Member Info for Sangijuelas1

Interesting that Ben W said they were selling down because £200m was making portfolio unbalanced.

And now we have Iceye at over £300m. So they will want to sell that and they pretty much confirmed when I asked question on last investor meet

From Google AI

You said: do revolut investors have to wait for company approved tender offers to sell shares?

Yes, Revolut investors must generally wait for the company to approve tender offers or secondary share sales to cash out. Because Revolut is a private company and not listed on public stock exchanges, there is no open market for the shares. Selling shares requires company approval, compliance checks, and finding a willing buyer.Here is a breakdown of how liquidity works for Revolut investors:Tender Offers: Revolut periodically runs official tender offers (or secondary share sales). These are organized and approved by the company, allowing early investors and employees to sell a portion of their holdings.Institutional Buyers: During these tender offers, major institutional investors—such as Coatue, Greenoaks, and Dragoneer—step in to buy the shares.Secondary Market Platforms: Investors may also use approved secondary platforms, such as Forge Global or Nasdaq Private Market. However, transactions on these platforms still require Revolut's corporate approval and are subject to demand.

Yeah GROW has some very particular characteristics like the role of the partners that sit on the boards of the investee companies and the networks they are involved in.

Also they can be subject to restrictions on how they exit a position. For example, they need permission from Revolut to sell down - they can't just waltz up to potential buyers.

Think it's odd that if there was a significant opportunity to offload Iceye that they only sold £22m worth. May be restrictions in play here as well?

Saba forced a managed wind down at SDCL Efficiency Income Trust recently meaning investors are likely to have to wait several years to get money back

https://uk.finance.yahoo.com/news/sdcl-efficiency-income-shares-slide-083000870.html

Yeah so good for a short term investor - not so for someone looking to hold long term

Saba might be good for short term traders but less likely to be so for investors with a longer time frame than a few months.

One concern is that Molten could look to delist to protect themselves from activist investors. This was outlined in an annual report a couple of years back but has been removed from subsequent ones. I sent them a list of questions about it, which were never answered. They maybe realised that they would not be able to do so but it gives some indication of how they would respond to the likes of Saba.

An issue with Molten in contrast to other investment trusts targeted is they cannot organise a tender offer for shares at NAV like a trust with more liquid assets.

There are probably some aspects of Saba's views that I agree with. I see the portfolio as very bloated and I think realisations should be used to pay special dividends rather than keep being so quick to reinvest. Hence my disappointment with the additional funding for ISAR.

BOA are the counterparty that buy the shares for Saba

He remained CEO of the group the whole time but he replaced the underperforming CEO of the Ocado Solutions division

Stupmy- when did Steiner come back? He hasn't been aqay

Yeah that's not good if you look at what they done to Edinburgh Worldwide and Impax Environment

Kroger don't use Ocado ISF

Kroger results just announced highlight improved e-commerce profitability

Ocado switched to metal bins so claim leaders in fire safety

https://ocadointelligentautomation.com/hubfs/Datasheets%20Download/OIA_Metal_Bins_v10.pdf?hsLang=en

Sounded like buybacks are done for the time being unless SP pulls back as per today's investor call.

ISAR was reported to have closed a 150m Euro round in June last year, which gave it a 1bn Euro valuation.

Where is the confirmation that ISAR was valued at 2.1bn Euros from yesterday's raise. I can't see any publicised figures

Hopefully they can get a successful launch and IPO quickly.

SpaceX IPO is on Friday

Molten investor materials state their strategy is to primarily lead Series A and B rounds, although of course they have participated in later rounds previously but this mainly to avoid dilution.

Here it appears they have been a lead investor in this latest round, which will have involved a big chunk of money.

My concern is that they have become irrationally exuberant with their recent successes and are not showing enough prudence. This is not the first time they have had great returns and invested them in a market displaying bubble tendencies (see 2021-22) and the subsequent crash from £11 to £2.

Isar and Iceye would not be raising as much capital if it weren't for the frenzy for space stocks led of course by SpaceX.

The funny thing is that a very small proportion of the SpaceX valuation is actually linked to the rocket launch business. The bulk of the revenues that it's insane valuation is based on are derived from projected sales from the x.AI and data centre part of it.

On an investor meet up call a few months back I asked them about the risk of dilution with Isar as it was obviously going to be highly capital intensive to scale and they acknowledged the risk and agreed that dilution would potentially be on the cards as limit to how deep their pockets are.

I have tracked Isar in the portfolio for 3-4 years as a potential winner but one with extremely high execution risk.

If they can get into orbit then it's a whole different ballgame but that's a very big if and you can imagine having a useless German version of Blue Origin or Virgin Space on the books.

Fine if lose original stake but not prudent for me to stick £20 million or so leading the round at the height of a bubble.

So looks like Molten led the round, which begs the question why is an investment company that is specialized in leading Series A and B rounds leading a Series D, which will have required a massive investment.

There goes the special dividend and it looks like Molten are investing at the height of a bubble in Space stocks. Did they learn nothing from getting caught holding the bag when they blew the returns from UIPath and Trust pilot on the likes of Aiven, Coachhub and Thought Machine.

This is not good news for shareholders. The space tech bubble is real - FT lead story today is that SpaceX IPO valuation is based on pipe dreams of data centres in space and missions to Mars.

This is very disappointing

The point is there was no reason for them to stop unless it was related to the Iceye news- if they start again now will probably be that.

Otherwise could be related in some way to the Saba issue

Impax not impact

So they have realised £85m in the last month or so from Revolut and Iceye.

That would make for a potential special Dividend of 45p a share if they were so inclined.

Wonder what Saba are saying about this. Don't think a tender offer for their shares would be possible like with Impact and Edinburgh Worldwide given the illiquid nature of Molten's holdings.

Also be good to know why the buybacks stopped. Maybe because they were sitting on the Iceye news?