edward, I agree.
For now, there has been a strong rise in some holdings post vaccine news to give current nav of around 127p.
They continue to sell down some holdings in order to buy in their own stock, a reasonable strategy at a 30% discount.
You could email your opinion to the company. |
Time to throw in towel and run down the book. No more new investments would get my vote and a 2 year run off on existing. |
Agreed - and they're not going to get only a 10% haircut to dump that many EQLS, or DLAR, or ALM. |
If you assume they wouldn't get much for board intelligence or GI Dynamics then a say 10% haircut to place the listed equities as blocks that would only leave 10% profit but on top there would be wind up costs. Given the time & effort required, there must be easier ways to make money.
A very aggressive buyback would close the NAV gap but then where is the exit for the activist funds? |
Lol @HUR. Fair to say we were all calling that one out a while back! (eg post 447).
Discount to NAV surely the only reason for activists, with a view to possible wind-up? But most of those holdings wouldn't be easy to sell in any size. |
It's quite funny that a listed activist fund is itself being targetted by activist funds. Not sure what exactly they are going to do to agitate for change tho - send Bernstein on a de-programming course where they give him an electric shock every time he buys more HUR?
CRS are already buying back shares at discount - there is only one thing that will change sentiment here and that is better stock-picking & portfolio management. Kicking out the fund manager or getting them to reduce their fee still leaves the same portfolio to deal with, and if they are a forced seller then the market will put the holdings under pressure a la Woodford. 30% discount is not enough to make that strategy work. |
So, those will be two slightly worrying additions to the shareholder list for the board. And 1607 is also there with 12% and Rath Dhu with 3%. All adds up to at least 37% held by not so easy to please stakeholders. Time for Mr Bernstein to start performing! |
And Almitas added big time, taking its 6% up to 16%: |
Weiss took 5m of them: |
Invesco's 20% stake (18,870,340) sold, says the rns, although can't really see it looking back through the trades. CRS website yet to be updated. |
Looks like they will ramp up these buybacks with de la rue doing a moonshot |
what a heap of sh1tr this I
Bernstein lost the plot with HUR and the way he ramped them on twitter whilst selling shows he really isn't cut out for being an honest winner in this game. 1.5 pct fee makes this a complete basket case too |
Gheez, CRS buying more Hurricane. |
Catching up, CRS 31st July NAV 112p, but you'd need to be quite a fan of DLAR (& ALM, which I am). |
Probably. Not sure why they haven't put out an RNS, the new shares started trading July 7th. If they didn't invest in more their percentage holding dropped a lot. |
I suspect they sold DLAR in the market to fund the open offer and maybe some of the placing - be daft not to given that they could sell at £1.50 and use the cash to buy at £1.10. We won’t know any amounts until the RNS arrives though, before then it’s all guesswork. |
DLAR: Working from the Holdings-RNS figures, CRS increased their holding by about 5 million shares between mid-Feb and late-March, when the shares traded around .55, and sold somewhat more than that many after the Trading Update on June 1 brought a spike and re-rate to above £1.20/share. That is a tidy profit of £3.25 million (ballpark).
They have now returned to a holding of about 14 million on a much diluted share base. Their new percentage of the 195 million shares in issue is therefore about 7.1%, although afaics that has not been declared yet in an RNS, nor whether they subscribed in the Open Offer. Bernstein may be in no hurry to sell out, now that DLAR is a much more attractive investment.
My calculations. DYOR. |
Bought into this at 70p, still think it looks cheap at these levels. DLAR have turned around, ALM just a quality holding, REDD recovering, EQLS will get back on their feets as cross border travel and trade resumes.Don't know enough about what's going on at HUR but the oil price is going in the right direction and their break even is what $19/barrel? Due a retrace on positive news. |
Steel not steal? ;) He thought they were all steals, but none of them bloody were. |
Has not had! |
Let's give the manager some credit. He had balls of steal |
I was really thinking that until people put out holdings updates this is just a NAV spike. It can vanish as quickly as it appeared, but it is certainly good news for now. At least it removes the risk of a cash-raise by DLAR at a silly price. It was a good trading update, especially with new contracts signed. (Btw answering your point i don't think their business going forward is about banknotes, they are stressing other revenue opportunities.)
Problems at HUR haven't gone away. I'm not very familiar with EQLS or KMR but I like Redde's new team, and ALM has recovered.
The spread at CRS is ridiculous but for me that's academic. |
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
Hot Features
Premium
