North Atlantic Smaller C... Share Discussion Threads

[apple53] 01/10/2021 12:12

gosh I'd missed that they'd restarted buybacks. First since Feb I think.
They managed to do the first purchase at pretty much the all time high!
Will look out for a pattern (eg every Friday?).
Toying with buying even more but I don't have much cash.

[loglorry1] 01/10/2021 10:27

Personally I don't see point of divi. We have to pay tax on it and I'd ratehr he compounded it internally at double digits to grow the NAV. Actually you could say the same thing about buy backs. I doubt there is enough liquidty to buy back much stock though unless we get a big sell off.

Anyway there is no point second guessing it. We pay him hansomely to make these decisions so probably best to just let him get on with it.

[p1nkfish] 01/10/2021 10:25

There will be some limit to buyback as some float is needed. If they reach that point then possibly a special divi?

TBD.

[loglorry1] 01/10/2021 10:17

Having £100m coming on by Christmas should provide some good opportunities not least buying back own stock.

[p1nkfish] 01/10/2021 10:06

NAS = safe haven if you have some patience.

[p1nkfish] 01/10/2021 10:06

Also supported by increasing cash level. No growth but cash a foundation. Am expecting some turbulence and cash will be very handy. World not out of the woods by a long way.

[loglorry1] 01/10/2021 09:40

NAV will probably be lower this coming month. A lot of the small/mid cap side of the UK market is down the last couple of three weeks. To offset that Mills is buying up his own stock in the market a bit.

[apple53] 30/9/2021 07:19

Hi JakNife

Yes the company RNS's NAV once a month.
However, if you listen to the interview, which was dated (I think) 20th Sep, he talks about the NAV, mentioning the last time he looked (at around £64), and qualifying it by mentioning that "today" (ie the 20th) was a bit rough (close on the 20th was a recent low for the All Share).
I'm sure he has an in-house calculation to track NAV on a daily basis.
Alternatively, I am wrong and he was simply thinking back to the published end August figure.

[apple53] 28/9/2021 23:35

He mentioned 64 quid as his most recent NAV probably 18-19th Sep, so maybe it's holding up better than we thought despite Renalytix.

[apple53] 28/9/2021 23:20

Thanks Dave.
Looks like the video moved the Circassia price maybe 10%.
Sadly it looks like most of Chris' holding of Circassia is in Oryx.
My mistake was selling Oryx in a couple of chunks when it hit NAV earlier in the year.
Assetco and Frenkel interesting - both too small to figure on top 10. Amazing how much time he puts into such holdings.

[davebowler] 27/9/2021 12:14

Christopher Mills interview on P.I.World

[topvest] 24/9/2021 21:14

Its been a brilliant time for Christoper Mills - he is a genius!

[p1nkfish] 23/9/2021 15:55

Good liquidity events RNS.
Cash ready and loaded.
May have to wait a while before it gets chance to be allocated into new opps at sensible value.

[davebowler] 23/9/2021 15:31

Augean plc - auction results
Released 07:00:04 23 September 2021

RNS Number : 6852M
Takeover Panel
22 September 2021

2021/19

OFFERS BY



ANTWERP MANAGEMENT LIMITED, A COMPANY INDIRECTLY OWNED BY FUNDS MANAGED OR ADVISED BY MORGAN STANLEY INFRASTRUCTURE INC., AN INDIRECT SUBSIDIARY OF MORGAN STANLEY,

("MSIP")



AND



ELEIA LIMITED, A COMPANY INDIRECTLY OWNED BY A CONSORTIUM CONSISTING OF INVESTMENT FUNDS MANAGED BY ANCALA PARTNERS LLP AND FIERA INFRASTRUCTURE INC.,

("ELEIA")



FOR



AUGEAN PLC ("AUGEAN")

On 16 September 2021, the Panel Executive announced that, in accordance with Rule 32.5 of the Takeover Code, it had established an agreed auction procedure (the "Auction Procedure") for the resolution of the competitive situation in relation to Augean.

The Auction Procedure has ended and the offers of MSIP and Eleia following its conclusion are as follows:



MSIP:

361 pence per Augean ordinary share



Eleia:

372 pence per Augean ordinary share

[p1nkfish] 16/9/2021 21:34

Good wording. "Concept".

"........many companies now trading on the concept of normalized earnings........"

[topvest] 16/9/2021 21:19

Agreed - its a fantastic trust. Really pleased I topped up in the 40s.

[p1nkfish] 16/9/2021 20:25

Solid hold for me too SM, same reasons, and Mills knowing how to negotiate the cycle.

[spartacus mills] 16/9/2021 20:04

Interims out today. Good news regarding the sale of Pelsis with a £12m gain over the Jan 2021 valuation. Goes some way to offsetting the tremendous pumelling Renalytix has received in the last week, apparently on concerns about a longer route to FDA approval. Assuming the Pelsis uplift is already in the August 31st NAV I make the running NAV about £63 and the discount about 24% at today's close of £48.

Mills's note highlights the buildup of cash which will be at close to £150m once the Pelsis and Augean disposals complete. That's around 18% of NAV. Happy to hold here given (1) this defensive posture, (2) the stellar track record and seeming undimmed energy and (3) the continuing unjustified discount

[18bt] 02/9/2021 08:25

Was expecting interim results out yesterday according to one info provider, but it was 16.9 last year.

[apple53] 29/8/2021 23:28

Thanks so much Spartacus for your latest figure and the colour on some of the specific holdings.

[topvest] 29/8/2021 20:33

Increasing the cash % would be a smart move in my book. Best to have funds available for when things get a little rocky. I suspect that we are not too far away from that, but we will have to wait and see!

[spartacus mills] 29/8/2021 17:07

A conservative discount in the current environment would be between 15 - 18%. Gives a price target in the next few months of say £54. Happy to stay onboard in a big way. The long term performance has been good *despite* the conservative positioning ….. Perhaps in the not too distant future it will be good *because* of the conservative stance!

[spartacus mills] 29/8/2021 17:06

Mills had pretty bearish positioning in the mid 2010’s when he ran the NAS portfolio consistently with a cash / treasuries level well over 20%. Hearteningly he was not afraid to alter this stance as his bearish view was proved wrong. He ran down the cash from 28% in 2017, to 7% in 2021. In particular he managed to put cash to work post COVID in ways that have proved pretty lucrative.

My suspicion, shared with other posters. and based on previous form and the comments of Peregrine McWomble our Chairman is that the cash level in NAS is going higher in the near future. Teleos has been sold, the stake in AssetCo and Tribal were cut. Now Augean is on the auction block, and when that goes it will add another 6% of NAV to cash. I suspect a cash return (and possible further dismemberment) is also on the way from BigBlu – may be an announcement as soon as tomorrow