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I have watched the action here and hold, I think and institution is selling out, and may well have been for a while, every rise is heavily sold into and you know what fair play to them if they want to walk away on a whopping loss but I can sit it out thank you and get far better returns when everything is sold down in an orderly manner...a defensive minded investment trust should not be this volatile either, it will settle down once the latest NAV is released and Verne completes, so about 6 weeks tops for the uncertainty and games to go in in my view
Adrian could pay off the revolving loan and buy out digital 9 entirely...based on current price...absurd. Aquiva is undervalued as it stands too imo.
Could well be what they have in mind. I don't fully understand how this share trades tbh, it doesn't move with logic
Revenue growth miles behind inflation, negative free cashflow this year just gone and next...margins wafer thin, one more scandal and it's over, just dissapointing beyond belief those results imo
Ha yeah, should see us down a round 10% I should say..dear oh dear..my sentiments exactly though, UK market is beyond a joke. All the t/o bids are scooping up assets at 60% premiums plus and they still get half price assets. Just to reiterate this trades on less than a 5th of NAV by my reckoning....the towers business.. Arqiva... at full value trades far more cheaply than it's peers...so explain to me why now with this news of Verne sale is this being hammered..rates will go lower and this will look crazy cheap..very soon!
Verne approved, game on here...liquidity issues evaporated in one RNS
Just that it trades below 20% of NAV...
It's mindlessly discounted at the moment, I expect approval to be a formality
But how much in property? The discount to NAV is senseless given rates will drop soon.
Brewery stake worth more than mcap...property well in positive equity, profitable...odd
Volume isn't anything special, shorters taking advantage here I think, it's an infrastructure fund, the underlying holdings are not high risk...it's just liquidity issues
Should add, the NAV valuation is due in April...I don't see how this trading update implies anything close to an 80% impairment...this is trading around a 5th of book value...liquidity issue resolved and this doubles or trebles via orderly sale and wind down IMO
I think the issue longer term is freecashflow..as how much capex was spent to drill the well from which oil is being sold at $25usd and how much more is left before more capex? I think they swapped margin for volume after seeing the negative reaction last update...let's see if the masses approve shortly
Steady as she goes, underlying performance is fine..it's the fund level of liquidity which is poor and dragged this down.
I calc that the fund has approx 3.5x EV/EBITDA with Arqiva interest payments to come down materially in 2024 improving this..also new contracts at Arqiva and Verne growing at a 33% rate...it looks ok to me. CEO of subsea cable inv leaving not ideal but being sold and far less material to the fund. Cash of £14m is tight...needs to last until Verne sale or a smaller co. Can be sold..
I would say worth 30p now, 50p on sale of Verne approval/completion inline with Barclays SP target issued in Feb 24.
Does anyone know what date results are here?
I don't actually rule out getting about 80% of current NAV here in the long run
Also this AI trend is going to lead to huge demand for data centres...the price they are selling Verne for is probably on the low side but I think with data storage prices going up surely the earn out is quite achievable
Don't really see why it's dropped from 28p now
I mean the cash is half the MCAP approx, the owed amounts if received would take the cash to the MCAP so how much risk is there really if bankruptcy given local sales cover costs? I don't get why shorts are desperate to sell this....it's a waiting game
Just incessant selling here...for what? Yawn. Iraq don't want to ever open the pipeline but will run out of cash and water.
Management have screwed this company up badly...gonna be tin hats today