British Empire Share Discussion Threads

[skyship] 27/10/2017 16:00

With debt @ par NAV now at a new high of 806.36p

[riverman77] 16/10/2017 14:00

Hi Skyship, I'm afraid that was a bit before my time, but glad it brought back some good memories! I probably got the idea from the the old Nick Drake song, maybe it was playing when I set this up, but nothing remotely related to the stock market.

[skyship] 16/10/2017 09:53

Sorry all - massively O/T...

riverman77 - that moniker of yours!? I well remember seeing Riverman win at Newmarket back in 1972, in between defeats by Brig. Gerard in the King George and then the Champion Stakes. A mate and I had a handy bet on him that day; and he won handsomely at short but really quite reasonable odds. Perhaps your moniker has nothing to do with that racehorse; but it brings back memories...

[catsick] 16/10/2017 08:57

Ok bought in here today smalls , been reading up a little on the group and seems very solid for a long term holding

[skyship] 12/10/2017 17:57

DB - could you do us a favour and remove your last post on the CP+ site; and perhaps re-post using Tinyurl - though I have already done that for you. The Citywire link is screwing up the page width. Thnx...

[stun12] 12/10/2017 15:38

Fair enough. I didn't buy in till the mid 600s so am hoping for some more upside. They seem to have the right idea and also are prepared to cut losses (HBC for example) if things aren't going to plan.

Might put any new investable cash into Pershing, just in a small way. Pretty shameful that the discount on a £2bn+ fund is so big.

[riverman77] 12/10/2017 15:12

Actually it was more because BTEM had been on a good run generally and saw better opportunities elsewhere, although I think at the current discount Pershing is probably worth a punt.

[stun12] 12/10/2017 13:56

Interesting, riverman. Any particular reason?

BTEM noted a rise in Pershing's NAV, but a widening discount (again). I presume they will be 'encouraged' to address what is now an unusually high discount given that its investments are all listed and could be sold off to realise NAV or thereabouts.

[riverman77] 12/10/2017 12:40

Not entirely surprised to see the Pershing Square position being the biggest detractor last month - I actually closed BTEM position when I heard they'd bought that a couple of months ago.

[vacendak] 06/9/2017 21:03

It looks like BTEM has exited LMS completely.



The LMS holding was a bit iffy - see the LMS thread for more fiery comments from those who held it - but is now technically under new management.

Also from the BTEM website, still moving more money towards Japan:

[davebowler] 24/8/2017 16:19

23/08 Net Asset Value -- Debt at market value: 789.42 pence

[vacendak] 11/8/2017 11:06

July factsheet out:


Full exit from Hudson's Bay, BTEM seems to have been annoyed at the management's lack of desire to make gains on the property portfolio. They do not indicate a loss for exiting - it is implied they sold on a share price rebound - but they do not craw about making mucho dineros either.

A lot of poker chips have been shifted to Japan, which I think is a good move.
More money injected in Pershing Square despite another upset.

[skyship] 07/8/2017 13:23

NAV up to 791.5p

# 10% discount provides an share price of 712p

# 5% discount provides an share price of 752p

[skyship] 07/8/2017 10:04

spob - thnx for that - good to see BTEM breaking out to new highs...this deserves to rate a discount of 5% or less, rather than the current 10%/11%.

[vacendak] 01/8/2017 09:21

@SKyShip
It did and it is done.

Obviously I had heard of tinyURL, but... well, brain-freeze.

Thanks.

[skyship] 01/8/2017 07:40

Vacendak - try using TinyUrl. If this works then replace into yr post and we have the thread back as it should be:

[riverman77] 31/7/2017 19:20

Good spot. Given the size of third point this would represent at least a 5% position,so we might hear about it on the next update. US hedge funds seems to be a new theme then after purchase of Pershing Square. Third point seems to have good performance though and on 15% discount

[langostino] 31/7/2017 18:22

Have a declared 3.13% interest in Daniel Loeb's Third Point (TPOG)

[vacendak] 28/7/2017 14:22

Something in the press:

[vacendak] 19/7/2017 10:46

Link taken from the British Empire website:


Elliott Advisors is out, they have sold a bit (through CFDs), taking a juicy 35% profit, and their stake has now fallen below 5%. As the article says, they may never have had any "activism" in mind when they got into BTEM after all.

Mention is made of the recent forays in Pershing Square and Japan.