User Notice: The site will be occasionally unavailable due to scheduled maintenance this weekend. Please accept our apologies for any inconvenience.

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
  -115.00 -2.83% 3,950.00 3,940.00 4,120.00 3,950.00 3,950.00 3,950.00 6,077 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 12.3 5.9 41.2 95.8 570

North Atlantic Smaller C... Share Discussion Threads

Showing 76 to 99 of 300 messages
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
Hi folks, Continuing my series on activist investors and other catalysts. Latest post highlights over a dozen listed activist funds/vehicles that you can invest in, including North Atlantic Smaller Companies: I hope you'll take a look (and plse don't hesitate to comment or email me). Cheers, Wexboy
North Atlantic alongside Siem Kapital of Norway has just announced a Recommended Offer for GTL at £1 per share. All OIG's 3,400,000 GTL shares will be converted into units of SiNav whereas only 1,400,000 of NAS's GTL shares will be converted with the remaining 2,448,686 GTL shares held by NAS being redeemed for cash at £1 per share. North Atlantic will then subscribe for 11,700,000 units of SiNav at £1 per unit but we do not know which funds will hold these units so in total North Atlantic will hold 16,500,000 units (3,400,000 in OIG, 1,400,000 in NAS and 11,700,000 unknown but unlikely to be in NAS as no reason for a partial realization of this holding otherwise). Siem Kapital will also subscribe for 16,500,000 units of SiNav at £1 each so NAV and Siem will have an equal shareholding which will differ from 50% by those other shareholders who opt for the SiNav units instead of cash. This number must be a minimum of 10% of the GTL share capital and will be scaled back so that it does not exceed 24.9% of the SiNav units, so North Atlantic and Siem will equally end up owning at most 50% of GTL and at least 37.5% of GTL. So in sum, as far as I can tell this looks like a small net-liquidity event for NAS with the private equity funds within NAV coughing up the cash. Ofcourse NAS holds large slugs of OIG and the Trident PE funds so on balance it is an increase of investment in GTL for NAV and a moderate dilution for NAS. I wonder what plans Chris Mills has for the £2.5 mill increase of funds within NAS ? This model was also used for the Celsis and Bionostics takeovers and I suspect we may see it again before too long with other portfolio constituents where North Atlantic controls close to 30% of the shares. Like Celsis and Bionostics, GTL is a US based business listed on the wrong exchange in the wrong country. This looks to be a strategy of North Atlantic - take these types of businesses private (assuming ofcourse they are doing well and are well run) and presumably in due course look for a realization either via trade sale or IPO into the US market. The initial equity stakes are facilitaed through OIG and primarily NAS before they are moved on into the PE stable of funds run by NAV. Contrary to my comment above there isn't really another share that fits this bill where NAV own a large slice of the equity. As far as I can see they are mainly UK based and I'm not so sure they will look to do this strategy over here with a much much less deep trade sale and IPO market.
Four possibilities come to mind .... - it's a partially PE Investment Trust and the market always discounts PE. - it's not very transparent by most standards. - it's controlled by Chris Mills and perhaps the market doesn't like that. - the market is wrong and is substantially overdiscounting the shares. Remember that very often Investment Trust discounts reflect the gearing in the trust. Almost like a risk discount built into the equity to take into account the debt. However, here there is considerable net cash so the effective "cash adjusted" discount is even wider. Chris Mills is a very smart investor IMO and I'm happy to piggyback his efforts. There's no doubt that his interests are alligned with those of shareholders as he owns approx £30 mill of the equity. I get the impression he is very active at the moment using up some of that net-cash whilst simultaneously negotitating exits from more mature investments.
Why the near 25% discount to nav?
IMS out. Some really interesting portfolio moves between Jan 31 and May 31. £20 mill invested with two new holdings - GPG (through the NZ listed shares) and Interxion which is focused and based in Continental Europe but is listed in NY. Apparently some more funds have gone into Trident PE III too. Although not disclosed in the IMS we've seen recent share purchases of more CVSG and GLE. Finally the strangest move down is Bionostics. It is trading well so won't be anything like a write-down hence it must either be a partial sale of equity or a redemption of loan notes or preference shares. I seem to recall that there were some of these outstanding in the capital structure so that seems most likely IMO. This is my largest holding and on a risk/reward basis is comfortably the cheapest thing I can find on the market. IMO the only thing comparable on a risk/reward basis is GLE which fortunately NAS & OIG hold 20% of too :o)
This is finally getting the recognition it deserves. Fingers crossed for a trade sale or IPO of Bionostics and some further corporate actions at BBA and NARS. I'm still hoping that one day before long Mr Mills will want to liquidate the whole thing and retire into the sunset. With so many simplifying corporate actions over the past year I'd say now would be an excellent stage to start the wind-down process.
Bought a few of these. Looks very well positioned to return good growth over the next 5-10 years until the CEO retires. No dividend is the draw-back, but that shouldn't 100% drive investment decisions.
A nice offer for Chrysalis announced today and conditionally accepted by NAV LLP. Something like 6 mill shares held in NAS and 3.5 mill held in OIG make up NAV's entire holding I believe. This year is shaping up to be a cracking year for NAS IMO.
I was hoping we might get news of a capital return but clearly not at the moment. Just buying back stock and CUL's would do me fine as opposed to any new investments. There's plenty of juice in the exisitng portfolio and I think Mr Mills will do well to find a better investment than his own shares at present.
ft quotes a discount of 33.7 per cent looks like bionostics is still doing well orthoproducts and assetco abu dhabi have dropped a little though the latter may just represent a currency change; was hoping that they would buy back more shares or CULS or invest the cash in OIG or a sensible smaller co portfolio--always a bit of a worry that the cash would be unwisely invested though their record is excellent.
Interims out. Strip out the £49.27 mill in cash and T-bills and the remaining portfolio is on a 32.7% discount to NAV on a fully diluted basis. Plenty of upside remaining here IMO.
Decent buyback at OIG which is now our biggest holding. Obviously NAV enhancing for NAS.
Nice buyback today.
Finally this is starting to move. 30% discount with some interesting unquoteds that hopefully need revaluing upwards (esp the second largest holding).
Thanks for the info. baggywrinkle & DesWalker. So, not much difference between the ords & CUL. I guess the culs trade at a slightly higher price than the ords because of their yield(yes, minuscule) & probably because they have priority over the ords on a winding up of the company.
one for one into ordinaries miniscule yield
The conversion terms are one Ord per CUL with a zero strike (essentially swapping one for the other at any time). Not sure about the yield though. I think there is value here and that at some point Mr Mills is going to want to retire and cash out. I've bought 2000 Ords for the long term waiting for such an event. At least we can be sure that the manager has enough skin in the game.
A director bought 90,000 CULs at 817p yesterday. He obviously sees value in them. Does anyone know what the CULS' yield & conversion terms are?
old thread....
well, I guess my answer to the previous question (over 11 months ago) is a No.... it's been a good short recently !!!
don muang
anyone out there trade Nas 100 via spread betting on a regular basis?
don muang
Could be a top in here
Wow. Up 20% in 36 years. Must be your best ever tip ?
frank spencer
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
ADVFN Advertorial
Your Recent History
North Atla..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210509 08:36:26