Bellevue Healthcare Share Discussion Threads

[jonwig] 19/9/2017 07:39

Latest NAV 111p so new shares would notionally be offered at ~112.7p. But if NAV fall is due to USD, it could continue and the offer overtaken by events. Can probably wait until noon tomorrow as unlikely to be over-subscribed, I think.

Issue price is determined as cum-inc NAV at today's close plus 1.5%. Unfortunately that won't be published until mid-afternoon tomorrow, so best estimate is yesterday's closing NAV to be published this afternoon.

[jonwig] 14/9/2017 18:49

A 1.5% mark-up on the latest NAV would put the offer price in the range 116.8 - 116.9p, which is just about what you can buy them for in the market. Anyone who wants a big chunk might take it up, but I'm unsure of the attraction.

[jonwig] 13/9/2017 20:09

Page 12: The price at which new Ordinary Shares will be issued pursuant to the
Second Issue will be calculated by reference to the prevailing NAV (cumincome)
of the existing Ordinary Shares together with a premium of
1.5 per cent. intended to cover the costs and expenses of the Second
Issue (including, without limitation, placing commissions). However, for
illustrative purposes only, assuming that 25,484,200 Ordinary Shares
are issued pursuant to the Second Issue and an issue price of 117.72
pence per new Ordinary Share ...

Page 14: Under the Intermediaries Offer, the Ordinary Shares are being offered to
Intermediaries in the United Kingdom, the Channel Islands and the Isle of
Man who will facilitate the participation of their retail investor clients
located in the United Kingdom, the Channel Islands and the Isle of Man.
A minimum subscription amount of £1,000 per Underlying Applicant will
apply. Completed Applications from Intermediaries must be received by
Peel Hunt no later than 3.00 p.m. on 20 September 2017.

[shauney2] 13/9/2017 16:08

Thanks for that jon.I could well have missed that.

[jonwig] 13/9/2017 15:58

Prospectus published. NAV above 115.2p now. Only until 20/09 to apply.

[jonwig] 08/9/2017 11:58

Citywire seems to know that they are planning a fundraising up to £200m at a premium to NAV. On current numbers, that suggests a price between 114.6p and 117p.I'd be quite keen to participate in that.

[jonwig] 23/6/2017 17:42

Shares issued at a premium.
Simple example:

1 share exists, assets 100, so nav 100.
Add 1 new share at price of 105.
So now 2 shares with assets 205, nav 102.5.
Underlying investments haven't moved.

That shows the arithmetic. Effect is smaller in real situations.

[toffeeman] 23/6/2017 17:14

Don't see how that follows - the nav depends on the performance of the investments - we should be indifferent to the number of shares in issue?

[jonwig] 23/6/2017 17:05

Toffee - we shareholders are getting a slice of that through nav increase.... I hope!

[toffeeman] 23/6/2017 16:29

So the company has raised a further 15% equity since the launch - all at a premium. Who takes the commission :)?

[jonwig] 10/6/2017 11:40

melody - thanks, I didn't know it had entered the SC index.
It's been pretty consistently at a premium, sometimes a much bigger one than now.
The managers have a strong track record.

[melody9999] 10/6/2017 10:04

this was drawn to my attention as I see it ie entering the ftse small cap. so some funds/trackers buying in? premium to NAV so probably the wrong time for an entry.

[toffeeman] 22/2/2017 15:56

It's a bit like the old privatisations without stagging!

12% return in just over 2 months is fine by me.

I took 12% out of WPCT when it launched - just wondering whether to do the same here....

[jonwig] 22/2/2017 14:53

Toffee - can't be anything else, really.

And this was under-subscribed at launch - - amazing.

[toffeeman] 22/2/2017 12:59

More stock issued at a premium - presumably in response to institutional demand?

[jonwig] 17/2/2017 17:29

They are taking advantage:

BB Healthcare Trust plc (the "Company") announces that it has today issued 1,200,000 of its ordinary shares of one penny each ("Ordinary Shares") pursuant to its block listing facility. The Ordinary Shares will be issued at a price of 111.72 pence per Ordinary Share, a premium to the prevailing net asset value (cum income) per Ordinary Share.

This, of course, helps existing holders.

[toffeeman] 17/2/2017 12:38

Nope apart from the assumption that one or more of the big holdings is up.

Toffeeman in Devon

[daveofdevon] 17/2/2017 12:23

Any ideas why these have gone ballistic in the last few days other than the above news?

[jonwig] 10/1/2017 15:50

Someone is keen to have these:

BB Healthcare Trust plc (the "Company") announces that it has today allotted, subject to listing, 9,131,100 of its ordinary shares of one penny each ("Ordinary Shares") in the Company. The Ordinary Shares will be issued at a price of 108.5 pence per Ordinary Share, a premium to the prevailing net asset value (cum income) per Ordinary Share. The Ordinary Shares will be issued under the Company's share issuance programme as described in the prospectus published by the Company on 10 November 2016 (the "Prospectus").

Yesterday's NAV was 106.97p. (!)

[strollingmolby] 07/12/2016 09:52

London Stock Exchange welcomes BB Healthcare Trust plc

[jonwig] 07/12/2016 09:01

The IPO raised £150m against target £200m, but now buyers are willing to pay 103p. Italian referendum made some cautious?

EDIT, 16:40 - 103.5p.

[jonwig] 06/12/2016 07:17

Dave - thanks for the information on that. I did see the IPO announced, but neither of my two brokers was participating. If you're old enough, you might remember the two Slater-Walker Dual Investment Trusts from the 1970s which were nicknamed "The Dustbins".

I won't be investing either.

[daveofdevon] 06/12/2016 07:05

Last week I did invest in this IPO but (at risk of going off topic)let me warn any like minded IPO investors that I will not be investing in this weeks IPO which is another investment trust called RM Direct lending.

Thirty years ago I joined a private company which operated a bit like Dragons Den. Well connected city grandees had started investing their own family fortunes and friends money in loans to smaller companies and created a ragbag portfolio.

This weeks float is very similar, an investment manager has a seed portfolio ready to be injected into the new float money.

My employers were in trouble, there were dud loans all over the place and no way of unloading them so they floated an investment trust and dumped all their rubbish in it. Within a year the trust was in trouble and a lot of private investors lost their money.

I do not for one moment suggest that this weeks float has any connection whatsoever with my story, but the sense of deja vu was enough to scare me off.