Share Name Share Symbol Market Type Share ISIN Share Description
New Opportunities Inv Trust LSE:NOI London Ordinary Share GB0031928855 RED ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 6.80p 0.00p 0.00p - - - 0 06:37:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.00

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Date Time Title Posts
23/8/200518:17New Opportunities Investment Trust Big discount to NAV320
04/10/200409:07FREE MONEY!15
21/10/200312:48Who are the new kids on the block?324
03/9/200320:05New Opportunities Investment Trust (owns 43M advfn) is a bid target by ENU195

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barnetpeter: Found the real answer from the IC! Could see 80p plus next week but not much value left then. Hope those who were buying with me at around 30p on this thread are still in. Its ££££ time! New opportunities worth trusting I don't OFTEN stray into investment trust territory, but an announcement this week from New Opportunities Investment Trust required further investigation. The fund, which was launched at the end of September 2002, has given shareholders a rollercoaster ride since it listed. Its original aim of investing in undervalued, smaller UK companies may have been admirable enough, but its timing couldn't have been any worse. Shares in the trust plunged from 100p at launch to just 24p by the end of May last year, even though the general stock market had started to recover from its low point by March. In fact, the shares traded on a massive discount to the trust's reported net asset value (NAV) of 58.5p a share in May. Not surprisingly, this was enough to prompt bid interest from two potential buyers, both of which were successfully seen off by the company. Still, this is hardly anything new - there are many other investment trusts trading on deep discounts to net assets, that will undoubtedly do so for a long time yet. So why my interest now? Two days before Christmas, the trust announced that shareholders had approved a proposal to liquidate its investment portfolio, and return capital back to shareholders. And that's where the value lies. On Monday, New Opportunities announced that NAV had climbed to 103.6p a share. So, even though the share price has rebounded strongly to 63p since last summer, the shares still trade almost 40 per cent below the value of the company's assets. True, if those assets are hard to dispose of, then a discount would be warranted. But New Opportunities has a decent-looking investment book. For example, it owns unsecured convertible loan notes in drugs developer Protherics, a company we like so much that it was one of our Tips of the Year (9 January 2004). These loan notes are convertible into Protherics' shares at 25p each - a significant discount to Protherics' current share price of 60p. This holding currently represents £3m of the £24.4m investment portfolio, and should be relatively easy to realise. Last week, New Opportunities also sold 40.9m shares in Aim-listed financial website, ADVFN. Shares in ADVFN have enjoyed a decent run after it announced in October that it was trading profitably. That disposal should have netted the company around £2m in cash. In aggregate, New Opportunities' top eight holdings now account for around 62 per cent of the investment portfolio. These include a £4.5m stake in Alltracel Pharmaceuticals, a specialist in woundcare products, £2.1m in mining company Zincox Resources, and £1m in website-based financial intermediary, Prestbury Holdings. So, there's no denying the value in the shares. But the question is how is to be unlocked? With this in mind, shareholders have recently appointed Progressive Special Situations as their new investment manager to carry out an orderly disposal of the trust's shareholdings. Progressive will receive a basic fund management fee of £255,000 for the first year of its mandate, reducing to £25,000 for each subsequent year until the end of the third year, at which point the fee will be renegotiated if required. And just to make sure that Progressive has every incentive to achieve the best selling prices for the trust's assets, it is entitled to a performance fee equivalent to 10 per cent of any value realised once 75p a share has been returned to shareholders. With a current NAV of 103p a share, compared with the share price of 63p, that performance fee could potentially be worth over £500,000. I must point out that there are risks to this strategy of winding-up the trust. First, small-cap shares are, by their very nature, less liquid than mid- and large-caps, so liquidating the portfolio in an orderly fashion to maximise returns could take time. Hence, the three-year mandate term. Also, there is no guarantee that Progressive will be able to liquidate the portfolio and realise 103p a share. That said, with the shares trading on such a massive discount to the market value of the trust's shareholdings, and with asset disposals made since the start of 2004 exceeding the amount of New Opportunities borrowings - net debt was £1.5m at the end of June 2003 - there should really be no financial concerns that would undermine the divestment programme. All in all, New Opportunities looks a pretty low-risk investment for those with the patience to sit it out, especially as some of its holdings have potential to reward investors on the upside.
