Cip Merchant Capital Share Discussion Threads

[ceaserxzy] 11/12/2021 20:51

Underperforming its benchmark significantly on any time and charging a predatory fee means the big discount is not a safe enough margin of safety, as the discount can be eroded quickly by the excessive charge and negative performance. The Chairman and non-executive directors and the big IIs need to act before the shareholder money is all squandered while the managers fill their own pockets along the way.

[bisiboy] 11/12/2021 19:10

thought i would take a look at these running costs look to be over 5% per annum of assets so at first glance looks like a very expensive investment company. i suppose that is why shares should trade at a discount but i guess everything has its price.
at what point is the discount to great.
havent spent much time looking at this but has anyone done the calculation for how much it would cost to pay off directors/ contractual management fee notice etc to get to a true fair value for a realised portfolio

[skyship] 09/12/2021 11:41

So, c£1m back into the coffers as CIP sells its 1.55m VTU for a good profit.

[skyship] 08/12/2021 20:57

No, certainly not CFE reducing.

# They paid more than the current sp

# Every sale would reduce the value of their remaining holding

No, a small PI who bought on the back of the last ST tip; and is failing to learn
that you "Sell the tip, buy the dip"...

[octaviab] 08/12/2021 17:25

It is very frustrating. I sincerely hope that the sales are not CFE gradually reducing their stake...?!

Anyway, thank you very much Skyship for your reply. I have learnt a great deal on this board, not least from you. I don't post that much, as I don't often feel that I have much of value to contribute compared with some of you more seasoned/ex-professional investors, but I'm always here, reading away... :)

[skyship] 08/12/2021 16:50

Someone continuing to bale out. Selling at 48p on a 44.76% NAV discount. Doesn't seem very sensible to sell at this level; still maybe they need the money.

As for CFE; I admit I'm surprised that we haven't hear a peep out of them since they took their stake up 20 29.14% back in July.

The 5months of inaction presumably suggests it is not in their remit to actually make a bid. But that being the case, why are they not doing something obvious, like calling for an EGM to substantially re-negotiate the failed Investment Managers' absurdly high fees. Their gross underperformance clearly does not merit a £1m pa remuneration.

A halfway decent Chairman would have acted long ago; but then, perhaps he likes his fees too!

[octaviab] 07/12/2021 16:51

I'm mystified as to why CFE don't make a move - any theories?

[skyship] 07/12/2021 15:15

bit:ALK now at 20.60; and CTH swinging around in positive territory after today's Prelims.

Personally I think they should bank gains there as the weighting far too high for a single stock like that.

Problem is that the numpty Italian duo wouldn't know what to do with the cash; other than take their 2% annual slice of course!

[pavey ark] 07/12/2021 14:30

Interactive Invester (ii)deals in these ok.
Bought a few more.
Discount is very attractive, obviously, but I think a buyout must come...65p - 75p

[hpcg] 07/12/2021 13:10

IXI also relatively positive today, actually, having just looked again, nicely positive. It has just recaptured its 20SMA and if that can trend positively then that would join Aalkemy and REDD. Brave Bison has just reverted to the mean versus the SP500 and is possibly finding its feet again, and some of the others there or there abouts. Charts for OFIX and TRLS don't look good. The NAV will need to consolidate and move higher to attract investors.

With respect to conversations above, I own in an IG ISA.

[skyship] 06/12/2021 16:17

Glad to see someone took out the last of the cheap stock - 50k @ 49.4p. Small buyers now paying over 50p.

[skyship] 06/12/2021 13:37

bit:ALK continuing to trade higher - now 2.20-2.40...UP 10% over the past week.

[skyship] 03/12/2021 15:55

All quiet here. Has anyone got any views of who that 2m buyer might be?

Could be the Italian duo taking their 8.11% stake above the 10% level, so complicating matters if they stand out against any bidder.

Better for us if it is CFE returning ahead of another bid.

Either way, something could be afoot...

[skyship] 03/12/2021 14:28

Small holding, but REDD up c10% this week on good Interims. Also BIT:ALK going well. All in all should be a slight recovery in the NAV this week.

[skyship] 03/12/2021 14:10

Strewth - a 2m trade at 46.75p. That's 3.64%.

[skyship] 01/12/2021 10:27

Very true...

47.5p looks a great price - a 44.5% NAV discount!

[pavey ark] 01/12/2021 10:22

Well for better or worse I picked up 10k @ 47.5p.

I certainly agree that ST needs to look more closely at the management when he tips a share although the broad criticism of ST and Investors Chronicle is, in my opinion, misplaced.

Tips and suggestion are just that and must them be subjected to the investors own valuation......then when the final investment decision is made it is ENTIRELY down to the individual.

[ntv] 30/11/2021 20:09

Regretting buying 10k @55, glad i didn't buy more
Might as well hold now to see what the outcome is

[danny500] 29/11/2021 19:37

Ok thanks guys.

[dlp6666] 29/11/2021 18:47

@danny500 - I bought mine on iWeb (part of Halifax)

[skyship] 29/11/2021 15:06

danny - IDealing.com & YouInvest (AJ Bell)

starpukka - 30% triggers a bid for the rest at or above highest price paid

[danny500] 29/11/2021 12:42

I cant buy through HL or Barclays, were have you bought please

[starpukka] 29/11/2021 12:39

What exactly happens at 30% ownership ?

[skyship] 27/11/2021 16:30

For sure - when I said another low ball offer, I was meaning perhaps down at 70p, rather than the 75p+ we might have hoped for a few months back. I would certainly accept 70p for my stock!

I'm surprised that all CFE have done is vote against buybacks. That presumably so that they aren't forced into an untimely 30% stake through the reduction in capital.

I would have expected them by now to have moved a motion to remove the incompetent investment managers; and, it goes without saying, the incompetent Chairman.

[rcturner2] 27/11/2021 15:13

Can they make a low ball offer though? Don't they have to make an offer that is at least the highest price paid in the last 12 months?