St Peter Port Capital Share Discussion Threads

[spectoacc] 26/10/2016 07:20

Results to 30th Sept out - not great at first glance, but actually quite a bit positive in them. Main negatives are:

NAV still 37p, with further drop in assets offset by currency gains.
No indication of timetable or progress yet on realisations.


Re the holding that interests me the most, Brazil Potash:
"If a material amount of money is raised by the company at the levels they have
indicated they are seeking, SPPC's holding will be marked upwards. "

Portfolio Liquidity Prospects:
"The markets remain difficult for resource stocks. Despite this, our
overall sense is that the majority of our portfolio companies are now
more active than they have been at any time in the last couple of years.
Our principal concern is how quickly this renewed activity will
translate into a liquidity event"

[zcaprd7] 13/10/2016 17:14

Yes. I got in based on the EK mention a few months ago. Bit hesitant as he's usually awful on anything puntish, or his forensic shorts...

[qs99] 12/10/2016 14:54

indeed, let's see how it unfolds.

[spectoacc] 12/10/2016 14:46

Thanks for the link. The other hope I have is that the last NAV of c.37p seemed a bit of a kitchen sink job, so at least some prospect of write-backs with the rally in the market. That, and £/$, possibly offset by charges/costs.

As you say, even half the last NAV, a 50% discount, makes for a decent return. I really can't see them winding up or selling for below current share price IMO.

[qs99] 12/10/2016 14:38

hxxps://masterinvestor.co.uk/evil-diaries/wait-another-fortnight-mitie/

actually to be fair, me misreading this, it is the tone he gives which made me think he was in, but suggests bid may be higher than 16p on the bid when he wrote....if you search articles before that I think he may have been in before....if reading this Simon apologies if I am wrong!!

as you say, NAV has been shrinking, but if NAV is even half last reported at 40p, then still provides a decent upside to 14p bid if NEDs do their job properly! On AIM that doesn't necessarily correlate.

[spectoacc] 12/10/2016 14:30

Evil K in, have you a link?

Not been following the investee co's I fear - and no idea how they'll wind themselves up if they don't receive at least one offer for the whole co (other than the sneaking suspicion it'd be a low-ball MBO).

Ongoing £ weakness unlikely to be harming NAV.

[qs99] 12/10/2016 13:59

fascinating share price just come across it with Evil K backing it. Any news on that Mediatainment IPO they talked about in one of last RNSs?
cheers

[edcrane] 07/10/2016 18:46

... me too and also for Vela Technologies too, Hopefully their share price might get a lift too

[hedgehunter2] 07/10/2016 18:24

Many thanks I hope it maybe the jewel in the crown for SPPC

[edcrane] 07/10/2016 17:52

only what was in the last report. I noticed though, that Vela Technologies announced recently that they had agreed to convert their loan notes to common shares. Might indicate that StreamTV might be getting close to doing something big or why else would they want to simplify their share structure

[hedgehunter2] 07/10/2016 16:46

Does anyone have further details on the 3D TV ownership holding?

[spectoacc] 07/10/2016 16:27

I suspect there's a gap too, but perhaps nearer 50% than 87%. Don't forget they've got a continuation vote coming up, which they've clearly been advised by major shareholders that they're going to lose. So no option but to wind up even if no sale forthcoming. Only takes a handful of the larger holdings to sell to justify more than current share price (assuming no sale of entire co). Brazil Potash seems the most interesting & potentially valuable.

A few more % off the £ won't have hurt NAV either.

[konkel] 07/10/2016 15:31

I suspect there's quite a difference between the published NAV and the price anyone would be prepared to pay for it. My guess is it'll come to nowt and it'll head straight down towards 5p.

[spectoacc] 06/10/2016 09:04

Ah, thanks @flyfisher, that makes more sense. I guess "day-trading it" not a bad assumption if they're MMs!

NAV feels too much of a moveable feast to me - c.36% adjustment last time, so feels like any currency difference, running costs etc may only be a rounding error (though agree £/$ is at least a positive rounding error).

[flyfisher] 06/10/2016 08:26

Specto, Shore are market makers in the stock, they issue form 8.5 for dealings. The others are form 8.3, which holders above 1% are obliged to issue at the start of an offer period.

I would expect the next figures to have NAV around 40p with £/$ decline.

[spectoacc] 05/10/2016 16:46

The ones I'm finding really interesting are the Shore Capital ones - looks like they're day-trading the bloody thing, look at the one before last.

The remainder I suspect are previous holdings - ie now SPPC is technically in an Offer Period, the threshold for RNS'ing holdings has moved from 3% to 1%. I say that without having read them that closely, but having noted they were all below 3%.

[zcaprd7] 05/10/2016 16:39

Anyone tracking these ownership releases?

[zcaprd7] 04/10/2016 13:32

Topped up today...

[flyfisher] 03/10/2016 16:26

The £/$ rate was around 1.425 at the accounting date and with the great majority of holdings being valued in dollars their should be an increase in book value of around £2m or 3p/share at the current exchange rate.

[hedgehunter2] 03/10/2016 14:50

Can anyone shed light on the ownership of izon technologies. Www.izontv.com understood this was part owned by SPPC and this company was seeking an listing as they wanted to release value?

[zcaprd7] 03/10/2016 12:16

Opp will come good {off topic} eventually.I broke all the rules when I bunged some money in before suspension, when it was 0.2p or something. Nav is around 10p once they use the new zdps distribution approach... It's around 5p now.

[spectoacc] 03/10/2016 11:03

Ouch, just looked at Origo's chart! I can only top that by having been suckered into a couple of the China AIM frauds. Or TPL, which I went into big on a tip around 40p. Largely instigated a "no AIM" rule after that & it's served me well.

[zcaprd7] 03/10/2016 10:50

Well, I feel your pain. I got in recently here. But I've had more trouble over at origo... They had a 2 year legal battle on top of everything else...

[spectoacc] 03/10/2016 09:46

@z - true, assuming there's a buyer, and this RNS does sound rather like an advert that's inviting interest.

Suspicion is for "We've had no good offers, but tell you what - the managers will give you 20p". Then Brazil Potash alone sells for more than that. All very much IMO of course!

What would be interesting is to know how the NAV has changed since March. They took a big write-down at the time to get to 37.4p - if that was kitchen-sinked, has it subsequently recovered with the market? Any which way, 14/16p vs 37.4p..

[zcaprd7] 03/10/2016 09:35

But a reasonable auction (of sorts) of the whole lot, isn't a bad way if realising the value, compared to the hassle of individual sales?