St Peter Port Capital Share Discussion Threads

[wowzers] 21/4/2012 01:03

that would surely be the catalyst

[skyship] 20/4/2012 10:41

Rang the Company (020 7240 3765) - spoke to a Mr Wood (I think!) who is the mining analyst there. He confirmed that no date set but the Continuation Vote is still planned for this year.

[wowzers] 20/4/2012 09:31

Discount to book now at 45%. Increases to 54% taking out the cash. Unsustainable?

[zdapa] 23/3/2012 05:53

As I read it, whilst Dalton are comitted to long term growth of their own company, they are not adverse to taking a quick profit from undervalued situations.

Of more interest is Damille.

"The Company's target Investee Companies are issuers primarily with an equity market capitalisation of below £100 million that the Executive Directors consider can be properly valued on a NAV Valuation Basis. Such Investee Companies are expected mainly to be, but will not be limited to, closed-ended investment funds and investment companies. In the opinion of the Company, many of these companies would benefit from implementing certain measures to:
•optimise their balance sheets; and
•align management and shareholder interests.

Measures for balance sheet optimisation will include, but are not limited to, making a full or partial return of capital to equity holders, repurchasing existing equity or debt securities, raising additional equity or debt capital or distributing new securities to existing securities holders (spin-offs).

In order to increase the probability of an Investee Company successfully implementing measures to optimise its balance sheet and align management and shareholder interests, the Company may seek either to exercise direct control of the Investee Company's board or to exert significant influence on the Investee Company's board. Direct control or significant influence includes the Company making either a recommended or an unsolicited offer for the entire issued and to be issued share capital of an Investee Company, the Executive Directors or their nominees serving as directors or alternate directors of an Investee Company, the Company requisitioning a general meeting of the Investee Company to vote on specific resolutions, or the Company engaging with the Investee Company's board to implement measures to optimise its balance sheet and align management and shareholder interests.

Some investments may be sold into the market if the Company determines such a realisation strategy to be optimal."

Dalton and Damille together hold 15% (ish) of voting rights.
Which way will they vote?

[alanji] 22/3/2012 12:30

Deducting the cash from the share price and nav gives a discount to net assets approaching 50%.

[spectoacc] 22/3/2012 10:17

Main thing for me is that they're making realisations whilst only having paid out £100k for a new investment, & that was a follow-on. Also £11.6m in cash. I want to see them preparing to lose the continuation vote.

[jaws6] 22/3/2012 08:38

Looks good rns today on NAV

[skyship] 19/3/2012 11:19

Details of the hedge fund which topped up on Thursday:

Dalton Investments is a disciplined, value-oriented investment management firm committed to capital preservation and long-term growth.

[skyship] 14/3/2012 15:16

Indeed - who to? WEISS would be nice...but buybacks surely the favourite, or placing to Shore Capital clients. All intended to corral the Continuation Vote, which should be announced with the July Finals and take place at the AGM end Sept.

[spectoacc] 14/3/2012 15:00

Notification of Holdings

The Company announces that it received on the 12 March 2012 from JPMorgan Asset Management Holdings (UK) Limited a disclosure that it no longer has a notifiable interest in the issued share capital of the Company.


PQ reckons they had 9.14%, now below 3% (could have sold the lot, but who to?). Notification from Monday.

[skyship] 14/3/2012 14:39

...and today's 2m put-through @ 55p represents another 2.9% changing hands.

Are these the genuine changing of hands of large lines; or are some of them buybacks. We should be told surely. Though of course it could be unfinished business, which only needs an RNS once completed.

All very interesting...

[godin] 13/3/2012 14:03

Just checked their website,no mention of jp morgan on major shareholders list despite recent rns stating they had over 8%, i dont know how often they update the list. A bit like trying to see through muddy water with this one.

[skyship] 13/3/2012 09:55

Tues 13th and still no RNS re last week's massive trades!

They don't like communicating much do they...

[godin] 09/3/2012 04:57

i suspect the shares came from jp morgans holding, who bought them is the interesting part.

[skyship] 08/3/2012 17:47

Godin - NO - missed that. Thnx. A 5.74m put-through of 8.4%. That has to have been a buy-back, either that or WEISS has just taken an 11.4% stake!

Time for a top-up methinks...

[godin] 08/3/2012 17:08

Skyship did you see the two huge trades yesterday 5million+ each? seems this company doesn,t like to spend money on rns.

[skyship] 08/3/2012 16:51

Very interesting trade - 2.065m @ 54.75p (3.03%). Likely to be a share buyback perhaps. That will add a little to the NAV of course; but what we really want is a large open tender or news of liquidation. I suspect we may see these making progress back to the 70p level again fairly soon...

[spectoacc] 18/2/2012 08:01

MBO would be nice & simple for us but suspect they'll lose the continuation vote & then say "it'll take us 18 months to liquidate the portfolio".

Still - plenty of upside here from the s/p, happy to sit on it.

[skyship] 15/2/2012 16:32

Godin - you are certainly being rather optimistic with that 100p. If an MBO then I would expect it to be launched and be successful at no more than a 15% NAV discount, ie c88p. They could have mine for 80p (23% discount).

One deeply annoying thing about this Company is that we get no IMS - merely the December Interims and the July Finals.

With the Interims Bob Morton, Chairman, said:

"Companies in the portfolio which make up much of its value continue to show
promise and we remain confident of their prospects. We hope to be able to
report further progress when we next issue results."

Anyway, an interesting 250k trade @ 55p today - could be a buyback perhaps.

[godin] 07/2/2012 13:15

I am hoping for a management buy out at around £1 as it seems fairly obvious that the continuation vote should be lost due to poor share performance.

[stevenlondon3] 07/2/2012 11:14

Topped up my holding. Hopefully the current NAV is higher than last reported and we are grinding towards decision time in April.

[skyship] 01/2/2012 17:17

RE ILIKA (IKA) - SPPC made a £2.5m subscription for ordinary shares back in Sep'07. I suspect the sub price was 50p – but so far haven't exactly confirmed that figure. They listed @ 51p in May'10 – so at today's 54p it has been a pretty poor investment thus far!



IKA was spun out of the University of Southampton which specialises in the development and application of high throughput, combinatorial R&D techniques for the discovery of new materials.

[godin] 27/1/2012 08:53

One of our investments up 7% today(ilika).edit finished up 12%

[mw8156] 31/12/2011 23:45

Can find the prospectus on the company's website if you look carefully but do not think an orderly winding up is possible till market conditions improve...

[stevenlondon3] 19/12/2011 10:49

"We are therefore at present primarily considering only follow-on investments, having due regard to the possible remaining life of the Company."
The sooner the company has the vote the better.