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NAS North Atlantic Smaller Companies Investment Trust Plc

4,140.00
90.00 (2.22%)
Last Updated: 08:30:01
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
North Atlantic Smaller Companies Investment Trust Plc LSE:NAS London Ordinary Share GB0006439003 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  90.00 2.22% 4,140.00 4,010.00 4,140.00 4,140.00 4,140.00 4,140.00 1,287 08:30:01
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 11.28M 2.15M 0.1605 257.94 541.98M
North Atlantic Smaller Companies Investment Trust Plc is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker NAS. The last closing price for North Atlantic Smaller C... was 4,050p. Over the last year, North Atlantic Smaller C... shares have traded in a share price range of 3,420.00p to 4,240.00p.

North Atlantic Smaller C... currently has 13,382,290 shares in issue. The market capitalisation of North Atlantic Smaller C... is £541.98 million. North Atlantic Smaller C... has a price to earnings ratio (PE ratio) of 257.94.

North Atlantic Smaller C... Share Discussion Threads

Showing 326 to 348 of 625 messages
Chat Pages: 25  24  23  22  21  20  19  18  17  16  15  14  Older
DateSubjectAuthorDiscuss
09/8/2021
08:50
So I was happy to be wrong about end June (62.7).
Spartacus - what's your spreadsheet saying at present for end July or today? It looks like they've got a bit more organised and the website may be showing genuine holdings end June.
Given his remarks, Mills may have been taking some profits, or even trading (Renalytix has been very volatile). And hopefully he did buy more Circassia before it jumped (historically there was more in Oryx).
I'm guessing we are higher than 62.7 rather than lower but I haven't done detailed sums for a bit.
Cheers,
Apple

apple53
13/7/2021
09:39
Good update from Circassia (CIR) today one of Mills' holdings.
loglorry1
26/6/2021
21:25
apple, that's why Mills has performed so well over the years. He gets it, results at minimum cost, others don't see it.

Glad he's running the show, long may he do so.

p1nkfish
26/6/2021
20:03
So it was 62 quid end May. I was lucky!
However, down in June I reckon, despite Oryx. Maybe £61?
Buybacks approved again at AGM (ie waiver granted), but even more opposition. I really don't get it (the opposition, I mean). Why would you want to remove the one really effective tool for keeping the discount down? Especially for an illiquid stock where you don't need to spend much to do it.

apple53
04/6/2021
10:16
My end of May NAV estimate is c.£61.50. Ergo discount currently around c.27%
spartacus mills
02/6/2021
23:15
All I can imagine for lack of buyback is tightness of supply and perhaps the capital will be allocated on a market fall or go out as dividend instead.

AJ Bell apologised for the mix-up.

p1nkfish
02/6/2021
22:40
My note: "Although a private investor, I have worked for many years in the financial services industry, initially as an equity analyst and subsequently as a fund director.
For me, discount management is an important part of investment trust and listed fund investing. I have been a modest investor in NAS (Oryx) for some years, but significantly increased my holding (via ii and EQi) when I learnt of the buyback program. I think it is well-designed; large enough to be meaningful and not too restricted.
I believe it is equally important that the fund manager and indeed the board, to some degree, are co-invested. For me, therefore it is a positive that the ‘concert party’ accounts for such a large holding, and I strongly support the waiver of any commitment to make an offer for the entire company.

My only minor concern in some circumstances is that a very large holding might result in an excessive focus on capital preservation rather than growth, but I see no evidence of that at NAS."

apple53
02/6/2021
22:39
The waiver was voted against last year by a number of holders at the recommendation of their ESG teams, though thankfully they amounted to a minority. Without such a waiver, the buybacks could not continue without the Mills family selling proportionately.
The Board therefore sought opinions from shareholders to understand their views. I wrote a short email (I will paste in the next message) which the Chairman asked if he could forward to the relevant ESG teams.


Moving on, the million dollar question is why no buybacks since Feb 10th.

apple53
27/5/2021
12:07
Hope he doesn't take it private, as NAS and a number of its quoted holdings offer good value. More fun today with the potential bid for AUG (unfortunately one of those I didn't buy).
strathroyal
26/5/2021
20:24
This all seems rather spurious. Christopher Mills won't be taking NAS private at this point - why would he? Firstly, this is his life's work and secondly, he hasn't the firepower to do so in my view. He's worth a couple of hundred million tops. Finally, to indicate this without an RNS, if true, would be scandalous. Somebody has probably drawn the wrong conclusion from the annual rule 9 waiver or is spreading untruths!
topvest
26/5/2021
10:01
Not all my fault. This is the wording "possible takeover" - they have since apologised.
It was worded poorly and immediately my antenna twitched.
It is Rule 9 waiver only.

"North Atlantic Smaller Companies Investment Trust Plc has announced that it has received details of a possible takeover offer from Christopher Mills and his close relatives. If the offer becomes official, it is expected that you will be given the choice to sell your shares to the new company with no dealing charges."

p1nkfish
26/5/2021
09:30
Well I'm not selling anyway, it read that he wanted to mop-up PI's on AJ Bell platform and go private. I misinterpted it as a move to go private - sorry - my mistake in interpretation.
p1nkfish
26/5/2021
09:22
I think it is standard and anyway Mills hasn't got the firepower or the inclination to take it private.
loglorry1
26/5/2021
08:51
The Rule 9 waiver is a standard procedure. It is to allow share buy backs by the company that would have the effect of taking Mills & Co's holding over 30%, without Mills then being compelled to make an offer for the company.

Hence unless I'm missing something it's the opposite of an application to take the company private. Its an application to allow them to not take the company private.

spartacus mills
26/5/2021
08:48
Hmm... is it any different from the Rule 9 waiver that was approved last year and in prior years?

See their website:

hxxps://www.nascit.co.uk/results-reports

As I understand it, the primary purpose of waiving rule 9 is to allow the company to continue buying back its own shares, even if such purchases would push a holder through 30% (which would normally require them to make a full takeover bid for the company)

Apologies if I'm telling you things you already know here

exv
26/5/2021
08:37
Offer would need to be above the market price else he won't get any takers.
Only going one way for now - up.

p1nkfish
26/5/2021
08:36
AJ Bell. Saw the secure message just now. It's genuine. One message about voting at the AGM and the 2nd about waiving Rule 9 so Christopher Mills and his close relatives can make a general offer to shareholders with no trading costs to the holders. Its preliminary, probably because Rule 9 needs to be waived first?
p1nkfish
26/5/2021
08:31
Who is your service provider, p1nkfish? How reliable a source are they? Pretty astonishing leak if so..!
exv
26/5/2021
08:23
china - no idea why no RNS. Only just seen the message.
It is genuine, I'm not pulling anyones leg.

p1nkfish
26/5/2021
08:21
What price will they offer?
It can't be todays price as those looking to sell can do so today at £42+.
NAV round £52.
I can"t see Mills family offering NAV so likely sub £50.

p1nkfish
26/5/2021
08:20
Interesting, but for something that important, why wasn't it RNSed?
chinahere
26/5/2021
08:19
Had a message from my service provider, Mills family will propose to take NAS off market and private. Change likely, I guess they think they will have less onerous reporting, lower costs and better returns if off market.
p1nkfish
25/5/2021
21:24
Yes, it certainly is. The only risk is what happens at the end when Christopher Mills hangs up his boots / in a wind up scenario. Hopefully, a few years off. In the meantime, its a compounding machine!
topvest
Chat Pages: 25  24  23  22  21  20  19  18  17  16  15  14  Older

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