Jup Ord. Share Discussion Threads

[gary1966] 01/9/2021 15:05

Despite my post above I have top sliced 35K at 61p and now have pretty much a free carry(all bar £992.50) on 50K shares. Wanted to continue building my position back up in M&G for my sins and just felt RSI indicators on M&G were looking more favourable presently.

[gary1966] 31/8/2021 10:16

Looking like STCM has broken out today after a very very long consolidation period. Good volume for this time of day which I always like to see on a breakout.

[langland] 31/8/2021 09:28

Thanks for pointing out. I have been keeping an eye because I have some left. Anyway, have taken what was on offer at 57.7.

[skyship] 31/8/2021 09:10

Possible to buy a few JPEL today. Have to trade over the phone, not possible online.

Buy @ c158c (c115p); and IMO a pretty near certainty that within 6months you'll get an exit on a total portfolio sale, delivering North of 190c...

[skyship] 22/8/2021 15:33

Tournesol - thnx for that. Such comments uncalled for; but of course much appreciated.

Sorry to read that HL for some reason won't permit a purchase of JPEL - but always very difficult in any event!

Elsewhere, a small allocation to ALS highly recommended. Even after Friday's rise on the MoneyWeek article below. Bank a few below 70p and hold for 6/12months:

"The best bet on Aim

On Aim, one company stands out for me: Altus Strategies (Aim: ALS). Quite what this £50m marketcap stock has to do to achieve a “fair” price, I’m not sure, but it offers extraordinary value at 60p. It has influential partners and investors, is doing sterling work on the ground and seems to be announcing positive news almost every week.

I think part of the problem is that this company has so much going on. Altus farms out assets in joint ventures, royalty deals and so on, thus getting others to pay for the drilling and development, but it also has projects it is developing alone. Project generators, with a portfolio of assets, are never quite as easy a sell as
single-asset-focused companies.

It is operating in several North African countries, where there is no shortage of gold. It has influential allies and first-mover advantage in almost all of them.

Altus has several billionaire backers. Its biggest shareholder is La Mancha, the office of an Egyptian billionaire, which owns 35%. La Mancha has only two other listed strategic resource investments (both gold companies in Africa), one of which is Endeavour Mining, worth over C$1bn. That puts its investment in Altus into perspective.

A similar company is Canada’s EMX Royalty, withamarket cap five times bigger.

What can I say? “One day, Rodney... ”

[tournesol] 20/8/2021 18:06

Hi Sky

I very much admire and appreciate your ability to find a stream of opportunities and to share your thoughts with others. I apologise for not being more vocal in expressing that.

I fell at the first hurdle wrt JPEL - my broker - Hargreaves L won't deal in them.

[gary1966] 20/8/2021 17:35

Just want more liquid shares Sky. I don't believe JPEL is particularly easy to trade in size, from memory of past discussion.

Sold CSN today at a small profit as it has held up well to buy back just under half of my holding in M&G. Missed out on a 6.1p divi but gained 30p in price drop since I sold.

[skyship] 20/8/2021 14:45

No answers to the JPEL opportunity.

A more obvious great opportunity today. PIN can be bought at 2702.47 for a 23.5% discount. A succession of small AT sales have knocked the share price 2%. Servez-vous!

[skyship] 18/8/2021 08:58

JPEL are once again an interesting proposition.

3 weeks ago they announced the trade sale of their largest asset, followed by a mandatory redemption as part of the continuing wind-up of the company.

The redemption was for 51.5% of shares at a 48% premium – at the new NAV of 200c versus the share price of 135c. A great result. The completion was on the 12th and pay-out tomorrow – 19th.

So, what now? Well, having disposed of their two largest direct holdings the portfolio is now a collection of funds and companies with no dominant holdings – see p13 on the link below. After the redemption there are now just 40.02m shares in issue, so at the offer price of 158c (115p) the MCap is a mere £46m.

And the End Game? Well, surely they will now seek to sell the rump portfolio in a trade sale to another PE company. They may have to take a discount; but unlikely to be more than 5% IMO.

So buyers today at 158c should be hoping for a final resolution at 190c, could be more; and likely within the next 12months.

That would provide a 20% gain at pretty well zero risk.

Please cast your eyes over this and provide any thoughts.

[skyship] 23/7/2021 21:26

Yes - a great result in both EPIC & JPEL today.

EPIC haven't advanced as quickly to 75p/80p range as I would expect; but they will do so over the days ahead.

[gary1966] 23/7/2021 14:36

Post 135, I think Tilts heard you and sorted it quicker than we hoped.:-) Clearly I got a little lucky with my timing yesterday and so am a happy bunny and happy for everyone else. Looking forward to the dividend increase later in the year and hadn't realised it had peaked at 5.75ppa previously. Will be thrilled with an increase to 5.5ppa to increase my yield to 8% but I think the management are keen to eclipse the previous 5.75ppa in due course.

[gary1966] 22/7/2021 14:37

Sold 2/3 of my cheaper HSV this morning to rebuy just over 66500 EPIC at 68.4+ costs. Happy to have rejoined having sold at about 57-58p previously and as usual too early. Like the increase in divi back to pre pandemic levels and firmly telegraphing further increases. Significant uplift in amount received for property in comparison to valuation that was only 4 months old and so wonder what the real world valuations are of their other assets to unlock more value.

