Well FD you made the right move and I expected a better deal from the board, but hen they didn't have long to respond. Worried that the white knight will quite rightly pick just the best assets and leave us with rump stuff that all private equity funds accumulate. There is always a better return on the good investments when sold over and above the previous NAV but against this there are always the dregs and the fund extensions that drag on whilst they shift them. I just wish we had a European bidder, what with the strong Euro, but then the same is true of the dollar. Its just become a better deal for them after the conference.
Hmm wonder if the board can make the sale go through after they have been booted out - at some stage you have to wonder if there will be a court case for them selling at undervalue - seems pretty desperate and not very good move by the board - glad I sold given this.
Not a bad idea and with so many acceptances in the bag or conditional, take over rules etc, I have sold 60% of my holding as well. Seems the odds at the moment are against a higher offer. I would prefer the A-mericans not to succeed but in the end money talks. Notice they put the boot into Deutsche Bank whether right or wrong but don't forget they use large fines on foreign banks and the likes of BP line their coffers. Same issue with the Euro which frightened them for a while as a potential reserve currency. Never underestimate whatever they do is never altruistic.
I have been mulling this over for a couple of days and today I sold my holding at 6.72. Whether this is correct or not we shall see. EIther way it has been great as my average in price was 3. Reasons were:
At 6.72 discount is about 8.8%.
Most in sector trade at 15+% discount
Increase in value largely due to FX recently not investment genius
Other deals have gone through recently at 15% or so discount
Offeror made "final" offer
I dont think we will get much better if we do and if not this falls back below 6.5 fairly rapidly
Good interims NAV 7.35 compared to offer of 6.5
Board says - other bids coming, discount on NAV 10% but on invests 17.5% (removing cash) - to get the invest discount to 10% offer needs to be about 6,9 - also they have added 300m gbp of commitments in the last 6 months......
Will hold to see what happens pre 6th Oct - given the bidder will just take it private and wind down think that there will be a fight by the board
Probably 750p NAV given stronger USD & EUR, they are bidding because they believe it has good growth prospects. Has been well managed but undermined by short termist institutions like L&G, it's another one like Cadburys.
Manage to sell 25% of my shares in the latest SVG CAPIT Tender Offer. A price of 535. I will hold out for some summer bargains or even to top up on any pull back, If others decide to reinvest then it will may close the discount to NAV.
All major assets sold (biggest iglo at 57m). Plus 144m still tied to NXPI (up 22 % since shares acquired ? - depends on price agreed but since date)
All good I get NAV of 585 - 13.6% discount.
Really depends on what they intend to do with huge cash pile (current 264m + arysta when received+sales of NXPI when they happen) - if give to investors price goes up if reinvest in PE assets - price stay about same
With arysta all cash in Feb 2015 (hopefully), hugo Boss - realised some more???Svg will be made of smaller companies investments and presumably more cash will be returned to investors again. No wonder the permira guys are leaving with less cash to make big pe calls but becoming more of a diverse portfolio manager.
Probably good at this time to diversify and return cash as is being done - also reduces the discount. Am happy to hold further on it being a diversified fund but some of the exceitement has gone
Held Herald and Polar tech previsouly and like them
Long term do belive JII, JMC, IBT or other specialist trusts should be good investments, but have been moving towards riskier stock picking for the time-being (last 2 years)
Just think markets overdue a bubble and correction in US has left bargains in UK where values were not so inflated (falls have been almost as severe?)
Collapses in prices of companies like MOS/ GBO/ BLNX smell like ARM/ Autonomy after falls in late 90s?
Long term like mining and oil, but not sure on timing- looking to get back into City Natural Resources, Blackrock Mining/ ML Gold & General etc at some point
Taking a wider view, collectibles (stamps, wine, especially like modern art) seem just as good an investment as equities/ funds (outperformed everything other than private equity?). Anything with a limited supply should do well given global population/ wealth growth?
Putting 1% of assets into bitcoin, could potentially generate a better return than 20% into equities over the very long term, but obviously also risks!
Had a look at your building company and it looks a fine. I do not know much about the construction side of things - seems to be driven by the govt to a large extent so am keeping things simple staying with inland and a couple of others.
Still looking for value - looked at Herald IT and it looks ok though discount only 15% so havent bought in yet. Am a holder in Candover - that has gone up a lot still some to go but again getting past the point of me buying more unless rumours of expro ipoing turn out to be true....was mentioned on the cancover board
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