Jup Ord. Share Discussion Threads

[skyship] 30/9/2021 21:15

Indeed, DEC (too soon), PIN, NBPE (50%) & The Slater Walker Recovery Fund - this last my only delegation of investment management to a third party! Mark Slater has a seriously impressive record.

[gary1966] 30/9/2021 19:27

What have you been selling then Sky? Suspect DEC has probably gone as it has had a good run and helped lift my returns in the last few days.

[skyship] 30/9/2021 18:07

Well done Gary. Personally was up 28.0% mid-Sept; but given a bit back recently so closed out Q3 up 26.1%.

Like you, I would be more than happy to close out '21 with that. I'm concerned at the dangerous October; so have raised liquidity to just under 20%.

[gary1966] 30/9/2021 17:33

Well end of the third quarter and a gain of 8.27% which I am very happy with. DEC, STCM and EPIC as well as dividends will probably be the main contributors for the quarter. Up 29.55% YTD. If I end the year at that I would be a very happy bunny.

[skyship] 23/9/2021 17:17

sb - online - well done you - I can never get an online quote.

tournesol - bizarre story re I3E.....hope it works well for you and a few months down the line all will be forgotten. The HL bureaucratic nonsense doubly annoying; those regs are EU inspired and hopefully to be ditched along with KIDS.

[spittingbarrel] 23/9/2021 11:37

Sky - Thanks for bringing up JPEL, I just managed to get 5000 online at just over £1.15. But can't get anymore at the moment.

[skyship] 23/9/2021 10:30

I've said it before; but I'll say it again in more detail:

JPEL Private Equity (JPEL) – in wind-down - possible 25% gain within a year

On 23rd July JPEL made a pretty momentous announcement, at least for JPEL shareholders:
===============================
JPEL is pleased to announce the realisation of its investment in the Company's largest portfolio company, Swania International SA ("Swania").

The realisation results in an investment return of approximately 3.9x and an IRR of approximately 25.8% for JPEL.(1) As part of the transaction, JPEL expects to receive gross proceeds of approximately US$78 million, representing approximately 70% of JPEL's overall market capitalisation as of 22 July 2021 and an approximate 19% uplift to the current carrying value at 31 May 2021. At 31 May 2021, Swania represented 47.7% of JPEL's private equity portfolio value.

Upon receipt of the net proceeds relating to the sale of Swania, the Board anticipates conducting its ninth mandatory redemption to shareholders as soon as practicable.
================================

Less than 2 weeks later, the redemption arrived:
# JPEL WILL RETURN $85 MILLION TO SHAREHOLDERS
# REDEMPTION DATE 12 August 2021
# REDEMPTION REPRESENTS 51.5% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 30 JUNE
# REDEMPTION @ NAV level of $2.00

After the redemption the company has just 40,017,883 shares in issue.

This is a trust managed by the giant JP Morgan, yet after 5yrs of wind-down and a return to shareholders of $500m; the trust now has a MCap of just £46m at 115p (158c).

The question now has to be – where do we go from here. Frankly the trust is now too small and irrelevant to continue. A trade sale within the PE sector has to be the most likely outcome – sell the portfolio, make a final redemption and wind-up.

We may get some clarity with the Annual Report statement due in c2weeks – 8th October last year.

The obvious investment case has to be – almost Zero risk with a now widely diversified portfolio of small PE plays, split practically equally between direct investments & PE funds:

... review.pdf

Zero Risk; but serious short-term upside of c25%, OK perhaps only 20% if the portfolio has to be sold at a discount.

There is one catch – liquidity. You have to be patient and buy when available; also can only be phone traded, consistently no offer online.

One last thing. Quoted in US$, but UK listed; so no FX charges.

[gary1966] 21/9/2021 15:23

Short term yes starpukka but they are famous last words. Reason of old that EPIC had held up better than the rest of my portfolio of late. I built my position at 68.4p just before the overhang was cleared and have received a couple of divi's since then and so 76p was attractive when looking for something to sell in what I hope is the short term.

