Aurrigo Share Discussion Threads

[stemis] 23/9/2014 11:01

Just updating my records. Current NAV is 28.1p of which cash amounts to 6.6p. Share price now 12.9p so a 54% discount. The key thing of course is the valuation of the two remaining investments; Superstoy and Unistream, which have been heavily written down. In the current environment it's hard to value the two businesses but they are both profitable and seem well established.

The board have dispensed with the investment manager and have £2.5 million in the bank so should be able to eke out the time till conditions improve. Hopefully they are cutting costs back to a minimum. I can't see how it costs £91k to audit a company that doesn't do anything (or indeed spend £34k on marketing)!!

I'd be hopeful we'll eventually see at least net asset value here, so it's a hold. Having got about 70% of my original investment back on the tender it's not a big exposure anyway. Let's see what the interims show.

[spob] 20/6/2014 23:37

as of 20 June 14


Number of shares now 44.61m 44,611,131

Market cap at 16.25p = 7.25m

NAV now approx 12.3m or 27.6p per share

Disc to nav 41%

or upside to nav = 70%


results due around Monday 14 July

[zoolook] 12/6/2014 19:34

Zero%

I missed the RNS

:-(

[papy02] 12/6/2014 17:14

I requested to tender 100% of my holding, and got accepted on 42.15%, which is within a whisker of the published 39.9% Basic Entitlement plus 3.717% of Excess (=42.13% if you request to tender all).

A bit disappointed with that, as I was expecting to get more accepted, (based on others in my brokers pooled nominee account not taking up their entitlements).

So it looks like everyone (with my broker, iDealing) did apply to tender all their holding. Drat.

What % did others manage to tender?

[azalea] 04/6/2014 08:55

66,171,096 shares tendered. 29,651,486 accepted at the full T.O. price.

[renew] 04/6/2014 08:41

Anyone prepared to say what percentage was taken up?

[azalea] 04/6/2014 08:31

Very pleased with the results of the Tender Offer. My few remaining shares will be mopped up by the next one in due course.

[davebowler] 27/5/2014 14:48

Sunday, May 25, 2014
Buy when there is blood in the streets , In Russia, there is blood in the streets

You're "supposed to buy when there is blood in the streets," Jim Rogers tells Yahoo Finance. "In Russia, figuratively there is blood in the streets."
Rogers says he is buying shares in China for the first time since 2008 given authorities' desire to open the economy more, "especially in finance." He says he's not buying much in China though, because of the country's "big debt problem" -- his concerns stem from China's shadow banking system, specifically.

[envirovision] 02/5/2014 16:29

By accounts of azeleas 5M cash being 11p if its raised say 9M then approx 18p

[papy02] 02/5/2014 14:51

The NAV of 27.5p already reflects a large writedown of the "other investments"? Though I agree there is no certainty given the current political situation.

How do you reach the 18p estimate on the remaining assets?

[envirovision] 02/5/2014 13:01

So 40% taken at 27.5p and remaining 60% returns say 18p total (if all goes well)

This seems to imply the current share price is to high, should be trading more like 22.5p

[azalea] 02/5/2014 12:31

If the 'other investments' now valued @ £9.7m are disposed of for £9m and just £5m is used in a further tender offer for all the remaining shares, it will equate to circa 11p a share.

[stemis] 02/5/2014 11:48

What the RNS means is that cash at 31 March 2014 was £9.1m.

That is made up of

+£4.2m - As at 30.9.13 interims
+£2.8m - deferred consideration re OSG
+£2.9m - sale of Flex bank
-£0.8m - admin costs etc.

Post tender cost of £8.3m and proceeds from sale of KFL for £1.9m will leave £2.7m.

The slightly alarming news in the release is the substantial reduction in value of other investments. The implication is that they are now valued at £9.7m compared to £17.0m at the interims.

[azalea] 02/5/2014 10:40

OK. My single interest is in the declaration by the Board of its priority to dispose of its residual assets. "The board may make one or more tender offers in the future, acting in their sole discretion in order to give effect to such returns of capital".

[papy02] 02/5/2014 10:19

azalea,
yes the NAV is 27.8464p for all 74.3m shares.

Another way of looking at this:
Current NAV estimate is £20.7m.
Gross cost of tender is £8.3m.
So NAV after tender will be £12.4m.
The value of the remaining investments is estimated at £9.8m
Leaving £2.6m "other".

So, as Epistrophy says, there is no room for "remaining cash of £9.1m".

So the correct reading of this extract from the RNS:
"The remainder of the Company's cash reserves, which amounted to some £9.1 million as at 31 March 2014,"
must be that "the Company's cash reserves" are £9.1m (ie BEFORE the tender)

which is confirmed later in the RNS by:
"... the Company's aggregate cash holding as at 31 March 2014 of £9.1 million.

[azalea] 02/5/2014 09:57

I think what the rns is saying is that the NAV of 27.8464p covers the whole of the 74.3m shares in issue, of which only 39.9% forms the Tender Offer @ 27.5454p. The net remaining cash of £9.1m could be used in various ways, which could include a further Tender Offer.

[epistrophy] 01/5/2014 18:45

What a confusing RNS.

Unfortunately I don't think there is going to be £9m left after the tender offer; I suspect that figure actually INCLUDES the £8m tender costs.

Look at the rest of the message - the NAV has been written down from 40.7p per share in September to just 27.8p, or £20.7m total. The remaining investments are now valued at £9.8m so I don't see how there can be £17m cash there too.

[bad robot] 01/5/2014 11:13

Volume is picking up

[tez123] 01/5/2014 11:08

Nice 20k buy.!!

[azalea] 01/5/2014 11:01

The REMAINDER of the cash reserves is circa £9m. If just £5m is available for subsequent Tender Offers for the ramaining 44,663,110 shares, it would equate to circa 11p a share.

IF the Russia economy recovers and increases the price achieved from the sale of the remaining assets, the total amounts ditributed by the Board could be even higher than 11p. DYOR

[bad robot] 01/5/2014 10:33

lol

YOU ARE REALLY SMART

[envirovision] 01/5/2014 10:28

So approx 40 percent of your shares will be cancelled for 27p wonder what price in the market the remainder will sit at, any guesses. I'm think 5 pence.

[bad robot] 01/5/2014 08:59

Hopefully the news is spreading then BOOOM BOOM

[bad robot] 01/5/2014 08:59

Well mug punters do not want get 40p

they want to chase puffs