Gresham House Strategic Share Discussion Threads

[makinbuks] 29/8/2021 16:39

Augean situation looking really positive now

[makinbuks] 24/6/2021 09:10

Appreciate the statement is neutral, but I don't think todays announcement of an extension for the Augean talks augurs well. It indicates to me the board are willing but at a price the bidder wont go to. The board thinks given time it can convince the bidder but I am not optimistic

[melloteam] 16/6/2021 16:03

Just to let shareholders and prospective investors know that Time Finance and Gresham House will be presenting at Mello Events webinar event on Monday 21st June at 6pm-9:30pm. There will also be interviews with Fund Manager, Stephen English and CEO of Spectra Systems, Nabil Lawandy. There will be over 600 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions including the popular Mello BASH (Buy, Avoid, Sell or Hold).
Tickets are still available and if you would like one at half price then enter the code MMTADVFN50.

[makinbuks] 28/5/2021 13:38

sorry, business as usual

[ali47fish] 28/5/2021 13:21

what 's BAU

[makinbuks] 28/5/2021 11:41

Yes you may be right, no behind closed doors deal was possible and maybe the board were about to go for a dilutive issue which would have been disastrous for confidence. Anyway, we are where we are, I agree there's strength on the bench (and frankly no need for imminent action) and lets get back to BAU as you say asap

[aclelland] 28/5/2021 09:28

I hear you but think there is a focus on shareholders. I note the special resolution preventing GHS from issuing shares below NAV. There must be a reason they included this. It would be standard practice not to do so given it would be dilutive etc. So GH is trying to protect shareholder value.
The manager was only there 20 months and Augean has been held for four years so shows there is depth on the bench. Fingers crossed indeed.
I agree it could have been dealt with behind closed doors but the fact that GH requisitioned an EGM shows that GHS were unwilling to budge on important issues.
Unfortunately sometimes these things spill into the public domain but there's still time for it to be resolved and to get back to BAU.

[makinbuks] 28/5/2021 09:11

With regards to the Chairman's position I would agree with you. But I believe that could have been resolved to mutual satisfaction and the fact that the manager has now resigned indicates there has been a falling out and GH has decided to flex its muscles. Serving notice on GH is the counter action by the board. As I said, neither side contributing anything positive or focused on earning returns for shareholders

Fingers crossed for the Augean bid

[aclelland] 27/5/2021 18:58

GH is just showing it walks the walk on ESG. Corporate governance is important. Investors need to flag these issues more. Sure both boards will work it out professionally.

[makinbuks] 27/5/2021 12:36

The BOD and Manager should be collectively ashamed of the confusion they have sown here

[aclelland] 27/5/2021 09:54

See story in Investment Week yesterday squashed speculation of any merger with SEC 100%

[aclelland] 27/5/2021 09:53

Exciting developments overnight for Gresham House Strategic plc - one of the core holdings Augean PLC (>20% GHS Portfolio NAV) has attracted bid speculation from Morgan Stanley Infrastructure.

This is an investment the team have held for 4 years having initially identified a compelling turnaround strategy and management team, with the potential to offer a valuation arbitrage versus private equity multiples for similar assets, if executed successfully.

Look out for further developments.

[stevenb3] 27/5/2021 09:53

Augean which is about 23% of the fund is very strong today. I can't believe that GHS isn't reacting to the move.

[dangersimpson2] 25/5/2021 11:24

A merger would be better than a controlled wind-down, with the GHS stakes being pretty illiquid and some unlisted equity, I can't see them getting more than 80% of value, so when you add in the costs that would be a loss on the current share price (assuming no big price moves between now and then.)

SEC has a very different style of holdings and no cross over in the top 10 so you could also see some sell-off in some of the GHS holdings if they merge. If GHS are a forced seller there could also be some bargains on offer.

[makinbuks] 25/5/2021 09:43

ali, nothing fundamental has changed. There is a lot of politics here and at SEC. Gresham want to get more control over both and merge. That would only be a good thing for shareholders in terms of costs and liquidity. But if it never happens the underlying investments are the same. Look at the fundamentals and consider your position.

[aclelland] 24/5/2021 18:25

it is only speculation that they are seeking to merge the fund with SEC

[ali47fish] 24/5/2021 18:16

does anybody understand the rns today and why they are seeking to merge the fund with SEC- should i sell?

[harry rags] 08/2/2021 16:52

1300p sell buy 1315p

[makinbuks] 08/2/2021 16:32

NAV announced today 1455.3p, todays offer price 1350p (that's what you can buy them for, FT may calculate on the mid)gives a discount of 7.2% That's wider than I quoted above because the share price has fallen back while the NAV has held up. Is it a good buy, I would say yes because a) the manager has a track record of making money and b) I like what it's invested in. There's a list of the investments in the Interim Report if you look at the RNS. The reason for the share price rise Nov - Jan was a vaccine led increase in value in the underlying investments incorporating a positive update on the largest holding, Augean. Just be aware that 80% of the fund is in 10 stocks, 50% is in the top 5 so you're putting a lot of faith in the managers ability as compared to a mainstream small cap UK fund which would be more diverdified

[ali47fish] 08/2/2021 15:55

how come the discount on ft is -14.89pc-which one is correct and is ghs now a good buy? only have a small holding? recently its premium shot up- so what's going on?

[makinbuks] 18/1/2021 16:45

4.6% is a lot nicer than 2% but still not large. You're taking on considerable concentration risk here compared with a small cap trust

[harry rags] 18/1/2021 16:15

Nice discount to NAV

[harry rags] 18/1/2021 11:43

Updated NAV due this afternoon

[makinbuks] 11/1/2021 16:11

Yes RNS, link above. NAV £14.29 so Discount c. 2% discount at the offer

[ali47fish] 11/1/2021 13:20

harry where do you get the nav update is it an rns?