Equity Special Situations Share Discussion Threads

[sharegod] 24/10/2005 01:32

so the holding in sam is worth 90% of the mkt cap.

[rambutan2] 21/10/2005 13:39

cant resist posting this as an answer to the question in the header...

"On 1 January 2005 our Net Asset Value ("NAV") per share was 17.49 pence. We
have now begun to profit from investments made with the result that, as of 30
June 2005, the NAV was 22.05 pence per share and as of 31 August 2005 it had
risen to 81.53 pence per share. Due to the fact that ESS owns 20 million shares in SAM the NAV as of 23 September 2005 is 250 pence per share. This increase in the NAV represents a rise of approximately 1329% over the nearly nine month period from 1 January 2005."


re sam...



has 93m shares in issue so current mkt cap is £58m.

[rambutan2] 21/10/2005 13:29

29 September 2005
Equity Special Situations Limited

Placing of shares by Noble & Company Limited

Equity Special Situations Limited ('ESS' or 'the Company'), the AIM-quoted
strategic investment company, today announces that it has placed 544,000 new
ordinary shares of 1p ('Placing Shares') at 125p per share (the 'Placing'),
raising gross proceeds of approximately £680,000 equivalent to 5.5 per cent. of
the Company's issued share capital prior to the Placing.

Application for the Placing Shares to be admitted to AIM has been made and it is expected that the Placing Shares will begin trading on AIM on 5 October 2005. The Placing Shares will rank pari passu with the existing ordinary shares in issue. Following the Placing, the Company will have a total of 10,427,888 ordinary shares in issue.

Peter Griffin, Director of ESS, commented: 'ESS is delighted to have been able
to broaden its shareholder base and attract new capital. We see a healthy
pipeline of potential opportunities in the coming months from which to choose
further investments and this placing will enable ESS to widen its portfolio with the aim of generating higher returns for our shareholders in the future.'

[sharegod] 23/9/2005 09:50

Still a considerable discount to NAV of 2.50.think these could see 2.00 soon enough.

[sampsonp] 18/9/2005 19:11

interesting #13m is > 2% of aum suggesting a premium, normally buy at 1.5% max. Aberdeen bought Deutshe's am recently for less than 1%

600m aum = amc of only 6m @ (say average 100bps) ann rev excluding any performance fees. i will look into this more, seems strange setup though.

[nephin] 18/9/2005 18:57

ShareGod:

After reading the trading statement do I assume that ESS has bought SAM which in turn has bought ASHCROFT - is that the current situation?

Nephin

[sharegod] 18/9/2005 18:32

£3.00 says I.

[sharegod] 18/9/2005 18:31

A trading statement was released on 10 June 2005 relating to the creation and
funding by ESS of a new company called Syndicate Asset Management plc ("SAM").
The directors are now pleased to report that today, SAM made a recommended cash
offer for Ashcourt Holdings Plc ("Ashcourt"). Ashcourt is an AIM quoted asset
management company with approximately #600 million of funds under management.
The recommended offer by SAM values Ashcourt at approximately #13 million.


interesting.where will it end.

[nephin] 14/9/2005 20:09

Has anybody got any recent info on this share?

Nephin

[topvest] 23/8/2004 15:01

Don't have the propsectus in front of me now. From memory I thought it was £1.50-2m at not less than 85% of the prevailing price. Still doesn't help the NAV position much!

[charlie] 23/8/2004 14:58

Don't think there have been any real trades at 55p (or indeed any other price).

What are the terms on which they can call on a further £1.5m in the month after April 2005? - if that money can be accessed at little cost/dilution then it could go some way to explaining the gap between apparent assets and quotation.

Very long bargepole advisable.

[topvest] 21/8/2004 08:50

This vehicle looks rather odd. It is a Guernsey based investment fund recently listed on AIM.

It's market cap at the placing price is £4.3m and the share price has since increased to 55p. Why?

The company only has cash of approx. £1.75m, because half the shares were issued at 3p.

There is an opion agreement for further shares to be issued.

OK, I am confused. Why would anyone want to invest in such a company at 50 or 55p when net assets are only c25p? To invest at a 100% premium in what is effectively an investment trust doesn't look very sensible.

Running costs are also too high for a company with just £2m of funds. £22k to Nobles, £15k to an admin company and £20k to directors as a starter. There is also going to be an investment committee - all a bit OTT for such a small company - surely to be a special situation fund you need to move fast?

What's the logic?