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Northern Investors Share Discussion Threads
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|Well, the company said 'We currently project future cash distributions of between 720 pence and 920 pence'. This gives an average of 820 - take away the 250, and you are left with 570.
They have tended to under-promise and over deliver in the past, so the higher value of 920 would leave 670.
Like others here, I managed to sell half of my holdings at about 930, but am holding tightly onto the rest. It's a bit of a gamble, but who knows - some people appear to be buying at 585 (hopefully insiders who know how much the underlying companies are worth) !|
|Thanks for the tip Westcountryboy. I think I was just surprised by such a drop|
|Still trading over NAV.|
|XD today but even so very strange response. It was possible to sell yesterday at 933.5, and the divi is 250p. Let's hope things sort themselves out in the near future!|
|shorne - look at company news dated 21/12/16|
|NAV/share as at 30th Sept'16 = 728.6p|
|Wow, a nice buy of £50k's worth of shares gone through at £7.59. Promising.|
Each to his own! On the more optimistic side:
- of net assets of £17m, £10m is cash
- there is a dividend of 24p in the offing
- 'It is still our objective that the return of cash to
shareholders should be substantially completed by December 2017; our
latest review indicates that the further amount to be returned could be
in the range from GBP18 million to GBP23 million, making an ultimate
total of between GBP95 million and GBP100 million. This is equivalent
to between 160% and 170% of the net assets at the start of the
realisation process, and implies future cash distributions of between
720 pence and 920 pence for each share now in issue.'
- there are only six remaining companies of note, all seemingly rather healthy, and only two of which (Weldex and CGI) are worth less than they cost :
Axial Systems Holdings 3,519
Optilan Group 2,747
Cawood Scientific 1,984
Weldex (International) Offshore Holdings 1,921
CGI Group Holdings 819
Lanner Group 730
- as discussed before on this thread, the £5m bonus set off against assets is very unlikely all to be needed|
|Sold out entirely because of this statement:-
"Our orderly realisation strategy has produced excellent results to date, but
we recognise that it may be necessary to take a pragmatic approach to
the realisable value of some of the remaining investments in order to
maintain progress towards the final outcome. "
I might have blinked too soon, but this has been a star performer for me and I'd rather exit with a great profit than keep risking for a bit more. Good luck all holders.
Best regards SBP|
|Mildly pleased (at the moment) that I did not tender....|
|Yes, I ended up selling all mine in the tender. It's been a profitable realisation for me. Looks like there could still be some upside for remaining holders. Not sure I'm tempted to buy in again though. Think that's it for me on this one.|
|Wonder if news is leaking, we seem to have suddenly burst into life. Offer is 650 this morning. Best regards SBP, Glad I didn't tender any!|
The Tender Offer was therefore undersubscribed and in accordance with the terms and conditions of the Tender Offer, the Company has accepted in full all applications made by Eligible Shareholders.
49.05% shares offered in the tender
Company wanted to buy and cancel 64.29%|
|To tender or not to tender?
My quick back of envelope calc below assumes that 64.29% of the shares are tendered (may well be wrong as some of the managers are only tendering 50% - will this and other shortfalls be taken up by those who tender up to 100%?)
At present the co estimates an end 2017 wind up at 155-170% of opening net assets (£59m) - so take mid point at £95.87m. Call it £95m. Less current nav (ex perf fee) of £81.4m - so £13.6m to come, spread between 1.75m shares is 777p per share. nb - that £13.6m shd be compared with the post tender nav of approx £11.5m (ie 31.5m less 20m tender amount).
777p per share equates over 21 months to a gry of 12.7% pa|
I'm also having problems correlating the level of the managers performance fees but my take on the situation is that the £4.85m is the current estimated (notional) total performance fees based on prior and the current shareholder returns and assuming the remaining companies are sold at their current NAV.
The £2.81m is the actual performance fee that will be due after the current return to shareholders and will be paid in May now that the shareholder returns have increased above the payment hurdle.
IMO there will be a further estimated £2.04m to be paid in performance fees using current assumptions (but subject to change if amounts returned or timing changes).|
|I believe there are eight investments left, but only six have value, the largest being Axial Systems, Optilan, Weldex and Cawood Scientific.
