Gresham House Strategic Share Discussion Threads

[ali47fish] 25/11/2021 07:43

toll what are we supposed to do- I have a small holding in ghs

[tommygunn21] 24/11/2021 19:26

Wow. Just wow.... Today's news really does show what a mess GH are.

[makinbuks] 10/11/2021 18:07

I agree, the manager GH has behaved atrociously

[ali47fish] 10/11/2021 18:06

what a bloody mess and while the war is going on nobody is informing us retail investors of what to expect?

[makinbuks] 10/11/2021 17:46

There won't be any liquidations before an EGM. All these proposals are still subject to shareholder agreement. Until then the manager may of course sell for investment reasons

[dangersimpson2] 10/11/2021 16:24

I thought that, but not seeing the volume through the market in the various holdings so may well just be the assets are no longer under control of Gresham House so are being demerged from the holding announcements.

I suspect the sell-off will come later since we haven't actually seen any price drops either that would normally be associated with big positions being traded.

[harry rags] 10/11/2021 16:13

Looks like the sell off has started

[makinbuks] 08/11/2021 10:30

How would that work tv? Harwood were willing to buy GH out at NAV. Now we are discussing giving GH their exit along with anyone else by liquidating investments. So Harwood have not put funds in and we are probably not realising full potential as forced sellers. They seem to have underestimated the ability of GH to gather support from other major investors. I am at a loss to see what those investors are thinking

[topvest] 07/11/2021 20:42

Yes, it does look a mess indeed. Harwood had been unconditionally appointed as investment manager. I suspect Harwood maybe have in mind a dual strategy of giving a cash return to everyone that wants it, and maybe injecting cash to continue along with those that want to stay.

[makinbuks] 05/11/2021 11:03

Sour grapes from Gresham, its quite changed my view of them.

Still looks a muddle. Maybe I need to read it again, but what is the point of Harwood being appointed for a run off process?

[harry rags] 05/11/2021 09:59

RNS - disappointing

[makinbuks] 22/10/2021 09:10

Totally agree and trading at discount is irrelevant so long as the gains keep being realised

[topvest] 21/10/2021 21:21

I'm a tad conflicted as I'm a shareholder in Gresham House plc (from the investment trust days actually) and I do like them as an investment manager. Their public equity strategy does work and is good. However, its not as good as Harwood. Harwood are top quartile and Gresham House 2nd quartile in my view. Gresham House have had a few problems with their investment trust mandates; this one, Strategic equity Capital before that and LMS as well. Sometimes its better to admit defeat and go quietly taking the money.

Harwood are a different proposition altogether and we know that they are very active with a tendency to muscle in on something for their own benefit. That's what you get with Christopher Mills, but he is an exceptionally talented investor. Indeed, I would probably place him in pole position in the UK small cap market. Try and name anyone that has done better than him and you struggle? Give him £50m to manage in a trust and I would be confident that it would multi-bag in a reasonable timeframe. However, the trust will probably be on a discount as with his other vehicles. I would rather be in this trading at a discount with Harwood deals than to take NAV in cash.

[makinbuks] 21/10/2021 17:39

Topvest, I agree, Gresham's response is not in holders interests and is just sour grapes. They have mishandled this and should go quietly. Smart move from Harwood to offer them NAV. Gives them absolutely nothing to complain about

[harry rags] 19/10/2021 15:06

Only problem I see with the latest RNS is it will take two years to turn this all to cash so an IPO maybe best

[topvest] 18/10/2021 21:06

It all appears a tad unnecessary. Gresham House certainly put up a fight when losing mandates! I would prefer to go with the Harwood option personally.

[makinbuks] 18/10/2021 09:40

So Gresham not taking it lying down. A wind up is still positive for GHS holders and maybe the Harwood proposal just becomes a new fund with an IPO

[topvest] 11/10/2021 21:45

Yes, its a good move I think. I hold Gresham House Strategic and am also a shareholder in Gresham House which I think is a good investment manager. However, in my view Harwood are better and can provide a bit more edge to this trust. Gresham House are certainly having a bit of a tough time with Strategic Equity Capital also under shareholder pressure despite reasonable performance.

Harwood have about the best value record in the small cap space through their activist and entrepeneurial style. Gresham House are good for up to 10% returns per annum, but Harwood are good for > 10% per annum in my view.

[makinbuks] 11/10/2021 14:06

Agreed, the whole episode was undesirable but hopefully we can move forward now and the current 10% discount will narrow in line with the excellent performance. It will be interesting to see how they attempt to scale up

[slicethepie] 11/10/2021 12:48

Excellent result...good to have Richard back and with a quality name!

[harry rags] 13/9/2021 14:44

Good NAV with more to come when if as expected AUG gets bought over higher than the last offer

[houseofpain1] 07/9/2021 14:13

More good news here with the c20% rise in the Northbridge share price today - c7% of NAV. Discount looks too wide and recent purchase of shares by the fund's managers suggest that they agree!

[makinbuks] 01/9/2021 16:45

11% discount with Augean soon to become cash

[harry rags] 31/8/2021 20:36

Will it be one or two counter bids ?