Tapestry Investment Share Discussion Threads

[praipus] 08/3/2013 11:46

And another payment through:)

[praipus] 17/10/2011 16:23

Another payment through.

[praipus] 01/4/2011 13:22

Shares finally no longer showing in nominee account, now the brave wait for liquidation proceeds. Anyone else in the same situation?

[praipus] 07/3/2011 16:48

Last NAV £1.13, shares now cancelled.

[praipus] 11/2/2011 16:55

Hi Skyship thank you for your contributions over time always useful and interesting.

For the record why should this share do any worse than any other investment?

Also with the NAV being £1.12 why sell at a 20% discount?

[skyship] 09/2/2011 16:29

Only had a very small holding; decided to take the 86p now rather than the 50p soonish and the balance of 50p-55p sometime in an uncertain future! Perhaps wrong, but I've been selling quite a few things too early recently...

[praipus] 09/2/2011 11:43

Not showing on the ADVFN news flow for some unknown reason, circular re proposed voluntary liquidation of the Company

[praipus] 07/2/2011 21:50

From the NAV statement:

As at the close of business on 31st December 2010 the final Net Asset Value per
share was
115.9920 pence

[skyship] 25/1/2011 13:01

112p and some. Also the share price has "tic"ed up a fraction, now 80p Bid


Tapestry - NAV Estimate

As at the close of business on 7th January 2011 the Company's estimated Net Asset Value per Share was 112.9682

[praipus] 25/1/2011 10:08

NAV up £1.12.

[praipus] 14/12/2010 10:55

22% discount now!

[praipus] 10/12/2010 09:51

TIC cash arrived via Selftrade.

[praipus] 08/12/2010 10:07

Anyone got their cash yet?

[praipus] 01/12/2010 21:41

Skyship thank you for your analysis.

[skyship] 01/12/2010 14:54

That £2m-£3m repayment in Feb'11 will be conducted in the same way as this week's redemption. So, let's for instance postulate:

# A 2.5m share repayment @ an NAV of 107p
# Repayment = a 22.1% redemption
# Cost = £2.675m
# If you buy 10,000 today @ 84p:- cost = £8410 (no stamp duty)
# You receive 2210 x 107p, ie £2365
# You are left with 7790 shares costing net £6045, ie 77.6p
# Continuing NAV = 107p....

So, you are left in with 78% of yr holding in a delisted rump running at a 27.5% discount.

Question is - Is that VALUE?

If I'm reading this right - then my answer is YES.

Views on the back of an envelope.....

[praipus] 01/12/2010 13:44

11,300,830 from todays RNS

Because of the way they've returned capital the NAV per share remains £1.08 ish.

[envirovision] 01/12/2010 13:07

Hi so right away the un hedged currency risk and the illiquid holdings may prove hard to sell, particulary if current market turbulence continues through 2011.

However

They say: At the end of February 2011 the remaining assets of the Company are expected to be less than �GBP10m and receipt of cash thereafter from the realisations of the remaining portfolio is expected to slow down
significantly.

To work out return, how many shares are now left?

Also they also say: The Company also expects to be in a position to return a further GBP 2-3m to shareholders in February 2011, following the anticipated receipt of cash from further redemptions early in the New Year.

Now is that 2-3M included in what they expect to be left end of February, or is it seperate and in addition to?

[praipus] 01/12/2010 11:50

Cash 7-10 days from redemption date which was yesterday.

[skyship] 01/12/2010 11:42

I appreciate the unhedged currency risk, but of course the US$ has been strengthening recently. Up c.3% v. GBP over the past month.

[praipus] 01/12/2010 11:35

So we should have had the cash yesterday? (should we)

[praipus] 01/12/2010 11:15

I'm confused too to some extent.

Re-reading the announcement I think its just the ISIN number thats changing perhaps due to the way the capital is being returned and restructured.

(Edit: ok withdrawn from crest not related to ISIN change)

£1.08+per share, 43 redeemed for every 100 shares held.

Edit: I agree does look cheap.

Also cant see when we get paid.

[skyship] 01/12/2010 11:09

Praipus. Help pls.....

The way I read this 43% of the equity was redeemed on Monday @ 108.48p (the historic NAV). This leaves 11.299m shares o/s and trading @ 78p-84p versus an NAV of c.106.5p. The NAV now various US holdings, but no longer a tranche of CASH.

Still, they are in the course of effective liquidation which over time will deliver what looks like something North of 100p.

On that basis the 86p-90p of earlier this week may have looked up with events; but the offer @ c.83p/84p now looks rather good value IMO. Incidentally, I'm aware of the imminent loss of the quote - but have cleared that with my SIPP provider.

Any views, clarification etc?

[praipus] 17/11/2010 10:15

the Company today announces that it will
return �GBP9,247,146 (equivalent to approximately 46.65p per Share) to holders of
Shares on 30 November 2010 (the "Redemption Date") by way of a compulsory
partial redemption of Shares (the "Redemption").

[praipus] 17/11/2010 10:10

Tapestry - NAV Estimate

As at the close of business on 5th November 2010 the Company's estimated Net
Asset Value per Share was 106.4910

[praipus] 02/11/2010 11:02

NAV now £1.08+