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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
  10.00 0.25% 4,045.00 4,030.00 4,060.00 4,050.00 4,030.00 4,030.00 4,980 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 7.9 0.5 3.8 1,075.8 584

North Atlantic Smaller C... Share Discussion Threads

Showing 176 to 199 of 300 messages
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
21/11/2019
16:08
So... Who was selling that many? How did he get them at £30 today? Can I have some?
spectoacc
29/10/2019
08:16
Certainly no clown...his net worth is well over £250m, if you take Harwood Capital into account which has a net asset value in its latest accounts of c£125m and the c25% holding in this trust. Probably closer to £300-350m I would guess.
topvest
28/10/2019
18:43
Interesting entrepeneurial heritage then, being the grandson of Bertram Mills, the circus owner. Maybe its in the DNA. Anyway, far too much activity on this BB for NAS. Best to keep it a hidden secret!
topvest
28/10/2019
18:37
Very happy to be a long term holder alongside Mr Mills. Over the last 30yrs this is the 2nd best performing investment trust, just behind CGT. As he refuses to pay up for AIC membership, who publish the most easily accessed figs, this fact doesn't appear on a quick google search. Difficult to categorise and certainly not doing roadshows for instis, hence the discount, but perfect for pi who don't need to worry about such things. From 2014: htTps://www.fnlondon.com/articles/activist-investor-christopher-mills-avoids-investing-in-big-companies-20140123
rambutan2
28/10/2019
09:21
Mills is a pretty sharp cookie and I wouldn't want to be on the wrong side of a deal with him. However he owns a huge holding in NAS so I think as long as we are on the same side he won't completley screw over investors. His very long term performance has been very good and it makes for a good passive investment in my view.
loglorry1
28/10/2019
09:17
Thanks @steve3 & @flyfisher for comments. In OIG but eye on NAS again.
spectoacc
27/10/2019
12:54
APC Technology, there’s a sensible thread on ADVFN, ticker APC. Groundwork been done by board, the benefits of which will now accrue within the Harwood empire and perhaps APC Directors, not long suffering APC Private shareholders. All IMO. There is a view by GHF that the current takeover price is fair but I had been expecting to hold while it compounded.
steve3sandal
27/10/2019
10:04
Thanks Specto and steve for the information about the cash amount. Rechecked their balance sheet statement in the interim report and I think you are both right that the £93m cash included the treasury bill as it states about £12 m net cash and £82m treasury bills.
ceaserxzy
27/10/2019
08:44
Steve, thanks for your post, who did they take private?
flyfisher
27/10/2019
08:26
The £93m of net cash includes £82m of US Treasuries. ESG have 11.8% of the impailed Eddie Stobart Logistics but I think they’ve already sold options On their holding. Logistics is a difficult way to generate cash but there are now 3 suitors and I’m quite comfortable that Eddie Stobart Group holds the jewels. Harwood/Mills have recently taken another small quoted co private for less than I thought it was worth but it remains to be seen if it is placed in NAS or other parts of their empire.
steve3sandal
26/10/2019
21:32
Specto, that is why they quote two NAV'S when they report, one with OIG at market and the other at OIG nav. I totally agree about the double charging aspect on the OIG holding, with both having many common holdings it would be a cleaner proposition if they were merged.
flyfisher
26/10/2019
20:46
Or do the Treasuries count within the cash element? And when the NAV mentions valuing the OIG stake at the "equity" value, is that the equity as in the listed price of OIG, inc discount, or is it the NAV of OIG? Makes the NAS discount seem considerably lower if it's the latter. £ been doing well against the $, perhaps holding the cash in USD hasn't been too wise. Also - haven't held NAS for ages but notice many of the holdings are identical to OIG's, eg both hold EKF, Augean, Gleeson, & more, generally in size. Not sure how I feel about that when the charges on both are relatively high (TER of 1.68% OIG, 1.42% NAS, according to HL). Isn't so much double NAV discount as double dipping the charges for holding many of the same stocks. Dunno - still investigating. Not too keen on the STOB purchase either, hopefully not another GOAL considering what's happening at ESG (STOB still have a large stake in ESG).
spectoacc
26/10/2019
19:36
It is stated in its latest interim report that it has net cash of £93m and US treaury bill of about £82m, meaning total cash and near cash of over £175m. Taking this huge cash out of the market capital the discount will be much higher than reported.
