|Might be a break out on low volume.|
|Thanks,topvest. After today everything should be hunky dory. Or not :-)|
|Probably hit by their large stake in a house builder as well. No doubt Gleeson is well down.|
|Thanks topvest it wasn't that obvious to me. NASCIT has a fair bit of US investment and we didn't have a melt down on Friday when the Brexit news hit|
|Would have thought that was pretty obvious! Market makers are dropping the price as a result of Friday. Small cap trusts are getting slaughtered indiscriminately.|
|Anyone know the reason for today's 10%drop?|
|Yes, very good weren't they. Both NASCIT and Oryx are doing the right things and have bags of cash to spend when the opportunities to appear. Both are smart investments.|
|Oryx results out...
|More than a year since last comment - amazing, considering the share price performance!|
|oig cheaper at the moment though ongoing charges on that are high?|
|Impressive results. They seem to be liquidating a number of investments, so will be very liquid for whenever the market turns.
"Adjusting for the Convertible Unsecured Loan Stock over the years, the net asset value now represents a gain of approximately 50x over the 30 years. This constitutes an IRR of almost 14%.
Given Warren Buffet is on 19 or so % that is pretty good going. Only downside is no dividend and the 2% ongoing charges, before double charging of fees on Oryx and Trident. I guess if the costs had been lower, then this trust would have out-performed Berkshire Hathaway!! They don't seem to get the credit that is justified.|
|still here a happy holder|
|A great record; I have been holding on & off for years but always maintained a core holding, which has doubled since Sep 09; has been amongst the best long-term performing ITs that I hold.|
|Yes, all quiet. I'm still here. Results soon. Net asset value £21. Good trust with very sound investment track record.|
|Last post here was almost 2 yrs back!
strange that, considering the fact that the share price has more than doubled in less than 5yrs.|
|More response in the share price here at NAS to the increased NAV then at OIG who are also run by Chris Mills and the Harwood Capital Team.
In percentage terms not much difference between them when comparing both the increased NAV statements released today just looks bigger here due to the share prices of the two, not surprising really when they are both invested in many of the same companies.
Mr Mills / Harwood do seem to be in a rich vein at the moment and look forward to what they can do over at QRT now they have their man on board, definate break up value to be had I think.
Also need to watch what happens with the private limited companies, I have noticed via companies house forms that on all of Bionostic, Orthoproducts and Nastor that share capital restructing is going on, perhaps prior to some form of corporate activity that could release some additional value to the funds.|
|Wow...impressive. Looking good here.|
|Some increase in just a month!
NAV for end Oct12 was 1482.19p and NAV for end Nov12 was 1604.93p|
|CEO Wont Stop Buying!
CEO, CHRISTOPHER MILLS, JUST CAN'T GET ENOUGH OF NORTH ATLANTIC'S SHARES!
In descending order, here are his share purchases so far this year; totaling £1,283,785 in value:
10 September 2012 Mills bought 5,000 at 1,040.00p = £52,000
06 September 2012 Mills bought 25,000 at 1,045.00p = £261,250
17 August 2012 Mills bought 3,500 at 1,020.00p = £35,700
16 August 2012 Mills bought 5,000 at 1,020.00p = £51,000
14 August 2012 Mills bought 7,500 at 1,020.00p = £76,500
13 August 2012 Mills bought 10,000 at 1,017.50p = £101,750
27 June 2012 Mills bought 6,000 at 1,039.00p = £62,340
26 June 2012 Mills bought 2,897 at 1,025.00p = £29,694.25
25 June 2012 Mills bought 5,000 at 1,030.00p = £51,500
20 June 2012 Mills bought 5,000 at 1,032.00p = £51,600
13 June 2012 Mills bought 9,853 at 925.00p = £91,140.25
07 June 2012 Mills bought 15,000 at 926.66p = £138,999
01 June 2012 Mills bought 3,500 at 930.00p = £32,550
28 May 2012 Mills bought 10,000 at 950.00p = £95,000
24 May 2012 Mills bought 2,750 at 950.00p = £26,125
21 May 2012 Mills bought 2,500 at 950.00p = £23,750
15 May 2012 Mills bought 3,500 at 955.00p = £33,425
02 May 2012 Mills bought 7,052 at 985.00p = £69,462
Here's some links about SCLP, one of the hottest stocks at the moment:
Continuing my series on activist investors and other catalysts. Latest post highlights over a dozen listed activist funds/vehicles that you can invest in, including North Atlantic Smaller Companies:
I hope you'll take a look (and plse don't hesitate to comment or email me).
|North Atlantic alongside Siem Kapital of Norway has just announced a Recommended Offer for GTL at £1 per share.
