||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
Real-Time news about Prelude Tst. (London Stock Exchange): 0 recent articles
|rivaldo: I'm sure no-one is reading this, but it occurred to me to say well done to the PDT board in flogging off the company at what must now be seen as a great price.
Heaven knows where the share price would be now. I made a decent overall profit and am glad of it.
Many moaned endlessly about the directors, with some justification. But for example, the selling of a large stake in OXB at 25p or whatever it was looks like genius now, as does exiting the markets at just before the recession (for shareholders anyway).
Meanwhile those who moaned so repetitively and endlessly are, I notice as examples, stuck in Spark Ventures, at a fraction of former prices, or are/were heavily into Plasmon - now in wind-up mode. These were promoted as the much better alternatives to PDT. Enough said.
ZBD, DisplayLink and others still look to be doing OK, but valuations will surely have fallen markedly. I'm glad to have exited at 135p and then with the takeover, but just wanted to give a shout out to the PDT Board.|
|rivaldo: The share price appears to be trending up (strangely enough). News on the horizon?
Nice Dutch Googling Orange1 - one-nil to you :o))
Some bits and pieces I found interesting...
ZBD have recruited a CFO - normally the action of a company in expansion mode:
"ZBD Displays, the supplier of EPOP wireless e-paper displays, has appointed Carl Plucknett as chief financial officer."
And DisplayLink march on:
"DisplayLink Provides Core Technology for Lenovo Enhanced USB Port Replicator
Posted : Tue, 15 Apr 2008 14:22:11 GMT
PALO ALTO, Calif. - (Business Wire) DisplayLink today announced that it is providing core USB graphics functionality in the new Lenovo Enhanced USB Port Replicator with Video. DisplayLink's pioneering hardware and software enables high-speed transmission of video and graphics over an ordinary USB 2.0 cable. This enables universal USB port replication, which allows users to enjoy the benefits of docking a notebook PC through a single USB connection.
"From its legendary ThinkPad notebooks to its powerful docking stations and accessories, Lenovo is a standard-setter in the PC industry," said Dennis Crespo, Vice President of Marketing and Business Development at DisplayLink. "They are an important new customer for us that will make DisplayLink technology available to a wide range of PC users.""
An excellent review here:
Right now, though admittedly by mere dint of being the only sports car on the block, the Flatron L206WU is the Ferrari of DisplayLink-enabled monitors. Even as a 'normal' monitor this LG would be acceptable value, but until more competition comes along using DisplayLink, it is an absolute steal!
Offering above-average image quality, impressive adjustability and an enjoyable movie and gaming experience, this screen has a lot going for it. And when you throw in the DisplayLink functionality, it's clear why this LG walks away with a Recommended award."|
|russianlinesman: Fascinating psychology that there is now a bull thread and a bear thread. Apparently (according to rivaldo's feedback on the other thread) my comments are designed to talk down the price so I can buy back in. Shame I wasn't able to influence the share price in the other direction during the 7 years I owned some.
As rivaldo says, the lemons ripen before the oranges. Only problem is that PDT is now 10 years old, the good oranges were sold, and PDT used the money to buy some more fruit trees of uncertain variety. They announced in 2004/5 their move to invest in later-stage investments, which would be held for a shorter period prior to exit, but the portfolio (except for Ox Immu) seems to contain no late-stage investments.
Well, I said my bit and I will now withdraw, and let's see in 6/12 months what's going on. Remember 4 years ago, the discount to quoted NAV was above 50% and only Alphamosaic brought it out of that trough. Maybe DisplayLInk will be the one this time, but the NAV (whether the market accepts it or not) is still a lot less than it would have been if Prelude had put the £51m in the bank.
Remember that the Americans bought Prelude Management, not the funds - they recognise a good management contract when they see one, and is a win-win for them - investee company does well, they sing its praises, they all go under, and it was nothing to do with them. Meantime costs are covered by the NAV-related management fee (note the management fee is not related to the share price - but no need to re-visit the management is incentivised to claim a higher NAV to raise their fees argument).
Like Arnie, I'll be back (but just to see whether i'm learning anything, not to buy any shares!) I wouldn't want to be held personally responsible if the share price falls lower, seeing as how I have such a large influence on the price.
hasta la vista
|rivaldo: Pec2004, all they have in common is that they're both ISAble! PDT is highly frustrating and is likely to remain so for some time. That could change overnight - the only question is whether that "overnight" comes sooner or later. If investors in PDT don't have the patience to wait then I really don't know why they're here.
