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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Herald Investment Trust Plc | HRI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 30.00 | 1.45% | 2,095.00 | 16:35:24 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2,070.00 | 2,055.00 | 2,100.00 | 2,095.00 | 2,065.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 28/2/2025 19:21 by freedomexpress747 Hi, not a holder but have been an admirer of Herald over the years.Has anyone done research on Saba's IT investments, as I have 4 questions:-do you think has made a profit yet?-are they borrowing money, if so how can they last?-has there been any benefit to ordinary investors?-how are they going to exit?Won't shed any tears if they lose money. |
Posted at 22/1/2025 17:43 by spangle93 Maybe the recent return to share price weakness was the result of investors not wishing to be in the stock if Saba won the vote, coupled with Saba stopping buying?I think this trust is pretty unique in the investing universe, as a technology focused pooled investment that doesn't focus on the big names in the US. So that's one positive for Saba not being successful, as they had made clear that they would amalgamate the trusts they control - the 7 (initial) targets have very different investment mandates. I also feel that it's a great shake up for the whole sector - communication with retail shareholders will probably improve, platforms are likely to be more proactive in notifying and engaging retail shareholders in votes (though if H-L is true to its recent performance with notifications, the notification will probably after the deadline), boards will have to put a bit more energy into closing discount, or attracting other investors. There's probably more in that list. But your question on "what will Saba do next" is on for which i'm sure many investors are waiting. Perhaps it will depend on whether they are successful in votes for any, some, or all but this one |
Posted at 22/1/2025 17:21 by marktime1231 As a former HRI holder I have watched this saga with great interest especially as several ITs are and could be involved. There are too many trust peristently trading at wide discounts.My first instinct was it was a good move. The activism closed up a 10% discount, and Boaz has a point some boards look pretty weak. Obviously as awareness grew of majority votes against the discount has returned. How has this No vote been good for investors then, unless perhaps you took advantage to trade the cycle? What will Saba do next? |
Posted at 11/1/2025 09:30 by agnes The Times Business CommentarySaba at a lossNot all activist shareholders are the same or deliver similar results. The proof? An earlier foray by Saba Capital into the UK - before the US hedge fund's boss Boaz Weinstein started gunning for seven investment trusts.In December 2020, he took an initial 5 per cent in Crystal Amber, the activist fund whose investment adviser Richard Bernstein has lately played a key role in bringing happier times to the shareholders of De La Rue. Without him rallying investors to boot out its former chairman Kevin Loosemore in April 2023, when the shares were around 40p, the banknote printer wouldn't now be looking at a proposed bid at 125p.Anyway, having bought its Crystal Amber stake when the shares were trading at a 28 per cent discount to net asset value, Saba had by June 2021 upped its holding to 25.4 per cent. It was a key level, as Saba knew that in 2013 the fund had set a 75 per cent hurdle for its continuation. It then started throwing its weight around, calling for the fund to be wound up: a plan rejected by 99 per cent of the other shareholders.Even so, by early 2022, investors approved a new investment policy - broadly orderly asset realisations to trade buyers. Saba badgered Crystal Amber to sell its then 24 per cent stake in Equals Group at 45p a share. Thankfully, the fund resisted, finally selling at an average 85p: still a big loss of value, now the payments outfit has agreed a bid at 140p.Whatever, when Saba joined Crystal Amber's register, its net asset value stood at 142p a share. Since then, it has paid out 55p in dividends but still managed to increase NAV to today's 181p, helped by its 16.5 per cent stake in De La Rue.Yet, here's the catch: despite Saba's claims to be a whizz at closing discounts, the hedge fund's antics, including selling assets at the wrong price, have increased it. Crystal Amber shares now stand at 103p: a discount to NAV of 43 per cent. What exactly is the grand plan of Saba, now with 29.8 per cent, to close it? Indeed, if this is typical of its efforts, it's more likely to destroy value than create it. |
Posted at 10/1/2025 07:42 by spangle93 Saba ups the ante with full cash exit offer for Herald investorsSaba Capital has offered Herald (HRI) shareholders a full cash exit at 99% of net asset value (NAV) in a bid to win votes in the upcoming showdown between the trust and the activist investor. Herald and Saba have engaged in tit-for-tat mud-slinging, with each accusing the other of providing misleading information to shareholders and acting in a self-serving manner. However, the New York firm headed by Boaz Weinstein has now upped the ante, providing a concrete offer to shareholders if they vote in Saba’s favour at a general meeting on 22 January.... continues |
Posted at 04/1/2025 07:34 by quepassa I have this morning voted electronically:-AGAINST ALL 8 PROPOSALS. -------------------- In arriving at this choice, I asked myself the following question.......... .....did I personally think that US-based Saba were genuinely interested over the long-term in UK retail investors or just wanted to make a quick buck on their recently-acquired holdings .... ALL IMO. DYOR. QP |
Posted at 03/1/2025 22:49 by spangle93 Herald board fights back as date set for Saba showdownChair Andrew Joy warns investors that the US activist will destroy shareholder value if it wins control of the board and appoints itself as manager. |
Posted at 21/12/2024 14:54 by spangle93 Quoted data comment from Matthew Read:this proposal alone is utter madness in our view. Why would the shareholders of any of Saba’s targets want to hand over control to one dominant shareholder who can then act entirely in its own interest, rather than the collective interests of all? In HRI’s case, Saba Capital has acquired around 19% of the trust’s issued share capital but, because of the long-running issue of retail investors who hold their shares through the platforms tending not to vote, professional investors such as Saba get a disproportionate share of the vote. This is a concern, particularly for a fund such as Herald whose investments are very long-term in nature (it has a very long tail of small investments that trade infrequently) as Saba’s proposals are very short-term and look likely to erode significant value for its long-term investors if Saba is able to drive through what would amount to a fire sale for a portfolio such as HRI’s.] |
Posted at 20/12/2024 10:13 by spangle93 Citywire's review of Trust responsesBoards have come out fighting against US activist Saba Capital, describing its proposals to replace all directors on seven investment trusts with its own picks as ‘without merit’.... |
Posted at 27/4/2024 09:32 by quepassa No.IPO'd and came to the market at 250p in April 2021. You are confusing the big jump to 330p on first day of trading with the 250p IPO price. For pre-ipo investors, it was not x10, it was x50 |
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