Share Name Share Symbol Market Type Share ISIN Share Description
Jup Ord. LSE:JDT London Ordinary Share GB00B0M3FZ66 ORD INC SHS 8.98274742P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.155p 0.01p 0.30p - - - 0 05:30:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 2.4 1.3 4.0 0.0 0.14

Jup Ord. Share Discussion Threads

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Cenkos Securities Plc (CKNS) look interesting now that the election is out of the way. Trading on a historic P/E of 6 before cash is adjusted for and yielding a well covered historic dividend of 17p or just under 9%. Competitors are saying that business is up and Cenkos reporting that they have a good pipeline of new business. Also still like RUSP that are yielding just under 8.5% and they have a bullet proof balance sheet. Picked up quite a few PLUS500 last Friday amongst the carnage. Very happy so far and look forward to the divi's in years to come. Hope everyone is well and making some money. Gary
Well, those AVR closed the week at 12.25p-12.75p - up c22% on the week, so a very nice run for any holders. No idea where they will go from here. No alternative comments anywhere to be found. Perhaps Goldfarb & I are the only two holders!
AVR - as mentioned in the Header above: ======================================= There is something interesting going on at stockmarket minnow – the very specialist AVARAE Global Coins plc (“AVR”). AVR is the UK's only listed company dedicated to investing in rare and high quality coins. Back in Q4’13 Founder & CEO of Noble Investments (“NBL”), the ex-stockbroker Ian Goldfarb (“IG”), sold the coin, banknote and stamp dealing company to Stanley Gibbons (“SGI”) in a £45m deal. IG banked £4m – 75% in cash, the rest in SGI stock. He was appointed to the SGI main Board. A 13.1m holding in AVR (16%) was one of the assets which passed to SGI with the NBL takeover. Having received c422k shares in the takeover, IG was permitted to sell 30k @ 365p in Jan’14; then as soon as the lock-in arrangements expired he sold another 123k @ 300p in Nov’14. Less than 3months later in Feb’15, he resigned. Then today we learn that SGI has sold all its 16% AVR holding @ 10p. IG declares that he bought 9.1m, taking his controlled holdings to 10.1m – 12.5%. The other 4m (5%) is yet to be declared. So….what’;s afoot? It could be that IG just fancies AVR as a classic asset buy as the Company’s NAV is c14.2p/share. The near 30% NAV discount certainly looks tempting. The more exciting upside comes from the likelihood that IG has other plans for AVR. No doubt he would have had to agree with SGI that he won’t be stepping too heavily on their toes; but nevertheless one has to remember that IG built up NBL from his initial investment of just £200k back in 2004; and sold out to SGI for a personal £4m in a £45m takeover. IG is an entrepreneur and ex-stockbroker. I suspect there may be an interesting future for AVR. The shares are difficult to BUY; but could well reward patient accumulation – if time…
So, the LMS AGM has confirmed the next Tender - not now...but coming soon: ------------------------------------------------------------------------ "Assuming completion of the ChyronHego, Voreda and secondary transactions, cash at 31 March 2015 on a pro-forma basis, would be GBP29.2 million. Commenting on the year to date Martin Knight, Chairman, said "The Company has continued to make progress with its realisation strategy during the current year to date; the Board expects to be in a position to consider a further return of capital to shareholders later in the year." The NAV is all over the place. Back up to 95p at end Mar'15; add in 2p for the further recovery in WFT and we reach 97p; however 3p then lost due to the current strength in £Sterling. Still, I'm happy with 94p, especially as the AGM Statement also confirms washing out 5 under-performing funds. Also most bankers/commentators expect the $ to reassert itself versus £Sterling, so the NAV may increase a tad closer to that Tender date. Clearly at this level there is attractive short-term upside ahead of the likely 20%-25% Summer/Autumn Tender. I have now gone slightly beyond my usual 10% Max as IMO LMS now ticks all boxes in terms of Risk/Reward.
