Do these Turkish or Russian buyers understand that there’s no little point in buying the shares? To get to the deal table they need to be buying the bonds otherwise bond holders can easily ignore them just as they did with Debenhams
Talk about history repeating itself with what may be a similar outcome for current shareholders
Neset Kockar not buying up the bonds07 Aug 2019 09:38
With the 2022 6.25% bonds still trading around 30% of par it’s pretty obvious that Mr Kockar is not buying the bonds up. Now that shows he’s not a sophisticated investor and is failing to see the importance of the bonds in the timescale left. Buying the bonds would give him real leverage in discussions on the refinancing - you cannot just buy a share stake as bond holders don’t care less about shareholders and the bond holders come first
I hope for everyone's sake that he's not the Mike Ashley of Turkey. This could be like Debenhams where we were all suckered in and the price rose sharply a couple of days before it was suspended. Nightmare for everyone.
RE: Stamp valuations highly speculative01 Aug 2019 12:28
WGR, the problem is that the catalogue by its nature has to list all the stamps issued in a territory and clearly demand varies enormously for different issues. That demand again varies between mint and used. It is a barometer really of the estimated value of these stamps, but I am aware that in various stamp collecting areas, the catalogue price is in fact the selling price the stamps go for on even ebay - for example India QV mint, especially the earlier material, certain Indian states such as Dungarpur, Morvi and Jasdan; Abu Dhabi, Mongolia pre 1959 etc etc. The problem is that as you can see just from those examples, it is pretty esoteric, so how can a catalogue be anything other than a generalised price list? Bear in mind SG do not catalogue their stocks on their balance sheet at these prices, instead they take a percentage reflecting what they can buy them for in the open market.
It looks to me like it is time to buy these shares again as the recovery takes hold. At 2p they can hardly fall more, and as I have commented recently, the £9m market cap is a mockery of the valuation of the overall group. Even Baldwins is not worth just £9m. This could easily be taken over by Sotheby's for example, and become their in house expert stamp and coin dept; yet there is no bid premium at all in the current share price.