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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Downing Strategic Micro-cap Investment Trust Plc | DSM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 4.05 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 4.05 | 4.05 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 05/8/2024 13:16 by 97peter The requisitioned meeting has gone ahead and Milkwood voted down. So DSM BoD will continue to liquidate stock and returns to shareholders over the coming 6 months. So Milkwood don’t get DEC.!!! |
Posted at 29/7/2024 17:51 by weatherman So I should thank Peter for letting me get out above NAV. Some of those buys are nearly 3p above NAV. The Milkwood docs make some interesting criticism about DSM selling at the bottom without maximising returns. Although I managed to turn a profit by reinvesting the spec divis, I am disappointed it is being wound up. It is possible to succeed in this arena - Aberforth smaller cos fund has been successful by investing in the smaller stock. |
Posted at 26/7/2024 17:12 by red ninja When DSM announced 4th special dividend of 2.2p. They stated that would leave another 8p per share although that could vary depending on holding selling prices. Thus selling at over 10.2p looks like a good deal. There is uncertainty if Milkwood win the vote.See below :- Given the overwhelming support from Shareholders for the managed wind down, the Board has today declared that a further dividend of 2.2p per share (the "Fourth Special Interim Dividend") be paid on 23 August 2024 to shareholders on the Company's register of members at close of business on 2 August 2024. The Company's shares will go ex-dividend on 1 August 2024. This will amount to aggregate dividends of 61.7 per share having been paid since Shareholders approved a managed wind-down of the Company. Following the payment of the Fourth Special Interim Dividend, the Company's remaining portfolio is expected to have a value of approximately £4m (a consequent NAV of approximately 8p per share) after provision for liquidation fees. The Board and Investment Manager expect that this remaining portfolio will be able to be realised in an orderly manner at carrying value and distributed to Shareholders by way of further dividend payments as well as through the liquidation process which is likely to occur later in the year subject to Shareholder approval. |
Posted at 26/7/2024 17:04 by zombiestocks hxxps://www.milkwood |
Posted at 26/7/2024 17:00 by zombiestocks There is an announcement out from Milkwood on their website about DSM. I will try to paste a link. |
Posted at 19/6/2024 07:08 by red ninja Well the money is already there for dividend 2 and dividend 3 cash is probably well on the way so yes I think most people would like the cash and do not want to be part of the Milkwood empire.Note, if at the start of this process DSM could have transfered to Rockwood strategic or a similar fund I would have voted for that, but now it is too advanced. |
Posted at 28/5/2024 10:18 by red ninja It seems to be ironic that they are closing DSM down when there are signs of recovery in the DSM portfolio. |
Posted at 28/5/2024 07:48 by 888icb RNS“In accordance with the Board's stated intention of returning cash to shareholders, in addition to the special interim dividend of 30 pence per share paid by the Company on 26 April 2024, the Board today declares a second special interim dividend of 12 pence per share, equivalent to, in aggregate, £5.5 million (the "Second Special Interim Dividend"). The Second Special Interim Dividend will be paid on 21 June 2024 to shareholders on the Company's register of members at close of business on 7 June 2024. The Company's shares will go ex-dividend on 6 June 2024. The Second Special Interim Dividend will result in the Company having returned approximately 64 per cent. of the Company's NAV as at 28 February 2024 (being the date on which shareholders approved the managed wind-down of the Company) to shareholders by 30 June 2024 through special dividends. The Board and Investment Manager expect the remainder of the Company's portfolio to be realisable at least at carrying value and the Board expects to announce a third special dividend in July 2024.” The company is making good progress with returning cash to shareholders more quickly than originally anticipated. |
