Avarae Global Coins Share Discussion Threads

[picnic] 01/3/2018 09:14

ANother buyback ,25384912 max shares @15p.announced on 27th Feb.leaving a rather
Round figure of 25 million shares remaining if all taken up.

[zangdook] 30/10/2017 18:59

oho, so people who held out for eight months get an extra 1.25p or 9.8%.

[clem] 30/10/2017 09:25

A tender has been announced, for those who have seen it, you can find it here.

[zangdook] 19/9/2016 08:07

I haven't held shares here for years, but on a quick skim of the RNS, it looks like PIs are getting shafted. Wasn't Montoya involved in shafting the shareholders at ENK, too?

[skyship] 24/8/2015 07:23

Pretty good set of numbers:



Profit on ordinary activities of increased more than 50% to GBP0.38 million (2014: GBP0.25 million)

-- Recommended full year dividend of 0.15 pence per share (2014: 0.15 pence);

-- Carrying value of portfolio of rare and high quality coins increased 5% to GBP11.14 million (2014: GBP10.62 million);

-- Cash balance at period end of GBP0.88 million (2014: GBP0.17 million); and

-- NAV per share increased for the 9(th) year in succession to 14.9 pence (2014: 14.5 pence).

[trickie] 03/6/2015 15:42

Sky - interesting thoughts. Just sold a handful and got better than mid - implies a shortage of stock!

[hpcg] 01/6/2015 12:02

Sky, I investigated buying, but little margin of safety. Presumably this is why you have trimmed anyway? I'm keeping an eye open in case it turns into a business.

[alanji] 28/5/2015 07:29

Well done Sky. I nearly bought after your last post :-(

[skyship] 23/5/2015 12:01

Thnx BT - but very lonely here - hopefully another holder will post their views...

[skyship] 23/5/2015 09:51

Closed out the week at 12.25p-12.75p - up 22%. Sold a third of my holding at 12.25p; will run the rest.

Anyone got any ideas on what might Ian Goldfarb might be up to?

[skyship] 20/5/2015 16:00

There is something interesting going on here.

Back in Q4’13 Founder & CEO of Noble Investments (“NBL”), the ex-stockbroker Ian Goldfarb (“IG”), sold the coin, banknote and stamp dealing company to Stanley Gibbons (“SGI”) in a £45m deal. IG banked £4m – 75% in cash, the rest in SGI stock. He was appointed to the SGI main Board.

A 13.1m holding in AVR (16%) was one of the assets which passed to SGI with the NBL takeover.

Having received c422k shares in the takeover, IG was permitted to sell 30k @ 365p in Jan’14; then as soon as the lock-in arrangements expired he sold another 123k @ 300p in Nov’14. Less than 3months later in Feb’15, he resigned.
Then today we learn that SGI has sold all its 16% AVR holding @ 10p. IG declares that he bought 9.1m, taking his controlled holdings to 10.1m – 12.5%. The other 4m (5%) is yet to be declared.

So….what’;s afoot?

It could be that IG just fancies AVR as a classic asset buy as the Company’s NAV is c14.2p/share. The near 30% NAV discount certainly looks tempting.

The more exciting upside comes from the likelihood that IG has other plans for AVR. No doubt he would have had to agree with SGI that he won’t be stepping too heavily on their toes; but nevertheless one has to remember that IG built up NBL from his initial investment of just £200k back in 2004; and sold out to SGI for a personal £4m in a £45m takeover.

IG is an entrepreneur and ex-stockbroker. I suspect there may be an interesting future for AVR. The shares are difficult to BUY; but could well reward patient accumulation – if time…

[gifted] 12/12/2014 11:47

Market cap at a significant discount to NAV but why does the company have trade debtors of over £1m when the turnover is only £81,000?

[skyship] 12/12/2014 07:18

Interims out today - NAV = 14.3p.

Highlight for me is this bit:

"Post period highlight:

-- Sales of approximately GBP150,000 recorded with a gross margin above carrying value of approximately GBP60,000."

Does make you wonder how understated the NAV might be!

I thought £ to a p there would be a take-out bid here in 2014. Looks as though I'll have to roll that over to 2015. Clear benefits to SGI, including taking out the admin costs.

[skyship] 01/10/2014 16:58

Ahh - thnx for that - pity!

[poacher45] 01/10/2014 16:15

Hate to tell you but they have not sold them. To sum it up the Custodian has changed meaning Rathbones have taken over as Investment manager at Jupiter.

[skyship] 30/9/2014 17:35

Interesting RNS today. Jupiter dispose of their 9% holding - 7.37m shares.

# But where have they gone?

# Is this a precursor to the bid I'm sure will happen before end 2014?

[skyship] 06/8/2014 09:26

Having spoken with the Company I expect the Prelims any day now.

In the meantime, after today's announcement SGI is close to being all cashed up for a bid here:
===============

"The Board of Stanley Gibbons is pleased to announce that contracts were exchanged on Monday 4 August 2014 for the sale of its freehold property at 11 Adelphi Terrace, London for a consideration of GBP4.5 million. Completion is scheduled to take place on or before 17 November 2014..."

[skyship] 25/7/2014 16:41

Interesting extract from the SGI Finals back on 27th June:
==========================================================

Coins and military medals

Sales of rare coins and military medals for the fifteen months ended 31 March 2014 were GBP7.0m (year ended 31 December 2012: GBP1.0m) with profit contribution of GBP1.2m (2012: GBP0.2m). Sales included GBP2.5m from Baldwin's in respect of the Noble acquisition. The high level of growth achieved related primarily to the sale of rare coins from Baldwin's extensive stockholding, following acquisition in November 2013, to Stanley Gibbons' high net worth clients.
===========================================================

Suggests to me that SGI should now do a reprise by buying AVR.

[skyship] 25/7/2014 16:12

Prelims due - 19th July last year.

[skyship] 20/1/2014 14:35

Apparently, Stanley Gibbons coin division Baldwin's has enjoyed a very strong start to the year, having just concluded its 'New York Sale' auctions with over $7m (£4.3m) of sales achieved. The New York sale included over $1m of Russian gold coins, which forms the first part of the substantial 'Linden Collection' to be auctioned by Baldwin's in New York, Hong Kong and London this year.

[skyship] 18/1/2014 12:18

Extract from that SGI IMS:
=========================

The Group balance sheet position as at 31 December 2013 includes net cash balances of approximately GBP17 million and a high quality stockholding of rare collectibles. The strength of the balance sheet provides the Group with a substantial capital base from which to invest in further growth opportunities identified by the Board.

=========================

Well, for c£11.5m-£12.0m of that cash balance they can add AVR's portfolio to that "high quality stockholding of rare collectibles"...14p/share seems fair

[mach100] 16/1/2014 21:41

Big volume today. Can the rise continue?

[dashton42] 16/1/2014 14:08

A knock-on from the SGI (/NBL) update today?

[badtime] 16/1/2014 13:34

Moving on up