Nb Global Monthly Income Share Discussion Threads

[flyer61] 17/4/2024 13:04

Agreed CC2014....I shouldn't be so greedy!!

[spangle93] 17/4/2024 12:59

Good post, CC2014

I sold my remaining units this morning - not pretty, but H-L now won't allow purchases because NBMI's KIID is out of date, and they're hardly likely to bother renewing it, so pressure seems to only be one way.

All investment cost was covered, because as you note, much of the trust value has already been returned to shareholders at NAV, so my sell was effectively my profit.

[cc2014] 17/4/2024 11:10

At the end of the day the fund got away over 90% of it's assets at NAV in the high 70's or low 80's. Plus for most of that time there was a dividend paid of around 10% as well.

Even if holders have to take a haircut over the last few percent they will still have done alright if they bought at sensible prices.

I think it's 93% I read somewhere that they got away at NAV. Selling today in the market would only represent a haircut of 35% on the last 7%. Not too shabby.

That may or may not work out better than holding on as the cost of running the fund is now more than the income being generated and there costs to come yet. Liquidators are never cheap, plus audit costs plus the costs of running a slimmed down Board.

It all depends on what the holdings they have left are worth. I guess that if they haven't sold them in 15 months then they've got a problem selling them and realistically they aren't worth NAV unless you run them to maturity but even then there is no guarantee of repayment and you're back to a long tail of running costs, which would unacceptable so that implies share dematerialisation which is a problem if you've got them in an ISA or SIPP.

[flyer61] 17/4/2024 10:07

CC2014....we really dodged a bullet here!!!

[nickwild] 17/4/2024 09:32

cash minus debts = 48p per share

[cc2014] 17/4/2024 09:08

"The Board is conscious that the ongoing costs of maintaining a listed vehicle is prohibitive for anything other than a short period of time. For this reason the Board is considering its options including putting forward for shareholder approval resolutions to delist the Company from the LSE and place the Company in the hands of a liquidator"

[jaf111] 17/4/2024 08:15

….and now we see why……

“The remaining NAV of approximately $12.4 million consists of $5.6 million of cash, $1.5 million sales awaiting settlement and $6.1 million in ten discrete investments less $0.8 million of liabilities as at 15 April 2024. The remaining investments have very limited liquidity and the Board cannot accurately determine when or how much they can be realised for.”

I do slightly struggle with this….surely everything has a price….so the company needs to adopt a more prudent valuation on the illiquid assets……

[cwa1] 10/4/2024 14:08

Weak today

[spangle93] 03/4/2024 17:04

Still 76p NAV shown, but share price now 57p

[jaf111] 20/3/2024 18:09

Out of NBMI this morning….its been a successful ride with the various redemptions. Credit to the mgmt team for keeping NAV stable.

Will continue to monitor but would be a little alarmed by last couple of NAV figures….78.34 on Monday, 77.07 yesterday & 76.07 today.

GLA

[spangle93] 13/3/2024 10:58

Geez, I don't understand the movements of this stock

NAV barely changes, redemption money not paid yet, yet the share price clatters down

[spangle93] 27/2/2024 14:23

After the next redemption, I'll have 13.5% of my original shares remaining.

The three redemptions plus two dividends I've had since July pretty much sum identically to what I paid.

So whatever they get for the next/last tranche will be the gain I make

[jaf111] 20/2/2024 09:05

Fair point mesb…..the point about falling values as the portfolio is liquidated has not yet materialised……1st payout a year ago was at 81p against 79p currently which does not include almost 6p of divi.
My early purchases today were at around 71p (benefitting from brokers being asleep!) giving a pretty decent margin on the basis of 69% being redeemed at 79p
Time will tell but credit to the mgmt team for distributing over 92% of the portfolio at seemingly decent prices. 🤞🤞

[mesb48] 20/2/2024 08:10

I’m not. After this payout you’re going to be left with a hefty bunch of unlisted equity which per the last accounts is valued at anything up to 18x EBITDA. Even if they can sell it, it may take a while.

[jaf111] 20/2/2024 08:04

Looks like the penultimate payout…..NAV has held up really well so continue to be surprised / amazed by the wide discount in SP….
Added to my holding again first thing since price hardly risen 🤞

[nickwild] 01/2/2024 10:10

3 months from last distribution. We should hear something soon.

[cc2014] 26/1/2024 08:58

I suspect some of the remaining investments do not have daily price discovery.

Indeed given we are down to about 30 investments now and presumably they are the less liquid ones as that's what left after selling down 80% of the fund, I guess some of them may not even have weekly price discovery.

So, I guess we should expect the NAV to move around more erratically. I wonder whether the NAV rise simply reflects catch in NAV from the 90 basis point fall in 10 year gilts. That would make sense.

[cc2014] 25/1/2024 15:12

Well hopefully the NAV will begin with an 8 tonight rather than a 7 !

[flyer61] 25/1/2024 14:41

Had a reply but it just repeated the various RNS's.

I have shouted louder to see if they understand what it is we wish to know.

[mesb48] 25/1/2024 13:33

The administration here isn't great. One of those NAV figures must be wrong, but either way we're still at a discount. The only good thing is that it implies they've refreshed the valuation and I'm assuming they'd have done that for the whole portfolio and not just one or 2 loans. I draw some comfort from the little footnote on the December factsheet saying the cash was 18% of the portfolio on 29 Dec. And with an average duration of the book of 3 months, you'd think a chunk more will have matured this month so I'm guessing cash will be north of 30% by end Jan. Not sure if we'll get another interim capital repayment or not before the very end - would be good I think if there is one.

[flyer61] 24/1/2024 22:18

I rung Elizabeth today for an explanation ...will report back.

[jaf111] 24/1/2024 20:17

The last couple of days NAV figs have certainly confused me….prior to that the daily figs have been inching up so 77.23 followed by 77.44 reported Monday…..but then

75.84 reported yesterday
78.89 today

Hopefully there is a rationale explanation???

Hopefully today’s figure is correct!

[nickwild] 24/1/2024 18:06

sudden jump in net asset value RNS today

[tommygriff] 13/1/2024 14:00

Is this still paying a monthly dividend?

[jaf111] 11/1/2024 19:00

Almitas Capital, US based hedge fund, takes a 16.14% stake.
What do they know?