Share Name Share Symbol Market Type Share ISIN Share Description
British Empire Trust LSE:BTEM London Ordinary Share GB0001335081 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.00p +0.26% 763.00p 763.00p 765.00p 766.00p 762.00p 765.00p 54,429 13:56:30
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 12.9 10.4 73.1 941.22

British Empire Trust Share Discussion Threads

Showing 176 to 199 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
14/8/2018
12:21
10 Aug Net Asset Value -- Debt at market value: 845.56 pence
davebowler
14/8/2018
12:20
TFG (a big holding) is perking up at last.
davebowler
31/7/2018
15:11
30 Jul Net Asset Value -- Debt at market value: 837.55 pence
davebowler
27/6/2018
14:34
26/6/18 Net Asset Value - Debt at market value: 821.60 pence
davebowler
22/6/2018
11:02
hTTp://citywire.co.uk/investment-trust-insider/ezine/it-insider-46?p=13&utm_campaign=iti-ezine-consumer&utm_source=citywire-iti-consumer&utm_medium=iti-homepage&utm_content=2018-issue-46-iti-homepage-chapter-9
davebowler
19/6/2018
23:24
another Citywire extract; British Empire: Pershing’s 23% discount ‘unsustainable’ By Michelle McGagh 19 Jun, 2018 at 14:32 The wide discount on Pershing Square Holdings (PSH) is ‘unsustainable’ and puts star hedge fund manager Bill Ackman under pressure, says British Empire (BTEM). Pershing is the third largest holding in the £850 million British Empire trust, managed by Joe Bauernfreund, which specialises in buying undervalued investment companies and family-run conglomerates. London-listed Pershing offers access to Ackman's hedge fund and makes up 5.9% of British Empire but has suffered poor performance forcing the US activist investor to restructure and focus more of this time on investing. This has started to benefit British Empire, with Pershing's net asset value rising 10% last month, thanks to strong results from Automatic Data Processing, Restaurant Brands International and a new holding in DIY store operator Lowe’s Corp. British Empire steered cleer of Pershing's $300 million share tender which saw some investors sell their stakes on a wide 20.5% discount to NAV, which suggested to Bauernfreund that some long-standing investors had capitulated. ‘We did not participate in the tender and thus benefited in full from the +2% per share accretion generated for continuing shareholders,’ said the manager. Bauernfreund added to his position in Pershing when its shares swung out to a discount of 25% after the tender offer completed. He said we ‘continue to see the current 23% level as unsustainable for a portfolio of large-cap, liquid, listed securities’. The British Empire manager welcomed the decision of Ackman (pictured) to purchase $160 million PSH shares but said ‘the managers will find themselves under increasing pressure if this discount level persists’. Bauernfreund noted credit rating agency Fitch turned negative on Pershing but said the level of gearing, or borrowing, Fitch believes would trigger a downgrade ‘does leave some headroom for further share repurchases and/or tender offers’. ‘In any event, there exists scope for more innovative solutions to the wide discount than simply buybacks and tenders,’ he said. Oakley Capital Investments (OCI) - a £379 million private equity investment trust - also provided an uplift for British Empire in May. Its shares rose 6% in the month and have gained 13% since Bauernfreund first invested in April, boosted by the sale of Italy’s leading price comparison site Facile to Swedish private equity house EQT. Bauernfreund said Oakley’s presentation to investors in the City the day before the sale was announced, confirmed the trust’s ‘differentiated approach...and willingness to embrace complex acquisitions’. ‘In an increasingly competitive and highly-priced private equity market, these features should allow Oakley to continue to unearth compelling acquisition opportunities at below-market multiples,’ he said. British Empire’s net asset value increased 1.8% in May, despite the discount widening 1.01% to 29.3%. The trust’s largest detractor in May was in French-listed Wendel that holds positions in a number of companies such as South African insurer Sanlam. The shares continued their de-rating, which began in March, on the back of currency risks. Bauernfreund said the share price reaction was ‘unwarranted’ and it now trades on a 35% discount. ‘We believe the market may need to see a significant realisation from their private equity portfolio to restore - somewhat unfairly-lost - faith in management,’ he said. At yesterday's close of 755p, British Empire's shares stood 9% below NAV, a narrower discount than the 10% average of the past year. Over five years its NAV including dividends has grown 64.9% while shareholders have received a total return of 71.6%. This is less than half of the 150.9% average return of trusts in the AIC Global sector although its relative performance has been held back by being very underweight the US bull market.
