El Oro Share Discussion Threads

[coolen] 25/4/2017 22:00

Note that the controlling family (3rd generation, at least) have not confirmed their intention to vote in favour of their own Resolution to liquidate.

Some gems are left in the portfolio. In particular, their brewery shares.

Sad that they sold many of their commodity shares before the bounce, hence the disappointing NAV this year.

Restoring a second London jobber would help the company's rating.

However, they would like to go private (was Fully-Listed; then AIM; now Channel Islands Stock Exchange Listed)and be rid of all the red tape.

If so, a second jobber combined with a formal share buy-back scheme for minority investors might suit every party.

The next AGM statement may contain a clue -between the usual Bible recitals.

[ntv] 23/4/2017 18:33

the discount is technically larger than stated as they quote a mid price of 62.5p
yet for months the spread is 60-70p . should valued at bid imho
also not sure if nett assets are quoted at bid prices or mid prices.
the investment in art work appeared in the last accounts with no explanation of where it was purchased from or why it was bought yet they are supposed to be winding it down and art work is a long term investment.!!
i only have have a few share and it is not worth buying anymore unless the discount opens to say 50% or more because of the spread.
they could increase the dividend greatly as they are winding down and also leave the chance of a specialised fund taking it over as the deadline approaches
buying in now could give a good annualised return but will get better as we approach nov 18

[robsy2] 21/4/2017 07:19

Good morning NTV
I have just stumbled across this trust. The chairman 's statements are magnificent, in the last annual accounts he starts quoting from the bible.... This looks to have some decent assets and the discount is deep , not much liquidity I imagine, I suppose the big question is will the shareholders pass the special resolution in November 2018 to keep it going? If the directors support the resolution then presumably they will not vote to keep it going, however the Chairman receives a large salary so one might imagine he would want to keep the party going , but, as a director he has supported the resolution. It could be that this was simply done to close the discount but the chairman must be quite old and the trsut isn't really working in their favour so maybe it's better to split it all up and everyone go their seperate ways. Nov 2018 is not so far away and I see they are taking steps to do that re cancelling bank lonas etc.
One to watch.
R2

[ntv] 03/4/2017 18:52

hurricane energy should have helping the performance recently

[ntv] 17/3/2017 09:31

they also purchased some artwork according to the full year accounts. This is a bit of a strange investment for a listed company
i wonder where they purchased it and it would be nice to know what the artwork is, especially as it cost £500k !!

[ntv] 17/3/2017 09:14

another small increase in asset value
about 2% over the month
spread is what kills this stock, only the big boys can get inside the spread
always puts me off buying more as if markets turn downwards you just can't exit without being stung.
keeps a lid on traders and the stock is less volatile but keeps the discount at a large 30% plus
not sure where the company gets the bid price from as it was only 60p on 28th feb
so discount was still 35%
a monthly fact sheet and a list of holdings would be nice
but not much chance of that

[glavey] 10/2/2017 05:58

Currency NAV %change Valuation Date
GBp 84.6 -0.70 31-12-2016
GBp 87.1 +2.50 31-01-2017

[ntv] 28/1/2017 10:49

large buyback the yesterday

[ntv] 16/1/2017 18:16

armstrong buying more or directors topping up?
buyback would be more beneficial
nett asset update, doesn't take long to add up on a computer, so where is it??

[ntv] 24/11/2016 11:38

and dee valley
not sure mp evans will go ahead after the run the malaysian currency

[coolen] 17/11/2016 20:15

The directors, who effectively control the company, have passed this liquidation resolution to narrow the discount and repel boarders.

Upon the actual vote to liquidate, whether the directors will vote in favour is another matter, methinks.

Meanwhile the higher bid for M P Evans is a nice little earner for the fund.

[ntv] 17/11/2016 19:34

going to be wound up in a couple of years time or so
what about Armstrong investments?
will they buy any more as discount is closing
would be nice for the nett asset value to be reported more regularly and closer to the period it is reporting
sometimes we have to wait over a month to see nett asset figure
this period was a fortnight late which is good for El Oro
why not once a fortnight and only a day or so after the date end?
surely not that difficult to calculate on a computer programme

[ntv] 17/11/2016 19:26

mp evans and dee valley increasing nett assets here

[ntv] 21/9/2016 12:23

winding up is pushing share price closer to net asset value.
i wonder if they will ditch the dividend this year?
more news in results i guess along with winding up so regular lumps sums to come over the next year hopefully
i never understand why they issued RNS after hours either

[deadly] 16/6/2016 22:20

.....Be patient and they'll recover.??!!

How patient are you? 2 years on and they are lower.

The chairman is becoming increasing loony in his bizarre statements:

"The honeymoon of the emergent Conservative government has been brief in the extreme, as its doyen the Chancellor now concocts a cunning ploy to finish what Mr. Brown started, the destruction of the British pension industry: not content with reducing to laughable levels the upper limits, there are suggestions he will remove the tax-exemption altogether, thus yet again removing any incentive to save and make provision for the future.

