Member Info for silverknight

Late accounts have been an issue for several years now. Accounting in a hyper inflationary environment seems to complicate matters. Hopefully we'll get some numbers in September but liquidation will probably still be years away

I'm trying to pick apart the details.

So. The asset backed lending (safest element) forms 73% of the portfolio with the investments in unlisted businesses and cash making up the remainder. If the latter were written off (highly unlikely) the NAV would reduce to around 58pps. The time factor also comes into play. Logically the capital repayment suggests that the next divi (June?) could be reduced to 1.8p. The investment portfolio is likely to take a long time to unwind hence the sp weakness. A c15% yield helps compensate for the uncertainty. One to monitor and maybe buy if you're feeling brave. Welcome any counter comments.

My payment has arrived. Thinking along the same lines as you Krusty. There seems to be so many unknowns along the road to conclusion. Even so the current discount to NAV seems very harsh. I'm still averaging 77p here. Disastrous!!

No sign in my account yet. Any benefit more than offset by sp fall. Will the next divi in June or July still be 2p??

The actual spread is .017 to .0188 with ii. Much smaller. Still have zero confidence in sp appreciation even with licence. More funds needed. Appalling management. Maybe useful as a tax loss offset?

With microcaps on customary enormous spreads the pricing becomes arbitary. Someone might buy £2k of shares and it could move the same amount in the other direction. Just balancing the books.

They're fairly predictable. A marginal weakening of NAV and another 2p divi at beginning of June.

Thanks. I was aware of your first point and now remember the other issues. We still don't have a calender for divis going forward do we?

Looking at potential 9% yield this year

For me it's a positive move. Can't see big upside movement of £ v Euro.

I thought I'd seen that another 13p payment's due on 28th June Krusty(maybe I'm mistaken) They said on the IMC presentation that dividends would total £33mill against £32 mill last year so I would expect at least 54pps. Here's hoping.

Struggling for clarity on dividends going forward. Is it same again at the end of June and then a double payment in December to reflect the change to biannual payments?

Hello Pangloss. I'm a LTH of this and add during weak periods (like now). Spread under 1% at the moment (acceptable). With a 9% yield this must be at (or near ) basement level barring market meltdown.

Given the excellent yield (maintained over many years) and proximity to years lo the current sp is a bargain

You obviously bought post the Russian invasion when the company in its old guise tanked.

I've done just that. Strange that the sp is showing such weakness right now. Makes me wonder if I'm missing something.

Adv11. Your interpretation and calculations are exactly the same as mine. We'll soon see

AL. This is really a punt on whether there will be a return to normal relations with Russia (post Putin) because that's where the real hidden value lies. A very long shot and I'm not inclined to tie up money here right now. NAV in the order of £7 but most tied up in Russia

My finger hovered over the buy button today but I don't trust it not to drop further. Opted for BATS instead for size and yield.

Guitarsolo. Broadly speaking so do I-hence hanging on. I don't understand how Thai Airways filed for bankruptcy protection but is now profitable and not making payments for its leased aircraft. What am I missing here?