Great Portland Estates Share Discussion Threads

[tiltonboy] 17/3/2009 11:37

donal,

Not that easy. The cash plus a lot more on top is committed to existing investments.

jonwig,

Your assumptions are correct.

tiltonboy

[jonwig] 17/3/2009 10:47

From the Nov IMS:

Commitments

Outstanding commitments fell by 9.8% from £346.4 million to £312.4 million during the period. Overcommitment, the level by which commitments exceed cash and near cash, decreased to £233.7 million, or 61.5% of net assets. No new commitments were made in the quarter.

I'm unclear what a "commitment" is. Is it a binding agreement to lend to, or subscribe for shares in an investee company or fund at some future date?
If so, the apparent discount is explained, and it would mean I won't touch it.

Any ideas, please?

[donalc] 17/3/2009 10:12

This current price does not make sense. Unless the market believes the managers here are so incompetent that they will lose the cash they have (that alone more than share price) and all investments made are worth nothing.

[donalc] 16/3/2009 15:19

This sounds positive:

TIDMGPE

RNS Number : 9181O
Graphite Enterprise Trust PLC
16 March 2009

?
ANNOUNCEMENT TO STOCK EXCHANGE


GRAPHITE ENTERPRISE TRUST PLC


16 March 2009


Graphite Enterprise Trust PLC ("Graphite Enterprise" or the "Company") expects
to release its final results for 31 December 2008 no later than 3 April 2009.
The Company previously announced that it would release those results on 19 March
2009.


The delay in the release of the results has been to allow for the clarification
of certain technical issues. These have now been satisfactorily resolved and
will not impact the Company's net asset value per share or any other aspect of
its performance or operations.


Graphite Enterprise's net asset value per share as at 31 December 2008 is
estimated to be in the region of 449p.At that date, the Company had no debt and
had cash and near cash of GBP139.0 million (191p per share), representing
approximately 42% of the Company's total assets.












For further information, please contact:
+--------------------------------------------+---------------------------+
| Graphite Capital | Tel: [phone] |
| Rod Richards / Stephen Cavell / Tim Spence | |
| | |
+--------------------------------------------+---------------------------+





This information is provided by RNS
The company news service from the London Stock Exchange
END

STRGUUWCWUPBGPQ

[nil pd] 30/12/2008 20:47

Completion of sale of Interests (Graphite Enterprise)




RNS Number : 9062K
Graphite Enterprise Trust PLC
30 December 2008


ANNOUNCEMENT TO STOCK EXCHANGE

GRAPHITE ENTERPRISE TRUST PLC

30 December 2008

On the 3 November 2008 Graphite Enterprise Trust PLC ("Graphite Enterprise") announced
that it had exchanged contracts to sell interests
in ten funds ("the Interests") to funds managed by AlpInvest Partners NV ("the Purchaser").

The sale of the Interests has now been completed on the terms agreed with the Purchaser.

Graphite Enterprise will announce its annual results for the year ended 31 December 2008
on 19 March 2009.

For further information, please contact:
Graphite Capital Tel: [phone]
Stephen Cavell/ Tim Spence




This information is provided by RNS
The company news service from the London Stock Exchange

END

[a1samu] 24/12/2008 11:50

NAV of 494p is an out of date number. It was out of date already when it was published and the directors know that.

It is bordering on the fraudulent, when with modern computer equipment and facilities, NAV can be reported and is reported on a daily basis.

Since the market for trade sales and IPO's is dead, one should really value all the unquoted holdings at zero, unless there is compelling reasons stated, why the holding has any value at all.

No one knows what horrors are contained within the fund investments, because the directors have not yet told shareholders about them. Be sure that there are massive horrors contained within the funds in this no IPO or trade sales environment.

The market recognises this and accordingly slashes the share price. The only people not prepared to recognise it is the directors, who mislead their own shareholders in a selfish and massive, bordering on the fraudulent way

It is in their interest to keep values up, I suppose, because their remmuneration depends on that. In the meantime, sherholders are left with no income and massive capital losses.

