Marwyn Value Investors Share Discussion Threads

[toffeeman] 12/4/2023 14:25

Hotter make shoes and have shops for old people with dodgy feet who can't wear standard shoes - it's a growing market. DM - Doc Martens an overvalued fashion brand.

(Silver doing nicely today :))

[skyship] 12/4/2023 14:12

What the hell is Hotter? Or DMs for that matter...

[tiltonboy] 12/4/2023 14:02

Its an absolute "dog"

[toffeeman] 12/4/2023 13:59

I think I would rather have Hotter for £30m than DMs for £1.4bn

[tiltonboy] 16/2/2023 13:39

It's a 350k addition for PM, but it's not MIGO buying.

We need Armstrong to fight for wind-up, but I understand they are supportive of management!

[hugepants] 16/2/2023 12:23

Hopefully they will pressure the managers to wind this up. I mean they've sat on a big pile of cash as the market has gone from peak to trough back to peak again. Absolutely hopeless. And the 45% discount to NAV (which is mostly cash) is now entrenched. As though its normal. I doubt the management bat an eyelid. They won't even buy their own shares preferring instead to lob it into cash shells that take years to even source an investment never mind successfully complete it. And they well know how risky these RTO type investments can be. They can lose it all just doing the due diligence. It is senseless to invest in anything other than their own shares just now.

[makinbuks] 16/2/2023 09:48

What do you think would make him do that now? the potential story doesn't seem to me to have changed for a couple of years

[tiltonboy] 16/2/2023 08:35

Most likely Nick Greenwood/MIGO. They've been holders a long time, and obviously topped-up recently

[ceaserxzy] 14/2/2023 21:39

don't see the point of this one being continued, much better to wind up and pay the proceeds to its shareholders. It is mostly in cash and the few investments it made have been losing shareholders their money. And in the meantime the management takes a big fee, again at the cost to the sharehodlers year in and year out, for what? just to send out four dividends a year to the shareholders with the money belonging to them in the first place.

[tiltonboy] 14/2/2023 20:20

Two of them were contra trades, so only really one trade

[skyship] 14/2/2023 16:13

Not accustomed to seeing trades here - interest triggered by 3 x 100k trades at 96.77p.

[skyship] 26/1/2023 08:40

INTERIM DIVIDEND TO ORDINARY SHAREHOLDERS

The Company is pleased to announce that an interim dividend of 2.265p per Ordinary Share will be paid on 24 February 2023, pursuant to the Company's ordinary share distribution policy.

The payment of the interim dividend to eligible holders of Ordinary Shares will be effected through CREST (in the case of holders of depository interests relating to the Ordinary Shares) or by BACS/cheque (in the case of Ordinary Shares held in certificated form).

Timetable for February Interim Dividend


Ex-date 2 February 2023
Record date 3 February 2023
Payment of the Interim Dividend 24 February 2023

[skyship] 12/1/2023 13:42

Boystown - most of their portfolio is cash, directly or indirectly.

At 95p the discount is c47% whilst the yield = 9.54%; so a small holding seems entirely sensible, regardless of the wide spread.

I hold a residual 1.5% allocation; but would top-up if available at 95p.

[boystown] 12/1/2023 12:08

Many thanks again for the explanation tiltonboy - and I agree re just getting my own money back, but it's only around 1% of my portfolio, it's at a big discount and surely their investments are worth something?

[boystown] 12/1/2023 11:44

Many thanks tiltonboy - and so sorry to be the class dunce; but in layman's terms and in practice - what does that mean?

For the record, I hold MVI despite the realisation that they're a shower - as I believed the yield to be sustainable and I invest for income.

[tiltonboy] 12/1/2023 11:35

MVIR is the realisation class of shares

[boystown] 12/1/2023 11:13

What's the connection between MVIR and MVI?

[davebowler] 12/1/2023 10:07

Liberum;
Resolution on historic VAT claims create 3.6% uplift

Mkt Cap £52.7m | Share price 95.0p | Prem/(disc) -44.7% | Div yield 9.5%

Event

The company provided an update on the settlement of historic VAT claims. The total estimated amount to be recognised by the Master Fund after deductions for fees, taxes and other expenses is £5.02m. The amounts will be attributable to the different share classes as follows:

Ordinary shares: £4.33m (7.8p per share or +3.6%)
2016 Realisation shares: £0.53m (56.7p per share or +14.7%)
2021 Realisation shares £0.03m (7.8p per share or +3.5%)
These estimated amounts remain dependent on the final settlement with HMRC, but any difference is not expected to be material. There is no capital gain arising from the settlement and accordingly, no cash return is due to ordinary shareholders on receipt of the funds into the Master Fund.

Liberum view

This is a long-awaited and very positive result for the company. After months of uncertainty about the settlement, the amount recovered from HMRC is the best possible outcome the company could hope for. The uplift to the NAV is significant and together with the reduced uncertainty, share prices should rally significantly. At a 44.7% discount to NAV, the shares are undervalued in our view and this news provides a good opportunity to buy into an extended recovery.

[hugepants] 25/11/2022 10:52

The same trio bought Bangstrupp's shares. They now have 21.5%

[hugepants] 16/11/2022 23:18

The latest VAT reclaim worth an extra 5.6p per ordinary share. NAV +2.7% = 173p now.

[tiltonboy] 14/11/2022 08:30

Correct HP. They didn't buy them back.

[hugepants] 13/11/2022 23:24

Too much to hope that it was the company buying their own shares at half price. But why do that when you can put the money in a cash shell that does zip for 5+ years.

[toffeeman] 13/11/2022 13:53

Wonder who bought them?