kombimatec: The company is in its' closed period as interims are due out early March. Then they will announce the scheme for the share buy back. I imagine this will mean contacting all existing holders and give them an allocation to subscribe to sell back a quantity of shares at an average of the previuos few days market price. Shareholders will have the option of taking their allocation and applying for more. It was indicated to me at the agm they would initially sell holdings to remove debt. Then sell the more difficult, less promising or less likely to grow holdings first. This is vital to narrow the gap between NAV & market price. It's worth bearing in mind the NAV is calculated at the mid-market price and the holding in Protherics is valued at the current share price and not the original nominal value. A realistic target for the share price will be 120p by 2006 in my opinion.
pylon: Deutsche Bank now own about 20% of NOI. It also owns over 20% in a similar investment trust called REI. The current share price (to buy) of NOI is 41p, and the NAV is 95p. The current share price (to buy) of REI is 80p, and the NAV is 110p. Deutsche Bank added to its stake in NOI on October 10th 2003. Deutsche Bank reduced its stake in REI on September 17th 2003. The value is in NOI. The next predator could be REI.
tiredoldbroker: Ask yourselves what the market is telling you about the share price relative to the stated net asset value. NOI is not a normal investment trust. Because of the manner in which it was created - "in specie" subscription, i.e. exchanging its own shares for the shares of the companies in which it invested - NOI has a shareholders' register full of weak holders who would probably like to sell out to get their hands on some cash. A normal investment trust would have private client and institutional shareholders, not a host of small third line companies. But whilst NOI's shareholders would like cash, they wouldn't be particularly interested in just swapping their NOI shares for another sort of "funny paper". Also, a normal investment trust would usually have an investment portfolio with a decent amount of liquidity in it - i.e. they'd hold shares which they had a reasonable chance of selling at something like the normal market price, if they needed to. NOI isn't in that position. It has oversized chunks of a lot of third line stocks, quite a few of them of doubtful quality. These are not holdings which could be sold through the market in the usual way - attempting to do so would smash the bid price of the stock being sold right down. So the market is telling you that NOI deserves to be on a massive discount because the basic "business plan" is flawed. The portfolio quality is poor, and the shareholders' register is full of potential sellers. This puts NOI into a cleft stick. It can't expand by issuing shares or taking over other investment companies, which would be one way of gradually improving the quality of the investment portfolio, because it can't issue a lot of shares way below supposed NAV - this would dilute NAV considerably. It can't persuade anyone to take its shares at NAV, because the market price is at such a big discount. This makes the failed Enneurope offer understandable as the only basis on which a deal could have been struck - X now and Y later, from the proceeds of gradually liquidating the portfolio. Nobody is going to offer you cash today equal to NAV, because nobody wants to turn their cash into a bundle of unmarketable third line stocks. If NOI was run by corporate financiers and deal makers, you'd have more chance, as they'd be looking for ways to unwind the situation - like encouraging portfolio companies to merge, or be taken over, or organise MBOs. But it isn't happening with the present board. So you're stuck - the portfolio couldn't be sold in the normal way for anything like stated NAV, they can't expand, any bid for the company is bound to be conditional and rely on stage payments, and a lot of the portfolio companies who are also shareholders will reject any offer, as they fear the result will be to see their own share price knocked as the new owners of NOI dump stock. So just as the Split Capital fund debacle has illustrated the destructive power of trusts investing in each other, instead of having a normal portfolio made up of non-investment businesses, so NOI shows the folly of having your shareholders' register dominated by the very companies which constitute your investment portfolio. Under the circumstances, I can't see how you can calculate a fair market price for NOI.
pylon: Pondmill - re. your post #89 on this board. Do you know how many options and warrants are outstanding on NOI? I know that many warrants have been given to the investee companies, as well as shares in NOI. Perhaps the share price is worked out such that if they were all exercised, then there wouldn't be such a great discount to NAV. Otherwise, a 36p share price for NAV of 85p seems ridiculous. Also, does anyone know the conversion terms of the warrants. In other words at what price can the warrant holder buy shares in NOI if he wants to exercise his warrants?
