Menhaden Resource Effici... Share Discussion Threads

[robertspc1] 13/12/2023 16:12

NAV crawling upwards. Share price stuck as per ...

[twinklestar1] 20/11/2023 20:06

Yes agree - it shows you how off the radar this is and how illiquid that the RNS release re the X Elio cash has had no impact on the share price! So frustrating for ordinary shareholders.

[robertspc1] 20/11/2023 08:42

They should use the x Elio cash for a cash return or dividend to shareholders

[robertspc1] 16/11/2023 22:32

Yep but the problem is the founders and their mates have control so will just vote to continue earning their fat fees rather than liquidate

[twinklestar1] 16/11/2023 21:51

NAV is approaching an all time high of 160p - great portfolio but now is approaching a 40% discount - this is the type of discount level that hugely out of favour REITs are at! ITs with comparable portfolios - say BUT are on around 15% discount. Next continuation vote is in 2025. All their performance commentary seems to be around NAV, which is great but no one cares about NAV if the underlying share price doesn't move - after all you can't monetise the NAV!

[robertspc1] 16/11/2023 15:28

NAV duly rising... share price will probably do nothing

[robertspc1] 15/11/2023 16:04

Well if the US market has turned then the NAV will move pretty quickly and either the discount gets even worse or the share price responds...

[robertspc1] 24/10/2023 12:39

More Director buying. But discount refusing to close. This needs a proper continuation vote not just the founders voting to carry on paying themselves more fees

[robertspc1] 15/9/2023 07:48

HY Report. Haven't we done well but sorry that shareholders aren't seeing any upturn.

[steve3sandal] 24/8/2023 22:32

Shieldbug, thanks for that. I’ll have a go at calculating that but it’s a very poor hurdle, effectively they only need to beat 5% pa compound which is a fraction the return achieved by most common passive indices to take 10% of the £ over a 5% return. They don’t have to beat a benchmark. Shareholder returns effectively negative if they exit under £1 whilst managers can take a performance fee. Absolute barge pole in my view simply on this basis. I remember now….I can’t understand why the principal/ founding/cornerstone investors would continue this charade unless there’s some connection with the manager/ board? I did look into it and write about it earlier but I can’t remember just now. All the best.

[robertspc1] 22/8/2023 13:47

Added a few more to the pension pot. Decent exposure to US market and that discount will narrow or fund will be would up in two years

[steve3sandal] 10/8/2023 16:39

Shieldbug would you be so kind as to give a quick snapshot of the performance fee here. I’ve been in and out before when my patience gave up and I’m intrigued what they have to do to bank this!

[shieldbug] 10/8/2023 14:24

I quite like the portfolio. The high annual fees are just about swallow-able but the looming performance fee that is not clearly (transparently) described to my satisfaction in the AR, is a complete deal breaker. Shame.

[brwo349] 02/6/2023 11:35

It's put on a few pence but still trades on a discount of over 30% to net assets value. Pity they don't appear to have some nVidia in the folio.

[brwo349] 16/5/2023 14:03

No one expects 148p but there are investment trusts out there that pay a nominal dividend that are on tight discounts like 10%. This trust has real quality holdings and at some point the discount to net assets will come in.

[steve3sandal] 16/5/2023 13:30

Sadly not going to get 148p back mate. MHN has history and passive majority shareholders and a Board who don’t have minority interests at heart. There’s a bit of a n Xelio story yes but doubt it will fund a dividend.

[brwo349] 16/5/2023 11:03

This is a good shout guys and I bought in yesterday.
Net assets 148p says it all. Global trusts tend to have smaller discounts so MHN is a real outlier.

[hedge fund harry] 11/5/2023 14:53

Commentary
During April, the Company’s net asset value (‘NAV’) per share was up 2.2%, the share
price was down 1.8%, while the RPI+3% was up 1.0%.
Our public equities portfolio increased 2.7% over the month, contributing 2.0% to our NAV.

Shares of French infrastructure group, VINCI, rose 9% in Euro over the month,
contributing 0.8% to our NAV. Full order books are enabling the company's contracting business lines to remain disciplined on bidding for new projects and the Airports division continues to benefit from the recovery of international air travel. Development of the group's inaugural renewable energy generation asset, the Belmonte solar farm, is progressing well, with start-up still expected in the middle of this year.

Microsoft's quarterly results outperformed expectations, with the company's Azure
Cloud delivering robust underlying growth and a strong guide. The shares moved nearly 7% higher during the month, adding 0.6% to our NAV. Looking forwards, the weaker PC market should cease to be a headwind in the second half of the calendar year and the integration of AI capabilities into Office should aid pricing initiatives.

We opted to increase our stake in Airbus materially and exited the month with the
position equivalent to 6.9% of our NAV.

[hedge fund harry] 11/5/2023 14:52

April's factsheet hxxps://www.menhaden.com/application/files/7516/8379/6576/MHN_Factsheet_April_2023.pdf

[hedge fund harry] 11/5/2023 14:51

NAV 147.22p

[robertspc1] 11/5/2023 09:58

More Director buying. Pretty obvious they see the valuation gap but how are they going to close it

[hedge fund harry] 10/5/2023 15:57

What else could it be though?

In the meantime I'm more than happy to keep adding at this level.

[hedge fund harry] 10/5/2023 15:49

Its a big uplift but then again they have said the transaction was not going to close until H2 so it very well may not be X Elio.