[goldthorpe] 11/12/2008 08:44

Well after the sale of funds the NAV is down to 494p. The market value of the company is presently about 146M and the amount of cash or near cash is 125M, though the latter is of course destined for future commitments.

I still think that on a two to three year view the share is a buy. We'll see.

[a1samu] 03/11/2008 10:13

THIS IS THE BEGINNING OF AN ORDERLY WITHDRAWAL, AND IT IS TOO EARLY TO TALK ABOUT FUTURE OPPORTUNITIES.

WE ARE ONLY AT THE BEGINNING OF A MASSIVE RECESSION, WITH THE AMERICAN ELECTIONS OVER, THE MARKETS ARE BOUND TO SLUMP WITH NAV RAVAGED FURTHER.

IT WOULD NOT BE SURPRISING IF OVER THE COMING YEARS NAV WILL REDUCE TO THE LEVELS OF THE CURRENT SHARE PRICE.

[goldthorpe] 03/11/2008 10:02

...on the other hand, if the overall NAV is discounted by say 20% we go down to NAV per share of about 416p. That means the current share price is trading at a discount to NAV of about 57%. Could be a screaming buy on a two to three year view?

There was an interesting article on the private equity "rout" in last week's IC by Tony Dalwood, Head of Private Equity at SVG, finishing. ..."with discounts to NAV at historic highs...private equity offers investors significant potential returns on the way up." He's talking his own book of course.

[a1samu] 03/11/2008 08:37

19th November

I am bracing myself for the announcement of a massive drop in NAV on the 19th November.

The NAV reported will be as at the 30 September only, so it will have to be discounted further, depending how the market goes and on what the final sale proceeds will be of the transaction announced today.

[not manu] 26/10/2008 18:01

>msm
The problem with these Fund of Funds is Outstanding Gross Commitments.

[msm] 03/10/2008 21:59

What has happened to GPE lately. It seems to have taken a big hit. As per trustnet the discount is over 30% if NAV is correct. Either shares are too cheap or the market knows something. Is it just down to general apathy towards private equity?

Siva

[nil pd] 07/5/2008 23:43

I thought it looked like we had some interest in the shares the last few days. L&G has increased its stake and this, together with looking at the chart, I'd say we are headed back in the direction of NAV :-) ::

RNS Number:9310T
Graphite Enterprise Trust PLC
07 May 2008


TR-1: notification of major interests in shares


1. Identity of the issuer or the underlying issuer of existing Graphite Enterprise Trust
Plc
shares to which voting rights are attached:

2. Reason for notification (yes/no)
An acquisition or disposal of voting rights Yes
An acquisition or disposal of financial instruments which may result in the acquisition
of shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):______________

3. Full name of person(s) subject to the notification Legal & General Group Plc
(Group)
obligation:
Legal & General Investment
Management
Limited (LGIM)

Legal & General Group Plc
(L&G)
4. Full name of shareholder(s) (if different from 3.): Legal & General Assurance
(Pensions
Management) Limited
(PMC)

5. Date of the transaction (and date on which the threshold is 02 May 2008
crossed or reached if different):

6. Date on which issuer notified: 06 May 2008

7. Threshold(s) that is/are crossed or reached: Above 5% (Group)

Above 5% (LGIM)

From 4% - 5% (L&G)


8. Notified details:


A: Voting rights attached to shares
Class/type of Situation previous to Resulting situation after the triggering transaction
shares the Triggering
transaction
if possible Number of Number of Number of Number of voting rights % of voting
rights
using the ISIN Shares Voting shares
CODE Rights Direct Indirect Direct
Indirect
ORD Below 5% (LGIM) 3,932,724 3,695,058 237,666 5.067
0.325
3,400,842 3,400,842
10P (L&G) (L&G)


B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial Expiration date Exercise/ Conversion Number of voting rights % of
voting
instrument Period/ Date that may be acquired if
rights
the instrument is
exercised/ converted.



