Thanks for posting provides some interesting insight into what might be going on..though the Mail clearly rather biased against the executive chair of the business due to previous "campaign".He has made clear that disposals and refocusing the business is needed and was brought in by the investors when they ousted the founder a few months ago to do just that. Aa to whether he is trying to sell the whole thing or some subsidiaries as already known is unknown..but i doubt he is actively in talks having just tapped investors myself. |
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, reviews the week in the markets and speaks to Sandy Nairn, chief investment officer at Global Opportunities Trust (GOT), alongside Alan Bartlett from specialist advisory firm Goodhart Partners; and Richard Watts, a co-manager of Chrysalis Investments (CHRY)... |
I exited this morning at breakeven.
There have been poor investments in this concentrated portfolio already. Wefox may, or may not, go to zero - however, I think the damage to the credibility of the management is greater than that to the NAV.
This led me to lose my confidence in the other holdings outside those that are immediate pre-IPO.
Better options elsewhere, with much less volatility, such as AUGM & GROW. |
AgreedI had no idea how shareholders believed in the company, ability to carry out its plans effectivelyI am invested purely as the discount is too great but they do not have credibility and I wanted the wind up to get the value now rather than lose it on hopes |
How about an EGM to vote on targeting maximum book costs of 5% of NAV per holding for example ? Or maybe that doesn't work well with VCTs |
There is a bull case for CHRY, but for me it's about the price you buy it at. There's huge discounts on others too, eg the (IMO better) GROW. |
That is indeed the bull case SteMis. |
Chrysalis is a conviction investor in early stage, potentially high growth, disruptor businesses. It's inevitable that some of them will not be successful. The strategy is to make big on those that will be. If people don't understand that then they are in the wrong investment. I suspect most institutions do understand which is why, despite a very rocky period, there was a 97% vote in favour of continuation.
Even without Wefox NAV is 126.2p and there's plausible reason to believe that valuations in Starling, Klarna and Brandtech, which make up 68p of the NAV are understated. I guess we'll see.
The price is currently being driven by PI sentiment - greed and fear, greed and fear |
I sold yesterday, and then a lucky sale at 82p first thing today on a stake I had forgotten about, on my sell rule of if in doubt get out, along with always sell on bad news or a bad update or profits warning.
I’ve no strong view on CHRY now, but perhaps worth posting that my portfolio performance improved dramatically once adopting this sell tactic. There are SO many shares and Investment Trusts that don’t disappoint to go for, so why risk holding on to any that do? |
I sold yesterday, and then a lucky sale at 82p first thing today on a stake I had forgotten about, on my sell rule of if in doubt get out, along with always sell on bad news or a bad update or profits warning.
I’ve no strong view on CHRY now, but perhaps worth posting that my portfolio performance improved dramatically once adopting this sell tactic. There are SO many shares and Investment Trusts that don’t disappoint to go for, so why risk holding on to any that do? |
Wefox has left a nasty taste in the mouth and add the other recent dogs of Graphcore and Revb and the credibility of the managers is shot. I am also out for now, low 70's is probably fair value until they begin to demonstrate a pathway towards profitable realisations. I don't think Wefox will end worthless, it was just the final straw for me, for now. |
Not bothered
Not selling 😊 |
So you keep saying |
Big leg down coming - so much stock on offer today |
Well decided to get out - overall a marginal loss, with yesterday's move wiping out earlier gains. While I think the market has overreacted, I know from experience that once sentiment turns negative things can snowball and take a while to recover - I expect I'll be able to buy back at a cheaper price if I really want to. AUGM and GROW also look much better options in this space right now. |
If shareholders lose faith in CHRY's ability to make future investments then management will be forced into a windup, regardless of whether it is time for a regular continuation vote or not. |
Likely to drop below 70 based on the stock thats on offer. Absolute shed loads |
It's a shame CHRY passed the continuation vote - I thought at the time that a winding up would be the best option for shareholders as, while some of the portfolio seems to have good prospects, it was never likely to be fully rerated by the market. After this setback a re-rating looks an ever more distant prospect. |
Citywire's take a little less rose-tinted than here:
"Chrysalis fund managers Richard Watts and Nick Willamson use €3m of private equity fund’s dwindling cash pile to support €20m emergency fund raise by insurance fintech that accounts for 14% of its portfolio." |
The wefox stake already fully written off and more so not sure how much worse it can get, although markets not always rational so could well fall a bit more on general investor panic. |
I'm out this morning before things get worse good luck all |
Looking bad mate |
Big seller trying to clear large lines of stock . You can buy over 300,000 well below the offer. Doesn't look great |
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