[cwa1] 22/7/2021 11:03

LOL, it happens a LOT. Just a side effect of us, and many others, splashing about in the same paddling pool :-)

[skyship] 22/7/2021 11:00

Sorry CWA. You said the same to me the other day on another stock - or was it again on EPIC? I forget now...

Looks as though Stadium have leached out another 250k this morning - another step along the route to the end of the tap.

[cwa1] 22/7/2021 09:40

Look Mr SKYSHIP. When I have an order on the book, patiently waiting to be filled, Please can you ixnay the puffs? Much obliged :-))

[skyship] 22/7/2021 08:22

Re EPIC - What a tremendous Update today. As I had only an 8% allocation, I upped that to 10% this morning. At 68.4p the discount = 21.6%; and the yield on the historic divi of 5.0p = 7.31%.

Maybe I should go back for more!

The share price remains grounded in the light of the continuing liquidation of the Stadium stake. However that will inevitably come to an end; and when it does these will make progress to my 80p target.

Of course, it could well happen overnight if a fund manager had the sense to see the opportunity. Remove the tap; and the share price then reflects reality!

TILTS - perhaps appraise my namesake of the opportunity...

[davebowler] 13/7/2021 21:51

Thanks Skyship. Yes, I made the leap with PPIX. If I find out more I will post on the thread.

[skyship] 13/7/2021 17:04

So NBPE shoots the lights out - AGAIN! June NAV up 6.5%!

Yet the Market still parsimonious, as at the higher 1440p the discount has risen yet again - now at 26.6%.

1500p very much on the cards in the short-term.

[skyship] 11/7/2021 15:51

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[skyship] 10/7/2021 09:02

davebowler - I see you thought PPIX might be worthy of a look, that was back on 13th June.

I see you too found it difficult to find much about it: "I stumbled across this share via a Stockopedia screen and can't find any research on it except this summary by Hybridan in Jan on Research-Tree."

A bit of a leap of faith - might work out, might not. Hope it works for you.

[skyship] 10/7/2021 08:50

Ediston (EPIC) - Anomalously cheap & a secure high yield…

The REIT sector, provided you get the timing right, is the gift that keeps on giving. My last recommendation was for BREI just 2 weeks ago; and that is already yielding a useful profit.

I top-sliced a few at 75.6p; and reinvested the proceeds to top-up my holding in Ediston Property Inv (EPIC).

EPIC is one of the smaller players with a MCap of just £143m. It is also pretty unique as it majors on Retail Warehouse – 66% of the portfolio. NB: This is NOT Retail. Retail Warehouse is a separate sector – out of town retail parks have done well during the pandemic as they have proved a popular shopping venue.

EPIC at 67.8p trades at a 19.5% discount to the 84.26p Mar’21 NAV. On the 5.0p annual dividend (paid monthly at the rate of 0.4167p) the yield is a securely covered 7.37%. It is the Board’s intention to increase the dividend and will consider the position after the 30th Sept year end. An increase to 5.5p looks pretty well baked in, so increasing the yield to a highly attractive 8.11%. In the meantime we will see an NAV & Trading Update later this month.

If you compare the charts of EPIC against others such as BREI, SLI, RGL & SREI you will see that they haven’t recouped the Mar’20 losses quite as well. There is a reason for this. A major shareholder has been reducing its stake through the Market – a tap seller holding the price down at around the 68p level for the past 8months. They held 14.5% in Sept’19; 10.51% in May’21 and still 6.13% at the end of June – 12.9m shares.

“Since the issue of the shares to Stadium Group in relation to the portfolio acquisition in December 2017, an orderly conduct agreement has been in place over the holdings of Stadium entities detailed above. Although the agreement that the vendor would not dispose of these shares expired on 8 December 2018, Stadium Group is still bound by an agreement to only dispose of their shares in an orderly and considered manner and after providing three business days’ notice to the Company. It is on this basis that Stadium has operated.”

A buyback of that stock is now unlikely due to LTV reasons; and the discount level at c20% would not really impact the NAV very much in that it would only add c1.2p. So the best outcome would be for the Company to find a couple of institutional holders to take the stock and remove the tap. Until then, EPIC is likely to flat-line…but provide a very healthy yield as it does so.

A removal of the tap would likely see the shares make a good move forward. IMO, without the overhang, they should be trading @ c80p.

[skyship] 07/7/2021 08:21

AVIVA (AV.) looks to me to be in a Win/Win situation. Loads of cash from sales of overseas divisions headed back to shareholders; and the very real prospect of Private Equity interest:


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[skyship] 07/7/2021 07:57

Hi Alphorn - glad we are of similar mind on this one. The chart seems emhpatically to suggest a run to 1.20 very much on the cards in the near-term.

[alphorn] 06/7/2021 16:49

Hi Sky - for a short while today. ;)

We are actually both looking in the same direction and you will see that I recently opened a bullish GBP/€ position with a 1.15€ strike. Plenty of numbers out Friday which will move one way or another.

[skyship] 06/7/2021 13:52

GBP finally looks as though it may be breaking higher versus the Euro. Way to play a £ rise might be with the 3 x Short Euro / Long GBP.......SUP3:


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