All OIG's 3,400,000 GTL shares will be converted into units of SiNav whereas only 1,400,000 of NAS's GTL shares will be converted with the remaining 2,448,686 GTL shares held by NAS being redeemed for cash at £1 per share.
North Atlantic will then subscribe for 11,700,000 units of SiNav at £1 per unit but we do not know which funds will hold these units so in total North Atlantic will hold 16,500,000 units (3,400,000 in OIG, 1,400,000 in NAS and 11,700,000 unknown but unlikely to be in NAS as no reason for a partial realization of this holding otherwise).
Siem Kapital will also subscribe for 16,500,000 units of SiNav at £1 each so NAV and Siem will have an equal shareholding which will differ from 50% by those other shareholders who opt for the SiNav units instead of cash. This number must be a minimum of 10% of the GTL share capital and will be scaled back so that it does not exceed 24.9% of the SiNav units, so North Atlantic and Siem will equally end up owning at most 50% of GTL and at least 37.5% of GTL.
So in sum, as far as I can tell this looks like a small net-liquidity event for NAS with the private equity funds within NAV coughing up the cash. Ofcourse NAS holds large slugs of OIG and the Trident PE funds so on balance it is an increase of investment in GTL for NAV and a moderate dilution for NAS.
I wonder what plans Chris Mills has for the £2.5 mill increase of funds within NAS ?
This model was also used for the Celsis and Bionostics takeovers and I suspect we may see it again before too long with other portfolio constituents where North Atlantic controls close to 30% of the shares.
Like Celsis and Bionostics, GTL is a US based business listed on the wrong exchange in the wrong country. This looks to be a strategy of North Atlantic - take these types of businesses private (assuming ofcourse they are doing well and are well run) and presumably in due course look for a realization either via trade sale or IPO into the US market. The initial equity stakes are facilitaed through OIG and primarily NAS before they are moved on into the PE stable of funds run by NAV.
Contrary to my comment above there isn't really another share that fits this bill where NAV own a large slice of the equity. As far as I can see they are mainly UK based and I'm not so sure they will look to do this strategy over here with a much much less deep trade sale and IPO market.|
|Four possibilities come to mind ....
- it's a partially PE Investment Trust and the market always discounts PE.
- it's not very transparent by most standards.
- it's controlled by Chris Mills and perhaps the market doesn't like that.
- the market is wrong and is substantially overdiscounting the shares.
Remember that very often Investment Trust discounts reflect the gearing in the trust. Almost like a risk discount built into the equity to take into account the debt. However, here there is considerable net cash so the effective "cash adjusted" discount is even wider.
Chris Mills is a very smart investor IMO and I'm happy to piggyback his efforts. There's no doubt that his interests are alligned with those of shareholders as he owns approx £30 mill of the equity.
I get the impression he is very active at the moment using up some of that net-cash whilst simultaneously negotitating exits from more mature investments.|
|Why the near 25% discount to nav?|
|IMS out. Some really interesting portfolio moves between Jan 31 and May 31.
£20 mill invested with two new holdings - GPG (through the NZ listed shares) and Interxion which is focused and based in Continental Europe but is listed in NY. Apparently some more funds have gone into Trident PE III too.
Although not disclosed in the IMS we've seen recent share purchases of more CVSG and GLE.
Finally the strangest move down is Bionostics. It is trading well so won't be anything like a write-down hence it must either be a partial sale of equity or a redemption of loan notes or preference shares. I seem to recall that there were some of these outstanding in the capital structure so that seems most likely IMO.
This is my largest holding and on a risk/reward basis is comfortably the cheapest thing I can find on the market. IMO the only thing comparable on a risk/reward basis is GLE which fortunately NAS & OIG hold 20% of too :o)|