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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ortus Vct | LSE:ORT | London | Ordinary Share | GB0003945101 | ORD 10P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 25.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 25.00 | GBX |
Ortus Vct (ORT) Share Charts1 Year Ortus Vct Chart |
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1 Month Ortus Vct Chart |
Intraday Ortus Vct Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 04/3/2013 | 15:10 | Ortus - new start | 78 |
| 30/11/2004 | 07:49 | Berlin Shorting | 33 |
| 12/10/2004 | 17:03 | ORIENTROSE - something is in the air. | 125 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 19/12/2012 13:44 by rivaldo Looks like other people are too tiltonboy!I really can't believe ORT aren't going to release an RNS about the sale of Vyre. The market reaction to the news quietly slipping out says it all about the market-sensitivity of the transaction. |
Posted at 18/12/2012 11:54 by rivaldo Exactly tiltonboy. So ORT have likely received around £2.7m, against an almost £8m m/cap, making around £3m cash in total given the £330k in hand at the interims.Quite significant news I'd have thought, even with no particular surplus/deficit on NAV. Surely news that the market should be aware of at the very least? Good news anyway. |
Posted at 18/12/2012 09:31 by tiltonboy I have just spoken to the Ortus VCT managers who deemed it unnecessary to make an announcement as it had no effect on NAV i.e it was sold at carrying value.Firms up the attractive features of ORT. |
Posted at 18/12/2012 08:52 by rivaldo Well well.....Vyre has just been sold:Can't see a price anywhere on the web. If there's no material difference to NAV perhaps ORT have decided it doesn't need announcing, but surely this is such a material event either way that it has to be announced? Even if the acquiror wants confidentiality on price, surely Stock Exchange rules demand that such info be released immediately if market-sensitive? |
Posted at 06/11/2012 14:32 by rivaldo Cheers tboy.AVA had this to say in their Annual Report today about Espresso - sounds positive, and their valuation is unchanged year-on-year: "Espresso During the year to 31 July 2012, Espresso, the UK's leading educational digital content company achieved its 4th year of profit growth. Over the past several years Espresso has been taking steps to expand the business outside the UK. Key events include the launch of Espresso in Sweden through a partnership with a leading publisher in that market, the launch of Espresso in the USA and Canada as well as the development of relationships with publishers in Ireland and Germany. All of these initiatives are at various stages of development, with the initial investment into the development of Espresso in Sweden delivering a profit to the business in the latest financial year (July 2012). Given that these investments into the development of subscription based businesses generally take several years to deliver positive margins, management believe that Sweden's positive EBITDA contribution and the positive market reaction to the new services in the USA and Canada bodes well for future years. All this comes against a backdrop of stable revenues and margin improvement of approximately 25% for the core UK business. As at 30 June 2012, the carrying value of the company's investment in Espresso was £0.4 million (2011 - £0.4 million) equating to 4 pence per share (2011 - 4 pence per share)." |
Posted at 01/11/2012 07:38 by rivaldo Yep, that's excellent news if the merger is to be at 33.4p NAV.The discrepancy re Espresso is extremely odd. If I was cynical I'd suggest that ORT's downwards valuation was a mechanism for keeping the NAV down. Valuation is of course a subjective exercise, but there does seem something wrong here. Does anyone have contacts at ORT to get more info about the Espresso valuation as it makes quite a difference? |
Posted at 31/10/2012 18:04 by timbo003 TiltonIndeed a very pleasing development, but slightly marred by a significant mark down in the value some of the legacy portfolio (see interim results, released after the market close). NAV/share down 5.3p to 33.4p I note that Ortus have down valued Espresso from £2.795M to £1.5M during the last 6 months, despite the upward revaluation of Espresso by ProVen earlier today (see their interim results out today and rivaldo's post above). I'm a bit confused by that, anyone got any ideas? |
Posted at 02/10/2012 05:58 by timbo003 Hi SBPMaven manage 7 different VCTs, as I suspect you aleady know: Ortus, Talisman and Maven Income and Growth 1,2,3,4 and 5. I hold shares in Ortus, Talisman, Maven I&G 2, 3 and 5, so I take a close interest. The Manager has publicly stated (at the Ortus AGM) that it is now Maven policy to encourage the BODs on their VCTs to conduct so called "enhanced buy backs" or EBBs for up to 15% of the issued share capital. This is where the VCT will offer shareholders an opportunity to sell their shares back to the VCT at the net asset value and then the company reissues new shares from the proceeds at net asset value (plus circa 3%). The end result is that the shareholder will lose around 3% of his or her shares but in exchange will receive a tax certificate worth 30% of the value of the new shares (based on net asset value, not market price), if a shareholder can repeat this process every 5 years, it is like receiving a 27% special divi every 5 years on top of the normal divis. So far, 3 of the 7 Maven managed funds have announced plans regarding EBBs: Maven I&G5, Maven I&G3 and Ortus (confirmation required), I think there is a reasonable chance that within the next 2 years that Talisman will have an EBB, or they will merge with another Maven VCT and the merged VCT will do an EBB. Whatever the outcome, I think there is an odds on chance that the huge discount to NAV (currently 50%) will narrow to around 15%. I also think there is a very good chance that they will start paying a divi of around 1p - 1.5p / share (the manager has more or less stated that this is likely to be the case) So, if you are a glass half full sort of investor, and have a 5 - 6 year investment horizon, the investment case could go something like this: * Buy 10,000 shares for £2,500 * Wait for a tender offer * Tender shares at 50p/share * Receive tax certificate worth £1,500 * Collect divis for the next 5 years (5 x 1.5p) of £750 * Net investment at this stage: £250 then should you so wish * Sell shares after 5 years for £4,120 (i.e. NAV - 15%) * Net profit £3,870 This sort of strategy has been discussed at length over on the TMF VCT discussion board for Maven Income and Growth 5 (which trades at a narrower discount to Talisman, so arguably less attractive): There are also current discussions on TMF for both Ortus and Talisman, where the merits of EBBs are also discussed: Hope this helps |
Posted at 05/9/2012 12:09 by rivaldo A little interest here this morning.Espresso is valued at £2.8m, so accounts for 41% of the current m/cap! A deal would hopefully send the share price a lot nearer the 38.7p NAV for a start. Discovery Networks are of course absolutely huge, so let's hope the Sunday Times are on the ball. |
Posted at 04/9/2012 10:12 by timbo003 One more nugget from the Talisman VCT AGM last week (before I forget).Apparently there are two large shareholders on the Ortus register, each with around 1,000,000 shares (just under 3%). One of these guys has previously blocked special resolutions on share buybacks (hence no current approval to conduct buybacks), but he is apparently supportive of tender offers/EBBs, the other big shareholders views on EBBs are unknown. Bill is reasonably confident that they can get shareholder approval for a tender offer if the BOD agrees to do one. Tilton, is one of the large shareholders you by any chance? |
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