Avanti Capital Share Discussion Threads

[langland] 27/8/2016 09:08

NO. Thursday was the ex div date and Fri was the record date. I have a contract note showing that I sold my shares Thursday EX DIV.

[deanroberthunt] 27/8/2016 08:17

no, yesterday was the ex-div date, you had to buy before that to get the dividend.....only sellers yesterday will get the dividend not buyers

[apfindley] 26/8/2016 13:48

Correction, 'special dividend'Spellchecker.!

[apfindley] 26/8/2016 13:47

Ok lets get this right.You could've bought here yesterday for 9pAnd be eligible for a decision dividend of 22p payable later in September.Free money, missed by most.

[lbo] 25/8/2016 11:32

A nice reverse takeover cash shell with all those dollars and suspect that's why they delisting it themselves.

[flyfisher] 25/8/2016 08:21

Today marks an exit for me, my workings have residual assets of between 5p to 14p, depending upon any clawback from the escrow retention account, to be paid out at ultimate wind up in mid 2018.
Judging from the amount of recent buys, I would guess this has been tipped somewhere.
Has anyone read anything.

[langland] 25/8/2016 08:17

Bizarre trade today. Share are indeed ex div ( I checked with broker Panmure Gordon) so have been fortunate to offload at equivalent of 33 average.

[sledin] 24/8/2016 07:35

xd tomorrow. should open down tomorrow about 77%.

[adam] 24/8/2016 07:22

I thought this had gone XD today??

[cjohn] 22/5/2016 14:13

The upshot is that for investors like me who don't already have shares there's only a modest gain to be had at the present Price. Some of the few pence difference between share Price and asset value will be eaten up by transaction cost in the return of capital.

So I'm avoiding this one.

[langland] 16/5/2016 16:40

Scandalous isn't it.

[eezymunny] 16/5/2016 11:19

I find it utterly miraculous that they've got anything at all for mblox. It's been a pretty poor performer....

[langland] 16/5/2016 11:13

EM,

I broadly agree your figures. It looks like the provision is 40% plus the fees. Only thing up in the air is the treatment of the loan whether or not that is included in the provision. Either way, with funds to be held in escrow (for how long?) your estimate seems about right. A pretty poor show for the length of time the investment has been held. But no matter.......the directors have done ok with the annual fees.That's the most important thing.

[orinocor] 16/5/2016 10:57

the company need to release rns to make it clear

[eezymunny] 16/5/2016 10:50

FWIW my sums suggest they'll have c 32-33p/share that, hopefully, will be distributed as per their plan.

[eezymunny] 16/5/2016 10:49

From the AR - suggests to me that 40% will be payable but it's not entirely clear. It was provisioned at 40%, so I assume all the relevant hurdles have been met with prior disposals.

"The company and its subsidiaries entered into an investment advisory agreement with Odyssey Partners Limited (“OPL”) in October 2008, which was
amended in November 2008. The principal terms of the investment advisory agreement are that OPL, a company controlled by Richard Kleiner, provides
all of the functions previously carried out by the executive management team in respect of the group’s portfolio. OPL bears all of its internal overheads
and was paid a fee of £145,200 per annum which is equivalent to 2.37% of the company’s asset value as at 30 June 2015. In addition, OPL has a
carried interest by reference to the realisations achieved in relation to the assets. The threshold, after which the carried interest becomes payable, is
based on realisations of not less than £6.6m or 82.5 pence per share (based on the issued share capital of the company on 30 November 2008). There
is a hurdle of 6% per annum to protect the company from the effects of time in relation to the realisation of the portfolio. Once realisations are achieved
in excess of £6.6 million, provided that the return to the company would be at least that amount together with the hurdle, then in relation to any excess,
OPL will be entitled to 25% of such excess up to £9.1m of realisations or 113 pence per share. OPL’s share will be increased by 5% for each £2.5m in
excess of £9.1m up to a maximum of 40% for realisations in excess of £14.1m or 176 pence per share (refer also to note 22 on page 42 to 43). As part
of the arrangements to preserve the company’s cash assets, an agreement was reached with OPL, the investment adviser, such that with effect from
1 July 2015 OPL’s management fees are to be deferred until there are realisation proceeds from the remaining assets held by the company"

[eezymunny] 16/5/2016 10:44

From the AR - suggests to me that 40% will be payable but it's not entirely clear. It was provisioned at 40%, so I assume all the relevant hurdles have been met with prior disposals.

"The company and its subsidiaries entered into an investment advisory agreement with Odyssey Partners Limited (“OPL”) in October 2008, which was
amended in November 2008. The principal terms of the investment advisory agreement are that OPL, a company controlled by Richard Kleiner, provides
all of the functions previously carried out by the executive management team in respect of the group’s portfolio. OPL bears all of its internal overheads
and was paid a fee of £145,200 per annum which is equivalent to 2.37% of the company’s asset value as at 30 June 2015. In addition, OPL has a
carried interest by reference to the realisations achieved in relation to the assets. The threshold, after which the carried interest becomes payable, is
based on realisations of not less than £6.6m or 82.5 pence per share (based on the issued share capital of the company on 30 November 2008). There
is a hurdle of 6% per annum to protect the company from the effects of time in relation to the realisation of the portfolio. Once realisations are achieved
in excess of £6.6 million, provided that the return to the company would be at least that amount together with the hurdle, then in relation to any excess,
OPL will be entitled to 25% of such excess up to £9.1m of realisations or 113 pence per share. OPL’s share will be increased by 5% for each £2.5m in
excess of £9.1m up to a maximum of 40% for realisations in excess of £14.1m or 176 pence per share (refer also to note 22 on page 42 to 43). As part
of the arrangements to preserve the company’s cash assets, an agreement was reached with OPL, the investment adviser, such that with effect from
1 July 2015 OPL’s management fees are to be deferred until there are realisation proceeds from the remaining assets held by the company"

[kev0856153] 16/5/2016 09:53

Are you sure about that. This strikes me as a strange arrangement. If mblox was sold for £3.3 mill or more then Avanti have to pay the investment managers £1.3 million, but if it is sold for less than that then the investment managers get nothing at all.

For example if mblox was sold at 3.3 then avanti will get 3.3-1.3 which is £2 million

In fact mblox was sold for £2.6 million and avanti get all of the £2.6 million

So it is better they make a loss on the investment in this case. Can this be right.