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Share Name Share Symbol Market Type Share ISIN Share Description
Majedie Investments Plc LSE:MAJE London Ordinary Share GB0005555221 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  10.00 4.95% 212.00 212.00 218.00 218.00 214.00 214.00 53,670 16:35:14
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 8.0 6.9 12.9 16.4 112

Majedie Investments Share Discussion Threads

Showing 26 to 50 of 100 messages
Chat Pages: 4  3  2  1
DateSubjectAuthorDiscuss
07/12/2015
11:25
MAM revalued again - got to love it , by my maths valuation still implies a 6.4% yield on that asset - where can you find a dividend stream such as this that actually grows?
edwardt
10/12/2014
17:36
Re SIT's 20% stake in the manager, looks as though will have to wait for the first results for a fig/calc to be disclosed. Certainly has potential though. Below is from prospectus... 3 Investment in the Manager The Company will acquire a 20 per cent. equity interest in the share capital of the Manager on Admission at the same price per share at which the SAM Founder Shareholders subscribed for their shares in the Manager. Assuming that the Issue is subscribed as to 50 million Ordinary Shares, the Company’s investment in the Manager will constitute less than 0.5 per cent. of the Company’s Net Asset Value on Admission. This equity interest will be retained in accordance with the Company’s investment policy as set out in Part I of this Prospectus. The Directors expect that the Company’s investment in the Manager will help foster a relationship between the two entities that better aligns the interests of the principals of the Manager with the Company. The Directors note the potential for significant capital appreciation offered by the 20 per cent. equity interest that the Company will hold in the Manager. The business plan adopted by the Manager provides that it is to establish and act as investment manager to a range of investment funds that have the potential to earn the Manager both management and performance fees. The range of funds to be managed by the Manager by the end of Q3 2014 is expected to comprise the Company and a UCITS with four sub-funds, each characterised by either a long or long/short investment strategy in UK or pan-European equities. The Company may realise value from its investment in the Manager in part through what is expected to be a significant dividend payout rate in the medium to long term, and in part through the eventual disposal of the investment. The Board will periodically evaluate exit opportunities in respect of the Company’s investment in the Manager and will assess the viability of any such opportunities in the light of then-prevailing market conditions. The Directors hope, however, that this co-investment in the Manager will prove to be one of the Company’s more profitable long term investments, thereby helping the Company to achieve its investment objective. The SAM Founder Shareholders intend to subscribe for Ordinary Shares in the Issue in an aggregate amount of between £8 million to £10 million (which will represent between 16 to 20 per cent. of the Ordinary Shares in issue on Admission, assuming that the Issue is subscribed as to 50 million Ordinary Shares). The Directors believe that the Company’s investment in the Manager, and the personal investment of the SAM Founder Shareholders in the Company, give rise to a beneficial alignment of the interests of the Company and the Manager in the future success and profitability of the Company and the Manager.
rambutan2
10/12/2014
17:24
Following on from above... 11. The investment in Lindsell Train Limited (LTL), representing 24.42% of the Investment Manager, is held as part of the investment portfolio and is accounted for and disclosed in the same way as other investments in the portfolio. The Directors of the Company review the fair value of the investment in LTL at the end of each quarter using the simple average of: (a) 1.5% of LTL's most recent funds under management ignoring any differences between types of asset class and fee structure; and (b) LTL's net earnings (adjusted for a notional increase in total staff costs to 45% of revenues excluding performance fees*) divided by the annual average yield on the 2.5% Consolidated Loan Stock plus an equity risk premium of 4.5%. The Board reserves the right to vary the valuation methodology at its discretion.
rambutan2
10/12/2014
17:14
Prob worth comparing it to the valuations put on the management stake by the boards at LTI and SIT, although neither is of the same size as the Majedie business.
rambutan2
10/12/2014
16:43
when you assume a valuation similar to jupiter /henderson and applying a p/e average of those two, i get a valuation nearer £60m not £40m on our holding. i think the board are applying a very large illiquidity discount on the shares. dyor etc.
edwardt
08/12/2014
17:44
Yes, it looks cheap on dividend yield alone. They will be selling over the next 4 years, so it's importance will diminish. This holding has saved them though. The investment performance otherwise has been very very poor and the costs too high. Things look brighter following the change of strategy though.
topvest
08/12/2014
14:38
anyone done any calcs on value of majedie holding. with £10bn of aum and we own a 18% stake, so £40m valuation seems conservative when cf against someone like henderson??? i think they apply a meaty discount due to illiquidity...