Total (A+B)
Number of voting rights % of voting rights
3,932,724 5.39








9. Chain of controlled undertakings through which the voting rights and/or the financial
instruments are effectively
held, if applicable:
Legal & General Group Plc (Direct and Indirect) (Group) (3,932,724 -5.39% =
Total Position)
Legal & General Investment Management (Holdings) Limited (LGIMH) (Direct
and Indirect) (3,932,724 -5.39% = Total Position)
Legal & General Investment Management Limited (Indirect) (LGIM) (3,932,724
-5.39% = Total Position)
Legal & General Group Plc (Direct) (L&G) (3,695,058 - 5.06 % = LGAS, LGPL &
PMC)
Legal & General Investment Management (Holdings) Limited Legal & General Insurance
Holdings Limited (Direct)
(Direct) (LGIMHD) (3,314,541 - 4.54 % = PMC) (LGIH)
Legal & General Assurance (Pensions Management) Limited (PMC) Legal & General Assurance
Society Limited (LGAS & LGPL)
(3,314,541 - 4.54 % = PMC)
Legal & General Pensions
Limited (Direct) (LGPL)


Proxy Voting:
10. Name of the proxy holder: N/A
11. Number of voting rights proxy holder will cease to hold: N/A
12. Date on which proxy holder will cease to hold voting rights: N/A


13. Additional information: Notification using the total voting rights figure
of 72,913,000




14. Contact name: Helen Lewis (LGIM)
15. Contact telephone number: 020 3124 3851




This information is provided by RNS
The company news service from the London Stock Exchange
END

[nil pd] 17/4/2008 09:41

I was going to add a lot more BP down at 523p - damn, he who hesitates is lost...and all that! 1st Qtr results should be good.

Playing with RBS but until recent days it has been hard to make anything out of it.

I may add even more GPE given a sign from the company - such as more BUY-BACKS! You just never know we may acquire something soon on the basis that acquisition cost of new investments ought to be good of late.

[goldthorpe] 17/4/2008 08:56

I think you are right: markets. Volumes are small.

Added more BP. and ALPH to my SIPP yesterday. May consider buying (back) some more GPE if this weakness continues.

Daffodils still out in the hills. A bit of sleet on the tops last night coming back from Wincle.

[goldthorpe] 15/4/2008 16:36

I wish they'd buy back several shed-loads at this price: 415-420. Must be nearly 20% discount; unless there have been problems.

[goldthorpe] 27/3/2008 15:25

Hi Nil Pd,
On 27 November 2001 there were 94m shares in issue. Now there are 72.9m: a reduction of over 22%. In the last year they've gobbled up about 10%. There was that massive 3.38m on 26 June last year.
Well they aren't having my shares for a few years!
NAV must be north of 520p following cashing-in FTSE Option. So I reckon they've bought back at a discount of say 16%.

[nil pd] 27/3/2008 13:41

300 more days at this rate of buy-backs ... and we'd have nothing left to trade!


RNS Number:8892Q
Graphite Enterprise Trust PLC
27 March 2008


The Board of Graphite Enterprise Trust PLC announces that it has bought back
some of its own shares. The details are set out below:


Date of purchase: 26 March 2008

Number of shares purchased: 241,000

Highest and lowest price paid per share (excluding expenses): 437.0p

Shares in issue following this buy-back will be: 72,913,000


Name and telephone number of contact for queries:

Tim Spence - 020 7825 5300


Name of authorised company official responsible for making this announcement:

Martin Crayton, for and behalf of Graphite Capital Management LLP, Secretary

Date of notification: 27 March 2008


This information is provided by RNS
The company news service from the London Stock Exchange
END

[nil pd] 26/3/2008 09:12

Naughty, naughty. The way this reads is that someone has been borrowing his wife's money without telling her. But made a little on the way. Now, I wonder why so much money was needed ? Margin calls (elsewhere)??

An announcement like this is bound to lead to speculation... Didn't inform the market or the holder of the shares until they were restored...



RNS Number:7737Q
Graphite Enterprise Trust PLC
26 March 2008




GRAPHITE ENTERPRISE TRUST PLC

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


The Company has been advised that on 20 March 2008, Mrs G E C Sclater, the wife
of Mr J R Sclater, the Chairman of the Company, bought 20,000 ordinary shares in
the Company at a price of 440.0p per share, representing 0.027% of the Company's
issued share capital.

