I'm very happy to relieve you of the burden that these shares create. |
This will be a very different beast once the management changes are confirmed. A growth focus and a yield of only 3% of NAV.
Certainly the gap has closed but not dramatically so. The 193.25p being quoted to buy still puts maje on a 21.5% discount. |
I'm still holding TAM. Happy to hold. |
Top, any view on TAM, thanks.
Apologies off general topic. |
Marylebone is a good appointment. They are a benchmark agnostic growth manager that build blended portfolios of direct and indirect investments - so all in costs will rise a tad but the result should make this worthwhile. Once everything settles down, growth in share capital looks highly likely. |
Well I agree that Majedie have not had a great time over the last decade. It was particularly disappointing to see MAM sold in such a poor deal. Nevertheless, ever the optimist, I think the latest RNS is interesting. The Barlow family clearly want to to take a stake in their investment manager. The cynical view is that it gives the CEO something to do. However, you can understand the logic. The new Investment Manager looks interesting, so happy to give them the chance to perform. |
And still a 17% discount even after todays rise. I heartily approve |
 Details on the appointment of Marylebone Partners
Marylebone Partners will receive an annual management fee of 0.90 per cent. of the market capitalisation of the Company up to GBP150 million; 0.75 per cent. of market capitalisation between GBP150-GBP250 million; and 0.65 per cent. above GBP250 million. The market capitalisation for the calculation of this fee shall be subject to a cap of a 5 per cent. premium to Net Asset Value.
As a contribution to the costs of the change of investment manager, Marylebone Partners will waive one half of the management fee payable by Majedie for a period of 12 months from Marylebone Partners' appointment as investment manager and make a significant contribution to the cost of marketing the Company.
The Company will become a Member of Marylebone Partners, entitling it to 7.5 per cent. of residual profits and capital. This is to be granted to the Company for no consideration.
Following an initial term of two years, the investment management agreement shall be terminable by either party serving six months' notice. |
Great they've acknowledged they need a new manager and this news definitely leaked. Well done to those buying at 160p. |
Delighted to see them doing SOMETHING! Some immediate questions: first I agree this clearly leaked so I hope any transactions earlier this week will be looked at; second 7.5% stake is great but what are the fee arrangements; third why these guys and who are they? I note on a very quick skim through a couple of ex Mercury references which echoes the origins of MAM; fourth, what are the transition arrangements and cost of switching, is the Tortoise fund readily tradeable?; fifth, is anyone going to fall on their sword for the disastrous previous appointment? Why shouyld we trust the same team to come up with the right deal this time |
Interesting new Investment Manager arrangements...a tad eclectic but that's Majedie for you! Anyway, Marylebone Partners LLP look OK and the 7.5% equity stake looks positive. A 3% of NAV dividend policy looks sensible. Given by the share price movement it appears that the news leaked out before today. Market seems to like it. On balance, it looks like a win win scenario for both parties. |
edging up still
nav 235.8p |
nav 234p
makin, I think it will narrow naturally as we approach the results with a Christmas rally and the dividend announcement. The process has already started. |
Kev, congratulations on your timing
brwo349, I get that the discount is wide but what catalyst do you see for it to narrow? |
Some life in the shares todays and the Nav is now 232.65p.
The final dividend has been 7p the last years so will that be the case again |
There's a first time for everything. |
Hope you bring us some luck Kev |
27 October 2022
Net Asset Value (NAV)
The unaudited net asset value per share at the close of business on 26 October 2022 was as follows:
With debentures at par value: 228.28 per share
With debentures at fair value: 227.00 per share |
161p on the offer against yesterday's nav of 226p.
I'm still nibbling and at some point these will turn.
The Liontrust constituent continues to fall but its no longer significant. |
NAV still strong, up another 1% to 245.5p and finally some upwards movement in the share price. |
Really? Enlighten us then |
NAV 242.7p |
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