Is it time to be back into LMS? I believe so… Since the last Tender (22.5% at 95p) back in May’14, an investment here has proved costly with the shares falling back from 85p to 75p in Q4’14, then effectively side-lining for the past 6months. Sentiment wasn’t helped by the apparent conflict of interest of former CEO Robert Rayne, who was also a director of Weatherford International (WFT), the largest portfolio holding. Many shareholders assumed that this possible conflict prevented the sale of the WFT holding at the far higher Market price available last year – a price which dropped alarmingly as the oil price fell out of bed. Now however, Robert Rayne has gone and the WFT share price has recovered from the dark days of $10.50 to the more interesting level of $14.65. The Dec’14 NAV stood at 93p. Since then the 25% rise in WFT may be just one of the contributors to a likely increase. There are also the holdings in two UK property portfolios – Brockton & Voreda. These two together were valued at £20.2m – 15% of the portfolio. With a 2.3p uptick from WFT and possibly another 1.2p from those property assets; my guess is that the overall NAV may well be back up to around the 97p level. As we know, LMS is in liquidation mode, so the key for buying now is the likelihood of another Tender. That will of course require further portfolio sales; to add to the c£5m received in March from the sale of ChyronHego. In the March Prelims these were the relevant quotes on the matter: # At the year end the Company had cash of £9.2 million; the Board will consider a further return of capital in the light of realisations in the coming year. # There are active sales processes underway on a number of the Company’s investments and we are also exploring potential realisation opportunities in the secondary market. These initiatives are at an early stage and their likely outcome cannot yet be anticipated. We shall keep shareholders informed through our normal reporting channels and significant individual realisations will be announced as appropriate. There is a very remote possibility that we will hear further news on the Tender front at the 12th May AGM. Would certainly be welcome of course; but perhaps more likely would be news post a disposal in Q3’15. Whenever it comes, a Tender this year has to be a near certainty, so with the shares retreating once again into their 75p support and the NAV improving, I have decided the time is right to buy a few at today’s offer price of 76p. E&OE: LMS has other unquoted investments. The Annual Report was positive in all regards; however there is always the possibility of a valuation markdown in the light of unknown circumstances.
free stock charts from
The Private Equity sector continues to bring home the bacon - especially JPEL, MTH & NRI. JPEL still cheap on a 25% NAV discount ahead of the 2016 start of the shareholder return policy - see the Investor Presentation at: hTTp:// MTH can be bought at a good discount to the price of the last Tender, so with the Board talking of further portfolio gains to come, this looks a really good buy ahead of the next Tender. The largest NAV discount is still the 30.7% at BPM, the chart for which is increasingly looking like a coiled spring ready to snap! I'm hoping that the large sale alluded to in the Oct'14 IC interview will provide the catalyst for a sharp move forward sometime before the Finals due in June. free stock charts from
Further to my P.No.15 above; I've topped up my holding in BPM today: BPM is one of the smallest listed Private Equity plays with a MCap of just £41m @ 140p. It has been a pretty boring investment over the past two years, with periodic bursts coinciding with recommendations in the IC, but the share price remaining stubbornly in its 125p-150p range. Still, with the dividend to be confirmed in c10days and the Prelims in June, it just may be that the current 136p-140p could add a useful 10%+ over the next 3months, especially as in October the IC stated that they "understood" there could well be a major disposal of a portfolio company before those early June Prelims. With the last NAV stated at 205p, I would be disappointed not to see a further rise to c210p-215p come June. Just 210p would mean that the shares are offered at a very attractive 33.6% NAV discount. With last month's Trading Update being so positive, BPM has to be considered exceptionally good value, especially as they operate in a thriving insurance sector. LINK to TRADING UPDATE: LINK to CHART:
Some of you may be interested in Core VCT (CR3) after their announcement the other day. Looking to wind up the trust over the next three years. NAV at 31st December was just over 82p. Can currently buy for 53p. Looking to make a distribution of 35p in May and so you would effectively be paying 18p for potentially 47p's worth of assets. There would still be a very good annual return even if those assets only realised 30p over the next three years. Hope all are well. Gary
Well done CW
Hope u don't mind but I started one for BIST. As I'm "blue" and thread owner it might help in weeding out any crackpots, if they ever appear in such a godforsaken, out of the way, thread ;-)
Tilts care to start a thread?
Anyone looking to replace ACD monies might want to take a peek at BIST. Formerly British Assets, the mamangement has been taken over by Black Rock with a new mandate. A new multi-asset approach revolving round income strategies. Shares currently trade on a discount, which I do not believe will last too long, and an attractive yield.
After EPWN's recent rise all the way back up to 100p BID (providing a rather nice turn for quite a few - especially those who timed their purchase into the absurd spike down to 82p); they have succumbed to profit-over the past fortnight . This apparently boring company seems to possess a rather active share price; and if you can time the swings there is money to be made here. With the Finals due on 16th April, the current pullback could well provide a good re-entry point. They are currently trading at 90.8p-91.8p; so pretty well full circle back to around the price of my original Post.
Absolutely - always sell too soon - I could say the money went into PCA; but still, was plainly a stupid mistake when they were still at a good discount to my projected 2015 NAV of 69p!
