Damille Inv Ii Share Discussion Threads

[praipus] 23/1/2014 15:52

So they are. Do you think they are value investing on their own account or holding for an interested party?

[hoveite] 23/1/2014 15:28

I think Laxey are also on the RFC shareholders register.

[praipus] 23/1/2014 15:05

RFC!!!


Rangers F.C.

[praipus] 14/1/2014 11:04

SPPC has a holding in Ilika (IKA) interesting chart:-)

[jaws6] 30/10/2013 07:54

RNS looks ok

[jaws6] 28/10/2013 10:16

Praipus
They got 3 % of NOP and they up 20% today so all help in nav if NOP stay up ?

[praipus] 07/10/2013 11:40

Redemption on its way:)

[christianf12] 31/7/2013 12:08

At the minute yeah.

[praipus] 31/7/2013 12:06

OVG represents less than 1% of their port so proceed with caution, better buying DIL2 to mitigate the risk IMHO

[hezza123] 30/7/2013 23:53

Aye, our day will come, hopefully! :-)

[christianf12] 30/7/2013 15:35

Damille will become active in OVG imo

Othrwise sooner or later, POLY will take them out no doubt.

It's just a sitter to have some in and forget about.

[hezza123] 30/7/2013 15:34

I picked up some OVG a while back. Needs a catalyst as it's been worse than watching paint dry!

[christianf12] 30/7/2013 10:19

Have you guys looked at OVG?

Damille been buying recently.

OVG has cash and POLY shares (so liquid so as good as cash) worth c. 25p per share. Plus 2 gold assets that I value at £0.

OVG is 10p.

150% upside just to cash and POLY shares.

[canteatvalue] 29/7/2013 09:43

Mark,

But don't they have plenty of cash to satisfy that requirement and perform buybacks? They have over 50% of equity in cash. Also surely closing the discount through buybacks would reduce the incentive for investors to exercise that 15% redemption option?

By my calculations if they used the whole 14.99% discount control allowance and bought back at a 15% discount to NAV they'd increase NAV by 3.2%.

[marben100] 28/7/2013 23:11

Hi C.E.V.,

Perhaps they regard the current large discount as a temporary situation, which will self-correct, given?:

"The Directors are permitted in each year following the second anniversary of admission to offer at their absolute discretion to each holder of Shares an option to redeem up to 15% of their shareholding, subject to any legal or regulatory requirements and, in particular, The Companies (Guernsey) Law, 2008, as amended (the "Law") (the "Redemption Offer"). The Company intends to make a Redemption Offer in each such year; save in exceptional circumstances, where the Directors consider that to do so would result in a breach of applicable law or would have a material adverse effect on the Company."


The second anniversary will be in November. Maybe they wish to preserve cash until they make a redemption offer?

Cheers,

Mark

[canteatvalue] 25/7/2013 13:53

What's the reason for only recently doing buybacks? DIL2 has been at a ~15% discount for over a year, apart from briefly only recently. Did they only get approval at the AGM? Do they have an intention to step up their buy backs now? Aggressive purchases at a 15% discount would be highly NAV accretive and the managers have an incentive to focus on NAV growth in order to get carried interest above the hurdle growth rate.

[marben100] 25/5/2013 13:11

Yes Praipus, shares held in treasury are not included in NAV/share calculations, because such shares have no rights to participate in any returns to shareholders, voting etc.

Buying shares back at a discount to NAV/share is accretive to the NAV/share for shareholders, irrespective of whether held in treasury or cancelled. That\'s because the diminution in NAV due to the cash expenditure is less than the proportionate diminution in shares in issue, as a result of the discount.

[praipus] 24/5/2013 16:05

OVG thought: if you did buy some you could hedge by buying some Short Gold Bullion ETF EPIC=SBUL I also track the main futures linked long and short ETF\'s on the ETF thread

[christianf12] 24/5/2013 13:39

Damille been buying OVG. Might be worth a gander as trading at about 50% of cash/assets.

[marben100] 24/5/2013 13:38

When in treasury, they could potentially sell them back into the market - would make sense if the shares were trading at a premium to NAV (anti-dilutive). Theoretically can also be used to settle options, share awards etc - but not applicable here.

[praipus] 24/5/2013 10:09

Anyone explain the significance of buying shares back and putting them in treasury compared to buying back for cancellation?

[spcecks] 15/5/2013 09:00

marben100 Also have a large holding in NOP agree assets have to be sold.