if so the wording below is incorrect, and needs correcting
"Our NAV has increased to GBP120.1m from GBP88.8m as at 31 July 2017 including GBP16.6m raised from the Placing and Open Offer in July 2018. This represents a NAV per share of 333p" |
To put this to rest, the company's website states adjusted 321p
Equity = £120.1m; issued shares now total 37.48m = 320.5p, rounded to 321p |
unless there is an uncorrected mistake in the wording |
looks like 333p to me
"adjusted NAV post July 2018 Placing: 321p" refers to what the nav in Jan would have been if the placing had occurred before that date. It's just for comparison purposes to show the underlying performance |
"..adjusted NAV post July 2018 Placing: 321p"
Couldn't be more explicit IMV; and if there were a mistake it would have been rectified by now. |
I queried this with ST (see comments on IC website). I think it's badly phrased but he interpreted it (and I expect confirmed with the co) that the rights issue adjusted the Jan NAV to 321 on a proforma basis and therefore July increase NAV was 12p. |
retsius - if ST says 333p then he is wrong. Clearly the post-placing NAV is 321p:
"Our NAV has increased to GBP120.1m from GBP88.8m as at 31 July 2017 including GBP16.6m raised from the Placing and Open Offer in July 2018. This represents a NAV per share of 333p (31 Jan 2018: 339p; adjusted NAV post July 2018 Placing: 321p)." |
Skyship
Thought NAV you quoted was incorrect, but was not sure.
ST had the same question addressed to him in today's IC column and he said the figure was 333p, not 321p .That was the figure after the placing.
R. |
Share price always gets a little bump on ST's positive comments. Climbing nicely back towards 300p so the downturn appears to have been short-lived.
Graham Neary also covered this in the Small Cap Value Report on Stockopedia this week. Link below, with the most salient comment being:
"I have a positive impression and I reckon that this ought to trade at or above NAV, like most insurance shares, instead of trading near to the 15% discount where buybacks are possible."
hxxps://www.stockopedia.com/content/small-cap-value-report-tue-16-oct-2018-g4m-foot-dotd-bpm-smrt-igr-408999/ |
Positive comment from ST in th IC today,always wellcome for a share.
R. |
Indeed a laggard in the PE sector but i will take another 50% rise on the share price in the next 18 months.
The muted ipo for LEBC and or take out of NEXUS could help that. |
I know I'm a bit of a broken record on this one, but:
# Another parsimonious dividend, a level of which suits the controlling shareholder, but not the average PI
# NAV post the placing is just 321p - certainly well below some expectations here
# Yet again Marsh bangs on about fantastic performance since the founding of the Company. He makes no mention of the substantial underperformance of just 6.5%pa since going public. The NAV performance makes them one of the laggards in the sector |
Good bounce today after yesterday’s blood bath!
Hopefully build on Results on Tuesday,
GLA |
Agreed, but are we seeing the start of a significant market correction? If so, the bounce will come later, not sooner. Still share your confidence in this stock, but there are forces at play. |
Looks over-sold at these prices and I'm convinced there will be a bounce. The market is in a funny place at the moment though so hard to tell how long that may take. Still confident in my 350p spot NAV estimate which puts this in bargain territory. |
If they were buying back today, it has not had any immediate effect. |
Looking cheap now considering recent trading update.
Large volatility due to illiquidity.
Nice update to buy-back policy but needs to be bigger amount. |
On second thoughts think you are right Dav - have topped up today - don't want to miss out on the bounce. |
Think that's attempting to fit a story - a lot of liquidity been sucked out of the market in recent days so lots of similar falls out there |
Perhaps stock down as Nexus acqs. may mean that it less likely to IPO (poison pill scenario). |
Results tues 16 Oct 2018 |
Building nicely over the week and(hopefully!) up to results on the 16th
Touching new high for the year today despite very few shares being traded.
R. GWE all. |
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