Regretting selling RLE? (I am)
eeza - so sorry; for some reason missed that post. Yes, know of JIL and also another legal play whose name/Epic eludes me! For some reason I've always ducked it; most likely due to the lumpy and in my mind less assured returns - less assured than with TLI that is. Agreed, a good uncorrelated option though. Elsewhere, EPWIN proved a good winner - pity I had only a small allocation - still not happy with Conventional Trading Companies! Hopefully a few others here joined the fun and timed it better than I did. Wow - RLE up to 63p bid today - did a write-up on that one late last year on the 2014 thread...
Have you looked at JIL, Juridica, Sky? Also seems to be uncorrelated.
Still involved in the quest for stocks providing non-correlation to the Markets. TLI is the stand-out play based upon the purchase and eventual maturity of a portfolio of life policies on wealthy US citizens of advancing old age! Others are the stamp portfolio which is AVR; and the debt plays such as DREF & LBOW. I came across another one today: Catco Reinsurance Opportunities Fund ("CAT") CAT is an LSE-listed retrocessional reinsurance linked investment fund. Has the advantage of being quoted in US$ - provided you are of course a believer in the continued strength of the US$. This will enlighten a bit; as will other links on the CAT thread. I certainly like the annual returns they are talking about; and have achieved inn the recent past. A 10%+ annual return seems highly likely.
So free float being relatively small a few sales would have an effect on the share price to ponder ...thanks yet again Sky
85% in close hands of insiders and institutions - so only 15% free float. ...and here's the chart showing that RSI: free stock charts from
There seems little interest on BB's ( not a bad thing !) so I imagine not too many held by PI's and well worth investigating further whilst RSI is in such oversold territory. Thanks for highlighting it Skyship.
cousin jack
B.P. Marsh & Partners PLC is a specialist private equity investor in early stage financial services business and will consider investment opportunities based in the United Kingdom, Australia, Europe, North America and occasionally elsewhere. Their website mission statement is: Growth, maturity and a vision for success. Their business is actually wholly in the specialist insurance broking sector; and their success is evidenced by the impressive statistic that over the past 24 years, BPM has grown NAV at a compound annual rate of 11.3% pa. No mean feat! They have a splendidly informative and well structured website: Despite the good track record the shares at 135p provide a substantial discount to the historic NAV of 205p as at end Jul'14 - a 34% discount - the highest in the trust sector. This in spite of the fact that against a MCap of £39.4m, the balance sheet shows Cash/Near Cash of £12.4m - equivalent to 42.5p/share. Total Net Assets of £59.8m include a further £13.3m of equity and loan in the broker Hyperion - most of which they sold back in 2013 - and this cash will be released profitably after Hyperion's anticipated IPO. These two articles explain the position: According to Simon Thompson of the IC, who visits BPM quite often (last time was on 22nd Oct'14) a further £10.9m of BPM's assets are loans and receivables made to portfolio companies. 12.4m + 13.3m + 10.9m = 36.6m; so the current MCap of £39.4m is practically totally covered by secure cash/near cash/equity and loans. With, in addition, their nursery portfolio of carefully selected players, it seems parsimonious that the Market should pay so little attention to past performance - it should surely afford BPM a higher rating. IMO Fair Value should be a maximum of a 20% discount, ie 164p. That would be 21.5% higher than the current offer price. ST in his last article suggests a 170p target; and he may well reiterate that again before too long following yesterday's RNS stating that Deputy Chairman had just bought 10,200 shares at 131.5p. In doing so he had to compete with the Company, which, not surprisingly is making a few buybacks at this level. I love buying VALUE - for me that is shares at a discount to actual or prospective NAVs. I particularly favour propcos, private equity and random investment companies. BPM looks to me to tick all the boxes. I know some won't buy an AIM-listed company; for me it ticks another box - No Stamp Duty!
Hybrasil - how lovely to hear from you after all these years. I do hope you are well and flourishing in the improved economy over there - if Dublin is where you are these days... Are you too finding markets as difficult as most of us? Does look as though we may have to accept a few years of low returns. As I intimated in the Header, I would be more than happy to match my 7% of last year. I'm running what I perceive to be a safety first portfolio - high on Private Equity and many 5%/6%/7% plays such as DREF, LBOW, TLI, RECP.... do post with ideas now and again - this thread has been rather quiet recently; though not surprising in such lacklustre times. Off to join others in the Centre's dining-room shortly - and in my pocket I will have a chocolate liqueur left over from Christmas - very illicit!
Chat Pages: 53  52  51  50  49  48  47  46  45  44  43  42  Older
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