The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I'm in VSL too. This is all very frustrating, in that I want these ITs to re-rate, but not dissolve. The NAVs of the energy ITs like Triple Point Energy Transition (LON:TENT) went down a bit, because of interest rate increases increasing their discount rates. What do you think will happen in a year's time, when interest rates start to descend and discount rates with them. Won't this send the NAVs of the like of Triple Point Energy Transition (LON:TENT) , Gore Street Energy Storage Fund (LON:GSF) and GCP Infrastructure Investments (LON:GCP) back up? I like ITs for some stable income to live off, and I like spreading the risk, but I already have VPC Specialty Lending Investments (LON:VSL) in run-off. Victory Park Capital, the managers, will have seen their little UK-listed adventure as a complete waste of time.
Meanwhile, where else to get 10%? I have somo quite a few. Chenevari TORO is 14% at this price, but I'm already fully invested there.
Hope we don't find out they have simply replaced Rathbones. I added this afternoon, still easy to do at 53p.
Well, I for one was reassured by the webinar. Reall the Trust is still delivering its mandate, a stable capital performance with bond-like dividend assurance. The NAV has hardly moved down; the successful, and uplift-generating, refinancing of the biomass projects, and stability of the loan repayments (they run 50 separate loans), should reassure people this is not a declining business. Also, they have over 30% of loans maturing over the next four years, which they believe thay can recycle into higher-yielding opportunities. So, you don't buy into this for a 'multibagger', but as soon as interest rates start to come down, people will be made not to want into vehicles like this, currently paying >10% yield. Getting anywhere close to back toward par over the next 18 months gets you a 30-40% capital uplift on top. Yes, I am sitting on a capital loss, but I sleep fine with this and will likely add to our family positions. The business works, and the current beaten down share price is dislocated from that. This and TENT are among the simplest propositions with which to beat inflation, cash ISAs, retail bonds. etc.. Patience will be rewarded on the capital front over time as the fearful UK fund selling down fashion reverses, at least selectively.
How about Investment Trusts right now: GCP, GSF, TENT all trading > 40% disc to latest NAVs, with confirmed divs of >10%? Opinions welcome, as I feel I want to buy more....
Ah, probably am, Guitarsolo. Certainly been doing it a long time now and am a customer of at least 25 years' standing. Sorry, I only just saw this, as I don't look very often and don't understand how to get alerted if somebody replies to me!
It shouldn't be that hard, as they won't let me invest in BGLF, which is a similar instrument. If there were a way to message me, I could give you a contact there to approach. By the way, I am in VTA, and there is VTAS. The sterling version may be more accessible.
By the way, by trading I mean doing something every month or so, so not a big deal if you have a few holdings. I'd say my average holding period is at least two years.
Did add our remaining 266k to the sheet, as prepared to hold this much unless new, compelling stuff comes up. Are you sending this to the Board?
Hello. No point in 'low-cost' if you mean low-cost trading, as the spread is big here. Mine are in Charles Stanley Execution-Only, which is relatively low-cost, as the holding charges are minimal if you are ana active investor. They can invest in pretty much anything for you, and these are in my ISA at least for the medium-term, given they are at a discount, earning well and paying a humungous dividend. You could also look at Chenevari Toro Income (TORO) where, if the income holds, you really don't need capital gain (unless you need a need yacht, of course!). Hope this helps
Just a thought about TORG/TORO. I am in TORO and also thinking about increasing. I also have some V TA. They took have a sterling option now, VTAS. But there's no liquidity in it and the spread is even worse as a result. If you're going to buy for decades, it doesn't matter, but one thing I like about equities is the ability to sell them easily. And I think you'll find there have been no trades in TORG this week.
I was just about to post that too! I think it's an important one. I've not had time to talk to Brett for some while and I think they've done a more important job in SA than I thought. While I was happy that the diversification would fund Head Office costs within a few months, the acquisition of an HMS licence would really bump up the asset value of the whole firm, even as a minority interest. This makes me very happy to wait out this coming year with no worries at all. We already have quite a lot of shares, and for position-sizing I shouldn't add more, but I'm thinking about it now.
Two questions after studying this update:
1. How likely is it that this company will be valued at 2. How hard would it be for it to be double?
I think the only argument against 2 is that PIs set the price of this on a day-to-day basis. We need more and steady new holders.
Thanks for that, MALTBY, as I'm not on Twitter and things feel a bit quiet.
I'm pretty sure it's November and then another 7 years. And yes, they have the prime earthmoving contract for the Tungsten Hemerdon mine.
I would say it is just a very illiquid small share at the moment. Try putting in an order for 1m shares and I think you'll find the price higher...
I hold mine at Charles Stanley & Co. They just trade thinly at the moment. I do think I will be rewarded next year; kicking myself I didn't buy more in the recent fundraising. The Align Research note from September is quite rational, and drilling results are on track.
Hello. As a long-term, pre-gold TTAU holder who was keen on Brett focussing only on these gold prospects and invested further on that assumption last year, I've very happy with this RNS. It does seem to show their IRGS method is hitting the lodes. If the rest of the assays all score, I will be delighted, and frustrated I didn't have more funds at the last fundraising.
It's a big IF, but if the prospect results are as good as hoped on the four of the 8 main targets then discussed, 8p is certainly possible in 3 years, just based on roughly 2p per score.
I hope Brett becomes very rich!
Well, I'll have a look, thanks, but I'm not keen on hydrocarbon exploration any more. The world will move to battery-backed renewables faster than anyone believed possible 10 years ago. I some HUR into WEN, because I sat on 0% yield for 15 years, and this is a producer now (I've been in other explorers), and WEN is into payback time with an 8% yield.
Otherwise in energy I'm in solar and batteries; won't shoot the lights out in capital terms, but secure 6-7% beats quite a lot.
And if you're interested in explorers and think there is any role for Australian gold, there's a moonshot in TTAU, an AQSE listed minnow with a lot of history. But it will only take one more set of positive drilling and a CPR to treble today's price, I believe. Its the last I can be burned on!
Good luck to you.
Dear All
I don't post here and won't again. While I was not that big a shareholder, I was a long-term investor, by which I mean long, 15 years, from the founding of the company. It was always a punt, but I let myself get sucked in too far, perhaps by the paperweight on my desk that contains sweet, light crude from the Lancaster Discovery of August 18th 2009.
I have finally sold out immediately this morning on reading the RNS. I had always said the story needed to be resolved at latest 10 years from that Discovery. If only I had obeyed my own rule! But I still believed in Robert Trice's theory at that time.
Why I am bothering to post here is that I don't want anyone to be under any illusions. There just might be some real upside (not saying the traders of you won't make 20% here and there), but to prove it requires the bondholders to be onside with a new capital raise, and they, as senior debt, are in charge, so ordinary shareholders are more than 50% likely to get wiped out. I won't wait 2 years more, with an unknowable oil price, to see if the new theory, put forward by a BOD , most of whom with less skin in the game than I had, plays out. Certainly they are not believing in FB any more, and the water cut is ominous. Anyway, I will lick my wounds and rebuild in other plays.
While I am not responsible for the company in any way, I am sorry if the public listing of the company loses you money too. Good luck to you all.
I think I'd take 16p right now. I have other ideas for it...!