colonel a: I'll concede to a degree of wishful thinking (and not doing my homework properly) but I do think that ENU are being underestimated. Two extracts from RNS 7279M * Enneurope has raised, conditional upon the Share Offer becoming or being declared unconditional in all respects, #2.75 million via a placing of 13,750,000 new Enneurope Shares at 20 pence per share. The funds raised will be used, inter alia, to procure repayment of debt owed by NOIT to HSBC. ..... The Enneurope Board believes that the NOIT Portfolio can be broadly split into the following categories:- l shares which are marketable and which may be disposed of within 12 months; l shares where the optimum time for realisation will be within a longer period; and l shares of companies whose future value is dependent on securing further investment before any realisation can realistically be achieved. Enneurope's refinancing of NOIT's existing bank debt should provide more flexibility in terms of the timing of the disposal of the NOIT Portfolio. From the same document I read it that ENU can procede if they have 50% acceptance but don't have to unless they get 90% Their last announcement claimed 44% acceptance and given that they've extended the offer I expect they would procede as soon as possible. I don't think they're trying to win friends etc. Iff they succeed/procede, they will raise 2.75 mil from the new issue. I suspect this is enough to clear NOI's debt and provide working capital for quarrying for some time. The ENU share price will bounce back to the low twenties. I don't think it traded down to 13. I think the MM's saw the writing on the wall and decided to save themselves the losses of a gradual fall. I have some NOI shares (in an ISA to boot) but have bought ENU at current levels as I think they will prevail.
the fox: Hi Currypasty, Firstly, regarding the 2 ENU shares.... I would imagine that people may be awaiting some kind of counterbid. My take on being offered 2 ENU shares is that I would get rid of them asap because I wanted shares in a small cap trust not an aggregates company. If you consider that the share capital of ENU will be massively diluted by this offer, I cannot imagine the share price will stay at 22p for very long. ENU shares in issue 7.9m Plus 2 times NOI shares = 51m Plus shares issued as per offer to attain monies to pay off NOUI' debts = 13.75m Enlarged share cpaital = 72.65m, at 22p = Mkt Cap of £15.93m. ENU's current cap is £1.5m. NOI's NAV is 67p of approx £12m. These figures say to me that: 1) ENU shares will fall in price as soon as the offer is accepted; 2) ENU shares will fall once NOI holders get ENU shares as 51m new shares will be in NOI holders' hands. All is not what it seems - people forget the JIT offer was at levels much higher but failed because JIT's shareprice fell. What odds the same happening to ENU? Now, about the 36p cash. Read the offer very carefully. It says that ENU will give 60% after additional charges, costs and reduction in debts. 36p cash is the maximum you will get and there are no real guarantees that shareholders will receive any surplus cash. My mistake, and I apologise for this, is that 36p cash is based on the number of NOI shares, not the enlarged capital. As above, NOI shares = 25.5m Enlarged ENU = 72.65m NAV of the enlarged group is nearly 3 times as much as NOI and the cash goes around ALL ENU shareholders. So divide the 36p roughly by 3 to get what you MAY receive, so about 12p. My take is that the offer is worth max of 12p in cash and 2 shares in ENU. I think NOI could do a lot better. All IMHO. DR :)
britishbear: The fox, My 50p cash offer was a stab in the dark based on JIT's original offer. Check the RNS for the very first bid. Note a bid of 111% PREMIUM. Now 50p cash is a lot less that with 32p the current price (although it was a paper offer). From the Feb - offer RNS -------------------------------- The Offer The Offer is made on the following terms and is subject to the conditions set out in Appendix I:- 1. The Offer is made on the basis of 0.78 Jubilee Shares for each NOIT Share which represents a premium of 111% on the NOIT share price. This is based on a Jubilee share price of 98.5p, which represents the mid market share price on 24 February 2003. 2. The Quotation for Jubilee Shares on 24 February 2003 was 98.5p. The Quotation for NOIT Shares on the same day was 37p. 7. Full acceptance of the Offer by existing NOIT shareholders would involve the issue of 18,353,246 Jubilee Shares, which would represent 53.5% of the enlarged issued Jubilee share capital, assuming that the holders of NOIT Warrants do not accept the Offer. 9. The total Jubilee Shares issued pursuant to this Offer would represent up to 58.01% of the enlarged Jubilee share capital assuming full acceptance of the Offer and that all holders of NOIT Warrants exercise and accept the Offer. Background to and Reasons for the Offer In Jubilee's view, merging the two companies would be in the interests of the shareholders of Jubilee and NOIT for the following reasons:- 1. Jubilee and NOIT are fully listed investment trusts, both with portfolios of holdings in a range of smaller companies with traded securities. The combination of the two companies will create a larger group with a portfolio of approximately #32.8m, as compared with the individual portfolios of NOIT at #17.3m and Jubilee at #15.5m. Jubilee has agreed further conditional placings in the amount of approximately #5.7m. 2. The increased portfolio of the Enlarged Group will have investments in more than 40 companies, providing a wider and more diversified portfolio - a more appealing foundation from which to attract further subscriptions to Jubilee and thus greater diversification and liquidity. 3. Jubilee would not need to increase its Board or management structure in order to manage the merged portfolio. 4. Jubilee undertakes to hold all shares of the portfolio companies for a six month period and will be imposing as a condition of the offer a holding period of six months in respect of those shareholders acquiring shares in Jubilee, pursuant to the Offer. This is likely to lead to increased stability in the share price of the Enlarged Group, both in terms of its own share price and in terms of the stability of the shares in the underlying portfolio companies.