Posted at 10/11/2023 09:00 by 888icb The final part of the very detailed article and Buy recommendation:“ Although Ramsdens continues to outperform analysts’ earnings expectations, prompting another round of upgrades post results last summer, the shares are only priced on a forward PE ratio of nine and offer an attractive prospective dividend yield of 4.9 per cent. A price-to-book value of 1.3 times is modest for a cash-rich company generating a post-tax return on equity of 17 per cent and one that is performing well during a cost-of-living crisis. Liberum’s target of 290p is more than a third higher than Ramsden’s current share price. It’s worth noting, too, that DSM’s largest holding is a liquid £2.9mn (8.5 per cent of NAV) stake in cable manufacturer Volex (VLX:285p), a £511mn market capitalisation company. In other words, the investment trust’s cash. Proceeds from the two agreed takeovers and investments in the above five holdings account for 54 per cent of DSM’s NAV. Scope for narrowing of share price discount to NAV The point is that there should be scope for a narrowing of DSM’s share price discount to NAV as cash distributions are made. There is also the real possibility that other portfolio companies will succumb to takeovers or corporate events at share price premiums during DSM’s wind-down process given that their listed market valuations are well below the intrinsic value of the holdings. Indeed, investment manager Judith MacKenzie has identified key catalysts within investee companies that point to an estimated intrinsic value of the portfolio, which if divestments are carefully managed, indicates an upside of at least 50 per cent to DSM’s current market capitalisation of £28mn (59p). True, a complete wind-down could take time given the nature of some of DSM’s investments and liquidity. However, this could work in shareholders' favour as small-caps have historically outperformed strongly after downturns. The bottom line is that there is potential for capital returns to shareholders well above DSM’s current NAV of £34mn (71.5p), a factor not reflected in the 18 per cent share price discount to NAV. Buy. |
Posted at 10/11/2023 08:57 by 888icb More from the IC article where Simon Thompson has separately issued buy recommendations on a number of companies in DSM’s portfolio:“ In recent weeks, portfolio companies OnTheMarket (OTM:110p), an online residential property portal, and FireAngel Safety Technology (FA.:6.73p), a home safety product supplier, have attracted recommended cash offers at bid premiums of 261 per cent and 56 per cent to their previous day’s closing prices. DSM will receive £2.7mn cash proceeds from each holding which, when combined with its cash holdings of £1.9mn, represents 21 per cent of DSM’s net asset value (NAV). In addition, another investee company, Aim-traded fintech payments group Equals (EQLS:119.5p), has entered talks with potential bidders that could lead to a takeover of the fast-growing challenger brand in banking and international payments. DSM’s holding in Equals is worth £2.1mn, or 78 per cent higher than cost. It could have a 45 per cent further upside if analysts’ 175p fair valuations are hit (‘Equals offers opportunity for 50 per cent upside’, 8 November 2023). Lowly rated portfolio offers material capital upside DSM holds positions in three other companies I am particularly keen on: Hargreaves Services (HSP:418p), an industrial group and land developer; Journeo (JNEO:205p), a transport systems provider; and Middlesbrough-based financial services group Ramsdens (RFX: 212p). Combined the holdings are worth £6mn, or 17.6 per cent of NAV. I have target prices materially higher than the current share price for all these holdings, highlighting the value opportunity on offer. For instance, Hargreaves is being valued on a 33 per cent discount to NAV of £201mn (618p) even though the group’s renewable energy assets (three wind farms, six access agreements and two solar farm leases) have been valued between £27.2mn and £28.9mn (83p to 89p). These assets are in the books for only £6.6mn (20p). The shares are rated on a forward price/earnings (PE) ratio of 6.7 and offer a five per cent dividend yield, too. Sum-of-the-parts valuations are 84 per cent higher than the current share price. Following two recent earnings upgrades, house broker Cavendish expects Journeo’s full-year pre-tax profit to almost quadruple to £3.7mn to produce earnings per share (EPS) of 19.7p, rising to £4.2mn and 22.7p, respectively, in 2024. On this basis, the cash-rich company’s shares are rated on a 2024 price/earnings (PE) ratio of 9.1, an unwarranted 32 per cent discount to peers. My 300p target price represents a premium of almost 50 per cent to Journeo’s current share price (‘Journeo is en route to quadrupling its profit’, 18 September 2023). |
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