Jupiter Emerging & Front... Share Discussion Threads

[essentialinvestor] 29/7/2020 18:03

Attempted to add today but was offered just under 83, May try again on a bad day, hopefully under 80.

[spectoacc] 21/7/2020 08:24

You'd think the two RSPs would talk to each other, but can currently buy at 82.0p, or sell at 82.0p.

[essentialinvestor] 16/7/2020 16:41

Am I misreading this, gearing appears to have dropped significantly?.

[gopher] 07/7/2020 20:19

Obviously I could just buy back in but realistically the out performance is coming from the gearing as much as the underlying quality of portfolio companies. I shall stick with Genesis and have joined you in MMIT after reading a positive write up elsewhere. My doubt here is the dividend yield, not that it won't be paid but is it a trade off for growth in the portfolio companies. I also don't fully support what I just did as a long term driver of returns,

[spectoacc] 02/7/2020 07:00

Thanks, interesting - I'd read it as the NAV at the time (c.83p), subject to various permutations of management decision. Must admit I'd probably have taken 88p.

[gopher] 01/7/2020 17:23

We had a discussion earlier this thread about this Trusts complicated annual redemption of shares via an offer to holders. Only 5% take up but the price is announced today as 88p payable in 2 weeks time. A profit of circa 5p per share based on today's buy price.

[spectoacc] 24/6/2020 08:46

Moderately puny director purchase reported after close yesterday, but he did pay near the Ask.

[spectoacc] 08/6/2020 14:26

Another Johnwig handle - there's at least 10 of them, this could go on a bit.

[pete_bane] 08/6/2020 14:24

Typical lying Speccy behaviour. He claims he filters everybody that does not agree with his repetitive posts then answers (dishonestly) every one of them

[chuckol] 08/6/2020 14:16

SpectoCack. You are making it worse not better. You simply refused to observe the self-distancing rules. You're so bloody lucky you didn't catch coronavirus yourself. It rather likes attacking widbags, I gather. I am certain that you are lying about the gloves and mask. In April? In Leeds? PS. And was YOUR post in April relevant to investment topics then?

[spectoacc] 08/6/2020 13:49

Another @Johnwig multi handle, soon to be re-filtered. Yes - the lady at Morrisons wasn't keeping 2 metres, didn't have a mask, or gloves, unlike me. I went through and kept 2m. Was responding to: "qvg13 Apr '20 - 17:12 - 1495 of 1734 0 0 1 ... Yes, that happened to me [at Tesco]. Then the cashiers changed shift. And when i left the store the narrow walkway meant that i had to walk half a metre distant from the first cashier, through his cigarette smoke. Usual mismatch between rules and common sense!"

[chuckol] 08/6/2020 13:42

"SpectoAcc13 Apr '20 - 19:20 - 1496 of 1734 0 0 1 @qvg - indeed. I fear I ignored it and went through anyway, which prompted the Stasi lady to tell the checkout girl not to scan my shop until the adjacent bloke had paid. Probably because, as she'd told me the rule earlier, I'd responded: "But you're way closer than 2 metres telling me this rule, shouldn't you & I be further apart?". She had no mask, or gloves, & not a job I'd choose."

[spectoacc] 08/6/2020 13:17

Had to temporarily unfilter one of @Johnwig's (many) multiple handles to check. Seems he's posted the same bizarre thing on about 20 threads. Seems to think I live in Leeds.

[essentialinvestor] 08/6/2020 13:02

Is that relevant to JEFI in any particular way?. Dont shout, just saying.

[1tcm1] 08/6/2020 12:57

The most important thing in this pandemic is to observe the rules of lockdown. At a guess, 80% of the adult inhabitants of the UK did so pretty punctiliously. This served the country well, I believe. Not, however, our voluble hero SpectoAcc. He was boasting, on ADVFN of all places, that he refused requests to keep social distancing in his local Leeds Morrisons, called the staff person who asked him a "Stasi" and elbowed his way to the front of the queue. He is very lucky that the majority of the population avoided this disgusting, unintelligent behaviour

[spectoacc] 07/6/2020 07:37

Agree it needs to outperform to go to a premium, but has been there quite a few times before, inc most of the first year. Surprised not more than 5.5% tendered. Be interesting to see if that means a tighter discount (those who wanted out, are out), or wider one (12 months to the next chance to exit).

[essentialinvestor] 06/6/2020 15:34

They must hope at some future point the shares trade at a NAV premium allowing the issusance of equity to grow JEFI. There is no guarantee of that, otherwise it may be wound up?, which would be undeserved. Bottom line is it may take significant benchmark outperformance to grow.

[essentialinvestor] 05/6/2020 15:43

% gearing is hefty, so this should outperformance in rising markets. Are we in a new bull market?, we might be.

[spectoacc] 05/6/2020 15:33

86p NAV now, creeping back.

[gopher] 05/6/2020 00:15

I have read through this and am still not 100% but the redemption price is NAV less expenses at 30th June as I think NAV and dealing value are the effectively the same. The Directors have a few weeks to find new investors and its all worded in a way that gives them total discretion which is the backstop I assume. I must admit my original intention was to sell in the market but Barclays kindly removed the sell option because of the corporate action so I did something else at the last minute because I have a job which starts at 8:30am

[spectoacc] 03/6/2020 10:23

Effectively a buy-back at an only marginally accretive price I guess. £87m heading to £82m of assets - but could make same argument re the divi, which takes out slightly more each year.

[essentialinvestor] 03/6/2020 10:19

It's another 5% gone though in an arguably already sub optimal sized trust. Cant understand the rational of offering this year's tender.

[spectoacc] 03/6/2020 10:16

5.1% tendered, a vote of confidence in the Trust since it was a guaranteed profit. I must be wrong about the price having been set already tho? (c.80.5p): "The total number of Ordinary Shares in respect of which valid redemption requests were received for the redemption point on 30 June 2020 ( "the Redemption Point") was 4,607,803 (representing 5.1% of the issued share capital). A further announcement will be made on or before 14 July 2020 to notify the Redemption Price. Further details of the redemption facility are set out in the Company's Articles of Association, the Share Issuance Programme prospectus issued on 19 April 2017 and are also available from the Company Secretary. The Directors of the Company have discretion over the operation of the redemption facility and the calculation of the Redemption Price."

[essentialinvestor] 02/6/2020 23:17

Annual tender at the discretion of the BOD.

[gopher] 02/6/2020 23:07

The default decision must always be to tender unless you are in sector that runs at a premium like Infrastructure. I can't think making this annual is good for portfolio management as its the best most liquid stock that must be sold. They must surely have thought the market decline scenario through as it would seriously disadvantage stayers - i didn't read the prospectus in full.