Close Enhanced Share Discussion Threads

[tiltonboy] 01/10/2009 21:46

31 down, 21 to go. At present values we are looking at a payout of 173.5p.

A bonus of a small Glitnir payout would be nice.

[davebowler] 25/9/2009 15:24

From post 197 (prophetically) by erstwhile2

Glitnir downgraded to BBB yesterday, below A- threshold in CEDs investment methodology. Board may opt to sell this bond which would imply material loss given current credit spreads. This will hurt final entitlement whatever the commodities do. Two tiny sales today slapped the share price off 4% as the commodities moved higher, so on balance, this gets weaker before it gets stronger - my guess there's other sellers out there.

[tiltonboy] 25/9/2009 15:21

I did speak to the company when Glitnir's rating fell, and all they said was that the low price it was then trading at deterred them from selling.

I'm sure they will be well covered by fine print, so probably not much point.

Wonder if we will pick any residual value up from Glitnir.

[davebowler] 25/9/2009 15:13

tiltonboy -only just seen your post.What do you think of having a go collectively at the Directors for failing to sell the Glitnir securities when they fell below the allowable Rating?

[tiltonboy] 10/9/2009 18:19

Two NAV announcements on consecutive days. Doesn't seem much point in releasing one yesterday with an NAV that was nearly a week out of date.

We are now 28 weeks through the averaging period, and still on track for 175p, but as last year proved, we can go down very quickly.

[tiltonboy] 08/9/2009 16:27

dave,

For some reason there was no NAV announcement last week, so the one you posted is nearly two weeks out-of-date.

WE could be looking at a payout of around 175p, if commodity prices don't change.

tiltonboy

[davebowler] 08/9/2009 16:13

Based on the average daily value of the Commodity Portfolio over the Calculation
Period to 26 August 2009, and assuming the End Value+ of the Commodity Portfolio
is the same, the Final Capital Entitlement per Share on the Redemption Date
would be approximately 193 pence+ subject to there being no counterparty default
or any unforeseen circumstances, and in the event of Glitnir Banki HF defaulting
and having a zero recovery rate and there being no insolvency of any other
issuer of Debt Securities held by the Company or any other event of default or
any unforeseen circumstances, the Final Capital Entitlement per Share on the
Redemption Date would be approximately 156 pence+.

[tiltonboy] 20/5/2009 16:00

dave,

You are focusing on the wrong paragraph. The average price is what we are looking at, and that's 136p. Misleading that they put both.

Funny, when the commodity prices were sky high, I couldn't wait until the averaging started, so some of the levels were locked in. Now commodity prices are rising from a low, it is working against us.

Be nice if we can write back some of the Glitnir loss, and maybe see an increase in commodity prices.

I need some way north of this...

tiltonboy

[davebowler] 20/5/2009 15:51

Based on the value of the Commodity Portfolio as at 13 May 2009, and assuming
the End Value of the Commodity Portfolio is the same, the Final Capital
Entitlement per Share on the Redemption Date would be approximately 187 pence+
subject to there being no counterparty default or any unforeseen circumstances,
and in the event of Glitnir Banki HF defaulting and having a zero recovery
rate and there being no insolvency of any other issuer of Debt Securities held
by the Company or any other event of default or any unforeseen circumstances,
the Final Capital Entitlement per Share on the Redemption Date would be
approximately 151 pence+.

[123xylem] 19/4/2009 20:05

Why is this share so low, its fundamentals look great!

Is there any pending news or progressions that should spell the start of a price boom?

[tiltonboy] 02/4/2009 14:17

Five weeks in to the final year, and the average is now 132p even accounting for Glitnir at zilch.

Give it another few weeks, and subject to no change in the SP, I might be tempted.

[wolstencroft] 11/3/2009 06:32

similar to a corporate bond, which perhaps it almost is!

[davebowler] 27/2/2009 15:14

Allowing for Glitnir default the yield to redemption is now 13% ish.

[davebowler] 16/12/2008 16:38

Gold in £s hits all time high today

[mangal] 24/10/2008 10:16

Looks like this is now trading rougly at NAV less the % reduction for Glitnir not paying "in full on its obligations".

[praipus] 22/10/2008 16:09

For contrast this character says buy commods!!!

In Times of 'Zombie Banks,' Buy Commodities: Jim Rogers



"If history is any guide, things to buy are things that are doing fine right now like water treatment companies in Asia or agriculture, Rogers added."

[skyship] 22/10/2008 13:52

Hmmm - NAV down to 176p - & that's without the Glitnir problem! Better left alone until more transparent perhaps...

[praipus] 14/10/2008 18:53

Ok thanks.

ETF for long copper COPA



ETF for short copper SCOP

[praipus] 14/10/2008 18:24

erstwhile2 - Julian Robertson been on CNBC saying that the market price of copper is far in excess oof production. Do you agree? And how safe is a punter in the ETFS SCOP?