Eaglet Share Discussion Threads

[gibbo6] 17/3/2009 15:20

Now the trust has officially converted into the Directors' Dealing Investment Trust (see for the RNS announcment) it doesn't look like a liquidation is going to happen in the near future.

[hindsight] 14/3/2009 15:34

Further regular tender offers

It is the Board's intention that, subject to there being sufficient
distributable reserves available to the Company for such purpose, further
tender offers will be considered by the Directors based on the proceeds
realised from the sale of the Existing Portfolio. It is expected that such
tender offers will be considered at least every 6 months during the period of
18 months from the date of approval of the Proposals. Any such further tender
offer will be subject to Shareholder approval to be sought at the relevant
time. The Board expects to fund purchases of Ordinary Shares by the Company
under the further tender offers from cash resources arising from the
realisation of the Existing Portfolio and, if necessary, from the realisation
of assets invested in accordance with the Company's new investment policy.

In the event that the Company has insufficient distributable reserves then the
Board will consider alternative ways to provide Shareholders with the
opportunity to share in the realisation proceeds from the sale of the Existing
Portfolio.

[merrick2] 11/3/2009 11:20

Post the Tender Offer it looks like the the shares could come under pressure due to the equity in the fund.. I think the discount could ultimately widen to as much as 40% suggesting a price target of about £1.60

[gilston] 21/12/2008 12:17

Now that Knox`s proposals have been rejected & given the continuing dire state of the small cap. market, is there any other option left for Eaglet apart from liquidation of remaining equity portfolio, for whatever firesale price that may be worth?

[gilston] 17/11/2008 23:37

Progressive are now lobbying shareholders to vote against Knox D`Arcy`s proposals. If you want to see their argument, contact [e-mail]

EGM should be interesting!

[rambutan2] 11/11/2008 15:39

story in the FT today (pg24) saying that board approached by Progressive Value Management with alternative, more shareholder friendly, proposals to return cash to shareholders over a two year period.

[gilston] 09/10/2008 16:42

Thanks for that gibb.

Eaglet is due an AGM around December so the annual report & notices to shareholders with any resolutions will need to be sent out soon. This will no doubt explain what is happening.

[gibbo6] 08/10/2008 12:18

i read the below quote in an article published in the Investment Advisor only 2 days ago. seems Knox are still going to go ahead with it.

Mr Howard said the trust would be sending out a circular to investors detailing its plans for the new fund and offering them the opportunity to take part in the new trust.

"The circular will explain the Directors Dealings strategy and the new investment strategy and give people the opportunity to have their shares back in cash."

[westcoastrich] 07/10/2008 12:53

this should be £1 by now imho

[gilston] 03/10/2008 16:59

It is now over 6 months since the above article. If Knox had been successful in raising funds, this should have been announced by now.

Is liquidation looming?

[gibbo6] 03/9/2008 13:05

Investment Advisor

Eaglet trust moves over to directors' dealing strategy
Oliver Good
10th March 2008

The new management of the £105 Eaglet Investment Trust has confirmed the company will be renamed and its strategy converted to a directors' dealing approach.
The trust was the subject of an activist takeover in late 2007, by a group led by Knox D'Arcy Investment Management. It will now be called the Directors' Dealing Investment Trust.
The small-cap fund was managed by Unicorn Asset Management until a shareholder vote installed three new directors on the trust's board.
It had been rumoured that Knox D'Arcy planned to follow a directors' dealing approach – investing only in firms whose directors are actively buying their own stock – but the strategy had not been confirmed until now.
Knox D'Arcy said the investment concept would deliver outperformance in both rising and falling market. "Directors are better informed than the market about the companies they run and therefore their share dealings outperform the market across the FTSE100, FTSE250, and FTSE Small Cap indices," a statement said.
Knox D'Arcy said it had worked on the concept for three years with academics from Bristol and Exeter Universities.
The research involved analysing all directors' dealings between 1994-2007 and the analysis contained 7.1m data observations covering 187,000 directors' trades, the firm said.
A simulation of a small-cap strategy for the period 1 January 2000 to June 2007 demonstrated the Directors' Dealing Investment Trust would have returned 169 per cent, outperforming the FTSE Small Cap index return of 28 per cent, Knox D'Arcy figures showed.
The new trust will invest in UK companies with market caps of more than £25m and the portfolio will hold roughly 40-60 stocks.
In November, the trust's former manager, Peter Walls at Unicorn, queried the legitimacy of the directors' dealing approach, saying the strategy was not well tested. He also said there was little shareholder support for such a change in policy.
The Eaglet investment trust returned 5.6 per cent over three years until 1 January 2008, underperforming the AIC UK Smaller Companies sector which returned 48.5 per cent, according to Morningstar.
Knox D'Arcy said it would begin fundraising for the trust in the coming weeks, targeting IFAs, institutional managers and wealth managers. The firm said it aimed for the trust to be fully invested within six months of its relaunch.

Read this article a while ago. Sounds interesting but what do people reckon on the chances of it being successful?

[tenerife] 10/4/2008 12:45

According to money week ein is to change to a stratedgy based on director dealings in smaller companies.

[hsbcpremier] 10/4/2008 08:23

-8 yesterday, -5 today

[moob] 06/4/2008 09:11

140p if we have a recession

[jhan66] 06/4/2008 07:47

I wonder if it's a good week to buy Eaglet.

Tax year selling of AIM shares must be over now & the NAV discount doubled in the last month. Don't think I've seen it up around 27% before

[smashingguy] 21/11/2007 23:18

Unicorn Asset Management Limited

On 11 October 2007, the Company announced that Peter Webb had resigned as a
Director of Eaglet. Unicorn has put its own outline proposal to the Board
regarding the future strategy of Eaglet. Based on the information received to
date, the Board does not consider this to be in Shareholders' interests in its
current form although it remains open to revised proposals from Unicorn.

[smashingguy] 21/11/2007 23:11

185p target here

[analyst] 05/11/2007 16:56

Manager about to be fired in RNS.
Obviously not as happy with Peter Webb as implied by recent Annual Report.

[smashingguy] 10/8/2007 21:43

long way to fall on the chart

[liveinhope] 06/3/2007 10:06

See Compel plc, one of thier favourite long-term Investments has come good today with proposed takeover.

[liveinhope] 19/12/2006 08:26

Smashing article about Eaglet/Unicorn in Daily Fund Focus piece on page 27 of FT today (Tues Dec 19 issue). Merits a read.

[scotswhaehae] 13/10/2006 15:29

Very nice progress...and a share repurchase as well today...

Small company revival bodes well for EIN...

Still great value imho...