Global Fixed Income Share Discussion Threads

[deepvalueinvestor] 29/3/2013 21:19

Happy Easter, Ex broker, obviously I hope it is only a minor writedown but certainly investors should increasingly feel that the nav is meaningful.

[exbroker] 29/3/2013 19:12

Thanks DVI I look forward to it with interest.

[deepvalueinvestor] 28/3/2013 23:07

True but I am sure a basic nav update, cash update and minor write down will be announced soon, followed by more detail later

[marben100] 28/3/2013 22:02

Not sure we'll get an update so soon. I note from the last update:

"...Gottex expects to be able to produce a detailed report for the Board before its meeting scheduled to take place in April 2013...

...The Board intends to provide the market with a further update by the end of April 2013, alongside the Company's annual results to 31 December 2012."

We may have to wait until late April for further news - by which time I hope they'll be able to report some more realisations and a possible second return of capital.

I can wait.

[deepvalueinvestor] 28/3/2013 19:30

Nav update next week I think. It now looks as though we will get final nav updates rather than estimated nav. A currency gain versus a prudent nav write down? My current guess is 96p for Feb nav but, as always, the crucial thing is the cash component as we move towards the next return of capital.

[insipiens] 28/3/2013 18:31

I guess DVI was getting bored???? ;)

[badtime] 28/3/2013 16:14

Coming off the boil a tad

[hezza123] 13/3/2013 08:33

Oops! Yes, I spotted L2 improving so couldn't resist a few more. I see they are now 59p bid down the RSP, which is nice. :-)

[deepvalueinvestor] 13/3/2013 07:40

Ah it was you! I picked up 15k and 10k then your 5k tipped it over so I had to pay 59.25p for the rest. I would be surprised if they are not 59p bid today.

[deepvalueinvestor] 12/3/2013 19:26

I was interested that Numis seems so keen to hold this one down so I added at 59p and 59.25p this afternoon. To puts things in context, the price is 58.25p-59.25p but actually you can buy 10k max at 59.25p from Numis but can sell 350k at 58.9p to Numis. Don't forget that currency keeps working in our favour so we may well be up to 100p Nav by now even after the more cautious valuation of the investment in Brazil. It is one of the few things I will buy right now. Otherwise selling selling selling into this silly market.

[deepvalueinvestor] 11/3/2013 22:18

Yes, quite a few delayed ones from last week so wonder if we will get more holdings announcements. There was 100k on offer at 58.9p today though. One market maker left then I will get my 60p offer!

[badtime] 11/3/2013 20:54

Some nice buys though :)

[badtime] 11/3/2013 17:28

DVI....I see you topped up the afternoon ....or sky's gone to his maximum limit :)

[tiltonboy] 06/3/2013 09:39

No sellers on the board this week, which looks a good sign.

Roll-on the full review in April!

[stevenlondon3] 06/3/2013 09:36

There was a short descriptive item on GFIR in the evening standard on monday- no recomendation.

[jaws6] 06/3/2013 08:15

marben
Tks.
yesterday's trade come up at 58.9 buy for 72000

[deepvalueinvestor] 04/3/2013 19:43

I agree with you all that this is good news. Gottex clearly want to ensure that the nav better reflects the current situation and with currency we will be up to 97p by now anyway. I wouldn't have been surprised to see a more drastic cut in nav, say to 85p, and although this still could happen it looks less likely now.

Crucially, cash has ticked up and the sellers seem to have given up as I only bought 10k at 58.75p and Numis quickly moved the bid higher to reflect the true spread of approx 58.4p-59p. It all seems very positive and will only become more so when a return of cash is announced in the summer.

[marben100] 04/3/2013 14:23

Seems that Gottex reckoned that Signet weren't sufficiently prudent previously. Happy to see more prudence in the estimates. Upside still looks highly attractive, at these levels.

April announcement will be critical- hope they'll be able to report some more realisations by then. Reasonably well on the way towards the 15% realisation (= ~£10.5m) expected at this stage. Per the last IMS, a further 12% was expected to be realised in April/May. A further tender at that point would make sense.

[tiltonboy] 04/3/2013 12:28

The concern for me is that Gottex had previously suggested to other holders of these funds that they should provision against them, but Signet had failed to do so. Was that down to a reluctance to make a provision or that Signet believed the valuation was achievable!

[jaws6] 04/3/2013 12:00

I see no news yet on pro quote on this
tks tiltoboy

[badtime] 04/3/2013 11:57

Yes...I c it's a question of making a reserve for a litigation claim...I see they will review in April about returning cash

[tiltonboy] 04/3/2013 11:44

First write-down announced, but hopefully not too many more to come. Cash increased by a further £2.5m since the last update.

Mildly encouraged.