Global Fixed Income Share Discussion Threads

[badtime] 30/4/2013 18:29

I'm with Tilts..who's head is wiser than mine as is yours sky

[tiltonboy] 30/4/2013 18:12

Sold a few just prior to the close. Another few pence and they will all be gone!

[skyship] 30/4/2013 18:08

So that could translate into:

# £12m very soon
# £12m in Q4'13
# £10m in Q4'14

...thereafter, looks like a long,long tail unless they can sell in the secondary market, though at a substantial discount of course.

Still, that £34m would equate to 35.5p/share, so only 24.5p of skin still in the game at that point...

HOWEVER, why does the estimated liquidity schedule always total just £75.2m & not the £88m as per the recent NAV statement to end Mar'13. Is the c£12m difference this tender. Surely not as the Mar'13 figure also totals £75.2m!

Certainly looks as though Gottex will earn their fee getting anything from some of those assets listed - most of them a sorry tale of just what you get when you go off piste in foreign parts.

Why the rise to 60p? I'm sure DVI will advise; but if I still held, I would be a seller. Look forward to reading the comments of wiser heads than mine - over to DVI, Tilts, Smarm, Badtime....anyone else game?

[smarm] 30/4/2013 16:30

Liquidity Schedule...
Cash and Cash
Fund Portfolio Receivables Percentage
------------ --------------------- ------------------- ----------------
Mar-13 GBP 66.3m GBP 8.9m 12%
------------ --------------------- ------------------- ----------------
Apr-13 GBP 61.9m GBP 13.3m 18%
------------ --------------------- ------------------- ----------------
May-13 GBP 61.9m GBP 13.3m 18%
------------ --------------------- ------------------- ----------------
Jun-13 GBP 61.9m GBP 13.3m 18%
------------ --------------------- ------------------- ----------------
Jul-13 GBP 53.0m GBP 22.2m 30%
------------ --------------------- ------------------- ----------------
Aug-13 GBP 52.6m GBP 22.6m 30%
------------ --------------------- ------------------- ----------------
Sep-13 GBP 51.7m GBP 23.5m 31%
------------ --------------------- ------------------- ----------------
Oct-13 GBP 48.8m GBP 26.4m 35%
------------ --------------------- ------------------- ----------------
Nov-13 GBP 48,8m GBP 26.4m 35%
------------ --------------------- ------------------- ----------------
Dec-13 GBP 48.8m GBP 26.4m 35%
------------ --------------------- ------------------- ----------------
Mar-14 GBP 48.1m GBP 27.1m 36%
------------ --------------------- ------------------- ----------------
Jun-14 GBP 45.3m GBP 30.0m 40%
------------ --------------------- ------------------- ----------------
Sep-14 GBP 39.6m GBP 35.6m 47%
------------ --------------------- ------------------- ----------------
Dec-14 GBP 38.4m GBP 36.8m 49%
------------ --------------------- ------------------- ----------------
Mar-15 GBP 37.8m GBP 37.4m 50%
------------ --------------------- ------------------- ----------------
Jun-15 GBP 36.6m GBP 38.6m 51%
------------ --------------------- ------------------- ----------------
Sep-15 GBP 35.2m GBP 40.1m 53%
------------ --------------------- ------------------- ----------------
Dec-15 GBP 35.2m GBP 40.1m 53%
------------ --------------------- ------------------- ----------------
Mar-16 GBP 33.0m GBP 42.2m 56%
------------ --------------------- ------------------- ----------------


In summary Gottex estimates that it should be possible during this calendar year to liquidate at least a third of the assets that comprised the Company's portfolio at the point of Gottex's appointment on 1 January 2013, with some payments only coming back to the Company early next year.

This progress, if achieved, would have the effect of concentrating the remaining portfolio in positions where achieving liquidity is expected to be significantly more difficult. In the multi-year process that liquidating this portfolio is expected to represent, 2013 is likely to be the 'easy' year.

[smarm] 30/4/2013 16:27

Tender offer.

S

[hezza123] 30/4/2013 16:24

ETA: Just seen the news. Hadn't come through on my screen...

[tiltonboy] 26/4/2013 07:24

dvi,

Not at all, but you know full well that "NAV is still above 92p" is only technically correct as they haven't produced a detailed review on the whole portfolio. I trust it will be a complete review in two weeks time, as they will have had four months to get it done!

The only plus is that we have 15p per share in cash.

[deepvalueinvestor] 25/4/2013 23:28

cash increased to £11m+! I am mystified by the negativity. The shares trade at a big discount and despite a more prudent nav calculation it is still above 92p per share versus price of 58p. Did you really expect the new management to upgrade nav?

[badtime] 25/4/2013 14:15

Get the bad news out the way first?On gut feeling I hav halved my modest holding

[praipus] 25/4/2013 14:01

perhaps we are starting to see the real reason Weiss pulled out.

[tiltonboy] 25/4/2013 13:21

So, they have halved the valuation on the Vision funds having already made a provision previously!

Absolutely shocking.

Only two weeks to go until further details of the report are announced, but the wording doesn't suggest it's the full report we are waiting for.

[deepvalueinvestor] 12/4/2013 08:06

Not surprised that they are bid up today as at one point yesterday I could buy 100k at 57.5p and sell at 58.5p! The seller quickly changed their price when they saw us looking but interesting anyway. I remain bullish although currency has moved against us recently so mentally put nav back to 95p when you buy.

[deepvalueinvestor] 10/4/2013 18:01

It will certainly be a relief when Weiss is cleared out. What bizarre behaviour from them.

[hemel] 10/4/2013 17:16

they've still got another 4m to shift

[jaws6] 10/4/2013 16:56

Who took Weiss stock? RNS

[badtime] 05/4/2013 19:28

Another lot of chunky stuff today

[badtime] 04/4/2013 16:55

3million in 3 trades .. Wonder who took tht lot

[deepvalueinvestor] 03/4/2013 07:53

Apologies if I made an error but this was what was indicated by Numis. They should have clarified that estimated figures would be no more but final figures would continue as before.

[tiltonboy] 02/4/2013 20:48

dvi,

Thanks for clarifying. I have edited accordingly.

Hopefully the April review will give us the comfort we desire.

[hemel] 02/4/2013 20:11

dvi - thanks for the clarification re NAV announcements. I had read it incorrectly as well.

[deepvalueinvestor] 02/4/2013 19:51

Tiltonboy, you misread the announcement. We will get formal updates once a month but not the estimated ones so there will be a four rather than two week lag. As expected, a minor write down and a rising NAV. I still want to see a bit more cash coming through but I remain a buyer and picked up more today. Put simply, I am deeply worried about most investments at the moment but gfir is not one of them.

[redartbmud] 02/4/2013 13:36

tilt

Would be nice if it was Frank and Ernest. I'm all for a little insurance.

red

[tiltonboy] 02/4/2013 12:42

I hope the April review is comprehensive, and frank.

[hezza123] 02/4/2013 11:42

Good to see it rising 3.5% since last update.