Sovgem Share Discussion Threads

[jhan66] 27/3/2009 11:41

Sovgem NAV performance
Nov.04 12.6p
Dec.05 18.4p
Dec.06 27.9p
Jun.07 33.0p
Dec.07 34.4p
Jun.08 28.8p
Nov.08 15.5p


Big drop in NAV over that last 5 month period. Share price fell by similar amount 21p to 11p
Since then it's dropped a further 60%. Can't imagine NAV has dropped by that much more

Hybridian indicated NAV discount was 46% last December, based on share price of 8p

[jonwig] 26/3/2009 09:26

Just had a check, re Harbin.
The last mention of the actual holding size was in the 2006 AR, 181,700 shares.
Latest share price is $5.82, so worth around £730,000.

A table showing the exact holdings with numbers would be welcome in the next set of figures.

[jhan66] 24/3/2009 08:49

erm, I've done my usual research, reading nearly the whole of the header, so don't ask me about current holdings & estimated NAV. But I have a high regard for your talents in this area.

(I'll do some checking of my own & get back to you)

[jonwig] 24/3/2009 08:26

Hope you're well, JHan!

Am going to check the results - NAV and cash position before committing. (23 April last year.) Agreed this could be an anomaly again - would be nice to multibag them a second time.
Harbin - you assume no shares sold ... I haven't checked.

[jhan66] 24/3/2009 07:57

Hi Jonwig,
what's your current thoughts on Sovgem? I haven't held for some time but if global markets are waking up it might be worth re-evaluating.
Quick look at the first holding Harbin, I can see at $6.28 it's equal to the whole of Sovgem's capitalisation.

[mister md] 14/1/2009 17:51

thanks jonwig, in the meantime the charts on this thread are useful

[jonwig] 14/1/2009 17:00

Hi Mr MD - I think we 'experts' left SOV some time ago.

I updated and had another look recently but haven't followed-up.

The main problem, as I see it, is that the China economy looks to be in a pretty dire strait.
I have respect for the management, and don't see them acting unethically ... but must add 'IMO'.

Mid-March for the FY results and NAV update, I think.

[mister md] 14/1/2009 16:08

any views from the experts on this thread please? picked up a few at just over 6p, must be some room for upside here, or are the fees earned by management going to use up remaining cash?

[jonwig] 27/11/2008 19:34

NAV 15.5p on 26/11, but "The Directors' note that recent market turmoil has meant that asset values may vary dramatically on a daily basis."

[jonwig] 07/11/2008 17:17

Will China collapse?



More on that (Nov 13):

[jonwig] 29/10/2008 12:44

Significant holdings, up-to-date today.

Michael Milbourne .......... 3,329,352 ....14.60%
Hugh de Lusignan ........... 1,824,450 .... 8.01%
Antoine de Sejournet ....... 1,775,000 .... 7.79%
Amerprise Financial Inc .... 1,519,961 .... 6.67%
Douglas Kearney ............ 1,155,227 .... 5.07%
Garth Milne .................. 994,864 .... 4.37%
Paul Luke .................... 708,430 .... 3.11%

[jonwig] 29/10/2008 08:26

Social unrest in China a possibility:

[jonwig] 25/10/2008 12:19

Have just taken another look here after a couple of years away.

The NAV discount is appealing, but nothing special in this market, where China stocks are unloved.

Cash of £297,000 at end-June is fine, but Landsbanki were, until this week, their brokers. I imagine if the cash had been deposited there we would have been told!
The interims say:

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short term, highly liquid investments that are readily convertible into known amounts of cash which are subject to insignificant risk of change in value.

I wonder if things have changed markedly?

They say:

Your Board is constantly considering ways to narrow the discount to net asset value at which our ordinary shares trade and continue to take the views of all shareholders and advisors into account. When market conditions allow we will look to expand the size of our funds under management.

I don't think they should do share buybacks - use the cash to take advantage of opportunities. After all, there's nothing special in wide discounts.

I'll contact them next week, I think, with a few questions.

[topvest] 24/5/2008 18:32

This is expected to be worth £600m when it floats. From what I can see they invested £100k which was worth about £500k-£600k. How much is it worth on listing? I don't know, but I suspect it's over a £1m. Anyway, looking very good at the moment.
Think Concorde Oil and Gas could come back strongly at some point as well.

[topvest] 24/5/2008 16:32

I notice that Cadogan Petroleum are planning to list on the main market in June. I suspect that this could result in a nice boost to NAV for Sovgem.

[mister md] 23/5/2008 09:00

currently 30% discount to NAV which seems to be the historical trend for this

SovGEM (AIM:SOV.L), the emerging market finance house, announces that the Directors' best
estimate of NAV as of close of business on 19
May 2008 is 31.24p per ordinary share

[malinkie] 22/5/2008 15:56

Big question mark over management. Pedalling this one trip to China 2-3 years ago and dont seem to come up with much new. Sitting over in the Channel Isles looking at the sea wont get investors decent returns, need to be out and about really investigating potential companies. Bargepole job!

[mister md] 15/5/2008 14:47

their portfolio currently doing quite well - notably SOLA !
Any NAV estimates at this moment in time?

[topvest] 24/4/2008 21:17

Nothing particularly new in the presentation. Russian Timber could yield some big upside if they get this away in H2, but until then should be fairly quiet.

[9 darter] 24/4/2008 18:19

Dumped them this morning

[9 darter] 08/4/2008 19:17

Picking up slightly