That's especially so given the current quality of the portfolio. DisplayLink, SiConnect, M-Spatial, ZBD, Polatis, Phyworks, Kiadis etc - these all appear to be companies which could be worth multiples of their current value imo, and most of them are at a relatively late stage of development.
So it's possible that the next couple of years could see a number of sales/exits. On the other hand there may be none if the markets turn.
But I also like PDT because of the downside protection, due to the huge share price discount to the 145p or so NAV - thus if there are failures in the portfolio they're already reflected in the share price. And the large cash pile should enable them to support the portfolio through to completion.|
|timtom2: I can't remember either.
No matter how interesting or helthy looking the portfolio constituents are PDT will only be judged by delivery of share price appreciation. The longer it takes to get this share price to move the more sick it looks relative to many other shares and assets since its inception.
The management will always say they don't udnerstand why the share price is so far below NAV, that the future is bright etc etc & everything will be OK tomorow - it's expected they will spout that stuff - but we need to see some results coming through.
Great portfolio news, great companies, interesting stuff - where's the reduction in discount to NAV?|
|rivaldo: Hi Blott. Who knows? As I said in the last post PDT are dependent on outside events to a large extent. If nowt happens the share price could simply stagnate around the current price or move up a few notches. But I would hope as follows...
Minimum scenario - hopefully with the more dynamic management now in place the gap to NAV will be filled (remember there's no discount for tax), in which case the share price would rise to 145p or thereabouts.
Maximum scenario - if in the next 12 to 24 months ZBD, Polatis, DisplayLink, Oxford Immunotec etc get bought out, float etc we could be looking at at an NAV/share price of anywhere from 250p to 400p imo.
The latter scenario could take a lot longer of course! But then if ZBD takes off as FSE is telling us then the sky's the limit.|
|fse: its easier to just look at it that PDT have 30% of something thats looking like it could be worth quite a bit more than we thought....got to remember that the tie up with JDS is only part of what Polatis are doing ....
Its not factored into PDT share price thats for sure !
To be honest its whats not factored into much if any of PDT share price other than the cash. Its honestly absurd and getting sillier by the day despite the recent rise in the share price
We started out at a very silly price for PDT, then the share price gained a pittance, then we get blockbuster news from CPS, M Spatial, Sciona and now Polatis plus the rest of the bunch in the old portfolio seem to be doing very well.
Now PDT share price IMHO is at the silliest rating of all time.
If there was a silly price monitor PDT would top it !|
|david77: "Those who are more akin to the Investment trust raiders and simply want a short term fix will want the wind up approach."
HGT at 5 Nov: over 5 yrs:
Net assets up 51.5%, Share price up 73% and up another 8% in the last couple of days (before I bt!), discount on 5 Nov 10.8%, yield at 5 Nov 3.2% on share price of 378p - and management charge of 1.5% of assets.
How does PDT compare?
This investor was only calling for a wind-up 'cos PDT share price has stubbornly refused to reflect asset value. That is not the case with HGT at the moment.|
|david77: You can expect PDT share price to pick up now that I am down to a little over 40% of my earlier shareholding. I bt some HGT (HgCapital Trust) after I had read that HGT's assets had been £112m at 5 Nov with Raymarine valued at £11m, and that HgCapital expected to receive £82m cash when Raymarine floats in a couple of days' time.
Unfortunately, HgCapital is the parent company, a bit like Prelude Ventures, and HGT own just a part of Hg's total investments. HGT will receive cash and shares worth £23m, so adds 10% to HGT's NAV but not the 62% I was hoping for. The message is "read and understand before throwing money around!"
Still, HGT looks good. Their share price has doubled over the last couple of yrs, just as PDT's has, but their share price has come up steadily and any investor over that period will be in profit. I know that that isn't true for PDT!
PDT have some good investments and lots of cash, but it looks as tho the only way the share price will reflect asset value will be by outside action. So EVT and Deutsche Bank - please get a move on before I've sold the rest!|
|fse: I think its quite possible that if overall sentiment improves in the markets and as RL says we get a whiff of an AM float @ 100M then the newsflow on AM could send PDT share price into a premium to NAV.
It happened before with CPS and whilst those were heady days for the Tech scene it was nevertheless unusual to see a VCT at a premium.
Personally I feel we will see close to 200p share price some time early in 2005 ...
What will happen between now and then is hard to say but PDT share price really is too low by any measure so hopefully we will see a run up at least over 100p !!!
Some good news flow on a basket of PDT investments as well as AM...
My only concern is that I feel like most other people that PDT should let this Portfolio run out and start another one if they want... if they can !|
Prelude Trust share price data is direct from the London Stock Exchange