal to investors. Should they too be locking in profits?
That's capital upside as there will be divis through any wind-up process.
Following the SP jump today the arb opportunity isn't that great now, albeit still there. For some though a 10% potential upside is still worth investing. With a average in price under 70p it becomes a much harder call for me.
As far as the continuation vote goes all shareholders will get the opportunity to vote as to whether JARA continues or not. This ultimately means that, as with most trusts, institutional / discretionary holders will decide its fate. This will happen at the AGM in early August. Given the sizeable discount and limited liquidity (at least for institutional sized investors - mkt cap is under £200m) I suspect that many investors will be happy to vote "no" and see the trust wound up. That is unless the Board comes up with some scheme to sustainably reduce the discount and improve liquidity. I think they will struggle on both. And they haven't got long to do so (Annual results get published at the end ofJune).The wind up process, although taking some time, is much more straightforward than is the case for many other trusts, so I see little reason not to vote for it.
I agree! My latest ADVFN post...
Under two months now for the Board to come up with a plan, and a good and sustainable one at that, to justify shareholders continuing to own this Trust. With the current yield (5.8%) giving only a modest pickup to cash / Gilts and capital NAV performance being poor since launch it is difficult to see why investors would vote for a continuation with the SP still trading at a substantial 23% discount.
These were cut and pasted from ADVFN
Here's my comments post Tuesday's presentation...
I had a lengthy conversation with the manager and JPM sales person post their presentation. Here's what I extracted.
Discount - they're clearly frustrated by the scale of the discount and solutions to resolving that were being discussed by the Board / Manager. They agreed that some sort of plan needed to be put forward by the time Final Results were published in late June, ahead of the continuation vote. Their expectation was that the discount would start to narrow ahead of these events, but recognised, and agreed with me, that a solution to sustainably narrow the discount without a return of capital might be difficult to find given the nature of the investments in the trust. Some sort of tender offer was unlikely to happen given the size of the trust, although I wouldn't fully discount that (I don't think it would work or be appropriate). They said that historically if it has been the right thing to return cash to shareholders that is what they have done and would likely do this time, if that was felt it was the right thing to do.
Wind-down - In terms of how easy it would be to realise the assets in the trust, and in particular the private funds, they said that would likely take a number of quarter as redemption requests were met. They are through the lock-up periods in these vehicles, so there is no issue on that front, while JARA owns under 5% in each fund. That shouldn't cause any problems from a redemption perspective unless there is a wall of redemptions from other investors at the same time.
Share liquidity - There isn't much at present, so getting institutional buyers to take advantage of the discount is challenging, particularly when its difficult to see why any current holder would sell at such a wide discount with the continuation vote on the near horizon.
My overall conclusion remains that the risk / reward at current levels is an attractive one given the time horizons involved. The main risk is that we see a collapse in the NAV, but I think that is highly unlikely given the current macro backdrop and the 30% discount provides a good deal of downside protection.
I bought more this morning at 65p.
Reflected in the permanent and relatively wide discount it has been trading at for a while. Difficult to see the situation changing anytime soon given the macro. SP more likely to test 120p than it is 130p against this backdrop.
Yes!
Are Recharge credible builders of two massive battery factories in the UK and Aus when they have zero previous experience of taking on such projects before. A lot of wishful thinking here?