I would imagine they are constrained more by how much spare cash they have and the number of sellers rather than the authority limit.They might get around to cancelling the treasury shares at some point - just to tidy up the accounting.I think the 15% applies to number of shares bought since the last AGM, rather than the cumulative about over the years |
It is 9,984,819 based on the June AGM resolution.They had some shares in Treasury at that time I.e. shares already purchased. The 15% doesn't apply to these. |
Anyone wondering how many shares is 15% for the buy back that was initiated it is 10,936,950. |
Another good update - this is a strong compounder |
I presume Metage Capital's letter to HVPE is being discussed by many a PE trust's board this morning.... |
Nice steady rise, almost going unnoticed |
Yep I had a lot of good buys in the middle of covid too. |
Held 4.5 years. After Divis, annual return 8.11. |
3yrs invested in this - just about break even after divs… I’ve had worse of course! |
Solid interims, with a hint of optimism: |
Popit 14 Sep '24 - 03:04 - 371 of 372
Private equity’s “extraordinary 40-year run is finished” as an era of cheap debt is replaced by higher interest rates, City figures have declared.
Should we possibly take this as a good contra indicator?
;-) |
Sounds scary but rates are falling now , yes they will have an effect on returns , but they have hardly peaked at an unmanageable level. The PE world survived with 4 to 5% rates in the past. Time will tell. |
Shares spiking up , almost 1350p now, but still so far to go if nav is to be narrowed down. Long term hold for me. |
Posted in error. |
SP certainly doing OK and frequently in the last couple of weeks trading the high of the day in the closing auction. Who knows what is going on. I'd be surprised if it were on the back of an anticipation of any news. It's still on a 31% discount, which to me is nonsense. I know that much of the PE world is still a bit bunged up. Maybe, the UK press talking up the UK market - particularly below the FTSE 100 - is helping at the margins.
My view is that the most likely outcome is that I will make great money out of this one in the next 5-10 years. |
Going gang busters lately |
Q1 update to 30/4/24 |
Maybe, and I've observed a few algos and a few buybacks in my time, but I'd question the parameters on this one. At 9.42 this morning 9,855 shares had traded. Of that number 7 trades totalling 3,066 shares had traded on the RSP and 25 trades had been an automatic trade lifting the offer, (including when the spread was 22p wide!!!) for a total of 6,789 shares. A buyback instruction with seemingly no price limit and 69% participation would be unusual. They are only small volumes, so not really moving the price, but interesting to a screen nerd like me. |
Possibly the buy back algo? Looks like they are trying to get 10,000 shares a day via normal trading. |
It seems as though someone has left an algo on since Friday. Lifts the offer repeatedly in small size every few minutes. I would post time and sales if I could screenshot it. |
I understand the distinction Riverman. My point is more to a wider audience who distrust the valuations of private markets and might say "ah! you sell the good stuff at 29% premium but what of all the unsold stuff". Well it seems to me that the rump stuff should have a floor at -15% not -38%.
Don't get me wrong, I am confident in ICGT and eventually the backup in PE deals will clear and we can get back back to a high teens discount and it will hopefully compound for me at 10+% for the next ten years. |
ICGT is realising assets at an average 29% premium. The 15% discount you mention relates to a secondary sale of some assets where they saw less upside - hopefully a one-off clear out and the majority of the portfolio can be sold at a premium. PE funds are generally quite conservative on valuations since they are not typically incentivised to mark up asset values before they are sold.
Unlike PIN and some of the others, there has been no press coverage at all of ICGT's plans - feel they need to up their game on the PR front. |
1968 - PIN finally did the right thing - though done with buybacks rather than dividends. I cursed them for not rewarding shareholders - finally they have done so.
ICGT & HVPE still less so... |
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