New Star Investment Share Discussion Threads

[spectoacc] 23/7/2024 10:47

Hopefully the below will copy/paste, from the Circular.

I'd say Thursday but the dates given are confusing.

The Record Time is specifically stated as 6pm on 24th July, yet the ex date as 8am Thurs 25th. Record date should be two full trading day after an ex date, due to T-2 trading. ie an ex at open on Thursday should have a record date of after the close on Friday (the T-2 being all Thursday, all Friday).

Suspect they're correct on the ex, wrong on the record date.



"The expected timetable for the Return of Capital is as follows:

Publication of the Circular


28 June 2024

Latest time and date for receipt of Forms of Proxy, Proxymity or CREST electronic proxy appointments for the General Meeting


12 p.m. on 22 July 2024

Voting Record Date

6:30 p.m. on 22 July 2024

General Meeting


12 p.m. on 24 July 2024

Publication of the results of the General Meeting


24 July 2024

Record Time


6 p.m. on 24 July 2024

B Shares issued equal to number of Ordinary Shares held at the Record Time


7 a.m. on 25 July 2024

Expected redemption and cancellation of B Shares



8 a.m. on 25 July 2024


Ordinary Shares start trading ex-B Share entitlement (the “Ex-Date”;)


25 July 2024

Despatch of payments to mandated accounts or cheques and CREST accounts credited in respect of proceeds, if B Shares redeemed on 25 July 2024


By 8 August 2024"

[ijamlon] 23/7/2024 10:40

When will these go ex div? (Ie when's the date after which you won't get the b shares if you buy them?)

[97peter] 19/7/2024 15:18

The gap is ridiculous, why you cannot by 5,000 shares for anywhere between 131-135 is downright stupid!!

[bench2] 19/7/2024 11:20

Much more fun to own than RICA

[bench2] 19/7/2024 11:20

Very little stock available pre the B share issue 144p to buy with ii .

[97peter] 18/7/2024 13:14

sp looking to try and break the 130-135 range. Did temporarily get to 134 this morning so hopefully should get to 136 by 24 July and cut off date for B shares.!!

[mabelf1] 11/7/2024 10:01

If the price/discount does initially instantly drop to the 102p/40% mark, I guess we might see some of the redemption proceeds being recycled back in which might close the discount a bit more. Maybe that’s the board’s expectation, rather than more B share issues although nothing to say they can’t happen too.

[bench2] 08/7/2024 18:43

I agree chillpill , I added at 126p today , ex the 24p B shs share price should be 102p , and NAV 170p , so discount moves out from 35% to 40% . Nothing to stop JD having another B share issue next year , all to play for .

[chillpill] 08/7/2024 12:59

Very happy to have picked up some more at 122p last week. Should look good once they go ex the B shares.

NAV 194p including accrued dividends.

[bench2] 02/7/2024 18:43

John Duffield (JD) who owns 42m shares , circa 59% of the trust has been content for Brompton to manage NSI in a semi "wealth preservation mode " , paying minimal dividends . The big change was to move from Expensing all management fees to allocating 100% of MFees to Capital , thus boosting the earnings to circa 2.99p last year with a total div of 2.6p . With recent half year EPS of 2.07p , I expect EPS nearer 4p this year ended 30 June 2024 and a total div of 3.4p ( 1.7p Interim 1.7p Final ). Why the change ? It feels that JD wants now to take cash out by way of annual divs of £1.428m per annum ( 3.4p x 42m shs ) plus the B share distribution will bring him circa £10m . This has been a sleeper on a wide discount with paltry dividends , waiting for JD to change tack or pass on . A much more interesting holding now in an ISA with a yield of 2.6% and more action to come .

[spectoacc] 25/6/2024 16:13

I must have been in it for more than a decade already :-)

Price moved before the RNS too - 111p bid became 115p bid ahead of the news.

[essentialinvestor] 25/6/2024 15:09

Beginning of the end?, the process could be a decade long.

I can't see a rollover in to another trust, unless thete was a concurrent cash exit option also offered to holders.

[chillpill] 24/6/2024 09:22

Yep. I have TIDE which is being bid for.

[cynicalsteve] 24/6/2024 08:41

So many things happening in my portfolio: SONG,AEET,USF,ADIG and now NSI. If I'd bought all of these at recent low prices I'd be looking at big profits, unfortunately I didn't but I'm still getting a decent return on my investments.

[chillpill] 24/6/2024 07:45

I think there is a good chance this Trust is wound up or folded into another Investment Trust in next few years.

Not sure whether the manager Brompton is still up for sale or not.

[chillpill] 24/6/2024 07:36

Returning capital before Labour put up the CGT rate.

[chillpill] 24/6/2024 07:21

The book cost of the B shares will get apportioned as a percentage of the total value at the point of distribution.

Eg 24/190 or around 12.6%.

[coolen] 23/6/2024 19:37

Being only a partial return of capital, what are the CGT effects ?

[c3479z] 21/6/2024 19:07

return of capital via B shares that can be redeemed, so that must be tax-efficient for individual investors/ should put the share price up on Monday?

[spectoacc] 21/3/2024 16:24

And they're 14.7% in cash, missed that.

[essentialinvestor] 21/3/2024 16:20

Nice divi increase but still a very low yield.

JD might live another 10 years.

[spectoacc] 21/3/2024 16:15

Always raises a laugh:


"DISCOUNT

Your Company’s shares continued to trade at a significant discount to their NAV during the period under review. The Board keeps this issue under review."

[essentialinvestor] 15/11/2023 19:06

Low yield weighing ATM at a guess.

[chillpill] 15/11/2023 08:34

TBH I am also playing on JD’s life expectancy and fixed interest markets.

Protecting the downside on my investment in more boring things.

[spectoacc] 12/11/2023 17:17

Pretty sure I thought that getting on for a decade ago ;)