Downing Strategic Micro-... Share Discussion Threads

[red ninja] 25/10/2024 09:12

Mmm they are most probably talking about the wind down.

I am sure they would agree the trust itself has not been a success,

[zombiestocks] 24/10/2024 20:28

Interesting half year update from the board. They think losing 33% over 8 years is a decent outcome. Congratulations all round. Zero self awareness.

[tabhair] 27/9/2024 15:24

Had a good look at this one to see if there was a chance to scratch out a profit on the remaining liquidation. Came out of it thinking that the current 12% discount to NAV wasn't generous enough.

The fund owns a 20% stake in Digital Box, a £4m nano-cap that looks a very mediocre business. They won't be able to dispose of these shares in the market, their holding is just too large. Someone will need to make an offer for the lot, and they will be able to name their price.

8% of the NAV is in loan notes for Really Good Food, a formerly listed company that is now bankrupt. There may be no value at all to these loan notes.

Over 36% of the NAV is in Centaur Media. This looks a better business than Digital Box, but its share price is getting badly hit by Downing selling their position down.

The winding down of the fund is going to take some time yet, I'd say won't be done this calendar year at least.

[zombiestocks] 09/9/2024 10:30

This has gone very quiet. I guess they are now left with just the really illiquids, so that will take time to unload unless they dump it at a discount.

[97peter] 05/8/2024 12:16

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.!!!

[zombiestocks] 04/8/2024 17:45

Management mentioned that an "independent" advisory firm advised that investors vote with management but they don't name the firm. That's a first for me. Anyone know who they used?

[makinbuks] 04/8/2024 16:40

Rockwood Strategic (Harwood) raising funds at a premium again so will be mopping up any sales from this lot. just breathe taking how the board got the timing wrong here while RKW profit

[red ninja] 03/8/2024 20:42

Centaur has not done so well recently, but Harwood are backers.

[zombiestocks] 03/8/2024 12:33

It would be interesting to quantify the damage rushing has done to investors. I guess bad investment decisions aren't covered by Downing's insurance though.

[weatherman] 03/8/2024 11:58

They're selling down their CAU stake at lower price.

[97peter] 01/8/2024 19:01

I’m happy!!

[weatherman] 01/8/2024 11:52

Peter - sorry to say this, but the best way for you to get your money back is to vote with Milkwood and hope they take it over - otherwise you will probably only get back ~10p per share having forked out above 12p (depending on the price you paid).

[97peter] 29/7/2024 20:23

Only bought 100,000 shares.

[zombiestocks] 29/7/2024 17:44

Many small company funds are doing well. I am disappointed that Judith wasn't fired 3-4 years ago from this trust.

I also sold some today - thanks Pete. But why would you lock in a loss? If you bought 1m shares that's a £30k loss... For what?

Milkwood asked what the rush to do this is and paying so far above NAV just adds to the mystery... What is being hidden here?

[weatherman] 29/7/2024 16:51

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.

[red ninja] 29/7/2024 15:30

97 not sure you are wealthy enough to beat Milkwood ?

[zombiestocks] 29/7/2024 15:26

Interesting to see no RNS if someone new has made such big purchases?

[97peter] 29/7/2024 14:13

Weatherman et al, the large unknown buys are mine and I will be voting against the Milkwood resolutions, so like last time they will sadly e defeated. We will continue to get monies paid backs and then Milkwood will just disappear!!

[weatherman] 29/7/2024 13:48

The thresholds are 5%, 10%, 15%, 20%, 25%, 30%, 50%, and 70%.

[red ninja] 29/7/2024 13:10

I take your point, but the July dated doc. must logically be later than the June doc and more up to date on Milkwoods holding.

I am not sure why we haven't seen Milkwood's holding rise in an RNS.

[weatherman] 29/7/2024 13:06

The other doc from 17 June - Milkwood Fund, "with over 26%".

[red ninja] 29/7/2024 12:55

Milkwood July doc below states :-

"As owners of nearly 30% of the company"




So presumably not much more buying that Milkwood can do.

However, Milkwood directors or allies of Milkwood could be buying to support the takeover.

[weatherman] 29/7/2024 12:43

Mid price 13p, NAV 10.31p - Milkwood maximising their stake imo to closer to 30%. They had 26% in late June.

[97peter] 29/7/2024 12:38

If Milkwood don’t get enough votes, then current management will return the rest if the 5million left to us by end of year! Well done to current management!!