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HRI Herald Investment Trust Plc

2,330.00
-10.00 (-0.43%)
19 Feb 2025 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Herald Investment Trust Plc LSE:HRI London Ordinary Share GB0004228648 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  -10.00 -0.43% 2,330.00 45,842 16:35:25
Bid Price Offer Price High Price Low Price Open Price
2,320.00 2,340.00 2,340.00 2,320.00 2,320.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Mgmt Invt Offices, Open-end 63.35M 48.12M 0.9559 24.27 1.18B
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:25 UT 6,787 2,330.00 GBX

Herald Investment (HRI) Latest News (1)

Herald Investment (HRI) Discussions and Chat

Herald Investment (HRI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
16:35:252,330.006,787158,137.10UT
16:26:162,320.001383,201.60AT
16:21:122,330.002064,799.80AT
16:20:332,330.00441,025.20AT
16:16:132,329.232144,984.55O

Herald Investment (HRI) Top Chat Posts

Top Posts
Posted at 19/2/2025 08:20 by Herald Investment Daily Update
Herald Investment Trust Plc is listed in the Mgmt Invt Offices, Open-end sector of the London Stock Exchange with ticker HRI. The last closing price for Herald Investment was 2,340p.
Herald Investment currently has 50,340,861 shares in issue. The market capitalisation of Herald Investment is £1,167,907,975.
Herald Investment has a price to earnings ratio (PE ratio) of 24.27.
This morning HRI shares opened at 2,320p
Posted at 23/1/2025 06:25 by amt
Could SABA make a bid. If they did then it would need to be at a good premium. Then they would need to sell underlying assets which would cause those underlying investments to fall in price.
If they now sell their shares the share price will fall.
Either way I can't see a way that SABA can make a return here other than sitting tight and relying on current managers to continue with their existing strategy.
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 15:51 by amt
I expect we will see a substantial fall in the share price in the weeks and months ahead as SABA sell out and then normal activity can continue. I expect SABA will make a substantial loss from their ill advised venture.
Posted at 22/1/2025 15:09 by quepassa
Andrew Joy, Chairman of Herald Investment Trust plc, said:



"Today non-Saba shareholders have almost unanimously rejected Saba's self-interested proposals.



The fact that 99.78% of all votes cast by non-Saba shareholders were voted against Saba's resolutions and in favour of the existing Board provides a clear, complete and incontrovertible rebuttal of Saba's attempt to take control of your company and change its strategy against the wishes and interests of its non-Saba shareholders.(1) (2)



The votes against Saba's proposals were supported by independent proxy advisers including Glass Lewis and ISS. It is perfectly clear that the reason Saba's proposals were rejected is that they were intended to lead to an outcome, namely Saba managing Herald, which the existing shareholders were simply not interested in. The reason shareholders invested, and continue to invest, in Herald is for long-term capital appreciation through investing in smaller technology companies, and they do not wish to be deprived of the opportunity to enjoy more of the same. They did not invest in Herald to become part of a short-term trading strategy.



I would like to thank all Herald's shareholders, both large and small, for their support. I very much regret that this episode has already cost shareholders money, which unfortunately we cannot reclaim from Saba. We look forward to engaging with our shareholders, including Saba, now that our shareholders have voted resoundingly in favour of the Board and by extension, the mandate and the Manager.



The Board will be taking advice from our advisers on the next steps. Shareholders have voted overwhelmingly to continue with what has been a unique and highly successful strategy, and we look forward to discussing future developments further with them.



We are well aware of the environment in which investment companies operate and the need to have regard for creating value not just by multi-year patient growth in NAV, which to remind people, has enabled a 27x NAV total return(2) since launch in 1994, but also by ensuring that capital allocation is optimised, again for the long term. As evidence, Herald has bought back its own shares every year since 2007, including approximately 10% of the Company's share capital in each of the last two years. The Company has only ever issued £95m of stock and has bought back over £465m already, and still has net assets of £1.2bn. The Board, working with the Manager, will continue to be alive to the best use of the Company's funds at any particular time."



All of the Requisitioned Resolutions were voted on by way of a poll and the results are shown in the table below.
Posted at 20/1/2025 22:11 by mike the mechanic
I don't see the share price movement as an indicator of who will win the vote.
SABA was an aggressive buyer until while the shares could be used to vote. They're no longer buying (and potentially a seller) so the price is declining.
I really want HRI to remain unchanged and will review investment options after the vote results.
GLA
Posted at 17/1/2025 15:33 by bitgold
share price down to 24.03. Implies someone thinks Saba won't win
Posted at 16/1/2025 07:12 by amt
How does the voting work. I have sold most of my shares so presumably I will have fewer votes.
Does it require 50% of shareholders to oppose the resolution.
If it goes through I hate to think what will happen to the share prices of the underlying investments
Posted at 10/1/2025 23:17 by amt
Yes I will vote against but have vastly reduced my holding. If it fails then the share price should fall and then I will buy back..
If the vote goes through then I would sell anyway.
The share price must now be at a premium.
Posted at 09/1/2025 08:52 by mingles1
B-boy. Timely Telegraph article today ref European Assets Trust: 'If Saba is defeated there may be an opportunity to pick up its shares on a wider discount. The share price gains from a recovery in European small caps would likely dwarf any losses from a return to a more normal level of discount.'So I'm guessing this is the assumption that Saba would exit swiftly to reallocate their capital.
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.]
Herald Investment share price data is direct from the London Stock Exchange

Herald Investment Frequently Asked Questions (FAQ)

What is the current Herald Investment share price?
The current share price of Herald Investment is 2,330.00p
How many Herald Investment shares are in issue?
Herald Investment has 50,340,861 shares in issue
What is the market cap of Herald Investment?
The market capitalisation of Herald Investment is GBP 1.18B
What is the 1 year trading range for Herald Investment share price?
Herald Investment has traded in the range of 2,000.00p to 2,560.00p during the past year
What is the PE ratio of Herald Investment?
The price to earnings ratio of Herald Investment is 24.27
What is the cash to sales ratio of Herald Investment?
The cash to sales ratio of Herald Investment is 18.44
What is the reporting currency for Herald Investment?
Herald Investment reports financial results in GBP
What is the latest annual turnover for Herald Investment?
The latest annual turnover of Herald Investment is GBP 63.35M
What is the latest annual profit for Herald Investment?
The latest annual profit of Herald Investment is GBP 48.12M
What is the registered address of Herald Investment?
The registered address for Herald Investment is 10-11 CHARTERHOUSE SQUARE, LONDON, EC1M 6EE
What is the Herald Investment website address?
The website address for Herald Investment is www.heralduk.com
Which industry sector does Herald Investment operate in?
Herald Investment operates in the MGMT INVT OFFICES, OPEN-END sector

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