Marwyn Value Investors Share Discussion Threads

[badtime] 06/1/2015 22:58

i'll go for 9p

[tiltonboy] 06/1/2015 19:24

I will go for 8.5p

[skyship] 06/1/2015 19:05

It would seem entirely reasonable to pay out more than last year. I'll opt for 12p...10p would surely be construed as parsimonious in the circumstances!

[strathroyal] 06/1/2015 17:50

Thanks for your input tiltonboy, looks like I will be disappointed.

[tiltonboy] 06/1/2015 14:18

strathroyal,

I think you are going to be disappointed. Looking at the figures, I think you will only see a return from BREE of just over 3p. So possibly just over 8p in total.

[tiltonboy] 06/1/2015 14:01

My concern would be is that they will incorporate the distribution policy into the BREE payout i.e you will get whatever is due from BREE, and as long as that equates to a bit more than 8p, that is all you will get. I am going to re-visit some notes(when I can find them), and see what is due from BREE.

[strathroyal] 06/1/2015 13:14

If there is a distribution from the BREE sale, I would hope that the total distribution would be between 23-25p. BREE share price was around 29p when the revised distribution agreement was set up and I am also expecting last year's 8p to be increased to at least 10p.

As you say tiltonboy, we will see shortly!

[tiltonboy] 05/1/2015 15:33

Should get a distribution announcement in the next couple of days; but how much will it be?

[strathroyal] 03/1/2015 11:30

In March last year this thread was discussing the changes to the distribution policy agreed in 2013, however since the disposal of the BREE stake no one has commented on whether shareholders will receive a return of 50% of the net profit from that sale as well as the dividend this January. Any ideas?

[papy02] 02/1/2015 19:27

Many thanks jonwig, that helps a lot

[hpcg] 02/1/2015 19:10

That explains why I could only buy in HL, where I am registered as sophisticated, and Barclays, where I'm not. I think the rules were tightened up last year as I add to answer a checklist of questions to purchase more convertibles already in my portfolio. If you have a relatively large and complex portfolio, possibly with existing instruments covered by the rules then try a telephone deal and answer the questions.

[jonwig] 02/1/2015 14:25

Papy02 - the "missing link" is the stake relationship between MVI and the Master Fund ... we know what the MF holds (27.3% of ETO) and that ETO constitutes 86.11% of MVI's NAV, from which we can work some stuff out but not everything - especially shared liabilities (20.06% of MVI NAV). What causes these to change at MF level, and what's the drip effect to MVI.

EDIT - numbers taken from 31 Dec 2013 AR ... should have taken from 30 June 2014 which has ETO as 96% of MVI NAV.

Anyway, that's the best I can manage, so aren't a buyer despite the attractions.

darryn - yes, change your broker and try to get registered as a "sophisticated investor". Trouble is, this might take a while to sort out. See what TD Direct have to say, maybe. I've no problem with them.

[tiltonboy] 02/1/2015 11:41

darryn,

SKYSHIP promoting my services...lol...Regulation is such that I'm only looking to take on Discretionary accounts at the moment.

[darryn1] 02/1/2015 11:36

Why might TB want to take me on? Is he a recognised broker? What is a 'handily sized' portfolio in your eyes? Mine is well into 6 figures.

[skyship] 02/1/2015 10:51

Darryn - Perhaps Tiltonboy will take you on - but you need to have a handily sized portfolio to get a good broker these days!

[papy02] 02/1/2015 10:24

I've tried and failed to calculate MVI's NAV based on their 27% holding in ETO.

I assume the MVI exchange-shares have to be factored in? but I still don't get close to the numbers in RNS's and quoted here. I'm adjusting for net liabilities, for the slight reduction vs BREE book value based on SKY's post on that, and for the tiny MMP holding.

If anyone would be kind enough to show the workings (from ETO mkt cap to MVI NAV/share) I'd be very very grateful.

[darryn1] 02/1/2015 09:47

Thank you TB. It looks like I will have to open an account with another broker to invest in MVI.

I agree SKYSHIP, it is quite shocking.

[skyship] 02/1/2015 09:46

Darryn - exceedingly frustrating for you - hopefully can be resolved; but the broker not knowing enough so as to be able to elucidate is truly shocking.


free stock charts from uk.advfn.com

[tiltonboy] 02/1/2015 09:45

It is aimed at sophisticated investors because of the perceived inherent risks in investing in companies quoted on that market. However, in the case of MVI at the moment, it is an absurdity as the whole of the market cap is covered by their investment in a FTSE 250 company.

[darryn1] 02/1/2015 09:39

Thanks TB. What is the significance of the Specialist Fund Market in this case compared to any other AIM or FTSE listed stock?

My broker has refused to take an order from me and will not even quote a price for MVI. No reason has been given for this either.

[freda] 02/1/2015 09:39

I had the same problem with Barclays, so had to use my idealing account. Barclays said that I can sell through them at normal on-line prices (even though I have to sell using the phone) but can not buy.

[tiltonboy] 02/1/2015 09:26

darryn,

It's quoted on the Specialist Fund Market, but your broker should take an instruction.

[darryn1] 02/1/2015 09:18

Tried to buy some shares earlier this morning but my broker will not deal in MVI and cannot, or will not, give any reason why. Is there some problem with this company or its corporate governance?

[tiltonboy] 30/12/2014 10:19

Perhaps this is the reason why MVI think ETO is still substantially undervalued:

hxxp://www.nydailynews.com/entertainment/tv/peppa-pig-fast-hit-preschool-set-article-1.2049921