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Strathdon Share Discussion Threads
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|There has been a 100,000 for 1 consolidation. Does anyone have a copy of the circular to shareholders? Unfortunately my holding is in a nominee account and I receive limited information.|
|QVT have taken up a chunk of STV if you would like to see their other holdings see post 2 on the Tracking the Arbitragers thread.
|In yet another example of blatant disregard for pre-emption rights, the directors and selected shareholders are proposing to award themselves 52.5 million new shares (more than the entire issued capital of the company!) at a price of 1p per share; a discount of 77% to the NAV.
Those shareholders who are not cronies of the Board are going to suffer massive dilution.
The situation is all the more galling as one of the Directors is David Gamble, who used to be an Institutional Fund Manager. All respectable Institutions have traditionally regarded pre-emption rights as sacrosant. Et tu Brute!|
|Anyone interested in taking up the warrants at 36p exercisable price ??!?|
|Topped up with another 100k at 2p after over 15% of the company has just changed hands at 1.8p - perhaps action starting to hot up now.|
|Well, I've finally topped up with 30k at 1.9p. Could be worth a punt at these levels for the following reasons.
1. NAV at 31st March over 6p
2. The calculation date was at the low point in the market. Values should have recovered in line with the small cap sector P/E's, so say 8p now.
3. Company has finally repaid all outstanding borrowings and is debt free.
4. Admin costs have been cut to the bone.
5. In addition to the NAV, there would be the value of the quote plus substantial tax losses.
6. Company has said they are looking at all options for realising shareholder value. Presumably, as it is now effectively a shell, the reversal of another business into STV would be one of those options.
The only downside that I can see is that they have difficulty realising the remaining holdings in their unquoted portfolio, or that something has gone wrong with one or more of them. However, buying at 2p, surely discounts just about everything going wrong. Not for the fainthearted, but worth tucking away a small holding IMHO. Today's fall is the MM who took 284k shares of a seller a week or so back at 1.5p trying to offload them. I saw that trade going through and realised that it was worth waiting.|
|46k dumped at half a penny and the MM's still want 8 times that price to sell you it - they are having a laugh!|
|something cooking here|
|watched this one for years and finally made initial purchase of 25k at 20p on basis of break up value of unquoted portfolio - some good businesses in there methinks.|
|anyone watching this one - is there any value left in the business?|
|Found myself looking at this..the thing that intrigued me and made me have a good look is that have a good shareholder base or to put it another way shareholders who do not stand any nonsense...but I found nothing to inspire and if anything they seem to be going backwards ie on a look thru basis losses to 9 05 increased even with revenue up by 19%..nav and share price drifting around..they have long identified that the company does not have scale but nothing seems to be done..the discount in the mid teens is not really attractive of itself especially with the majority of the portfolio being unquoted
am happy to look at it again if given a reason to do so|
|should come good - eventually. but vc can seem a slow business. has good management and plenty of clever money backing it.|
this looks like a pig in a poke|
|agm is on 26 july.|
|Just a little punt with some spare cash ,put away for a year and see what transpires. Old bb looked neglected as if nobody cared about this share.With the merger bedded in these could do quite well .|
|(note that the chart above is techmarks chart until we get to july this year)
http://www.strathdon.com (site currently being updated)
http://www.uk-wire.com/cgi-bin/index?company=STV (this good cos it includes the invesco techmark history)
http://www.uk-wire.com/cgi-bin/index?search_type=1&words=strathdon (and this one comes up with any other mentions)
47.8 ords in issue and 5.9m 2009-11 wrrs (ex at 36p), making mkt cap
of approx £15m at 28p.
current nav of circa 34-35p.
mature unquoted techish port with average age of 4yrs.
hopes of generating fee inc from funds ala candover.
old techmark port (approx 30% of assets) still being managed by invesco,
within which the largest holding is a rothschild unquoted fund.
plenty of tax losses to use which inherited from techmark on the changeover
from and investment trust to an aim company.
management has plenty of incentive t perform, with an absolute rtn style
remit and performance fees kicking in from 8% gwth to 20% gwth.
very high quality shareholder list.
all in all an interesting story.|
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