Argo Share Discussion Threads

[stemis] 09/10/2015 10:03

Selling. Their holding has obviously fallen below the notifiable level.

Today's release is obviously good news although the market remains less than excited about the share. We should see release of part of the bad debt provision ($1,300 = 1.3p per share) although that's offset by unquantified, but relatively small, losses in the fund (which we have share in) from selling below NAV. The share price seems to have gone up to reflect that.

Proforma cash will be about $6.3m or 6.1p a share.

[eezymunny] 09/10/2015 09:49

CHurch house was clearly selling.

I don't understand "The disposal of the Indonesian Investment improves the liquidity of the Funds and creates an opportunity for further transactions with the same counterparty that could in the future mitigate the impact of the book value losses incurred by the Funds as a result of the disposal."

ie whatever has been sold has been sold below book but then they say "As of 30 June 2015, AGL's investment in TAF was valued at USD 13.8m. The disposal of the Indonesian Investment is not expected to have a significant impact on this valuation."

[paperwerks] 09/10/2015 09:33

One thing I do not understand is the annoucement from Jeoren De Bos Church House Investments. I don't understand the language of the news. Is he selling or buying?

Wexboy? Anybody understand it?

[paperwerks] 09/10/2015 09:28

It is not very, very cheap.

It is stupid cheap! :)

Looks like Pertamina bought out the TPPI shares and TPPI bonds purchase to follow.

I think they need to sell or merge the asset management business as it it now too small to operate independently. I think the Riales brothers know this which is why they are going to spin out some cash and buyback stock first.

glta, this has been a long hard frustrating road but light can now be seen at the end of the tunnel. The hard times are over!

[eezymunny] 09/10/2015 08:54

Interesting news today. Not much detail but much of the market cap covered by cash when this disposal completes, and some (plenty?) remaining assets. All very wooly (to me!) ARGO but perhaps cheap, very cheap, or very very cheap now? Or perhaps not - time will tell.

[paperwerks] 30/6/2015 09:21

Seems like they have no alternative than to sell the business after a valuation can be put on TPPI since they are too small now.

$26,000,000 net assets divided by 67,400,000 shares = .385 us cents per share if liquidated at book value.

But that is with TPPI marked at book. I have no idea if it it and other illiquid assets are worth near book.

Still lots of room for error at todays price imo plus that values the asset management business at just furniture and fixtures value.

[paperwerks] 30/6/2015 08:49

They are waiting for the sale of TPPI. Its wrapped up in a corruption scandal right now in Indonesia. So its all up to Indonesian politics.

[keevo] 30/6/2015 08:38

hmmm not the best results but still NAV is alot higher

[stemis] 26/6/2015 10:19

Must produce accounts by Tuesday next week or in breach of AIM rules.

[slacker22] 23/6/2015 11:09

Any succeeded in contacting this company?

[stemis] 17/6/2015 09:04

Surely we should be getting full year results now? Last year was 13th June and that was about 3 months later than normal. Since they are hardly difficult to produce it suggests to me they are waiting for something.

[keevo] 03/6/2015 09:46

agreed. topped up more last week. average 0.0895. tough watch

[slacker22] 02/6/2015 19:25

tough to follow this

[stemis] 21/4/2015 10:50

For years we used to get the final results in mid March. Then last year it seemed to be mid June for some reason. This year, well, its getting towards the end of April so who knows. I can't see why it takes them so long to produce a set of accounts. They are hardly complicated.

[stemis] 14/4/2015 12:22

The discount does look big (although not 75% - the accounts are in $) but what concerns me is the complete lack of visibility of the performance of individual funds. Argo has become a portfolio of investments in its own funds. At end of June 2014, out of $28m net assets, $26m is either investment, loans or outstanding fees relating to its funds. Since then we've had no news. There appears to be nothing accessible on line. These are tiny funds and ARGO charges them a lot to cover its costs. If performance is poor it's hard to see why investors would stick with them.

[paperwerks] 14/4/2015 03:50

Selling looks like it is done.

Last week I bought some at 6.50 but they would only fill half of my order. So I tried the next day to get some at 6.60 and got nothing. So the next day I decided to pay the ask and put in an order for 75000 and only got 25000. and yesterday it traded for 7.25 so it seems the big sell off is done and we are on our way back up(I hope).

Whatever is going on with TPPI negotiations will be key. What is going on with TPPI???

Ukraine shopping center seems more than discounted for in the price already. Don't like the business or management much but at 25% of book value I had to buy some.

It is kind of worrying that management is not trying to buy out the company at these levels. They should just make a bid at 10 or 11 if they truly believed in the asset value.

[sirhedgealot] 21/1/2015 16:28

What's the game plan here then?. It's getting quite cheap.

[paperwerks] 19/1/2015 17:38

Thanks Wexboy.

I have been looking into this lately to try and understand why the stock price keeps sinking. Mostly, what I can find that is negative is that the TPPI deal looks to be in trouble and dispute with Pertamina and the Indonesian government threatening to seize it (probably illegal but its Indonesia...)

I can not find anything on the real estate fund that is current to see if the lenders siezed the propeties or if they were restructured. So, I am thinking there is just a lot of uncertainty and negative clouds hanging over the company at present.

Also, looks like no dividend again this year unless the above gets resolved favorably and soon.

[wexboy] 19/1/2015 15:21

Hi paperwerks,

Thousands of investment funds are listed on the Irish exchange, mostly for technical reasons - these listings are NOT equivalent to a regular Irish/UK stock market listing (i.e. these funds are still private, not publicly listed).

This de-listing of The Argo Fund Ltd. (the investment fund) is pretty immaterial, and has no relevance for shareholders of Argo Group Ltd. (ARGO:LN, the asset management company).

Regards,

Wexboy

[paperwerks] 19/1/2015 10:50

The Argo Fund Delisted?



Why would they do this?

The real estate fund was delsted from trading also, right?

[stemis] 29/9/2014 09:09

Now trading at a discount of around 47% to NAV of 25.5p a share. There's another potential upside of 4.6p/share in the bad debt provision.

[sharpish] 11/9/2014 10:30

Activist group gathering, high time to wring some sort of return out of this one.

[squib3] 11/3/2014 10:08

Final Results this week?