Member Info for Oldnbald

Stop this pathetic cycle of nonsense once and for all.

Great question. Their petition vote for continuation failed - so the decent thing would be to liquidate everything over the next few months and retrun capital to shareholders.

BUT... They are now being weasels and discussing what to do - including restructuring, partial sales etc etc

Which is ***** IMHO. They had a clear instruction - 'do not continue' - and here we find ourselves still unsure what the future holds.

This fund is small - it isn't big enough to continue in it's present or future smaller form - so do the decent things and put the shareholders out of their misery. Stop clinging onto straws to stop yourself sinking.

The assets are not easy to offload and this will take time, we get that. Just get on with it FFS.

Not bought or sold, just watched.

I do have some cash i need to deploy but I am not 100% that we have the undivided focus of BA atm so am holding off. At the end of the day this is a high conviction IT with some Bets on the side.

the bets have histroically paid off well - and yesterdays omnishambles was a good exemple of the type of volatility that I would like to know PSH are all over and profiting from.

The letter to us in Feb/March contains the statement 'In October, we believed that interest rates were unlikely to rise further and we sold our 30-year USD interest-rate swaptions

and generated a smaller profit (33% premium above cost). We then initiated investments in 1-year and 5-year instruments

that increase in value as rates decline, which we continue to hold. '

SO that is interesting and if the Fed blinks hard in September it should be good for PSH.

Note there is also come commentry on Japanses Interest Rate swaps - but doesnt say which way they go. BoJ looks like its gonna raise rates soon - love to know which side of the equation PSH sits on.

Yeah, that jarred with me too

There is a vote open for all shareholders that contains a 'Continuation Vote' - this will allow you a say if you want the trust to wind up and return Value to shareholders or continue as is for another 3 years.

In my opinion this trust has no future and I will be voting Against Continuation.

It's been commented on in this board and others many times by many folk - this trust is too small to get Institutional Investors and large Wealth Managers interested. It's too illiquid, which is only getting worse with buy backs. And the massive discount to NAV is too high. This share is simply not attractive enough to enough people and institutions to really ever see it's true potential.

Hence my recommend to vote against continuation, get it wound up and give us our money back so we can deploy it somewhere we can get some value accretion.

U.S. CEF , which is their kinda equivalent of Investment Trusts,, also trade a large discounts to NAV.

The fees on PSH are high. management plus perf' bonus. the bonus is a lot. While I agree that the platforms/FCA do not show accurate fees information, whichever way you cut it - they are high here.

Ackman is reducing the PSUS fees (0% for first year then 2% which has gotta help PSUS, while keeping PSH fees relatively high. Yeah I know that the fees on PSUS will help reduce fees on PSH but that's a way off atm before they go to an equivalent 2% only SO ..

I am struggling to see how his move with PSUS will help us shiort to medium as the smart money will go PSUS? Same gig, lower fees. It may make things worse.

The discounts will remain on PSH, just a matter of how big they are. PSUS will be weird at first but once it settles down it'll also be on a discount. It'll take a change in market sentiment to remove the discounts completely.

DO you have a link to the offical SEC ppaerwork on this? I can only find the original Feb prospectus.

Also - when is the key question for me here. When will this happen?

If Bill posted some X comments that are relevant to this rather than bashing a demented old man all the time it would be useful.

The Divi yield at today's price is 5.68% which could look very good in 12 months

Lots of unknowns between now then however.

'The first gold wash plant is expected to arrive by air within a few days and will start operation.'

If you've ever watched Gold Rush on Discovery you will know the sheer size and weight of a high yardage washplant. They are massive and weigh tons.

So - either the flown out wash plant is a small sampler plant that will produce no really meaningful gold or....... you decide.

As an example - this plant does 200-330 Yards per hour ( a decent amount for a high volume alluvial mine, and weighs 70,000 lbs, that is not going on a plane in a hurry. https://maconindustries.com/wp-content/uploads/2021/06/Macon_SD500_SpecSheet-Web.pdf

This toddler would, maybe, fit on a plane at a massive cost but it's only 40 tons per hour (so about 40 yards of dirt) - https://www.msi-mining.com/tv2.html

Or this one at 20 tons https://kumho26.com/small-gold-wash-plant-gds103e/

They do come much smaller also - https://hecklerfabrication.com/trommel-wash-plants-mini/mini-tommel-wash-plant/

See the RNS on 27th Feb - 'Red Rock and Riverstone will implement a test programme processing alluvial material from different parts of the license, on a scale sufficient to establish gold grade, including high grade zones. Red Rock will operate initially on a trial basis, but expects to initiate the process of permitting for bulk production and processing. Initial activities will be those permitted by the exploration license.'

So - this is not meaningful gold guys, don't get your knickers in a twist - its a sampler wash plant.

I see from the AGM that buy-backs have been re-authorised, which is good. I'd love to know how much and how long. No RNS's for transactions in own shares as yet. An incredible 25% of shares bought back so far, as big discounts to NAV and i'd love to see this continue.

On another note - does anyone know what is happening regarding the US listing vehicle? I am not clever enough to work out how it links to PSH etc - but assume it's good :-), the fees reduction mechanism baffled me but seems to be good news.

Does anyone know when the US vehicle is set to go live? I cant find anything about it, and I assume it's taking the time and energy of PSH board atm.

This share os offering a 6.5-7% dividend at the moment, which is more than a bank account but not that much, hence the disinterest.

But.. when (if?) the BoE interest rate starts to drop that Divi will be superb. This company is heavily geared but it's tenants are mostly (89%) state owned Public Health bodies (UK NHS and IE HSE) so are as solid as they get tbh.

Current cost of the debt that they service is 3.3%, and most of it is fixed or hedged.

All in all - I think this is a risk of course but given the softening of the UK job market and the firming up of the economy point to an interest rate reduction cycle happening in H2 of this year - and we'll look back on this point as a great opportunity to lock in a 6.5-7% Divi.

I'm a few years from retirement yet but looking to build a healthy income stream - and this is one of the investments I am looking at to provide this. I've just recently doubled my holding in an ISA, I'll reinvest that Divi, compound it while I wait, and take a view at Xmas 2024. Hopefully - a merry Xmas :-)

Thank You mw. This is potentially a good arbitrage play for the confident. I notice a few have changed hands today but hard to know if it's buy-back or an actual investor.

Fingers crossed. I await the message, in my share platform, of a vote.

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