Nb Distressed Debt Inves... Share Discussion Threads

[skyship] 16/2/2020 10:23

That NAV mark-up of course most likely reflects an asset revaluation; but if it perhaps indicates a mark-up due to a sale, then that should of course hasten the next distribution.

[skyship] 14/2/2020 12:12

25% CASH, so casting around for VALUE my eyes alighted again on the liquidating NBDG!

I saw that the NAV unaccountably jumped 3.3% on the 11th February – from 81.82p to 84.56p; then on to 85.02p on the 12th.

The 4th Feb. Qtly Update (for Q4’19) states “The investment manager’s current expectation is to distribute 80%-85% of 31st Dec’19 NAV in 2020 and the remainder in 2021.” – see link below.

With the offer price of 69.1p the NAV discount = 18.73%.

It's easy to do the numbers for the possible return, making quite conservative assumptions:

# Achieve 80p on an average date of end Dec'20: 18.1%

# Achieve 77.5p on an average date of end Dec'20: 14.0%

# Achieve 75p on an average date of end Dec'20: 9.8%

I know the investment management of NBDD has been pretty disastrous; and if NB Partners had any honour they would waive their 1.5% management fee hereon in. That won’t happen of course; but in any event at this low level I’m prepared to make a small allocation.

[skyship] 25/11/2019 08:59

"Thankfully no position" - likewise. NBDD is a total disgrace; paying themselves over 2%pa in fees yet logging a consistently dire performance.

Chairman should blast off a broadside then walk the plank.

I recall however that he gets paid over £100k for keeping schtum.

[tiltonboy] 25/11/2019 08:49

Their work is an act of fiction.

Total capital wipeout on a Utilities position announced today.

Thankfully no position.

[redhill9] 12/8/2019 09:18

Yes, a distribution representing only 3.77% indicates they are way off their declared target for 2019 otherwise why make such a small distribution now?

Notably there's no update on anticipated future redemptions. I recall at start of 2018 they were forecasting around 90% of shares to be cancelled by end 2019, which now looks laughably wrong.

Still holding in the hope of a reasonable return from the current share price level but chance of anything above c.90p now seems ambitious.

[skyship] 12/8/2019 06:15

Another Capital Distribution; but very small and very late. Seems as though they are way behind stated timelines; whilst at the same time the NAV keeps falling whereas the $ keeps rising!

Sold out of these at 78.25p a few weeks ago.

NBDG
The Company has resolved to make a capital distribution totalling (before expenses) GBP2.5 million to NBDG shareholders (equivalent to approximately GBP0.0332 per NBDG share) by way of a compulsory partial redemption of NBDG shares at a price equal to GBP0.8800 per NBDG share (being the last published NAV per NBDG share prior to this announcement). The amount applied to the partial redemption of NBDG shares will be after the deduction of costs and expenses of this partial redemption, expected to be approximately GBP6,500.

[skyship] 18/5/2019 07:20

NBDD announces the following unaudited, estimated NAV/share as at 16 May 2019:

New Global Share: GBP 0.9400

[spob] 25/4/2019 10:29

As mentioned above, Hargreaves allowing purchases again, subject to a pointless questionnaire.

[tiltonboy] 24/4/2019 21:02

Probably enough salt to clear the entire length of the M1 of six inches of snow!

[skyship] 24/4/2019 19:35

Well, they appear to be forecasting a final figure substantially higher than the current NAV; though agreed that with their record that needs to be taken with a large dose of salt!

[tiltonboy] 24/4/2019 18:25

That's all assuming that the NAV is achievable!

[skyship] 24/4/2019 16:23

Would also provide a very clear signal to the Market; so IMO would quickly see the share price back over 80p...

[redhill9] 18/4/2019 08:45

It seems you're right! That must be a recent change by HL as they blocked online dealing in NBDG about a year or more ago and I'm sure that was still the situation a couple of weeks ago.

[cousin jack] 18/4/2019 08:39

Spob: definitely available online today. It’s not something I intend buying but offer was 77.0 on a dummy trade. Good luck.

[skyship] 17/4/2019 16:27

???...Why the hell not; do ask them

[spob] 17/4/2019 13:42

Hargreaves not allowing purchase online now

have to ring up and pay ripp off phone dealing charges i guess

[skyship] 16/4/2019 14:56

Notional NAV now 92.96p; so at 77p the discount = 17.2%!

Considerable and understandable mistrust here; but potential upside to an extended liquidation, perhaps to Jun'20, suggests a GRY of c14%...

[skyship] 10/4/2019 07:53

Sp now looking unnecessarily harsh @ 77.5p. Sure the management has been shown to be extraordinarily inept at investment selection, showing the promise of benefits accruing from being part of the massive NB Partners group was totally worthless.

That said, we are where we are and the current discount provides some realistic upside over the next 15-18months. That upside should give a GRY of something in the range of 9%-12%pa.

[tiltonboy] 27/2/2019 08:22

Given the sizeable writedowns in a number of it's investments, it is barely believable that they have increased the range of realisable values!

Inept.

[skyship] 18/2/2019 07:56

Today's RNS on the large disposal, the likelihood of a near-term distribution and the NAV now at c93p - all suggests a turn-around in the share price from this lowly 78p.

Hopefully that 2m trade signifies the end of the tap. Just hope that the Company bought-in that stock.

[tiltonboy] 15/2/2019 10:18

Quarterly update should be out next week. It will be interesting to see what they have to say this time.

A trade of 2m at 77p has just been reported.

[skyship] 14/2/2019 07:25

Yes, you sold well. They are now looking rather attractive again, assuming they can really make the promised disposals this year. With the NAV north of 92p they are on a c15% discount. I bought a few at 79p this week.

[tiltonboy] 14/2/2019 07:12

Hadn't spotted this POS had dropped back to these levels. Pleased to have got out when I did. Question is....