[starpukka] 21/9/2021 11:54

@Gary

Why Epic ? Presume you see better growth and div in STCM at these levels ?

[gary1966] 20/9/2021 11:58

Took the profit on about a third of my holding in EPIC to get the cash to restore my full position, sub 46p, in STCM today. Inexplicably they have fallen 25% in a couple of weeks and RSI now very bombed out.

[skyship] 20/9/2021 09:10

We need to hold above the mid-July spike down to 6844 - or 6600 beckons!


free stock charts from uk.advfn.com

[skyship] 14/9/2021 14:31

Though of course, if you believe the Uranium price is going parabolic, does it matter!

[skyship] 14/9/2021 14:04

r-o-t-a. Welcome; but surely important accurate also to note that YCA are now trading at a premium to NAV.

[return_of_the_apeman] 14/9/2021 10:45

YCA is priced at a discount of 25% to SPUT both hold exactly the same undelying physical asset so a possible pairs trade long YCA, short SPUT

I think I have posted this on the correct board for you skyship, I am aware from your posts that you have a spreadbetting account and have followed YCA

Feel free to say if this board is not the place for this type of post

[gary1966] 09/9/2021 10:21

Yep should have held on to the cash I had for a couple of days as M&G has declined ever since I bought them. Pretty small in the general scheme of things though. High yielders seem to have been hit a little after the dividend tax hike, or maybe I am imagining that. Would have hoped for a bit more strength in the price of DEC with the move in gas prices. I would hope that they have been tying up some hedges for next year and beyond at better rates.

[skyship] 09/9/2021 09:26

Back down to all square on SUP3. Only a small allocation...

Given a bit back this week with both PE trusts and REITs seeing profit-taking.

[alphorn] 08/9/2021 07:52

Good morning Sky, how is your forex view going? The current decline in GBP may give an opportunity to be bullish GBP. But will it drop further?
My two open positions from several (many) months back are bearish GBP/CHF (@1.30) which matures next week for a full gain and bullish GBP/€ (@1.15) which is still running.
I am bearish the UK economy as posted many times but there must be a floor to pick off. Friday's numbers will give more of a clue.

[gary1966] 07/9/2021 13:22

Balance of cash has indeed found its' way into M&G. Fully invested again.

[gary1966] 07/9/2021 10:56

Fingers Xd starpukka but not concerned as I am confident that at some point in the future I will be able to sell them at a profit if I choose to do so. Mainly want the income but happy to dip in and out occasionally if RSI gets overcooked.

[starpukka] 07/9/2021 10:48

Gary,I have a sneaky feeling we've seen MNG's bottom now.

[gary1966] 07/9/2021 10:22

Back in for 50K STCM this morning as RSI and price has dropped back a reasonable amount over the last couple of days. Free carry on them which is a nice position to be in.

[gary1966] 06/9/2021 16:10

For balance I took a small loss on Homeserve today. Has recovered of late and just feel RSI is rolling over a little and so may be an opportunity to buy back a little cheaper if I choose to do so. Now have a bit of cash but for some reason I am not in a hurry to use it. RSI on STCM is dropping back and so I am keeping an eye on that one.

Revisited PRIM today as price has dropped a bit since I sold but just can't get excited about it now.

Sale of CSN sadly was ill timed as was the M&G purchase with the proceeds.

[skyship] 03/9/2021 08:23

Gary - well done with SCTM. Wouldn't go there of course! Making hay with the PE Trusts instead...

[gary1966] 02/9/2021 17:09

Exited my STCM position today that has been very profitable based on quite an elevated RSI. Will get back into them if the RSI drops back. Have slightly more than restored my M&G position as the RSI has come all the way back down since I sold and just look too cheap. Gap on the chart at 217.1p to add to the mix.