Better Capital Pcc Share Discussion Threads

[johntracker1234] 25/5/2020 17:38

Omnico in fund 2009 close to collapse, customers leaving in drives due to quality issues and theme park world not investing due to current global situation. Jon about to throw in the towel on this one...

[flyfisher] 01/12/2017 10:46

An interesting update today, with news of a possible listing of omnicio.

If they manage to get it listed, with a value around current book level at 62p. Then that would leave the residue in for free.
Perhaps an in specie transfer of spot into bcap12, which would leave them searching for a buyer for m hance, probably at a discount to book.

It is easy to see 90p in a years time, but several hurdles to cross.

[eezymunny] 03/7/2017 13:03

Thanks guys...seems like all thinking more or less the same. Bit hard to quantify. Think I'll prob hold on for a bit.

Not sure if relevant

beta.companieshouse.gov.uk/company/03914814/filing-history

Notification of Jonathan Paul Moulton as a person with significant control on 28 June 2017. Probably nothing?

[langland] 03/7/2017 12:42

I too sold the rump this AM. I think there may still be some upside here but I have made a very satisfactory return on these so I did not want to push my luck. The stock seems to be well bid so maybe there is some corp activity in the background along the lines of flyfisher's copy and paste.

[tiltonboy] 03/7/2017 12:27

EM,

A bit of both to be fair.

[eezymunny] 03/7/2017 10:20

A tidying up exercise Tiltonboy or have you had a think about the valuation of the rump? I can see upside and downside here with upside perhaps just favourite. Would prob have sold already but for the comment that flyfisher noted above.

[tiltonboy] 03/7/2017 09:53

Sold the rump on Friday at 53p. Gave me an overall exit of around 116.5p, which I am more than happy with.

[eezymunny] 03/7/2017 09:50

Pretty hard to put a value on what's left IMO. On a valuation/revenue basis I'd say the valuations are OK (about 1x), therefore at current share price BCAP might be cheap (50% discount to those valuations). On the other hand none of them look terribly exciting. I really can't decide whether to hold on or dump.

Any thoughts?

[flyfisher] 30/6/2017 06:55

The General Partner is engaged with the Board in considering several options in order to secure the best net financial outcome for the shareholders of the 2009 Cell.

?

[flyfisher] 29/6/2017 16:00

Omnico is the largest holding of the 2009 fund, its accounts are available on the companies house website.

[eezymunny] 29/6/2017 09:21

Bloody hell. My best days are so far behind me I can't even see them...

[tiltonboy] 29/6/2017 09:16

...lol...EM, read the announcement again. Figures tomorrow!

[eezymunny] 29/6/2017 09:11

Ah apologies, I missed that bit. The reduction from 129p to 113p presumably reflects ongoing running costs since Sep and any reductions in valuations of the remaining companies since then. I'm guessing the 113p is up to date(ish) and what we'll see in the Final results which must be due soon...

[tiltonboy] 29/6/2017 08:55

Read the last announcement in full.

[flyfisher] 29/6/2017 08:54

From recent rns,

Following the Redemption, the Company will have an estimated 35,262,369 2009 Shares in issue. The pro-forma 2009 Cell NAV following the Redemption is estimated to be approximately GBP40.0 million, which reflects BECAP GP Limited, the general partner to the 2009 Fund's, current fair valuation of the 2009 Fund's remaining portfolio assets and the current net assets held by the 2009 Cell and the 2009 Fund. This number of shares and value of NAV would correspond to an estimated pro-forma NAV per remaining 2009 Share of approximately 113p. Further details will be provided in the Company's annual results, which are currently expected to be released on 30 June 2017.

[eezymunny] 29/6/2017 08:40

Hmmm how do you get that tiltonboy.

If you redeem shares at NAV/sh then NAV/sh is unchanged, no?

The 129.42p is "129.42p per 2009 Share, being the equivalent of the latest reported NAV as at 30 September 2016, adjusted for the net uplift resulting from the disposal of Gardner and less the costs of effecting the redemption"

Obviously NAV may have drifted down from September for the rump, but where do you get your 113p from?

[tiltonboy] 29/6/2017 08:28

EM,

The NAV isn't "still 129.42p/share" it's approximately 113p.

Still a large discount...but how good are the remaining assets. It will be interesting to see if any "insiders" buy.

[orange1] 29/6/2017 08:23

Got it, thanks for the explanation.

I now have 17.05% of the holding I used to have. So the current bid price of 45p is 45p X 17.05% = 7.67p in "old money".

If anybody had to explain that this wasn't a case of easy money it was EezyMunny ;-)

[eezymunny] 29/6/2017 08:04

You are not getting a payment of 107.35p/sh. You have had 82.95% of you shares redeemed at 129.42p. Not the same thing.

The NAV is still 129.42p/share, so the remaining shares are at a whopping discount. They may not really be worth 129.42p but that is the latest valuation the directors have put on them :)

[orange1] 29/6/2017 07:53

Am I missing a trick? Today the shares are 45p bid. We are also getting a payment of 107.35p per share. That is a combined value of 152.35p per share. Yesterday, one could buy a share for 117p. Why were people not rushing to buy?

[orange1] 16/6/2017 15:23

you have understood the position correctly

[orange1] 14/6/2017 16:50

The rump of the fund is now valued at 40 mio, down from 41.1 mio last September.

[tiltonboy] 14/6/2017 15:16

...and money back pretty quick as well.