Jup Ord. Share Discussion Threads

[skyship] 14/2/2020 12:06

I buy in my SIPP, so don't worry about such things!

Still, my understanding is that CG applies as they are capital redemptions.

[cc2014] 14/2/2020 11:34

Can I ask how the tax works on the wind down of Trusts such as this? As the trust makes distributions are they dividends (subject to income tax) or some form of capital distribution subject to capital gains tax.

Because what I don't want is to generate a whole load of dividends on which I pay income tax but suffer a huge capital gains loss I can't easily use as I don't really like being forced to sell my winners just to keep the tax bill down. I'd rather sell them when I can get the best price for them.

[redhill9] 14/2/2020 11:20

SKYSHIP, I held NBDG for a while but sold out last year when their (then) distribution timetable slipped significantly. They seem to have been in the "harvest period" a long time!

The figures you quote look attractive but they have missed distribution targets already and I recall one of my doubts about their distribution intentions was the prospect of a rump of assets drifting on into the future - e.g. if they do distribute 85% in 2020 what is the impact on %return if the residual 15% continues beyond 2021 into 2022 or 2023 because they can't be sold/realised?

I suppose it comes down to being an interesting investment prospect if you trust the management to have improved!

[skyship] 14/2/2020 10:42

25% CASH, so casting around for VALUE my eyes alighted again on the liquidating NBDG!

I saw that the NAV unaccountably jumped 3.3% on the 11th February – from 81.82p to 84.56p; then on to 85.02p on the 12th.

The 4th Feb. Qtly Update (for Q4’19) states “The investment manager’s current expectation is to distribute 80%-85% of 31st Dec’19 NAV in 2020 and the remainder in 2021.” – see link below.

With the offer price of 69.1p the NAV discount = 18.73%.

It's easy to do the numbers for the possible return, making quite conservative assumptions:

# Achieve 80p on an average date of end Dec'20: 18.1%

# Achieve 77.5p on an average date of end Dec'20: 14.0%

# Achieve 75p on an average date of end Dec'20: 9.8%

I know the investment management of NBDD has been pretty disastrous; and if NB Partners had any honour they would waive their 1.5% management fee hereon in. That won’t happen of course; but in any event at this low level I’m prepared to make a small allocation.

[skyship] 10/2/2020 19:34

GARY - no, I'm not in love with minor AIM listed resource plays.

GGP was a very obvious exception & BMV looks to be one too. Both with reserves in place but not recognised by the Market.

I doubt I'll buy into any others - far too speculative for my blood.

GGP was not a spec - that is why I went in with almost a full 10% allocation.

[gary1966] 10/2/2020 17:51

Sky,

If you want another little resource play then check out SLP. Simon Thompson loves it and for good reason. On the verge of a breakout at the 45p level. Commodity prices and FX moving firmly in the companies favour, lots of cash that is growing rapidly. Update out from ST today that someone has been a little bit naughty and posted on the thread but a good read. Half year results probably out on Monday if past years is anything to go by which should ram home the numbers.

ATB

Gary

[skyship] 10/2/2020 16:15

Have to admit I sold my last at 3.6p; traded a few back in & out, then it got away from me. HeyHo - my most profitable trade ever, so no complaint.

Now just want BMV to pick up its skirts...

[eeza] 10/2/2020 15:52

I think Sky's been seduced by the filthy lucre, since.

[gary1966] 10/2/2020 14:52

Sky,

Wow GGP are flying and nearly doubled again since you sold half. Well done.

[skyship] 06/2/2020 10:41

Regional propco AEWL: NAV, dividend & Update this morning. I added to my holding there as the figures, both Dividend cover and NAV, were better than I expected.



I had thought that they might temporarily cut the dividend so as to have full year cover; but the stats show not really necessary.

At 73.5p the discount = 22.3% & the yield = 7.5%; so AEWL is certainly one of the best value minor REITs, with most of the others climbing to new highs and discounts disappearing.

The Liberum view this morning is "we see the longer term goal of growing the size of the company as challenging given the current scale and share rating". More like impossible I would say; so a trade sale still the most likely outcome.

