Menhaden Resource Effici... Share Discussion Threads

[steve3sandal] 20/12/2024 20:38

RNS 11.42am
Deal at 11.44am
Thank goodness, but certainly was dressed and ready to go moments after the late morning release when lunch is on the menu. Might have taken me 2 mins to read had I been watching the newsfeed (not likely), so just a hmmm from me.

[flyer61] 20/12/2024 20:01

If that is the case I will be writing to the FCA.

[steve3sandal] 20/12/2024 17:13

It appears that a non exec bought quite a lot of shares today on 20 Dec below 128p. I’m paraphrasing today’s RNS. Hmmm.

[ltinvestor] 20/12/2024 14:37

Nav yesterday 173p…still some way to go

[robertspc1] 20/12/2024 13:02

So realisation of assets it is. Hopefully that will bring cash close to NAV

[rambutan2] 10/12/2024 21:49

The monthly:

[rambutan2] 09/10/2024 13:22

The monthly:

[flyer61] 25/9/2024 15:37

Ripe for winding up.

However has anybody written to the Board?

1. 1.7% needs to become 1% if it is to continue on.

2. Given the board are investigating options why is the investment manager buying illiquid investments?

It is sadly another trust where money comes to die....

[rambutan2] 18/9/2024 14:08

Well, 75% of the port could be liquidated in a matter of hours, so then you've just got the 3 privates, which are all very high quality and I can't imagine would be any great struggle to sell on, albeit not in a rush. And not at a large discount.

[rambutan2] 18/9/2024 13:57

First Equity trickle a very few out. They are an arb like outfit, so will be in the board's ear no doubt.

[farmers son] 17/9/2024 13:24

where would the market reprice this to if a wind down and realisation was on the cards? 135-140p maybe?

[robertspc1] 17/9/2024 12:01

I think the Board will have to come up with some form of hybrid solution for investors prior to the continuation vote. They pretty much admit everything tried so far has failed. Perhaps a sale of public stakes and transferring the private assets into a private fund might be the best outcome.

[farmers son] 16/9/2024 18:21

Is the Board finally going to recommend a realisation of the assets ahead of the continuation vote?
Hopefully the investment manager is so bored by now, even they will vote to wind it down.

[rambutan2] 16/9/2024 17:54

Interim report released, including acknowledgement that discount too large:

[rambutan2] 12/8/2024 14:44

Monthly factsheet released:



"Within our private portfolio, we made another capital contribution (USD 0.6m) to the TCI Real Estate Partners Fund IV. This position represented 7.0% of NAV at the month
end."

[rambutan2] 11/8/2024 14:06

Came across this info on the TCI fund, currently 6.5% of nav, which adds a bit of colour:

[robertspc1] 30/4/2024 15:59

Decent insider purchase 412k shares. But that means someone is selling even at this mad discount.

[robertspc1] 28/4/2024 11:47

Nav should get past 180p soon enough

[robertspc1] 26/4/2024 08:43

Bump in NAV coming from Alphabet and Microsoft results. Added a few more to the pension pot

[farmers son] 25/4/2024 22:31

I skipped the meeting after getting a very standard response on fees, investment policy and discount from the Frostrow managers.

If they manage to extract >3% in total fees from the NAV every year, it just gets removed from most sensible screening criteria

[robertspc1] 25/4/2024 15:44

Investor meeting was more of the same. We are great at what we do but can't really do anything about the discount. Buybacks not happening as only reduce liquidity. Will continue to add on weakness

[steve3sandal] 23/4/2024 18:52

I did hold a few shares in this a while ago but left after correspondence with the gatekeeper of the Board which left me in no doubt that they thought retail investors like me could be fed titbits like investor presentations to generate more interest/demand. The discount has just got wider. I did think that a Board should be independent of the advisors/manager and act in the best interest of all shareholders but charging fees and performance fees on NAV certainly isn’t.
Unfortunately for retail shareholders the institutions who put the capital up to fund Menhaden voted to continue the Trust so I doubt anything will happen to provide holders with any liquidity anywhere near the NAV.
I’m guessing no retail investors go to AGMs but that’s the place to ask questions I guess.

[robertspc1] 23/4/2024 18:04

Well the investor meeting must have sent everyone to sleep. Will review tomorrow

[robertspc1] 18/4/2024 21:50

Nav starting to drop back a bit on US Tech declines. Hope they have trimmed some positions

[robertspc1] 25/3/2024 08:46

I guess the same old questions will be asked at the upcoming investor events. One thing for sure is that so far nothing the Board have tried has worked