Chrysalis Investments Share Discussion Threads

[peterrr3] 12/12/2024 07:54

Klarna fined 50 million in Sweden for money laundering deficiencies in their systems. Don't know if this opens up claims elsewhere they operate.

[davebowler] 05/12/2024 14:13

hTTps://news.uk.cityam.com/story/2288770/content.html

[davebowler] 04/12/2024 18:33

hTTps://www.msn.com/en-gb/video/news/fbi-investigate-mysterious-drones/vi-AA1vfH6n?cvid=7244f66c448141ecace2325b61309130&ocid=sappandhp

[knowing] 25/11/2024 13:51

Sebastian Siemiatkowski, CEO of Klarna, said, “We're back in familiar territory: profit and growth, just like the old days.

Can they get back to $41bn MC?

[craigso] 17/11/2024 10:34

An investment from AVI is usually a great sign. Not just because they've sniffed out some hidden value, but because they've also got a good idea of the catalysts that will narrow the discount within a reasonable timeframe. (of course, CHRY is well-covered so those catalysts aren't a surprise to anybody on this thread)

This is a bit different from now-stablemate MIGO, which also invests in heavily-discounted ITs, but doesn't really seem to have a plan for helping to narrow those discounts. (FWIW they have also bought a stake in CHRY)

[peterrr3] 15/11/2024 11:36

Thanks speed. Nothing new in the analysis but always good to hear it from someone who has stumped up for a sizeable investment, rather than just sitting on the fence.

[speedsgh] 15/11/2024 10:25

The AGT monthly factsheet commentary on CHRY is also included within the body of their rns re factsheet release...

[riverman77] 15/11/2024 09:59

AVI Global trust (now biggest shareholder in CHRY) give a good overview of the investment case in their latest monthly report. Don't have the link to hand but can be easily found on their website and worth a read.

[peterrr3] 14/11/2024 19:21

You do know that if you hit the news button above you get the same thing at 7am without having to look for it.

[speedsgh] 14/11/2024 16:31

Looks like the person at the Broker in charge of executing the CHRY buyback orders is back from his week off :o)

[peterrr3] 14/11/2024 07:31

Starling's hiring a couple more managers for the investor relations team. I expect that the financials are looking pretty good and that they are continuing to ramp up towards IPO.

[mrscruff] 13/11/2024 19:20

The Klarna IPO in the US benefits us but poses a disadvantage for the UK's financial hub and the FTSE 100. The jewel in CHRY's crown is Starling Bank, which I can't imagine being listed anywhere else but the UK?

I would be happy if buy backs are increased and cannibalising the NAV and then liquidated and funds given to us shareholders as there are plenty of buyout focused trusts we can then all buy GROW or HVPE. I do not want CHRY to be another buyout focused Trust. I think there are too many investors shouting loudly for change at the BOD of many trusts.

[craigso] 13/11/2024 12:17

The 105% of 5-day moving average restriction would only realistically have come into play today, not last week. Besides, the broker can still buy around the last independent trade / bid.

It still seems quite curious to me that the buybacks were paused the day after the election and then this Klarna IPO news comes out.

[kooba] 13/11/2024 10:02

The share buyback is arms length and should not be impacted by being inside on anything."The Company is satisfied that it is neither currently in a closed period, nor is it party to any inside information which has not previously been disclosed via a Regulatory Information Service. The Company has provided the Brokers with a non-discretionary dealing instruction under which they may continue to undertake share buybacks during mandatory closed periods leading up to the announcement of financial results, or in the event that the Company comes into the possession of inside information."There are restrictions on what can be paid though around 5 day moving average..so any cessation on the buyback might be due to the share price strength rather than anything inside.

[knowing] 13/11/2024 09:55

Smart Pension hit's £6bn AUM

[knowing] 13/11/2024 09:54

Klarna has filed for it's IPO

[craigso] 13/11/2024 08:55

Last buyback date was 6 November. And share price spiking. Must have inside information that stops CHRY from buying its own shares.

Klarna IPO?

[speedsgh] 12/11/2024 14:55

Impressive share price strength on such a weak day for the markets.

[craigso] 10/11/2024 10:01

We'll see that happens when the long-awaited Klarna IPO happens. I wouldn't expect CHRY to dump all of its Klarna shares on day 1 but perhaps the liquidity / visibility on valuation will help the CHRY discount narrow faster.

£100m of promised buybacks certainly isn't doing much so far (apart from limiting the share price decrease when compared to other funds in the same space - GROW, IPO, AUGM, etc.). Upping buybacks to £200m would simply cannibalise the fund. NAV increases are fine, but unless they flow through to the share price it's not so relevant for shareholders. (yes, I know that you can increase your investment horizon to infinity and eventually see something closer to NAV)

Reducing liquidity by buying back so many shares also reduces institutional demand, so you have to be careful what you wish for.

[mrscruff] 09/11/2024 18:36

While buybacks benefit sellers, there is no denying that buying back shares at this level of discount means a higher NAV and for that reason the buyback rate has to be higher and prioritised over new investments in my opinion.

[speedsgh] 28/10/2024 13:21

~ NAV down 3.99p (-2.7%) to 141.26p as at 30/9/24, comprising fair value of portfolio holdings (-1.59p), FX movements (-1.95p), fees/expenses (-0.45p)
~ Carrying value of Klarna increased from £100.3m at 30/6/24 to £120.6m at 30/9/24 (+20%); wefox decreased from £60.5m to £36.2m (-40%)
~ "...Given the possibility of significant liquidity that may be forthcoming for the Company, which should more than cover the second phase of the CAP - namely the return of up to £100 million to shareholders - the Investment Adviser has been discussing with the Board the merits of initiating a programme of new investment to tap into the exciting investment opportunities we are seeing in the current market. We believe a refreshing of the portfolio, which is likely to target late-stage private companies with long-term growth potential, is consistent with the ability of the Company to grow its NAV in the long-term."

Quarterly NAV Announcement and Trading Update -

Chrysalis plans new investments if Klarna IPO lifts cash to £200m -

[craigso] 23/10/2024 13:51

Buybacks at any sub-NAV price don't "bother me".

I guess you guys have never experienced the joys of tendering shares and finding that way more than your entitlement has been picked up at the tender price - usually well above the current share price - allowing you to either bank your excess profits or reinvest them back into the investment trust...

But sure... waiting 6-12 months for the market to realise that the NAV is a few p higher (so maybe the share price ought to also be higher) is also a strategy.

[foetus in your brain] 23/10/2024 12:34

Fwiw I think buybacks so far have added around 0.75p to the NAV. So it is slow going but the more you buy at these prices the bigger the effect will be. Even so, 300k of buys at this price only adds 0.05p to NAV a day. So the bigger issue is where all the sells are coming from

[riskvsreward] 23/10/2024 10:56

If you are in the process of buying back and believe in its merit, why will a low price bother you?