Aurrigo Share Discussion Threads

[deadly] 30/4/2013 08:22

Tender offer of 52.3048p per Share.

Unaudited Net Asset Value of 52.7056p per Share as at 31 March 2013.

[azalea] 30/4/2013 08:20

So, how exactly how does this particular tender offer work.

[badtime] 12/4/2013 20:36

Same value trade reported later...tad large for a rollover

[badtime] 12/4/2013 09:42

so who took the 4.9 mill

[azalea] 11/4/2013 08:22

I want to see all four assets up for sale sold and the consequent rise in the NAV a passing phase as it will mean that all the lovely money is being dished out to holders.The first tranche should be winging its way next month.

[b1llyboy] 10/4/2013 22:50

AZ.
I too am a fan of ST, and I'm sure you do not wave your under garments at punters,regardless.

With regards to accurate valuation,shouldn't be to difficult,I'm sure we will all arrive at different valuations,but as you posted "cash is king".

If cash is king then any asset disposal will have a "Princely potential"effect on the NAV.

[azalea] 09/4/2013 13:10

B1
Your earlier valuation of the sp, post disposals of the 4 stakes might be more realistic than I first thought without doing the maths. It could be that like you Mr Greenwood has also done the numbers. The proof will be when the BoD announce the pay out from OSG.

[azalea] 09/4/2013 12:12

Yes, another 1m shares. He's got to be feeling very confident of a big pay out from the monies realised from the disposals.

[badtime] 09/4/2013 09:15

More for greenwood?

[azalea] 03/4/2013 16:43

A change of registered office is all I see.

[davebowler] 03/4/2013 15:00

The new monthly update is out.

[azalea] 02/4/2013 08:32

B1
Quite frankly I have not done the maths, but I think that is OTT. That said. Mr Greenwood has not doubled his stake to make peanuts and given S.T. "conservative" expectations, I suspect a plus 55p figure is reasonable. All said and done, I will simply hold tight until all 4 stakes are sold this year, before making any judgement.

[b1llyboy] 01/4/2013 19:04

Azalea.............Assuming the above scenario is correct and applied tomorrow.
The current SP(38p) would jump to 83p(+45P).

Am i interpreting your post correctly?
and what is the current share price valued on?(is any of the above scenario already factored in bearing in mind ST purchase).
TIA.

[azalea] 29/3/2013 11:40

25/2/2013 S. Thompson's analysis (post sale of OSG)

Chairman:- "The board continues to examine multiple options for exits from our remaining portfolio companies, to achieve maximum value for our shareholders".

S.T.:- That's worth noting because when I assumed a break-up for AURR, this was factoring in a 40% haircut to the carrying value in Unistream and DIY retailer Superstoy in a 'fire sale' scenario to value these stakes @ £16.6m or 14.8p a share.I also had assumed that an exit from Flexinvest Bank would bring in £9m(or 8p a share) after deducting the £3m value of the bank licence(estimated by brokers Jefferies). I also assumed AURR cash on the balance sheet, property assets and trade receivables would cover all liabilities including management fees, realisation fees and operating expenses.
But, with OSG bringing in 27p a share (albeit 3p dependent on the March 2014 earn out terms being met and a further 2.4p a share held in escrow subject to any waranty claims, then a 45p net return to shareholders is starting to look conservative. That's because it in effect assumes a 60% 'haircut' on the 25p a share carrying value of Unistream Bank and Superstoy, which is likely to prove overly cautious. "In the circumstances,I believe that a cash return expectation of 45p a share to shareholders could prove conservative. BUY.

Now we can see the rationale behind Nick Greenwood's more than double his 2,540,000 stake (29/12/2012)to 5,740,000(5.2%)

[davebowler] 29/3/2013 09:53

Hopeful sign for Unistream.

[azalea] 28/3/2013 16:15

SPK has a deadline of March 2014 to sell off its portfolio. S.Thompson gives it a buy rating - share price notably below NAV. TRE, will do the same also in 2014.

[praipus] 28/3/2013 14:49

TRE has Weiss on the share register whom I also track on the WAM thread. SPK I'm not familiar with now. although I did hold them or something similar in the dot.com days.

[azalea] 28/3/2013 14:39

One of my many alerts via Morningstar. TRE & SPK are of aimilar nature in terms of disposing of assets.

[praipus] 28/3/2013 13:06

Well spotted azalea, you probably already know but I track the rest of Nick Greenwoods RNS reported holdings on the WAM thread.

[azalea] 28/3/2013 10:33

Yesterday, Nick Greenwood added 2m taking his stake to 5.2%. Clearly he expects a significant return of cash from the recent disposal and the three others planned.

[azalea] 26/3/2013 18:07

In addition to the £21.6m already paid into the bank,I suspect the BoD might wait to see if they get the £2.7m payment on 1/5. If so, rather than make two payments, they might decide to pay the two sums of money in one tranche.

[davebowler] 26/3/2013 14:48

Jim Rogers : Russia is terribly depressed
Russia is terribly depressed. Nobody likes Russia. I'm buying the bonds, the currency and stocks. I first went there in 1966. I've changed my mind and, yes, I think I'm not giving my money to (Russian President Vladimir) Putin. I hope. That's how you make money. You find something that everybody hates. When it's changing ... that's how you make money."

[badtime] 20/3/2013 21:56

Another 180k trade today...gd to see the rice not budging

[davebowler] 20/3/2013 15:44

Hopefully OSG proceeds will be paid out as a capital distribution;



Budget 13: Government extends tax relief for Seed EIS

20 March 2013 | By Tanzeel Akhtar


Chancellor George Osborne has announced that capital gains tax relief for seed enterprise investment schemes will be extended.

In his Budget 2013, the Chancellor said he plans to maintain the 50 per cent tax relief to encourage private investment.

SEIS offers tax reliefs to investors in smaller, higher-risk companies, in order to help these enterprises raise finance.

"Our Seed Enterprise Investment Scheme offers generous incentives to investors in start ups," Osborne said. "My HF for Braintree and David Young have done a great job helping promote it around the country. They have asked me to extend the CGT holiday - and I will."

The government will legislate to provide a 50 per cent relief against CGT chargeable on gains realised in 2013-14 and which are reinvested in the SEIS in 2013-14 or 2014-15.

Seed Mentors founder Harvey Shulman, who runs the Seed EIS Fund One, says: "The extension of the CGT deferral means the potential tax relief available on SEIS investments remains incredibly attractive.

"This means Seed EIS will continue to offer unbeatable tax reliefs and represent an on-going opportunity for investors to back start-ups and be well-rewarded for doing so with the potential for an extremely attractive return on their money."