Did this puppy just liquidate its most horrible asset, what they call surface transportation which was in fact a legal claim on the rail tunnel under the Pyrenees?If so things look a lot brighter for eventual exit near nav but it's been a fair old wait |
I stopped following in March 2020 when they decided, after sitting on their hands for years, to sell ALL the public equities. At the bottom of the market. |
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. |
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. |
"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. |
Their work is an act of fiction.
Total capital wipeout on a Utilities position announced today.
Thankfully no position. |
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. |
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. |
NBDD announces the following unaudited, estimated NAV/share as at 16 May 2019:
New Global Share: GBP 0.9400 |
As mentioned above, Hargreaves allowing purchases again, subject to a pointless questionnaire. |
Probably enough salt to clear the entire length of the M1 of six inches of snow! |
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! |
That's all assuming that the NAV is achievable! |
Would also provide a very clear signal to the Market; so IMO would quickly see the share price back over 80p... |
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. |
Spob: definitely available online today. It’s not something I intend buying but offer was 77.0 on a dummy trade. Good luck. |
???...Why the hell not; do ask them |
Hargreaves not allowing purchase online now
have to ring up and pay ripp off phone dealing charges i guess |
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%... |
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. |
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. |
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. |
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