britishbear: copied from a post I just sent to JIT board, -------- Good start rambutan, interesting that you spoke to NOIT and good to have a list of noit investments. Be interesting to see a similar list for JIT. Questions: What is NOIT's cash level worth per NOIT share? Why is JIT valued above NAV and NOIT valued below? Need to compare investments. If JIT are going to lay off all NOIT staff effectively, will NOIT attempt a poison pill defence and what form will it take? Which NOIT companies have sold shares or are they all still locked in? Has NOIT sold any holdings yet - I assume not from the RNS lists? Who do NOIT expect to rescue them if they are forcing JIT to make a hostile bid. The bottom line is that I think this is a very clever move my JIT. Their share price imo is overvalued and NOITs is undervalued. Money for nothing using overvalued paper.
jblake: NOI also have a large stake in Celstone PLC. This particular OFEX companies has picked up over the last few months and is rallying well. IMHO I think NOI will do well from it's investment in Celstone and this will help raise the share price of both compaines. CELSTONE PLC PARTICIPATION IN PLACING OF NEW OPPORTUNITIES INVESTMENT TRUST PLC Celstone plc announces that it has conditionally agreed to participate in the placing ('Placing') currently being undertaken by New Opportunities Investment Trust PLC ('NOIT'). NOIT is a new investment company which will invest primarily in quoted securities of carefully selected smaller companies. The Directors of NOIT believe these will represent better fundamental value than larger capitalisation stocks, and that there are many smaller companies whose growth potential is inadequately reflected in their market valuations and offer significant investment opportunities for long term capital growth. The Placing is to raise up to GBP60,000,000 and is conditional upon, inter alia, placees entering into commitments for GBP10,000,000 in cash and/or Qualifying Securities. NOIT has applied to the FSA in its capacity as the UK Listing Authority for its shares and warrants to be admitted to the Official List, and to the London Stock Exchange for such securities to be admitted to trading ('Admission'). Admission is expected to take place on 25 September 2002. Under the terms of the agreement, Celstone will allot 3,225,800 New Ordinary Shares of 10p each to NOIT at 15.5p per share, and receive 499,999 Redeemable Ordinary Shares of 5p each in NOIT, at a subscription price of GBP1 each, together with 99,999 warrants. The warrants confer the right to subscribe for one new share at any time up to the fifth anniversary of Admission at a price of GBP1 per share. In accordance with sections 103 and 108 of the Companies Act 1985, appropriate valuation reports have been prepared in respect of these allotments. The terms of the agreement include a lock-in period of three months from the date of Admission during which Celstone may not dispose of any of the shares or warrants without prior written consent. It is your Directors' intention to realise for cash in due course the NOIT shares at the best price reasonably obtainable in order to raise funds for the Company. The funds that Celstone will ultimately receive will depend on the prevailing price and disposal expenses when the shares are sold. Celstone chairman, Simon Banks-Cooper said: 'We are delighted Celstone has been selected to participate in this new and innovative investment trust. Following the lock-in period, it is the Board's intention to fund the ongoing development and expansion of the business through the disposal of NOIT shares and warrants at appropriate times, and we believe that this mechanism provides a cost-effective way to raise funds to expand the business. Celstone is continuing to make good progress. We will continue our prudent approach to financial management, and intend to use the funds raised to enhance our sales and technical activities, and to provide working capital for the contract with Costain Ltd for the Rampton Hospital project which we announced in June.'
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