Alternative Liquidity Share Discussion Threads

[zcaprd7] 22/12/2016 13:28

No worries. No legal obligation!

[hugepants] 20/12/2016 19:08

zcaprd7,
I certainly did not advise you to buy gfir or anything else.

[langland] 20/12/2016 17:31

You have phone Hargreaves. 50 quid commission.

[zcaprd7] 20/12/2016 15:57

Took your advice and went for both gfir, and also argo for a punt... Headline spread not as bad as they make out by the way!

[zcaprd7] 20/12/2016 14:46

Oh. I see. It's 15 cents to buy. Hargreaves won't let me buy it online...

[hugepants] 20/12/2016 12:28

There was a disposal of $2.5M (1.7 cents per share) announced late friday.


So on the basis any disposal at NAV is significant here then I've been buying back a few of these. I'd expect another 1.5 cents returned early next year.

[zcaprd7] 14/12/2016 13:54

? Have they got their decimal point in the wrong place? Do the mean US cents not dollars

[zcaprd7] 13/12/2016 01:07

If you got 7.5 cents in distributions, how come you only made 50%?

[hugepants] 11/12/2016 23:25

zcaprd77 Dec '16 - 10:53 - 29 of 30 0 0
Am I missing something stupid. It's not even a penny share, but it's worth say 60p a share?

It's worth checking out GFIR also. They have some of the same investments as ALF and they have put a timetable of 3-5 years before they anticipate any material realisations. They have also written down the book value of their Vision funds by 65%. ALF have not done this and their Vision Funds investments comprise 35% of the NAV. Still I'm pretty sure you'll make money buying at this price, just not sure when.

[zcaprd7] 07/12/2016 11:24

I guess Brazil and Ukraine aren't exactly flavour of the month, but hey, they returned some money?

[zcaprd7] 07/12/2016 10:53

Am I missing something stupid. It's not even a penny share, but it's worth say 60p a share?

[zcaprd7] 06/12/2016 22:33

Well played Sir. Nav was around 80 cents a share though?

[hugepants] 06/12/2016 20:19

There's been 2 distributions of 7.5 cents in total since I bought in August. I've made a stonking 50% profit in 3-4 months so I've sold out. Don't want to tempt fate by holding on. The shares still trade at a massive discount if you believe the NAV. I don't but even if you write the NAV down by 50% the shares look cheap. The concern is , given the illiquidity of the assets, you just don't know when they will be able to realise more assets and be able to distribute more cash. It could be next week or alternatively years away.

[zcaprd7] 06/12/2016 10:53

Yes. It keeps dropping. Where is a good entry point do you think?

[rjmahan] 05/12/2016 15:48

Lots of assets vs share price still...
Not as good a buy as it was before but still good...
My post is still up at www.deepvalueinvestments.wordpress.com though it is increasingly out of date...

[zcaprd7] 05/12/2016 12:46

Soo, is this still worth buying now?

[luckymouse] 01/12/2016 10:36

tks rj - just spotted the news

[rjmahan] 30/11/2016 18:52

Return of capital - share price fell by value of return of capital but only small % of (admittedly) overstated NAV....

[luckymouse] 30/11/2016 18:38

zero shares traded? why the price chg

[luckymouse] 18/11/2016 22:19

well - my chart from jan eventually came true lol (zzz) - bumpy ride tho!

free stock charts from uk.advfn.com

[hugepants] 06/11/2016 21:26

I see GFIR have written down the value of their Vision FCVS investments by about 65% in their latest fact sheet.


It will be interesting to see if ALF do the same. The Vision FCVS investments comprise approx 25% of ALF's NAV so that would knock about 15 cents off NAV.

ALF also hold Vision Electrobas which is about 10% of NAV. I've no idea if the write-down would apply to this investment also.


No-one believes the NAV anyway so write-downs are probably inevitable.

[rjmahan] 29/10/2016 23:55

Thanks for working that out HugePants - I knew it was good news but as I dont want to buy any more I didnt really study it in detail...

[hugepants] 24/10/2016 19:44

Holding announcement. Sunrise have increased to over 10%

[hugepants] 24/10/2016 11:21

Interesting update here late on Friday. With something like ALF you are just looking for any indication the NAV is even close to being valid. So 2 investments worth about 24% of NAV revalued at approx their book value and 6 cents a share cash received from one of these investments in September looks like good news.






NAV stated as 86.6 cents at end of July. Since then they have returned 2 cents as a capital return. So NAV actually now 84.6 cents

The Growth Management funds sold their largest position which resulted in a cash return to ALF of just over 50% of the Growth Management NAV. That works out at 6 cents per share to ALF. The Growth Management funds also had their NAV revalued upwards slightly.

In addition a lender to the the Unique Cornerstone Fund converted debt to equity which resulted in an 11% decrease in NAV of that investment. However this looks like a positive since it's close to the book value and is a valuation event? Cornerstone is now 10.8% of NAV which is 9.3 cents

So by my calcs ALF has 8 cents cash (and that accounts for ongoing annual running costs of approx 0.75 cents per share).

Cash + Cornerstone + Growth Management is approx 23 cents and this seems a fairly reliable valuation.

That leaves about 60 cents of NAV. Even if these investments are only worth 40% of book value that's still an extra 24 cents.

I expect ALF to pay shareholders 5-6 cents back shortly. DYOR etc.

[rjmahan] 21/10/2016 21:07

Cheers hugepants, TCF one day next 2/3 years announcement and big rise. Mint is big holding for SIHL but price is OK.

Increasingly think RMA may take a while...