edwardt
24/6/2014
10:25
expect we will see a capital raise here soon, it will be a neat way of improving liquidity in this trust.
edwardt
18/6/2014
14:16
Only to say that I am also a happy holder, and, according to the half-year report, just received, "The total shareholder return, including divs., was +35%" for the half-year ended 31st March 2014, and the NAV total return inc. divs. was +6.1%. And regarding the discount, the report says this has already narrowed from "14.3 % on January 11th 2014" to "close to NAV by end of May." Surely this report is available for viewing by anybody, somewhere?
asmodeus
18/6/2014
13:49
happy holder on this one - anyone got any current views?
edwardt
16/1/2014
08:55
well why not get the discount in and raise more money here. the free float is not big enough here and most wealth manager firms would not touch a fund unless it is way over 100m. Also is tortoise shut to new investors, in which case this may be a good route to access - the performance on a risk adjusted basis has been superb.. also the debt needs sorting out, anyone provide any colour on this?
edwardt
15/1/2014
20:54
Yes, just caught up with this. Makes sense to me. Nice that they followed my advice...lol! Javelin Capital just hasn't been successful. MAM are a much better fund manager. Dividend needed re-basing as it was unsustainable. Sustainable investment strategy should now be in place, and make sense to divest of the MAM shares over time. Share price up shows that the market likes this move. It does make you wonder whether MAM may use this as a first go at managing an investment trust. They may launch more I guess!
topvest
15/1/2014
20:17
The document describing the changes says only that "the UK Income Fund and the segregated portfolio have annual management charges of 0.75%, and the Tortoise Fund 1.5% and a 20% performance fee (over a hurdle of 5%". Anyway there will be an EGM to approve the changes, and perhaps the question of fees can be elaborated upon then? No questions were raised about them at the AGM.
asmodeus
15/1/2014
18:43
agree that makes sense but some pretty nasty double charging will go on now - think the board should have at least recognised that when doing the overhaul. any views?
edwardt
15/1/2014
15:52
Topvest's 17 - "Maybe they should sell Javelin to Majedie and get Majedie Asset Management to manage the investment trust?" For your information, Topvest, this is precisely what they have done! They announced it on 13th Ja. (see RNS) I have bought some more.
asmodeus
14/1/2014
14:40
Is anybody going to the AGM tomorrow?
asmodeus
31/12/2013
09:56
thanx rambutan2 asset value is climbing at a good pace and yield is excellent share price still at a large discount to net assets
ntv
17/12/2013
14:42
Maj Asset Mngt carrying value upped by £7m. See annual report.
rambutan2
17/12/2013
14:07
yesterdays late announcement saw a significant rise in nett assets
ntv
08/12/2013
10:03
Thanks Top vest - and the first part of my due diligence was to ask for your advice! Many thanks. P.S. the Report and A/Cs are now out and I have read them, and now have a much better idea of what I have bought, and will follow this up by attending the AGM on Jan. 15th. Seems pretty good to me.
asmodeus
07/12/2013
16:41
Majedie Investments PLC is the investment trust. They own c25% in Majedie Asset Management, a very successful asset manager of open ended funds. Majedie Investments PLC has also set up Javelin LLP who manage the investment trust and a very small open ended fund. Unfortunately, Javelin LLP have not followed the same successful path as Majedie Asset Management. Final results will be interesting. This is the investment trust web-site hxxp://www.majedie.co.uk/ . Maybe more due diligence needed if you are not sure what you are buying!
topvest
06/12/2013
22:00
I have bought what I thought was Majedie income investment Trust today, but on doing further research, am totally confused! There appears to be more than one fund under the epicode MAJE, and differing information as to portfolios etc., if I look at the Majedie website itself; or Trustnet; or Citywire, and totally conflicting ideas of performance, launch dates etc., and you, Topvest, and others refer to Javelin, and it does not get a mention in some things I have read! I am not at all sure what I have bought, now! Any help would be gratefully received.
asmodeus
05/5/2013
10:17
Some brighter news at Majedie Asset Management, now with £7bn under management and lots of new award wins: http://www.majedie.com/news I suspect there will be a very hefty revaluation gain this year if that keeps going + possibly a bigger dividend. Maybe they should sell Javelin to Majedie and get Majedie Asset Management to manage the investment trust?
topvest
16/1/2013
22:08
Yes, Javelin are the only negative as they are not doing well. How they achieved a negative return in Q4 is beyond me! Continue to hold myself though.
topvest
16/1/2013
19:52
Nice steady rise with an impressive array of investments. Cracking divi to boot so a no brainer for the SIPP or ISA as you say rogerbridge.
flashheart
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