South American gold explorer Mariana Resources (LON:MARL, TSE:MRY) is heavily undervalued compared to its peers, according to analysts at Fox-Davies.
In a note to clients today, the broker began its coverage on the stock with a 'buy' recommendation.
The group's shares could easily be worth 24p, said analyst Juan Alvarez. At the moment, however, Alvarez has a more conservative twelve-month price target of 12p. This target is still some 40 per cent higher than the current price of 8.5p.|
|Zeros shafted - received 109p/share instead of 111.2 estimated on 4th April and substantially less than the 123.53p/share we might have got in a year's time.
The upside, of course, is that we won't lose any more if markets go down much further and we can buy shares now cheaper than we would have paid a few weeks ago - but should we?|
|should recieve the cash this week.|
|and the important bit...
After payment of the Company's liabilities and the costs of implementing the
proposals, the Company's assets will be distributed as follows:
ordinary shareholders on the register on 18 March 2005 are expected to
receive a final interim dividend in the week commencing 25 April 2005 of an
amount equivalent to the revenue reserves of the Company (including accumulated
revenue reserves) on 31 March 2005, which is estimated to be 4.71 pence per
ordinary shareholders are expected to receive a capital payment equal
to the sum of 12.91 pence per share less the amount of the final interim
dividend paid per share; and
zero dividend preference shareholders are expected to receive the
balance of any surplus assets of the Company available for distribution in
proportion to the number of zero dividend preference shares held by them (which
will also include any interest accrued by the Company in respect of its assets
during the period from the passing of the resolutions on 31 March 2005 to the
date of the capital payment to the zero dividend preference shareholders).|
|a good outcome for me.|
|Re: Voluntary winding up of the Company
Separate Class Meetings of the ordinary shareholders and zero dividend
preference shareholders and an Extraordinary General Meeting of the Company were
held on 31 March 2005 at which special resolutions were passed approving the
liquidation of the Company. Special resolutions were passed by approximately 99%
of the ordinary shareholders present in person or by proxy and by approximately
98% of the zero dividend preference shareholders present in person or by proxy.
21 March 2005
Final interim dividend & Withdrawal of requisition notice for EGM
Final interim dividend
On 8 March 2005 the Board recommended proposals for the winding-up of Morley
Absolute Growth Investment Company (the 'Company') on 31 March 2005 rather than
the planned winding-up date of 31 March 2006.
If the proposed members' voluntary liquidation is approved by shareholders, a
final interim dividend of an amount equivalent to the accumulated revenue
reserves of the Company on 31 March 2005 will be paid to ordinary shareholders.
This amount is currently estimated to be 4.71 pence per share. This should be
paid in the week commencing 25 April 2005 to shareholders on the register as at
18 March 2005. The actual amount of the dividend is expected to be announced on
or about 31 March 2005 and will only be declared if the resolutions proposing an
early winding up are approved.
The above is for illustrative purposes only and should not be taken as a
forecast of the amounts which may be distributed to shareholders on a
Withdrawal of requisition notice for EGM
On 17 January 2005, the Board announced that a requisition notice had been
served on the Company requiring that an Extraordinary General Meeting be held.
At this meeting, ordinary resolutions were to be proposed for the removal of
Raymond Apsey, David Keen, Mark Thistlethwayte, Timothy Henderson and Alan Gadd
as directors of the Company and for the appointment as directors of Mr Jossef
(Yossi) Barath and Mr Georgiy Nikitin alongside Mr Eitan Milgram.
On 14 March 2005 the Board received a further letter withdrawing the request for
an Extraordinary General Meeting.|
|the updated/corrected version...
I got nervous and sold out on 22 oct at 15p, and have forgone 3.3p in divis, so 12.91p seems pretty good for the ordinaries in the circumstances. But I am sure my 15p grew much more in other splits since October.
|would suit me as held in an isa and hold more ords than zs...
For immediate release
8 March 2005
RECOMMENDED PROPOSALS FOR A VOLUNTARY WINDING UP (the 'Proposals')
Details of the proposed liquidation will be announced later today. A circular
to shareholders will be despatched today.
Due to an administrative error a draft circular to shareholders was despatched
This was sent out without the authority of the Board and should be ignored as
the information is incorrect.
|Shareholders have now received proposals for wind-up a year early at 31 March this year - incs get 12.91p/share while zeros get the balance. Incs figure is expected divs over the remaining life but the company won't have assets to earn it so zeros get short-changed for the incs benefit.
I have zeros and will be voting against the proposals - besides, I already have a fortune to pay next Jan in CGT and this will add to that.|
|reason for mryx rising last few days...
15 February 2005
Following the notice issued by Morley Absolute Growth Investment Company Limited
(the 'Company') on 17 January 2005, the board of directors of the Company (the '
Board') has not convened the EGM requisitioned by Bear Stearns within the
statutory 21 day period. The proposed new directors have not been approved by
the Guernsey Financial Services Commission and their appointment would put the
Company in breach of the regulations applicable to it. Also, the apparent
residence of the proposed new directors could give rise to tax and regulatory
concerns in other jurisdictions.