The Company has further been advised that on 28 September 2007, 20,000 shares in
the Company that Mrs Sclater had previously acquired were sold on her behalf at
a price of 445.0p per share, but that this was not notified to her at the time.
This represented 0.026% of the Company's issued share capital at that time.

Following these transactions, Mr Sclater and his connected persons have a total
interest of 22,747 shares in the Company representing 0.031% of the Company's
issued share capital.

For further information, contact Tim Spence on 020 7825 5300.



This information is provided by RNS
The company news service from the London Stock Exchange
END

[nil pd] 25/3/2008 08:45

I don't know how I missed the Finals announcement but they are pretty good! Looks like you didn't see the news until today too, goldthorpe?

You summed it up well - prudence.

When do we buy more? Well, a persistently declining graph always looks like a bottom to a bull, but there's no science to that.

We have a good full year results announcement, new investments - which are probably at very good prices given markets and sentiment - and then applying the Buffet principle (buy good quality assets when everyone else is selling), I'd say buy now and lock away.

This is merely my opinion. No advice intended.

[goldthorpe] 25/3/2008 07:53

End of 2007 NAV at 519.4p, up 14%, 8p dividend. Not a bad performance? As Nil Pd pointed out, a set of well-timed sales of the FTSE option. I reckon our investments are in pretty prudent hands - real prudence, not the G Brown variety ;-)

[goldthorpe] 28/2/2008 14:07

ditto



"Graphite Capital, a UK mid-market private equity specialist, has backed the £100 million management buy-out of Alexander Mann Solutions (AMS) from global private equity group, Advent International.

AMS is the largest independent provider of recruitment process outsourcing (RPO) solutions to blue-chip companies worldwide. AMS was founded in 1996 by chief executive, Rosaleen Blair, the Veuve Clicquot 2007 Business Woman of the Year. All of the senior management team, led by Rosaleen, are substantial investors in the buy-out....."

[goldthorpe] 28/2/2008 14:06

I hope they haven't overpaid:



"Luxury shoe chain Kurt Geiger has been sold to private equity group Graphite Capital for £95 million.

According to the Sunday Times, Graphite - which also owns the Groucho members club in London - saw off competition from Advent, 3i Group and Wyfold to buy Kurt Geiger from Barclays Private Equity.

Barclays Private paid £46 million for a 72 per cent stake in Kurt Geiger as part of a management buyout of the business from Harrods in 2005, the news provider reports.

The shoe chain's management team will increase its stake in the business to more than 30 per cent as part of the deal, the newspaper reports.

Kurt Geiger sells its own brands in addition to luxury items by designers including Jimmy Choo and Marc Jacobs.

Sales in luxury retail have not been hit by the fall in consumer spending following the credit crunch compared to high street retailers, reports Drapers.

Kurt Geiger, which has 22 stores world-wide, plans to open outlets in London, Bristol, Leicester and Bromley, Kent this year..."

[nil pd] 24/1/2008 21:10

Not bad, eh? And I'd say a very wise move too, given wobbly markets!



FINAL DISPOSAL OF FTSE OPTION




RNS Number:4932M
Graphite Enterprise Trust PLC
24 January 2008

ANNOUNCEMENT TO STOCK EXCHANGE
GRAPHITE ENTERPRISE TRUST PLC
24 JANUARY 2008

FINAL DISPOSAL OF FTSE OPTION


Graphite Enterprise Trust PLC (the "Company") announces that it has today sold
the remaining 37.5% of the FTSE 100 call option ("the Option") which was
acquired in October 2005.

The proceeds of today's disposal were £7.7 million. Total proceeds over the
life of the Option were £29.0 million representing 2.1 times its cost of £14.0
million.


For further information please contact:

William Eccles 020 7825 5300
Tim Spence 020 7825 5300




This information is provided by RNS
The company news service from the London Stock Exchange
END