This is aligned with his assault on middle-England's favourite past-time and source of wealth-creation, Buy-to-Let, by introducing a discriminatory rate of stamp-duty, and removing tax-relief on the cost of the mortgage. He may well accomplish a repeat of what his exorbitant stamp-duty increases have done to the higher-level housing market, where its revenue has been considerably reduced, and the market itself ground to a halt. The imposition of the Living wage, raising wages across the country to £9 by 2020 is another example of management by diktat, taking no account of regional differences in cost levels, nor more especially of the vast subterranean labour market that exists in South-East England, recruiting some of the migrants who now form 70% of London's population, and many of whom are outside the scope of any legislative controls....."

[coolen] 28/7/2014 23:05

From tomorrow's (well they are ahead of us !) Australian press:

".....The mining sector is growing increasingly cautious about the future, with confidence in the local industry now at a five-year low, according to the latest Mining Business Outlook.

The study, conducted annually by Newport Consulting, discovered industry leaders were worried by weakening demand, softening prices and a challenging regulatory environment.

A majority of those surveyed indicated a belief the sector's future is now out of their control, a sign of troubled times ahead.

In all, 93 per cent of respondents were not confident about growth in the coming year, while 82 per cent expressed pessimism about large-scale projects being committed to in the coming 12 months.

Economist Saul Eslake suggested the next major projects for the sector would be at least three years away."

Personal view: Buying El Oro at their present discount (which I am doing) reminds me of buying bank shares 5 years ago when nobody wanted them. Be patient and they'll recover.

[bench2] 28/7/2014 12:17

Solid director buying at 70p by Robin W-P ...... a good sign , now on a 30% discount with a prospect of NAV rises if gold price , gold shares and U$ slowly improve . I am reluctant to pay 73p and wondering who sold so much stock to RW-P at such a cheap price .

[deadly] 29/10/2013 09:26

Always worth reading the results. From latest:

"As the suntan fades along with the memories of a sublime summer, it is both salutary and sobering to see the remorseless result that a swoon in the Gold price has had in lowering the asset value from our 2011's highs. Whilst the portfolio has fallen by 17.7% overall, the Gold Price has fallen by 25.4%, and many of our holdings in that sector, and especially our principal holding in Troy Resources, have fallen by significantly more than that.

Whilst being wise after the event is a valueless commodity, it is certainly apparent that many more profits should have been locked in after Gold reached over $1900 in September 2011, even if the consensus at the time was that $2200 or higher was the next objective. We certainly failed to anticipate the speed and extent of the decline that occurred in late March and early April, dragging the price down by nearly $500 in quick time, and decimating some explorers' prices in the true meaning of the word."

[deadly] 29/10/2012 09:19

Love the Chairman's statement in the results:

"This soggy set of results, saturated by incessant rain in May and June, followed the failure to heed the old adage of 'Sell in May'."

[strollingmolby] 15/3/2012 14:28

El Oro disclosed as a £2m creditor of MF Global:

[james dean] 08/6/2011 09:02

Just to update the thread:

Announcement

Admission to Trading in London | Announced - 6 June 2011

El Oro Ltd ("El Oro" or the "Company") announces it has been admitted to trading on the Stock Exchange Electronic Trading System - quotes and crosses ("SETSqx") of the London Stock Exchange. SETSqx will allow the Company's securities to be viewed by the London investment community.

The admission to trading on SETSqx does not affect the listing of all of the Company's shares on the Channel Islands Stock Exchange.

The ticker for El Oro is ELX.

El Oro is a collective investment vehicle which holds discrete portfolios which are segmented and managed along different investment styles. The UK portfolio focuses on mature sectors with higher yields and the Guernsey portfolio holds stocks selected in pursuit of growth.

El Oro was formed from the restructuring of the El Oro Mining and Exploration Company plc to allow El Oro Ltd to be subject to a tax regime that puts it on a par with other investment vehicles such as unit and investment trusts.

Robin Parish, Chairman of El Oro, commented, "I am delighted that the London investment community will now be aware of El Oro, as the Channel Islands investment community continues to be."

For further information, please contact:
El Oro Ltd
Robin Woodbine Parish, Chairman
Steven McKeane
Tel: 020 7581 2782

Dexion Capital (Guernsey) Limited
Gillian Newton
Tel: 01481 732814

finnCap Limited
Matthew Robinson (Corporate Finance)
Ben Thompson (Corporate Finance)
Tel: 020 7600 1658
-------------------------------------------------

Regards.

DYOR

[davebowler] 03/1/2011 10:36

Just stumbled upon this share when looking for indirect gold exposure -I hold CYN for the same reason,and it strikes me as cheap on a discount to NAV basis.

Today's Price Data
Bid close: 550 Ask close: 600 Mid close: 575 Close date: 31-12-2010

Net asset value: 814 Date: 31-10-2010
Normal Market size: 500
VWap: -

[mw8156] 22/2/2009 14:01

voted against for my small holding...

[glavey] 17/2/2009 04:31

Yes, that is the essence of it. The problem is that they have bundled the whole thing together - it would be a lot easier if there was a separate resolution to de-list from AIM. If AIM listing was maintained, it would then remain accessible for UK holders to hold in nominee a/cs and trade in the same way as now and also provide that it can be held in an ISA. Can't see many people wanting to hold in an ISA on the CISX, somehow.

Wondering who holds this stock in size other than the family? Any ideas?

mw8156 - I assume you hold some - will you vote against or abstain?

G.

[mw8156] 01/2/2009 15:01

Does this scheme if effected, mean that holders will end up with just new el oro shares listed in the Channel islands?
I am against it as liquidity could be difficult.