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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 Shares Traded Last Trade
  +2.00p +0.29% 697.00p 114,513 16:35:13
Bid Price Offer Price High Price Low Price Open Price
695.00p 697.00p 697.00p 691.00p 697.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 17.90 14.83 47.0 781.0

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Date Time Title Posts
07/1/201909:55British Empire Fund - Best Longterm investment208
24/4/200611:23British Empire Fund - Best Longterm investment-
20/4/200612:28British Empire & General Securities Trust2

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British Empire Trust Daily Update: British Empire Trust is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker BTEM. The last closing price for British Empire Trust was 695p.
British Empire Trust has a 4 week average price of 657p and a 12 week average price of 657p.
The 1 year high share price is 768p while the 1 year low share price is currently 657p.
There are currently 112,049,552 shares in issue and the average daily traded volume is 171,915 shares. The market capitalisation of British Empire Trust is £780,985,377.44.
cordwainer: 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.
vacendak: @riverman Good catch, thanks. BTEM invests in "old money" trusts and Hansa is also "old money" from what I have gathered. Blast from the recent past (BTEM exited HBC) for those of us with premium access: Https:// Hudson's Bay Company (HBC) or "Compagnie de la Baie d'Hudson" in French Canadian is eagerly fighting Signa, an Austrian company, to buy a German department store. [Excerpt] "Since listing in 2013, Hudson’s Bay has arguably shown more flair for real estate than retailing. Yet as Sears found out, financial engineering can only take you so far. A comparison of the share price of Metro (now called Ceconomy) with that of Hudson’s Bay since the original deal completed suggests getting out of department stores is the wiser choice — in Germany or anywhere else." Ironically British Empire dropped Hudson's Bay when they realised HBC were not going to sell the real-estate, or even spin-off into a REIT like entity. So the FT comment is a bit off-key.
vacendak: July factsheet out: Http:// 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.
vacendak: BTEM is still holding some LMS, these seem to be going nowhere. LMS is one of the few on the PE thread that is heading in the wrong direction. Hopefully Mr Bauernfreund knows better.
vacendak: And buying more of Riverstone:
tiltonboy: SKYSHIP, They value some of the family controlled businesses at NAV rather than the underlying share price.
davebowler: hxxp:// Average discount to NAV of underlying holdings is 25%.Added to that BTEM's share price is at a 11% discount to its NAV so we are buying its portfolio in effect at a 33% discount.
davebowler: From the Interim Management Statement; Discounts(4) At the end of December the weighted average discount of the underlying portfolio (excluding liquidity) stood at 26.4% compared to 28.4% at the end of September. The discount calculation is a measure of how much the share price of each stock in the portfolio is below our estimate of its net asset value. The trend in the weighted average discount can be seen in the chart below: Weighted Average Discounts in the underlying portfolio of British Empire Securities & General Trust (ex liquidity) Source: Asset Value Investors Ltd
davebowler: Investec; British Empire (BTEM) Vivendi Up and then Down........ ¢ Vivendi Universal is BTEMs largest shareholding, accounting for 10.4% of the net assets. ¢ Its results released this morning saw it beat analysts' estimates, with sales coming in above expectations (€29bn vs.e.€28.5bn). The overall 2012 adjusted net income was however, down 14% yoy to €2.55bn. ¢ The share price was up over 3% yesterday before the results were announced, while the stock is down c.3% this morning. This might be in part due to the market reaction Italian election results but also seems to be in part due to disappointment over a lack of detail from Vivendi over any realisations or restructuring. ¢ Continued interest in the stock is coming from the speculation that the constituent parts of Vivendi will be sold off to help realise value. In the results it was noted that an "ongoing strategic review will define precisely, and as and when appropriate, the right paths to increase the group's overall value and to best serve shareholder interests." This said, no concrete details were provided. ¢ Analysts have identified that breaking up the group or selling specific companies within Vivendi's portfolio could realise significant value for investors, and this could provide a large uplift for BTEM's NAV. Investec Insight: ¢ BTEM has seen its performance boosted over the past few months by a narrowing in the discount of its underlying holdings as the market rally has improved investor sentiment. ¢ The same picture has been seen with BTEM's discount, which has narrowed from -14% in November, to the current discount of -10%. ¢ We believe further price outperformance will in part depend on continued positive investor sentiment, otherwise we could again see the discount widening, both in BTEM and its underlying holdings. This said, any positive moves by Vivendi to realise value in its underlying portfolio should help market sentiment toward BTEM and see a continued narrowing in discount. ¢ NAV performance from BTEM has seen its NAV outperform the FTSE World over the 1 year and six months, while it has lagged over the longer 3 year and 5 year horizons. The TER of the fund remains low at 0.75% and gearing is essentially flat. ¢ We view BTEM as part play on successful corporate action, and part play on a continuing narrowing of discounts in the underlying.
British Empire Trust share price data is direct from the London Stock Exchange
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