The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Thanks for link.
The Asset sale vs. NAV pricing at 19:30 into the recording is encouraging. Though clearly something went wrong in Asset 8 & 10
The discussion around liquidity is interesting - on average Quarterly redemption windows, 30 days notice prior to asset Q end, then cash follows 60-90 days after.
at 40:40 they discuss fund size - He sidesteps the hidden question of attracting investors and focusses on diversification.
NO mention of a continuation vote. I am not savvy enough to know how it works, or who would likely support it. Am I right in thinking that if the II's are happy to stay - then we Retail Investors have no real influence in it?
Dear Santa - for Christmas this year I would like JARA to have decided to collapse the fund, sell all assets and return proceeds to shareholders.
I, and all the elves with JARA in their retirement funds, believe that the fund is too small to succeed, being off the radar of many larger II's and Private Wealth Advisors, despite the quality of its assets. Hence the steep and persistent discount.
We see no way that the fund can ever come back to true value - so the kindest thing to do is fiscal euthanasia.
Please put us all out of our misery.
Thank You.
I have mixed feeling re: Private equity holdings as these are the future cash cows but.... they have grown in proportion of overall holdings and this balance needs to be restored tbh. However - this can be done in one of two ways
1. - sell a private stake to another investor. In Space X this may be do-able but others are far less 'liquid' and could lead to a significant distressed sale price discount to perceived value - this in turn means that any remaining holding is downgraded and the value drops and so does the NAV. if you follow me.
2. Start being activist - and get IPO's scheduled. This is easier said than done but SMT cannot be the only shareholders on the register that want this outcome. Take a leaf from Elliots book, or even use Elliot themselves, to agitate for IPO.
My preference is for '2' for value reasons, even if it is slower. Some of the holdings however are, by their holdings structure, hard to 'force' to IPO. ByteDance is 20% owned by founders, 20% by employees and 60% by global investors - with 40% 'sewn up' (assuming employees do what they're told) it will be hard to get any kind of outcome for IPO. These shares.... the one with restrictive covenants or large founds share holdings are the ones that should be disposed of fast IMHO .
I do not really think selling existing listed holdings like NVidia is an option, as tempting as it is, as this will make the Private:Public ratios even worse.
I note there was a webinar today, just finished in fact. I for one shall watch with interest when it's available to stream.
Apologies lordloadsoflolly, it was directed at sfh300 with this link:
https://stocks.apple.com/A-s3JQ97hRRaWcoFGR2mVvw
Any chance you could post the content pls? Behind a paywall.
Elliott are viciously and relentlessly focussed on success and gets any boards attention - look at Salesforce in CY 2023. Went from being a nonsense run company driven by the politics and ego of its CEO, with great revenue and minimal profitability to a completely refocussed company with great EPS, good Margins and even a dividend in a year.
I have bought SMT today purely on the back of Elliot's reputation. I would have done last week but sadly getting cash available took a couple of days.
Whilst I am not always a fan of buybacks - they are a great use of cash when you are buying back your own assets at a discount. I mean - who wouldn't pay 90p for a £1 coin?
Hi all. I used to hold PAF back in the day, it was trading about 15p I think. They'd just taken over another mie with the intention of mining is (now given up I think?) and were working some tailings.
anyway - the reason I got out os that I didn't really think the second mine would work out as the previous owners were not stupid. Looks like this was lucky. Also I didn't like concentration on one mine and tailings - tailings are great and easy but will never give the big resource numbers that a miner needs to have long term price drivers. One mine = risk.
That said - I did like owning it and kept it on watch list, albeit a long way down.
Can anyone share w snapshot of what has changed? There are a lot of RNS's over time and I am confused tbh :-)
Tritax Big Box Reit (BBOX) has been granted a two-week extension to finalise or withdraw the all-share merger offer for UK Commercial Property (UKCM) it made last month.
Under Takeover Panel rules, Tritax was supposed to have announced a firm intention to make an offer or state that it did not intend to by 5pm on Friday. However, the board of UKCM and the panel have agreed to extend the deadline to 5pm on 22 March to enable both sides to continue due diligence.
Some good comments on ADVFN
Good set of results today in a tough market.
The headline drop in 'profit' is of no great concern - that's basically a reduction in Asset value (paper loss) and teh cash position remains good, add a Divi increase and it's happy days.
RTW
I am now an RTW holder. Looks like i bet the right way by buying ARIX a few weeks ago. Makes a nice change tbh - I'm always nervous about acquisition arbitrage opportunities, far too many don't happen!
Anyway - i'm in, now just have to get my head around RTW.
Pretty Meh either way except 1 point - merged entity would be close to FTSE 100. Getting into too 100 with include us in trackers. More pension funds etc etc and will support price upwards. So on this alone I say ‘yes’
Https://worldjusticeproject.org/rule-of-law-index/country/2022/Congo%2C%20Dem.%20Rep./
Being awarded money in court and actually receiving it are 2 very very different things.
So even if the award goes ahead, ... IF, this is DRC after all. They debtor can just fold the company, appeal etc etc
My personal prediction is this money will never materialise.
I am assuming that they do not need 51% of shares to approve - just 51% of shares who VOTE - and as there are many nominee held shares that probably wont vote it may be easier to pass