Global Fixed Income Share Discussion Threads

[tiltonboy] 24/5/2013 17:26

No major change to NAV despite the last statement, and a director resignation.

[deepvalueinvestor] 22/5/2013 19:46

I remain a buyer ahead of the tender.

[yieldsearch] 21/5/2013 23:07

given the illiquid portfolio left post tender, i would love to get 100% done in the tender and move on!!
so choices are either sell now full amount or tender for a % and likely suffer large price down post tender. Likely that everybody will tender all so tempted to sell now and take my losses.

[skyship] 21/5/2013 18:29

Always tender 100%, then you may, in fact you usually will, get more than the minimum. After the tender, use most/some of the the cash to buy back in at the lower Market level should you wish to do so.

Net holding position unchanged; and an effective dividend banked.

[insipiens] 21/5/2013 10:14

Tender the lot imo.

[boystown] 21/5/2013 09:42

I hold a few of these shares and have received an email from Selftrade asking me what I want to do by Thursday.

Do we know when the NAV date is?

I know I don't really understand all this properly as the NAV is 92.6p – so is the best course of action to tender 100% and see what I end up with?

Thanks in advance

[marben100] 18/5/2013 11:47

dvi,

Tender record date is C.O.B. on 30th May.

Latest time for receipt of tender forms or TTE instructions is 5pm on 31st May.

Tender results will be announced on 4th June and funds credited (via CREST) on 7th June.


Brokers will set deadlines ahead of those dates for receipt of instructions - I recommend consulting your own broker to establish what their deadline is, and when purchases will be eligible for tender.

Cheers,

Mark

[tiltonboy] 18/5/2013 08:50

dvi,

Any chance of a more detailed review of the current position. Will they be making any provisions ahead of the Tender.

There won't be an x date, which is confusing. The record date also isn't an accurate indication, believe it or not. I got caught badly on a similar situation a couple of years ago, and even asked the advisors to the company who gave me incorrect information.

If I got 70p I would be delighted!

Market went up another 400 points between APR and MAY options expiry, and was up another 30 points after hours last night. I could do with a 150 re-tracement until next expiry, but it just doesn't want to fall at the moment.

[deepvalueinvestor] 18/5/2013 08:28

Tiltonboy, yes I have a better sense of things now and will be adding over the summer. Does anyone know when the shares go EX this latest tender? Holders should expect another 10p per share to be released next month with the redemption of the largest investment. Management agree with my reservations about other asset classes and target of a modest return over the next three years.

I still feel that a return of 70p approx is realistic over that period, which is why I remain positive. I remain deeply worried about equities and bonds so GFIR looks a good diversifier.

[tiltonboy] 17/5/2013 21:38

dvi,

Any news?

This market is doing my head in!

[hugepants] 15/5/2013 19:36

great thanks for that.

[marben100] 15/5/2013 19:10

HP, you can find the circular & all other documents here:

The thing to note is the estimated liquidity schedule shown in the Annex to the circular, and previously published in the IMS at the end of April:

Gives a much clearer idea of when future returns are likely. It may be updated in the monthly fact sheet that Gottex will issue (mentioned in the IMS).

Cheers,

Mark

[insipiens] 15/5/2013 16:48

HugePants, Nobody knows - I made the assumption they were valueless when determining if the investment was worth making. However that assessment is now out of date :S

[hugepants] 15/5/2013 16:18

OK point taken as regards boilerplate. But they missed out an asteroid strike and what that could do to the value of the assets. They aren't totally covered.
What about the remaining assets then. Just say they are really difficult to get ride of, are they generating decent income such that the company could pay a dividend out to shareholders?

[tiltonboy] 15/5/2013 16:02

...or large way!

[skyship] 15/5/2013 15:30

HP - yes that is standard RISK parlance - of course, may well still be true in some small way here...

[safetymargin] 15/5/2013 15:00

HP, it's ass-covering boilerplate.

[hugepants] 15/5/2013 13:02

From the RNS:

Following the implementation of the Tender Offer, the Company will have realised most of its more liquid fund investments and will have distributed substantially its available cash to Shareholders lodging valid Tender Forms. Shareholders not lodging valid Tender Forms will therefore have an ongoing exposure to a more concentrated portfolio of less liquid investments. There is no guarantee that such investments will be realised at their current net asset value, and it is possible that the Company may not be able to realise some of its investments in a timely manner and/or at any material value or at all.

Whats the point in that? I doubt they meant to suggest there is a realistic chance there is no material value left but that's what it sounds like. Anything of interest in the circular. Is it online anywhere?

[deepvalueinvestor] 13/5/2013 08:16

I have been away tilt but one set up this week

[jaws6] 10/5/2013 19:21

They put RNS at 16,13 and they Re issue another at 16,46 with bits missing from first news

[tiltonboy] 10/5/2013 17:01

Like what?

[jaws6] 10/5/2013 16:39

looks like some one is not doing there job in today's RNS ??
parts missing ?

[tiltonboy] 10/5/2013 15:59

dvi,

Have you had that conference call yet?

Price still drifting down, while market going up is painful in the short term!

[smarm] 30/4/2013 23:16

I'm inclined to agree with DVI. 50% upside from here if NAV is achieved. Let's say only 40% or 30% is achieved....4 years...beats cash.

S

[deepvalueinvestor] 30/4/2013 20:29

I am more bearish on the prospects for equity and bonds than most, so I still like the slow march to redemption here but will find out more at a conference call at the end of next week. The US$ exposure also appeals to me.