Argo Share Discussion Threads

[stemis] 14/1/2021 11:25

A rare bit of movement. Hasn't really seemed to follow the recovery in the stock markets so far...

[stemis] 02/7/2020 19:11

Should get interims at end of the month

[stemis] 17/2/2020 08:31

Once again, this company is not ARGO blockchain (whose ticker is ARB)!!! This is the thread for ARGO, the alternative investment manager focused on global emerging markets. Take your ramping elsewhere.

[stemis] 14/2/2020 13:33

Interesting development. I think the most important part of it though is the statement "As an additional benefit from the Loan, AGL will possibly benefit from a better recovery on the outstanding EUR 8 m of unpaid fees due from AREOF. Currently, these fees due to AGL are carried at zero value. The Company believes the recovery of outstanding fees is greatly enhanced by the EBRD refinancing and the offered return is attractive compared to other alternatives." As at the last interims the provision against all amounts outstanding from AREOF was $11.8m. Recovery of those amounts would add 23.3p a share to NAV, taking it to 66.6p. Current share price is 24.5p...

[wisecat2] 14/1/2020 18:50

what is it then

[stemis] 14/1/2020 17:10

Once again, this is NOT the thread for Argo Blockchain.

[daveydave1] 01/1/2020 12:18

What developments will there be in the crypto space in 2020? It will be interesting to see how the bigger projects evolve.

[stemis] 15/8/2019 08:35

Last couple of weeks Camac Fund have gone from 3.05% to 6.5%.

[stemis] 31/7/2019 07:17

NAV per share = 56.3c (46.2p). If they do manage to recover mgt fees full provided for (which they claim to be confident of) that becomes 87.2c (71.4p). Share price 21p???

[stemis] 23/4/2019 07:17

Different ARGO

[newtothisgame3] 22/4/2019 13:52

#Argo #Blockchain PLC are facing the potential of being ousted after a meeting was requisitioned for May 16 https://twitter.com/smallcappick/status/1120324458131202049

[newtothisgame3] 21/4/2019 13:53

#ARGO City bad boy Frank Timis returns to stage a crypto cash coup https://twitter.com/smallcappick/status/1119865018722471936

[zcaprd7] 17/4/2019 16:34

Looks like I missed my chance...

[stemis] 27/3/2019 17:03

I agree it's a risk but I think it's less likely with the tender taking place at 26p

[zcaprd7] 27/3/2019 14:48

I'm still lurking, bit worried they could delist this...

[stemis] 27/3/2019 07:32

Surprised its only opened at 19.5p. Surely there can't be any sellers this side of 26p now. Any sort of good news should see this at at least that sort of level?

[rhomboid] 26/3/2019 20:24

I’m here watching 🙂

[stemis] 26/3/2019 07:45

Wow. Very surprised. Company fails to spend all of £2.5m, even at 26p, as many shareholders decide that shares are worth even more. I think anyone who tendered and got 26p must be pleased. I didn't tender in the end so it'll be interesting to see where the shares open. I estimate NAV now 40.6p a share. Wouldn't surprise me at all if, in next year, the AREOF situation is resolved and NAV increases to 58.1p. I guess from here on I really am going to be the only one on this board though...:-(

[stemis] 13/3/2019 13:53

Raskolnikow, All fair points although I think 90% is the threshold for an enforced purchase of remaining shareholders. I think there is some reputational risk in screwing over minority shareholders when your business is looking after people's money so maybe for a couple of million it won't be worth it. Certainly, though, they've not been averse in the past to stripping money out of the company through bonuses. Once they've distributed the cash, ARGO will pretty much (91% of NAV) be just a 23% holding in The Argo Fund (TAF). Of the other three funds, Argo Distressed Credit Fund and Argo Special Situations Fund are closed to new investment so I guess in wind down mode (AUMs down 36% last year). Argo Real Estate Opportunities Fund (AREOF) is basically owned (83%) by the other funds and ARGO itself. So I don't know why they don't collapse ARGO in TAF. What's the point of the quote? They could liquidate ARGO and distribute the shares in TAF to shareholders of ARGO and then allow redemption for those who want to cash in? Would save the costs of being a plc.

[raskolnikow] 13/3/2019 13:28

Same thinking here. But in that case it makes sense to tender at 26p as you either receive an okish price for your Shares or keep a stake in a potentially very valuable biz

[stemis] 13/3/2019 13:18

It's a clever tender because it's really the 'prisoners dilemma' in drag. If we all tendered at 26p, we'd each get the same amount of cash as we would at 18p, but be left with a greater stake in the company. However as soon as one holder tenders at below 26p, everyone else loses out. So to guard against that everyone will probably tender at 18p even though we'd all be better off if we all tendered at 26p!! Personally I'm not sure if I'm going to tender at all. If I was absolutely sure I'd be treated fairly by the Rialas brother in the future I'd not. Why sell shares at less than half NAV, especially when the result of the tender will probably be a 20+% increase in NAV as a result and, if they sort out AREOF, a further 40% increase in NAV (leaving 18p a mere 27% of NAV). The problem is I'm not...

[raskolnikow] 13/3/2019 13:12

I am just trying to understand the risk here. I see three potential issues: 1. They do a de-listing and you are traped in a private Company (75% majority required?) 2. They buyback or personally acquire more Shares and eventually make a takeover offer and squeeze remaining shareholders out (95% required?) 3. They start to pay themselves outrageous salaries / fees to take the money out of the Company without letting minority shareholders have their fair share as well. As long as they are below the respective thresholds (75% majority for 1.? and 95% of Shares for 2.?) 1. and 2. pose relatively minor risk; 3. is probably not possibly to mitigate but inherent for such a company