Member Info for theoldmansdoneit

I’m off on holiday today so won’t be able to attend today’s AGM. I’d be very grateful to hear any insights from attendees! Hopefully we’ll get a little more clarity on how we’re doing 🤞

Nice to see that the recent history of a reducing NAV has turned positive and that asset sales are in line with or better than NAVs. Looks like a decent return is all but guaranteed at this share price. The only downside is that the timing of asset sales is unknown. Well worth hanging onto these imo and perhaps adding a few more in case of any SP falls

This is the fourth country that Navamedic have launched in. Either they are contractually obliged to do so or, based on their experience in the other 3 countries, they considered it worthwhile.

Either way, I’ve topped up my holding today. Fingers crossed that this is the bottom!

Yes, nice to see the SP on the up. All this relentless sunshine can’t hurt either!

Quick search tells me that:

AI Overview

+6

An LP portfolio refers to the collection of limited partnership investments held by an investor, typically an institutional investor like a pension fund or sovereign wealth fund. These investments are typically in private equity, venture capital, or infrastructure funds, where the LP provides capital and the fund manager (general partner) manages the investments

So yes, fairly relevant.

Good point on the cash which would make the potential profit a little bigger.

Yes, I added a few today as well. As you say, it looks like a one way bet. Fingers crossed we’re right!

I’m sure that you’re right about that.

I’ve just had a look at Campbell Lutyens report for 2024

https://campbell-lutyens.com/media/rjvd4h34/campbell-lutyens_full-year-2024_secondary-market-overview-report-vf.pdf

In section 4 of this report, they state that the average discount for ’LP’ led activity was 13.3%. I’m not sure what an LP is but, if we sell our 68p NAV shares at say a 15% discount, then we’re set to receive about 58 pence per share which would certainly put a smile on my face.

Unfortunately I have no experience in this field and so this is pure conjecture on my part based on a Campbell Lutyens report which may or may not be relevant to the sale of ADIG assets!

Does anyone here have more experience in this subject who could give us a more informed view?

Key paragraph:

“ Once indicative pricing has been obtained (which, for the avoidance of doubt, the Board still expects to be at a material discount to the underlying net asset values), the ultimate decision whether to proceed with any given secondary sale will remain with the Board, which (together with its advisers) will assess the pricing against the quantum and likelihood of near-term returns expected from the relevant assets. Returns to shareholders will also be optimised through the Company continuing to exercise near-term redemption mechanics within the underlying fund documentation where available.”

The 6 million dollar question is what is a ‘material discount’ to NAV? If it’s 10 or even 20%, shareholders will be quids in! Shame they haven’t been a little clearer on their expectations as I’m sure they (the Board) must have some idea.

You should check your cash statements rather than your dividend history to see if you can find the 4p payment there. That was how my platform (Halifax/ AJ Bell) accounted for it. Good luck!

In a recent Kepler Trust Intelligence article, a Hawksmoor Fund manager, Ben Mackie, stated that he was starting to nibble in the renewable energy and infrastructure sectors, mentioning TRIG, UKW and HICL.

Hope this link works:

https://www.trustintelligence.co.uk/investor/articles/strategy-investor-the-asset-allocators-ai-is-no-longer-a-one-way-street-feb-2025?utm_campaign=weekly-2025-03-04&utm_medium=email&utm_source=followfund

In a recent Kepler Trust Intelligence article, a Hawksmoor Fund manager, Ben Mackie, stated that he was starting to nibble in the renewable energy and infrastructure sectors, mentioning TRIG, UKW and HICL.

Hope this link works:

https://www.trustintelligence.co.uk/investor/articles/strategy-investor-the-asset-allocators-ai-is-no-longer-a-one-way-street-feb-2025?utm_campaign=weekly-2025-03-04&utm_medium=email&utm_source=followfund

Xhita, you say “ Germany are going to move away from their us alliance.” I think it’s more a case of Germany have accepted that the US have moved away from their European alliance. Either way, as you point out, BAe should benefit.

The SP is down 1.25p today which is a good performance given that….

The next Sequoia Economic Infrastructure Income Fund Limited dividend will go ex today for 1.7188p.

and will be paid in 29 days.

DividendMax calculates the yield on these as 8.8% which to me is an attractive rate, particularly given that interest rates are expected to be cut,

Looking forward to Barclays’ guidance on the SP to come true!

Reassuring to read in today’s RNS that assets have been sold at, or more than, the estimated asset valuations. Today’s SP is at a significant discount to NAV presumably due to scepticism that ASLI won’t achieve NAVs as they wind down this trust. Today’s news indicates that scepticism is misplaced or overdone. Hopefully the discount to NAV will now do the logical thing and narrow considerably!

Couple of Director buys this month plus a transfer of fund management to the far larger and much more successful Aberforth team (who have agreed to waive their fees for a few months) make me think that the dreadful performance of this IT might finally turn around.

Yet another fall in the SP today makes me wonder whether I’m missing some big problem with TRIG. However, since November 14th, there have been 4 different directors buying (a couple of their purchases being quite chunky) and so I doubt that there’s any existential threat. Hopefully this is the bottom or very close to it and, in a few months time, I will be patting myself on the back looking at the profit on my TRIG purchase today. Fingers firmly crossed! 🤞

I agree - this is a massive market with no other product to compete with currently BUT how long until we start to see some revenue from it. Couple of years minimum I’d have thought before we’ve finalised the formulation, got all the necessary approvals, negotiated the distribution rights, set up the manufacturing and marketing capabilities etc. What do others think?

As others have mentioned, this is one of the most positive PXS RNSs in a long time. So much so that I got carried away and increased my holding slightly. My purchases are normally the kiss of death for any share but hopefully not this time!

I’ve thought for a while that NESF should be a bargain at the current SP level but have been concerned that none of the Directors were buying, so I was relieved to see that for the first time in quite a few months, one of them (Caroline Chan) has invested, albeit a relatively modest £26k. That’s partially reassuring but it would be nice to see the rest of them doing likewise!

Today’s NAV, including income is 68.04. The current Ask Price is 43.7. That’s a difference of over 24 pence. If the fund is wound up anywhere close to the NAV valuation, there’s a 50% profit to be had with a little patience. I guess the administration costs of the winding up will reduce that somewhat but at 40% or even 30% it still seems like a very good investment. The only downside is that the timing of the asset sales and the subsequent payouts to investors is not certain. To be honest, I’m not buying any more of these- I have a fair few already- but I certainly won’t be selling!