The BoD have been too self-interested by far; otherwise a deal would have been done at the time of last year’s Review. It has been suggested that AEWL with a MCap of just £59m could live on as a Zombie; however more likely that they will get taken out at some stage, albeit at a c10% NAV discount.

Still, such an outcome would deliver 85p - 15% up on where they are now!
I could live with that; in the meantime I'll enjoy the 7.5% yield...

[gary1966] 27/1/2020 16:36

Sadly not Sky but well done on a good start to the year.

[skyship] 27/1/2020 16:03

Hopefully someone followed me into GGP - now up 67%YTD!

Could still be cheap @ 3p, but banked half the gain as crashed through ceiling into a very overweight position.

[gary1966] 09/1/2020 15:02

For balance I also have a holding in MAI, what a difference a day makes. Thought they were cheap even with the revised profit forecast but the market has taken 30% off today. Can't help but feel that there is real value there. Not a large position and MPAC having another good day today thankfully.

[gary1966] 08/1/2020 20:40

MPAC, my largest holding, came out with yet another earnings upgrade today. Great company in a growing sector and generates a lot of cash. Integration of Lambert going incredibly well and providing more opportunities. Strong cash flow and trading on a very low cash adjusted P/e. Have very high hopes for this one over 2020. Personally I could see a fair valuation of £6 against a price today of £2.45

Sky, Well done on GGP, assassinations and missiles will help the cause as well.

[skyship] 08/1/2020 08:09

Indeed so - there are 100s/1000s of now unused epics from defunct/delisted cos.

Here is just one such:

[asmodeus] 07/1/2020 18:42

But surely, this thread is headed Jup Ord.(JDT)?

[skyship] 07/1/2020 17:30

Hi Asmo…

# JDT - I think that one was wound up c1yr ago

# I drop into LF quite regularly, as you will find on the REITs thread. Haven't used it thus far for conventional ITs

[asmodeus] 07/1/2020 16:50

Hallo Skyship and Rambutan etc. I subscribed to JDT for years, but left after losing heavily in Splits. Have just bought into VSL, hence seeing your posts. I have tried adding Jup Ord. (JDT) to my list, but can't get it to appear (on ADVFN). Any ideas, please? And is Lemon Fool recommended for an Investment Trust only, usually, Investor ? Many thanks.

[skyship] 06/1/2020 12:03

Nice start for the year at my 2020 Tip - GGP - already up 15% @ 2.08p If you looked at it and held off, perhaps look for a retrace and testing of the 2.0p level.

[skyship] 03/1/2020 07:31

Jeez Ram - that is most certainly an obscure off-piste play. Stats seem attractive; however the chequered past and lack of transparency a bit of a concern.

Elsewhere - HILS, IBST are typical of many FTSE 250 players whose share prices have risen 25% over the past 2months. So considering the FTSE 250 PE chart on Post No. 104215 below - I'll hold off for a possible pullback:

[rambutan2] 02/1/2020 19:43

Hi SKY. An unexciting potential arb style opp tempted me to buy a few HTCF for my "less exciting SIPP port". It's currently on a circa 12% discount. Is invested in a big, unexciting, credit hedge fund. Has promised to wind up if hasn't hit an £80m nav by the end of the year. Current nav is just under £50m. So, the board need to get rid of the discount in order to be able to issue new/treasury shares, or if they don't, then within twelve months the discount will come in due to a wind up. Hopefully the underlying hedge fund itself will tick up a bit to add to the return. The only potential down side is if the hedge fund disgraces itself and returns a big negative, but in theory it shouldn't (!).

[gco1133a] 01/1/2020 17:57

Had a great 2019 making in excess of 55%
My biggest winners were

DPLM this returned over 70%. After a 20 year hold I sold much of my holding around the Christmas period for a return of 35x capital in. The company has a great business model but the earnings multiple became too rich for me.

FOUR returned over 90%. Not cheap here but growth is still good and expect another chunky special divi with full year results.

For 2020 I have HILS as an infrastructure play and INL a niche housebuilder.
I have a spec position in AV. as a M&A play with big yield while you wait.

[skyship] 01/1/2020 17:44

Just posting this here as a useful tool/reminder: