Menhaden Resource Effici... Share Discussion Threads

[farmers son] 21/3/2024 19:50

A partial return would only serve to reduce scale further, and increase the costs for remaining shareholdings. If they reduced the management fee and AIFM fee and changed the investment policy to be publicly listed only (they are >90% there already) the discount would narrow dramatically and benefit all holders and the investment manager.

[robertspc1] 21/3/2024 15:29

Retail investors pretty irrelevant. The manager and related parties own a majority stake. Ultimately they have a choice whether to continue taking fat fees or take the inherent gain by liquidating the portfolio. If the discount doesn't significantly close surely they must consider the latter option. Even a partial return of cash would help

[raj k] 21/3/2024 14:32

WIll the continuation vote next year actually have a chance of resulting in the trust being wound up. As i understand the managers own a lot of the trust. What influence will joe public indivdual investor have to get this trust wound up?

[robertspc1] 19/3/2024 15:04

NAV 174p... this is either a fantastic bargain or just another underperforming investment generating large fees for the manager.

[tonytyke2] 04/3/2024 10:10

Did read a Sharescope - David Stevenson monthly fund focus posted on the 1st March which highlighted MHN was a bargain at this discount.

[robertspc1] 01/3/2024 16:11

And the NAV hits 170p.

[robertspc1] 21/2/2024 10:21

The issue is there is a small free float of shares, some no doubt distressed sellers and few buyers. Director buying hasn't helped unfortunately. Manager happy to take fees but must be under pressure at next continuation vote

[farmers son] 21/2/2024 08:56

It’s not really under the control of the investment manager unfortunately if investors are still willing to sell their shares at a 40% discount

[twinklestar1] 20/2/2024 21:29

Mind the chasm you mean! the NAV is around £1.70 and share price is £1 - 40% discount for an IT with an excellent portfolio - what are the fund manager muppets doing - yes fees accrue on NAV as someone pointed out below but these guys have no credibility left if they can't narrow the discount to say 10% which is what it should be

[robertspc1] 16/1/2024 15:40

Mind the gap. 163p NAV v 100p price.

[robertspc1] 27/12/2023 17:17

160p NAV ... not sure it's been higher

[farmers son] 15/12/2023 08:55

fees accrue on NAV, so there is no fee-driven incentive to close the discount, but credibility and the carrying value of manager's holdings are considerations.

[raj k] 14/12/2023 15:06

I am trying to understand why the manager and the board would not be interested in closing the discount. Isnt it just a supply and demand issue and we just have to wait until general market sentiment changes and in the mean time the NAV increasing is good? Are the fees collected on NAV or SP? for this trust. Also i understand the management team invest heavily in this trust and wouldnt they want the share price to go up aswell so they can benefit and sell if needed. I always had trouble understanding the incentives of these controlled trusts. If i ran a trust i would want to show the world that i can get performance for all holders, minority or larger.

[steve3sandal] 14/12/2023 14:04

FS. I have no issue with the portfolio but the reasons why there’s no retail interest are discussed in the earlier posts. Buy at a discount, sell at a discount, get gouged by the manager fees, and being a minority holder I don’t reckon the board are looking out for your interests. I appreciate that past performance does predict future performance but there are dozens of ITs and IT boards which do things better for small shareholders, just chart Menhaden against anything and you’ll see.

[farmers son] 14/12/2023 11:30

I can’t find a better value investment trust with respect to simplicity and transparency of portfolio, discount to NAV, and low % unlisted assets.

Happy to be challenged with alternative suggestions…

[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 11:39

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 06:48

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