Global Fixed Income Share Discussion Threads

[kenny] 25/4/2014 08:54

My guesstimate was 29p of realisable assets before the 10p return, so the current share price may be expensive; other than for someone taking a 5-10 year view. However, this is only my estimate which may prove to be conservative.

[deepvalueinvestor] 25/4/2014 07:46

Perhaps because the price will settle at 25p? Not sure why you are so negative on the assets. Surely property in Ukraine is bulletproof .....

[tiltonboy] 25/4/2014 07:38

.....except realistically you are not buying 49p of assets at 22p.

[deepvalueinvestor] 24/4/2014 23:43

Another 10p back for holders so it will be interesting if you can then buy 49p of assets at 22p. I was going to buy more today but not possible to pick up up stock under 34.5p. Market bidding 100k at 31.5p.

[redartbmud] 27/3/2014 15:06

It would be better if the cash was in my pocket. Wishful thinking I fear.

[tiltonboy] 27/3/2014 10:23

Nav down...again, but at least cash is up. Best part of 10p per share in cash now.

[marben100] 06/3/2014 17:19

The latest factsheet has now been published (for January) and answers the Ukraine questions, no major impact - unfortunately cannot copy detailed text from the factsheet. Not clear when the company will have enough cash to make a distribution worthwhile - currently 12% cash but further realisations unpredictable, so not tempted to top-up, even at these levels.

Mark

[marben100] 04/3/2014 20:18

Good point kramch! However the last posted NAV alraeady already reflects substantial writedowns against those positions. Hope they've reserved enough now.

Cheers,

Mark

[kramch] 04/3/2014 20:10

Does anyone know how their Ukrainian property development is affected, or where it is?

(From their write down announcement 20 Jan 14 ;
"In addition,the Ukrainian property development that comprises a large portion of the Ubique Galois Fund portfolio is also present in three of the Company's other fund holdings: Ubique Green Fund, Signet Credit Fund and Autonomy IIC‐LTV.")

K.

[marben100] 04/3/2014 20:09

Agreed but tough to invest more now when NAV has declined by 33% since I originally invested - my exposure is already significant, as I thought the share price was a bargain at 50p+ when the NAV was correspondingly higher. Nevertheless, might be tempted to add below 35p, but will wait for next fact sheet to see what realisation expectations are now before doing so.

Cheers,

Mark

[deepvalueinvestor] 04/3/2014 19:52

With so much negativity from all of us, perhaps this is worth 45p+. Another tender later this year will be most welcome

[tiltonboy] 04/3/2014 19:30

Looks like they have finally received the cash from the Fusion V Series B redemption that was overdue.

[marben100] 04/3/2014 17:50

Unused to an error being in shareholders' favour here: cash apparently stands at £4.5m. Perhaps not quite as long as I'd feared to the next tender. Wasn't expecting one until next year but could be room for one this year, with some more realisations.

Cheers,

Mark

[deepvalueinvestor] 01/3/2014 08:58

I know what you mean tiltonboy, holding and ignoring....

[tiltonboy] 28/2/2014 15:00

Only a ha'penny off the NAV this month, and an extra 350k in cash.

Does this mark an end to the writedowns?

I doubt it!

[marben100] 06/2/2014 15:33

Thanks! I'd forgotten that we already had that update.

[tiltonboy] 06/2/2014 15:27

Mark,

Much of that fall was highlighted in the announcement of 20th January, but they have taken another 2.5p off since then.

Absolutely shocking!

[marben100] 06/2/2014 14:56

Tilts,

You're right not to trust the NAV.

Another big fall in NAV in December, down from 77.8p/share in November to 60.73p. See

Wonder what the real figure will turn out to be?

Cheers,

Mark

[tiltonboy] 21/1/2014 07:17

and why should we believe the current NAV!

The only bit I believe (hopefully) is cash.

[deepvalueinvestor] 20/1/2014 23:38

Not sure it makes it any clearer. The shares are trading at a massive discount as nobody believed the nav but if they do now, we are still talking about a 50% discount.

[tiltonboy] 20/1/2014 19:36

I would like to know what actions the board is taking about a) the previous management in terms of the portfolio of invstments, which were clearly off-mandate in places, and b) the management fees, which were clearly taken with inaccurate NAV's.

No wonder Weiss were keen to get out!

[jaws6] 20/1/2014 17:24

NAV update and reduced nav plus update ,surprive NAV is 63 after written down.

[bisiboy] 27/12/2013 17:01

it is interesting
mr market would appear to agree with everyone that 50p would be the anticipated outcome.
however if this is true then the current NAV must be overstated still. if they continue to see doubt as to the value of their positions then perhaps they should be wriiten down to a point where value could be realised with their fee
based accordingly

[tiltonboy] 27/12/2013 10:08

Agreed. All we can do is hope. If I could see 50p for the balance, I would see it as a result.

[deepvalueinvestor] 27/12/2013 10:03

Tiltonboy I guess it depends on the original entry point. I wasn't an original holder at 100p and think my average cost was about 65p. As I accumulated quite a bit at 50p-60p, by tendering at an average of about 90p, it doesn't look too bad although it has meant underperformance in a rising market. We also got some quite high allocations in some of the tenders as I guess others in our nominee didn't bother.

However, we will all agree that we feel hoodwinked by the previous management and that this has certainly not been the success of 2013!