The Board does not believe that Bear Stearns has taken any steps to convene a
The Board continues to explore proposals for the voluntary winding up of the
Company and will make a further announcement as soon as practicable.|
|monthly div was paid on fri. and long may it continue!
dec g7 factsheet...
with it giving us 0.87% net, to take the return to 10.79% for 2004.
in recognition of this fine performance g7 has been nominated in the fixed inc cat at the eurohedge 2004 awards along with two competitors.
|im not so sure.
this not uk listed.|
|I would expect that any proposal to wind the fund up early would require a majority vote from all classes of shareholders.|
|fears that weiss going to do something which will not be to their (the zs) benefit ie take some nav from them, or cut short their life.
weiss only hold ords, not zs. in these situations zs can be a little bit vunerable.
however, difficult to quite see what weiss are up to as they can hardly complain about the rev stream for their ords and with only just over a year of life left you might have expected them to leave things be and take that rev. must admit that this move has rather thrown me - and the board i suspect.
would have hoped for some news from the board this week as they met last fri to discuss the weiss move.
im happy to continue holding some zs, and in fact feel more vunerable about my ords and its fantastic div. ho hum.|
|ram - why do u think the zero's have fallen on this announcement?|
|i rang them yesterday. as expected they could say too much but acknowledged their surprise at the turn of events. the board are meeting tomorrow to discuss matters. agreed with me that the hedge funds had done quite well in a bad year for that sector and that should be ok to cover zs by march 06. likewise, plenty of inc being delivered. so, will have to wait and see boards response and hopefully a clue as to what weiss are up to.
The Board of Directors of the Fund wishes to advise that the net asset value
calculations for the shares of the Fund as at 31st December 2004 are as follows:
Shares / units Value in pence ISIN SEDOL
Zero Dividend Preference Shares 122.31 GB0031909194 3190919
Ordinary Shares 0.39 GB0031909087 3190908
excluding current year's income
Ordinary Shares 4.77
including current year's income|
|last (nov) g7 fact sheet. year to then it had returned 9.84%...
and the last (nov) aviva fact sheet. year to then it had returned 4.35%...
|weiss taking action. for the record...
MORLEY ABSOLUTE GROWTH INVESTMENT COMPANY LIMITED
St Peter Port
Stock Exchange Announcement
For immediate release 17 January 2005
The Board of Directors of Morley Absolute Growth Investment Company Limited (the
'Company') announces that a requisition has been served on the Company requiring
an Extraordinary General Meeting to be held at which ordinary resolutions will
be proposed for the removal of Raymond Apsey, David Keen, Mark Thistlethwayte,
Timothy Henderson and Alan Gadd as directors of the Company and for the
appointment as directors of Mr Jossef (Yossi) Barath and Mr Georgiy Nikitin
alongside Mr Eitan Milgram.
The resolution has been served on the Company by a shareholder (Bear Stearns
Securities Corp) owning 29.99% of the Ordinary Shares.
The Board is considering its response to this requisition and, in addition, a
potential early liquidation proposal.
It is expected that any notice convening an Extraordinary General Meeting will
be dispatched during the first week of February 2005.
The appointment of new Directors is subject to certain Guernsey regulatory
A further announcement will be made in due course.|
|What's this all about then ??
|I won't get upset whatever MRYX eventually pays out - I paid 20p/share for most of mine.
Your comments about hedge fund and gen are for another david.|
|hi david. my thinking is that in a v difficult year the g7 hedge fund has returned approx 11% and it makes up 73% of port - its never had a down month. i dont have figs for the alpha fund at mo but would be surprised if didnt manage some growth between now and march 06 as its a good quality, if conservative, fund. therefore, on a v back-of-the-envelope calc, i reckon that they will get to cover the zs.
change of subject. is there a website for your matrix hedge fund?
also, glad to see you like gen. its due an up year!|
|ram "am still confident that the zs will make it to 136p"
According to http://www.morleyfm.com/literature_library/magic_factsheet.pdf the fund started the year with £60.20m gross assets - now £61.07m - that's an increase of 1.45%.
Splitsonline reckon they need 6.8% to get to the target redemption value.|
|good, made it to £61m. am still confident that the zs will make it to 136p but how much left over for ords is the gamble and could easily be anything from zilch to current price +.
The Board of Directors of the Fund wishes to advise that the net asset value
calculations for the shares of the Fund as at 10th December 2004 are as follows:
Zero Dividend Preference Shares 121.70 GB0031909194 3190919
Ordinary Shares 1.66 GB0031909087 3190908
excluding current year's income
Ordinary Shares 5.33
including current year's
Alpha Optimum Investment 24%
MAISF G7 Fixed Income Cell 73%
INVESTMENT TRUSTS 1%
CASH (plus net current assets) 2%
GROSS ASSETS GBP 61,070,195|