Assetco Share Discussion Threads

[konradpuss] 02/12/2020 07:31

Tender offer announced for part of the G.F. settlement at £4.11 per share. In the RNS it also states Tudor Davis gets a 15% reward fee of the G.F. settlement paid in shares. Nice work if you can get it!

[konradpuss] 20/11/2020 19:38

I see the liquidators for Patisserie Valerie might have ago at Grant Thornton. I wonder what Grant Thornton's P.I. costs! No news on the distribution, what are they waiting for?

[konradpuss] 07/11/2020 20:03

I am wondering when they will distribute. They must have received the money by now.

[velocytongo] 04/10/2020 14:15

Not sure Goals is a result !

[konradpuss] 04/10/2020 12:25

Topvest, that is interesting. I would still prefer the cash currently. I wonder how long it will take to distribute?

[topvest] 04/10/2020 12:19

Actually he's such a genius that he hasn't lost money on AssetCo. I can't quite remember now, but part of the original investment wasn't in ordinary shares. Page 14 of NASCIT annual report for 31 Jan 2020 year-end. Cost £10,162k Valuation £12,238k + the share price is up significantly since then. I would go as far as to say that Chris Mills is the best activist small cap investor of his generation. His long-term record is superb.

[velocytongo] 04/10/2020 12:11

Mills has lost so much on this investment that backing a good private company into will allow him to recoup losses

[topvest] 04/10/2020 11:15

There is a chance, I suppose, that Harwood Capital decide to use Assetco as an investment vehicle. Its a good time to be sitting on so much cash to invest if Harwood were investing it for you! If the money is repaid you might still end up owning shares in a listed shell.

[konradpuss] 03/10/2020 18:45

Velocy, there will be a distribution. I am assuming the distribution will not be by way of a tender offer with a cancellation of your shares.

[velocytongo] 03/10/2020 18:37

Topvest .. if the money is repaid, do we still retain shares in the vehicle .. which wld be a free option ! VT

[konradpuss] 02/10/2020 19:16

The costs and interest could add a few quid.

[topvest] 02/10/2020 17:12

Chris Mills will want the cash I suspect. He doesn't play around with shell companies as far as I have experienced. I suspect they might use the listed shell for something once the money has been returned. A bad day for GT!

[konradpuss] 02/10/2020 15:48

Very good news indeed.

[value hound] 02/10/2020 14:55

Yep - GT aren't taking it further - now a NAV /cash shell of £52m / >425.8pps

[konradpuss] 18/9/2020 17:26

I would much rather have the cash. If you rate Chris Mills, I think you can invest in one of his funds. I am actually optimistic that Grant Thornton will not appeal as interest is running at 8% per annum. If they do, I think that it is much less than 50:50 that it will get heard by the Supreme Court.

[velocytongo] 18/9/2020 16:56

So AssetCo is effectively a cash shell now. Surely, it makes sense to buy a good a business at a reasonable price and we (and Chris Mills) can make some decent money. VT

[value hound] 18/9/2020 15:12

Grant Thornton's application for permission to appeal to the Supreme Court is dismissed along with AssetCo's application for permission to cross appeal. The Court of Appeal also rejected Grant Thornton's application that AssetCo should pay their costs of the appeal. As a result of the Court of Appeal hearings the current estimate of the benefit to AssetCo including interest and costs is £28.45m. This is after a reduction in the damages from £21.2m to £15.6m plus interest accrued to date of £7.6m and an interim payment of costs of £5.25m. It is open to Grant Thornton to seek permission from the Supreme Court to appeal to the Supreme Court... I imagine GT would rather not bother as they could incur further costs. OTOH, it's the precedent they'll fear (along with other auditors watching on). Anyway - it's good news.

[konradpuss] 29/8/2020 19:10

A question for the board. On a quick review of the last report and accounts of the company there are three classes of shares. Do the other two classes have an impact on the potential NAVdistribution? Answers on a post card.

[konradpuss] 28/8/2020 19:48

Cash is king right now. I will await the liquidation.

[velocytongo] 28/8/2020 19:10

I was hoping that Mills would use this as a cash shell to buy something but I’ll take the cash

[konradpuss] 28/8/2020 19:07

Well finally. The problem is the delay in getting the Supreme Court to agree to or not to hear the case. The good thing is, as I have said before, getting the Supreme Court to hear the case has a high hurdle. It must be in the public interest and relating to a point of law - well that is my memory. It could take nine months from here to even get a decission as to whether it will be heard. The good thing is interest is racking up at 8% p.a. on the settlement.

[zcaprd7] 28/8/2020 17:13

Not exactly a slam dunk, but well done to those patient holders!

[rjmahan] 28/8/2020 17:12

It isn’t a buy, but with the spread being what it is holders better waiting for liquidation payment.

[velocytongo] 28/8/2020 16:15

Agreed. It's worth 4.40 per share. Fine by me as I bought these 2 years ago for 3.00. John

[spooky] 28/8/2020 14:02

Risk/reward is marginal from here IMO.