I have now read the offer document and I note that John Barnsley and the Managers are (almost) all tendering 50% of their holdings rather than the 64.29% they might tender.
I can't quite get the sums in the offer document to add up. The value of the eight investments is quoted at £10.9m whereas their previous value at 30 September was only £8.75m, and if that is all gain since September that bodes well - but I am not sure that this is a like-for-like comparison. There is £25.6m cash or near-cash. This makes £36.5m in total assets. However the company's quoted net asset value is £31.46m - but this is after taking off £4.85m for a managers' performance fee which will have to be paid. (That is presumably why the offer is for £20m rather than £25m.) However there is also mention of what seems to be a further £2.81m potential management fee and I am not sure whether this is all extra to the £4.85m and if so how it would be paid. On the other hand there is £1.44m potential deferred income due from investments already sold, presumably most of it from Kitwave.
All in all there seem too many imponderables to be able to predict the future of the rump company. It might be wise to follow the managers in tendering 50%. With only £11.1m of net asset value left after the tender offer, each extra £1.1m of value would mean a gain of 10%. However, bearing in mind their large performance fee they will be winners whatever happens!|
|Rather odd that there's no mention as to where NRI holding has been sold - nothing on Control Risks web site or Twitter, so looks like it's a private sale of the NRI holding only.
Will be interested to see which holdings are left - and valuations.|
|7 MARCH 2016
NORTHERN INVESTORS COMPANY PLC
PORTFOLIO UPDATE AND PROPOSED TENDER OFFER
Northern Investors Company PLC ("Northern Investors") announces the sale
of its investment in Control Risks Group Holdings Limited ("Control
Risks") for GBP7.30 million in cash. The directors' valuation of the
investment in Control Risks for the purposes of calculating Northern
Investors' unaudited net asset value as at 31 December 2015, which was
announced on 17 February 2016, was GBP7.30 million. Consequently there
is no change to the net asset value as a result of the sale.
On 2 March 2016 Northern Investors announced the sale of its investment
in Kitwave One Limited ("Kitwave") for initial cash proceeds of GBP8.14
As previously announced, the directors intend to make a further
distribution of funds to shareholders by way of a tender offer.
Following the successful realisation of the investments in Kitwave and
Control Risks, the directors now envisage that the amount to be
distributed will be approximately GBP20 million. It is expected that a
circular giving details of the tender offer will be published on 8 March
2016 and that the ensuing re-purchase and cancellation of shares will be
completed by 31 March 2016.|
|I'm liking that! 10.6p uplift with a further possible 23p, given NRI's very conservative reporting style I would say that 23p is pretty likely. May well not tender as I did before. Best regards SBP|
|notice out.. may be that's why someone was keen to buy above the last reported 635.5
Northern Investors has received initial cash proceeds of £8.14 million for its holding of ordinary shares and redeemable loan stock in Kitwave. The directors' valuation of the investment in Kitwave for the purposes of calculating the unaudited net asset value as at 31 December 2015, which was announced on 17 February 2016, was £7.62 million. The uplift in Northern Investors' net assets resulting from the realisation is therefore £0.52 million, equivalent to approximately 10.6 pence per share based on the 4,900,000 shares currently in issue.
Northern Investors may, subject to future performance and tax claims, become entitled to receive further sale proceeds of up to £1.13 million over the period to December 2017. These proceeds will be recognised in the financial statements as and when received.|
|Yes I saw that and vaguely tempted to sell some, but maybe someone knows something, we get a statement in a couple of days so will hang on. Last time the price went up above the tender price within a few days of the tender.
Best regards SBP|
|2500shares traded at 651.. last reported NAV 635.5 .. There must be someone really keen to buy above the NAV, I guess it is not often private equity trust are trading above NAV???|
|I'm with you WCB, it was striking at the last tender how few shares the directors gave up. I know it's not necessarily your style but you really should post more.|
I am always lurking somewhere or other! I am in this until the end, for better or worse - in which I am following the directors!|