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Avarae Global Coins Share Discussion Threads
Showing 226 to 249 of 250 messages
|Pretty good set of numbers:
Profit on ordinary activities of increased more than 50% to GBP0.38 million (2014: GBP0.25 million)
-- Recommended full year dividend of 0.15 pence per share (2014: 0.15 pence);
-- Carrying value of portfolio of rare and high quality coins increased 5% to GBP11.14 million (2014: GBP10.62 million);
-- Cash balance at period end of GBP0.88 million (2014: GBP0.17 million); and
-- NAV per share increased for the 9(th) year in succession to 14.9 pence (2014: 14.5 pence).|
|Sky - interesting thoughts. Just sold a handful and got better than mid - implies a shortage of stock!|
|Sky, I investigated buying, but little margin of safety. Presumably this is why you have trimmed anyway? I'm keeping an eye open in case it turns into a business.|
|Well done Sky. I nearly bought after your last post :-(|
|Thnx BT - but very lonely here - hopefully another holder will post their views...|
|Closed out the week at 12.25p-12.75p - up 22%. Sold a third of my holding at 12.25p; will run the rest.
Anyone got any ideas on what might Ian Goldfarb might be up to?|
|There is something interesting going on here.
Back in Q4’13 Founder & CEO of Noble Investments (“NBL”), the ex-stockbroker Ian Goldfarb (“IG”), sold the coin, banknote and stamp dealing company to Stanley Gibbons (“SGI”) in a £45m deal. IG banked £4m – 75% in cash, the rest in SGI stock. He was appointed to the SGI main Board.
A 13.1m holding in AVR (16%) was one of the assets which passed to SGI with the NBL takeover.
Having received c422k shares in the takeover, IG was permitted to sell 30k @ 365p in Jan’14; then as soon as the lock-in arrangements expired he sold another 123k @ 300p in Nov’14. Less than 3months later in Feb’15, he resigned.
Then today we learn that SGI has sold all its 16% AVR holding @ 10p. IG declares that he bought 9.1m, taking his controlled holdings to 10.1m – 12.5%. The other 4m (5%) is yet to be declared.
It could be that IG just fancies AVR as a classic asset buy as the Company’s NAV is c14.2p/share. The near 30% NAV discount certainly looks tempting.
The more exciting upside comes from the likelihood that IG has other plans for AVR. No doubt he would have had to agree with SGI that he won’t be stepping too heavily on their toes; but nevertheless one has to remember that IG built up NBL from his initial investment of just £200k back in 2004; and sold out to SGI for a personal £4m in a £45m takeover.
IG is an entrepreneur and ex-stockbroker. I suspect there may be an interesting future for AVR. The shares are difficult to BUY; but could well reward patient accumulation – if time…|
|Market cap at a significant discount to NAV but why does the company have trade debtors of over £1m when the turnover is only £81,000?|
|Interims out today - NAV = 14.3p.
Highlight for me is this bit:
"Post period highlight:
-- Sales of approximately GBP150,000 recorded with a gross margin above carrying value of approximately GBP60,000."
Does make you wonder how understated the NAV might be!
I thought £ to a p there would be a take-out bid here in 2014. Looks as though I'll have to roll that over to 2015. Clear benefits to SGI, including taking out the admin costs.|
|Ahh - thnx for that - pity!|
|Hate to tell you but they have not sold them. To sum it up the Custodian has changed meaning Rathbones have taken over as Investment manager at Jupiter.|
|Interesting RNS today. Jupiter dispose of their 9% holding - 7.37m shares.
# But where have they gone?
# Is this a precursor to the bid I'm sure will happen before end 2014?|
|Having spoken with the Company I expect the Prelims any day now.
In the meantime, after today's announcement SGI is close to being all cashed up for a bid here:
"The Board of Stanley Gibbons is pleased to announce that contracts were exchanged on Monday 4 August 2014 for the sale of its freehold property at 11 Adelphi Terrace, London for a consideration of GBP4.5 million. Completion is scheduled to take place on or before 17 November 2014..."|
|Interesting extract from the SGI Finals back on 27th June:
Coins and military medals
Sales of rare coins and military medals for the fifteen months ended 31 March 2014 were GBP7.0m (year ended 31 December 2012: GBP1.0m) with profit contribution of GBP1.2m (2012: GBP0.2m). Sales included GBP2.5m from Baldwin's in respect of the Noble acquisition. The high level of growth achieved related primarily to the sale of rare coins from Baldwin's extensive stockholding, following acquisition in November 2013, to Stanley Gibbons' high net worth clients.
Suggests to me that SGI should now do a reprise by buying AVR.|
|Prelims due - 19th July last year.|
|Apparently, Stanley Gibbons coin division Baldwin's has enjoyed a very strong start to the year, having just concluded its 'New York Sale' auctions with over $7m (£4.3m) of sales achieved. The New York sale included over $1m of Russian gold coins, which forms the first part of the substantial 'Linden Collection' to be auctioned by Baldwin's in New York, Hong Kong and London this year.|
|Extract from that SGI IMS:
The Group balance sheet position as at 31 December 2013 includes net cash balances of approximately GBP17 million and a high quality stockholding of rare collectibles. The strength of the balance sheet provides the Group with a substantial capital base from which to invest in further growth opportunities identified by the Board.
Well, for c£11.5m-£12.0m of that cash balance they can add AVR's portfolio to that "high quality stockholding of rare collectibles"...14p/share seems fair|
|Big volume today. Can the rise continue?|
|A knock-on from the SGI (/NBL) update today?|
|Moving on up|
|Small tick up today Sky. Maybe the floor has been reached. But these shares with little newsflow are always vulnerable to tree shakes and bored sellers. Especially if you money is tied up for some time and the market is rising around you. Mind you they are a fairly good hedge if China or tapering causes a sell-off.|
|Well, well, well............just seem something VERY interesting on Bloomberg. A review of the top performing hedge funds in 2013 shows Lansdowne Partners (our new 3% shareholder) came in second overall. We are in very good company it would seem.|
|CJ - will reply over on the APT thread...|
I notice you don't mention APT amongst the "liquidating company" sector holdings from which you are hoping for further good runs. Is that because you see an increasing risk of further writedowns or have reservations about management strategy/capability? Or simply that you think there are better plays in the ones you mention? I currently hold ACD and APT but am tempted to sell the latter and invest elsewhere given recent trends...any thoughts you have on APT would be appreciated.|