cordwainer
13/6/2018
11:24
BTEM is trying to get TBS to see their point of view- hTTps://www.improvingtbs.com/home/
davebowler
12/6/2018
13:41
hTTps://gallery.mailchimp.com/9b233863ed88fa1e7ae357087/files/a062e753-8739-43fa-9400-90574f4f0fcd/British_Empire_2018_May.pdf?ct=t(BTEM_Factsheet_31st_December_2017_1_10_2018_COPY_0)
davebowler
07/6/2018
13:56
There is also Miton Global Opportunities but I think that's on a slight premium. For me, BTEM is the most interesting of the 3 as it tends to take a more activist approach and is also on a nice discount.
riverman77
07/6/2018
13:53
Ah yes, thank you.
steve3sandal
07/6/2018
13:38
WTR is similar -Lazard World Trust
davebowler
05/6/2018
19:29
Appreciate the discount has closed but it might also still be closing. I’ve held since 1997 (115p? Or thereabouts), and for some time this was at a premium. Manager has righted the ship and I am still buying. Feels like a good place to hide in today’s markets. We don’t have much else like this quoted in UK...unless anyone knows differently.
steve3sandal
05/6/2018
18:26
hTTp://citywire.co.uk/investment-trust-insider/news/british-empire-exits-digital-garage-after-strong-half-year/a1125639?re=55683&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&;utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
03/6/2018
13:57
hmm - discount down to 9%. Perhaps over-priced in the short-term...
skyship
01/6/2018
15:03
31/5/18 Net Asset Value -- Debt at market value: 818.61 pence
davebowler
14/5/2018
08:32
Great, thanks Dave.
stun12
10/5/2018
12:30
Thanks Dave. I love their investor reports. Really readable. I couldn't get the Citywire one to show without registering but I thought BTEM's name was one of its most appealing features :-)
stun12
10/5/2018
12:22
hTTp://citywire.co.uk/investment-trust-insider/news/ian-cowie-british-empire-bad-name-but-great-global-value/a1118037?re=54992&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
10/5/2018
11:25
HTtps://www.british-empire.co.uk/content/uploads/2018/05/British-Empire-2018-APR.pdf Never seen 'Rodents falling from the ceiling' mentioned in an investment report before!
davebowler
08/5/2018
14:15
hTTp://citywire.co.uk/investment-trust-insider/news/british-empire-presses-oakley-capital-to-move-from-bermuda/a1116464?re=54993&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&;utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
30/4/2018
16:44
HTtp://citywire.co.uk/investment-trust-insider/news/british-empire-bags-oakley-capital-stake-as-ruffer-retreats/a1115319?re=54667&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
01/3/2018
10:04
And another top 10 holding taking measures, Thirdpoint: http://uk.advfn.com/stock-market/london/third-poi-TPOU/share-news/Third-Point-Offshore-Investors-Ltd-Corporate-Upd/76834707
rambutan2
01/3/2018
08:51
hTTps://www.british-empire.co.uk/content/uploads/2018/02/British-Empire-2018-JAN.pdf
davebowler
01/3/2018
08:35
One of BTEM's holdings- Liberum Pershing Square Holdings (Mkt Cap £2,251m) Up to $300m tender offer directly by the company Event The Board of Directors of Pershing Square Holdings (PSH) intends that PSH should conduct a tender offer to purchase up to an aggregate amount of $300m of its publicly traded shares (Tender). PSH anticipates that the Tender would be structured as a Dutch auction which is priced at a discount to PSH’s prevailing NAV per share. This is after PSCM Acquisition (PSCMAC) withdraw its previously proposed tender offer due to the Dutch Authority for Financial Markets interpretation of certain applicable rules regarding the proposed tender offer, which, in PSCMAC’s view, make the tender offer not feasible. The Tender will be subject to applicable shareholder approvals, including a vote to remove the current 4.99% shareholder ownership limit, which will be sought at PSH's upcoming AGM on 24 April 2018. It is expected that the Tender would be launched shortly following the AGM and would be financed from PSH's cash on hand. PSH is trading at a 19.7% discount to its 20 February 2018 NAV per share.
davebowler
Chat Pages: 8  7  6  5  4  3  2  1
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