Better Capital Pcc Share Discussion Threads

[tiltonboy] 12/6/2017 16:10

EM,

I read through that bit...lol...I would expect the shares to trade at around 60p then.

[eezymunny] 12/6/2017 11:58

Except tiltonboy they are planning a redemption, not a distribution, so if they redeem at NAV the NAV will still be 127/128p. The shares may well trade at a discount to that of course, post redemption.

[tiltonboy] 12/6/2017 11:40

The remaining assets have an NAV of around 20p, and I would expect them to trade between 8-10p in the market, once the 107p has been paid out.

[eezymunny] 12/6/2017 11:17

Spoke to the company. Reckon 2009 cell gets c. 107p.

The compulsory redemption looks nice. Hopefully done at NAV which is c. 128p by my sums. This preferable to a simple distribution in my book.

"In the event the proposed transaction proceeds to completion, the 2009 Cell's share of the proceeds net of costs and provisions could increase the 2009 Cell NAV by an estimated 9.65 pence per share. In the most recent Annual Report, the 2009 Cell NAV was 116.73 pence per share"

So I reckon NAV maybe 116.73 + 9.65+ 2 = 128.38p/sh

Who knows what the remaining bit are worth. Less or more or about the same is my guess!

[eezymunny] 12/6/2017 10:53

What to make of todays's statement

"The sale of Gardner has realised net proceeds to the 2009 Fund of £254.1 million"

that's 122.8p/sh

compared with the recent "It is still the expectation that completion will occur in late May or early June 2017 with proceeds net of costs, including transaction expenses and carried interest estimated to be close to 105 pence per share"

Is there a minority interest that has to be paid from the £254m? Either that, or summat similar, or it's very cheap here? Hmmmm...don't understand!

[eezymunny] 12/6/2017 10:16

Nice. Thanks Langland. 107p/sh to be returned.

[langland] 30/5/2017 20:43

Another interesting purchase by Moulton. Obviously he knows a lot more than we do.....maybe the rump is more valuable than stated.

[sharpshare] 11/4/2017 11:55

Net 105p per share from sale of Gardner announced today.
Share price 106 to 108p today.
NAV around 123p?

[tiltonboy] 28/11/2016 15:21

They are two different funds!

[orange1] 28/11/2016 14:52

Yes I have thanks. Tiltonboy says the cash from the Gardner sale will not be spent on buying the BC 12 shares. So my question to him is: how then will be the BC 12 purchase be financed?

[langland] 28/11/2016 14:18

Have you not read any of the recent announcements?

Someone seems desparate to get out.

[orange1] 28/11/2016 13:42

So where is the cash coming from or is the purchase not for cash?

[rambutan2] 17/11/2016 08:47

Yes, very good news. Has all gone to plan, for a change. And i think a decent chance that the rump might deliver a bit of upside.

[tiltonboy] 16/11/2016 17:28

An early Christmas present. NAV of 125p of which over 100p should be returned to shareholders. Happy to apply a 40% discount to the rump, to give a price of around 110p.

[spectoacc] 09/11/2016 07:02

Very curious on BC12 - so the handful of holdings are struggling, but the cash pile is going to be used to buy back up to 50% of the shares? Effectively they're doubling down - hope they know what they're doing, because so far the performance of the holdings suggests the market's been right about the discount.

[rambutan2] 09/11/2016 02:20

Not so good for BC12 though. But interesting buyback strategy, although at what price?

Since the Annual Results, Fund II acquired a further 23.7 million Better Capital 2012 Shares ("2012 Shares") with an average gross price of 31.96 pence per share. At 30 September 2016, Fund II held 57.1 million shares (16.47 per cent. of the 2012 Cell share capital). The 2012 Shares are valued based on their quoted closing price at that date of 33.00 pence. Subject to shareholder consents, it is the Company's current intention to acquire up to 50 per cent. of Fund II's holding of the 2012 Shares by way of an off-market transaction and to cancel these on acquisition. Further communication on the matter will be made in due course.

The Fund II GP has advised the Board that the recent underperformance in Everest, Jaeger and SPOT against their respective current year budgets is expected to impact the 2012 Cell NAV as at 30 September 2016 with a current expectation of a decline in the region of 14 per cent. (ie approx 61p)

[tiltonboy] 08/11/2016 17:56

Looking good. A modest increase in NAV, and hopefully more to come given the interest in Gardner.

[rambutan2] 08/11/2016 17:34

Gardner sale on target:

[orange1] 03/6/2016 15:01

Been ticking up all week with a few chunky buys thrown in.

[langland] 26/4/2016 09:02

Supportive article.....

[langland] 30/3/2016 10:00

Earlier on today there was a decent mkt. with 100k by 100k.

[langland] 30/3/2016 08:42

Good spot re the link. Fund has said that any realisation proceeds will be returned to shareholders so this looks like a reasonable liquidation play. Even if 'only' 200mn is achieved, that should result in about £1 return. As well as the sky article the portfolio update in Feb was encouraging for Gardner. I have come full circle with the latter having owned them 10+ years ago when they were quoted in their own right.

Thank you, Rambutan, for highlighting this.

[rambutan2] 30/3/2016 02:02

Gardner value at 09/15 was £185m. It had net debt of £27.5m.