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Hansa Trust Share Discussion Threads
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|I see 4 or the 5 directors are over 65 and 3 of them have been on the board for over 15 years. Looks like the board needs freshening up.
I thought non execs were meant to be moved on after 6 per 7 years? The old boys club still exists.|
|Surely it is better(NAV enhancing)to buy back shares at a 20-35% discount than invest in some hedge funds many of which are struggling in the current environment.
Must be getting increasingly difficult on the executive directors to convince the non execs otherwise.|
|Good value and happy to hold long term until the value is realised. One thing I would argue is that if the strategy of the trust is long term strategic investment, the cost of management fee should be much reduced as it means they don't do a lot really keeping almost the same portfolio all the time, with ocn accounting for over a third of the portfolio.|
|Maybe, maybe not. Good stewardship of your hard earned cash. Happy to hold long-term rather than be short-termist. I agree its old fashioned. The odd buy-back would probably help.|
|A lot of questions to be asked of the Directors, Management and Trustees here. Family can't be happy either.
If at such a discount why don't they do share buybacks to enhance shareholder value? That's what all other Trusts do.
Stuck in a world gone by.|
|Hansa do announce daily asset values but not all news services publish.
The London Stock Exchange (google "LSE") do publish and under both codes, HAN and HANA.
Present nav is around 1185p XD.|
|Don't they issue RNSs anymore?|
|Premium of the Voting shares (HAN) over the non-voters (HANA) has risen to a lumpy 50p per share.
Previously a fan of the voters, it is now HANA which a due a run. Huge discount to nav.|
|Is anyone reading anything into the director sell last week (most of his holding, >£100k value)? Other than maybe he needs £100k and has been waiting for it to recover its 2011, early 2012 values?
Never fills me with much confidence when a company or a trust has a strategic review to refocus the investment approach and then one of the board (in this case the economics guru) sell down most of their stake within a couple of months?!
Perhaps the broader strategy and the "desire to take better advantage of the expertise and resource available to us at our Investment Manager" means there's less scope for people to take on board his ideas... or maybe he's just had enough after 15+ years and is looking to step down at the next AGM?|
|Hansa are taking advatange of the new rules which allow capital profits to be distributed as additional dividend...and with a tax credit attaching.|
|It looks as if the company has belatedly realised that its discount is too large and is trying to reduce it. The strategic update at least has the potential to shrink the discount if it makes more people aware of the hidden value here. I presume this means that the company will be reclassified as a global investment trust.|
|They did mumble about doing things to improve "awareness" last summer.
Maybe this is a start..
But I cannot see, under their present structure, how they can get away from being viewed as a privately-controlled tugboat company......as they always have been since I was in short trousers many moons ago.|
|Hansa Trust PLC
At close of business on 28 February 2014 the Company held the following investments with a value greater than 5% of gross assets or were at least the 10 largest holdings, a declaration of which is required quarterly under the Listing Rules, however Hansa Trust PLC has decided to declare this information on a monthly basis:-
Ocean Wilsons Holdings Limited
JPMorgan Sterling Liquidity Fund
Herald Investment Trust
|Historically, Hansa's voting shares usually trade at a lower discount than the non-voting shares. Once the discount starts to narrow (which I expect to happen over the next year or so), I think the voting shares will do better than the non-voting shares.|
|Minus point is less liquidity: Plus point is the vote.
Historically, most split capitals saw their voters trade at a premium, sometimes substantial, because any bid action could make the vote valuable.
Okay, in Hansa's case a hostile bid is unlikely. However, I'd much prefer to own the voters.|
|BIGBILL - I have just bought HAN rather than HANA but by mistake! - do you think that there is any advantage in having one over the other.
Agree your comments on the discount.|
|The discount here is now at 27% which is ridiculous. Going from past experience, a discount of this size won't last forever. I have bought the voting shares (han) rather than the non-voting shares (hana) since there is so little difference in the prices.|
|Good spot of yours, Mangal.|
|No wonder this is up today:
Chat Pages: 1