ceaserxzy
23/10/2019
21:15
I’m all in here too and from time to time do similar checks to Robsy2 when I need reassurance. I was keen on the commitment to buy back 10% by next summer but I’m beginning to doubt it’s possible without chasing up the share price and I’m certain the directors won’t do that. They appear to have picked a chunk off Capital Gearing Trust in summer but it’s not obvious where they’ll find sellers at £30. Any views on the buyback?
steve3sandal
23/10/2019
21:09
You mention Brexit, wasnt Mills UKIP Treadurer at one point? Do quite like the idea he's not pure establishment and more of a swashbuckler.
p1nkfish
23/10/2019
20:55
Agree with both of you. This is a keeper and I follow Mills with interest. Mifid2 will have done him a favour with small and madcap becoming even less well researched.
p1nkfish
23/10/2019
20:41
NAS is an excellent trust if you look at the annual compound returns which are not too far off Warren Buffet levels. It's always traded on a big discount and is probably wider now due to Brexit and the fact that small company trusts are coming off late cycle. They tend to get hit more in aa recession. Personally, I'm looking to significantly increase my position in a year or so when we are in a bear market. Christopher Mills has a fantastic track record. The always on a discount nature of this trust is due to the dominant influence of him, the low profile and lack of meaningful dividend. The trust will probably get wound up when he retires / dies. He's the sort of entrepeneur that will keep doing deals until his last days I suspect, so could be another 20 years of stellar growth to come. Think he's in his 60s already and hope he keeps going for many years to come!
topvest
23/10/2019
19:44
I’ve been having a closer look at NAS. It looks very cheap at the moment .Why? • It’s trading on a discount of 29%. • The Z-score of -2.74 suggests NAS is particularly cheap compared with its own valuation history. • The company now has a buy back policy . • We are getting a dividend • The track record is excellent (especially of late) compared to its peer group, see below. • The TER is 1% What intrigues me is that the discount has been widening. I can’t see any special problems with the trust and am a bit mystified. I have done a few back of the envelope calculations. NAS has 14.2 million share in issue, a MCAP of 429m and NAV of 595m.. I did a bit of stock screening and of the 761 trusts on sharepad it comes in at #44 in terms of discount and believe me there are a lot of oddball trusts in the leading positions . If you start to filter a bit more by filtering out anything with a mcap under 50m , and anything with a positive z- score you get down to 167 trusts . It is 10/167 in terms of z-score value, I haven’t looked too deeply into this but at first glance most of the stuff ranked above NAS looks dodgy. NAS ranks 13/167 in terms of discount. Within its peer group, UK and global small caps it is the clear winner on both fronts 1/ 14 . So , it looks cheap, as we who post here already know, but I think it is probably even better than we think, because 16.5% of NAS assets are (or were until very recently) USD T-Bills. So, if we strip out the 98m of T-bills from the market cap we are left with 331m of MCap, if we take it off the NAV we get NAV 595-98= 497. It follows that the effective discount stripping out the T-Bills if now 33%. This is unduly cheap. This trust deserves a better rating than it has. The Buyback can only help. That’s it. Happy to hold quite a few of these already and I know I am preaching to the converted, but I thought I’d share it with you . Please let me know if I’ve made some dreadful error in my thinking here .
robsy2
17/9/2019
18:22
From May 2019, "hopeful". "The Directors are hopeful that some of the Company's investments will see corporate activity over the coming year and that the year ending 31 January 2020 will see a further rise in the Company's net asset value."
p1nkfish
16/9/2019
17:48
If I remember correctly last results said they expected further NAV appreciation by Jan 2020. Discount only likely to widen in that case.
p1nkfish
16/9/2019
16:42
More progress from the trust . Biggest holding is USD T bills which shows a bit of caution and that he is ready to deploy capital. Typically smart move holding T Bills given the strength of USD. The buy back is sensible as well though the discount seems as wide as ever. Why buy new holdings when you can buy more of the existing ones at a huge discount?
robsy2
02/8/2019
08:48
It reads as having been going on from 2010. Doubt there is anything left to fight over once HMRC is made good. Audits, what are they good for in this case?
p1nkfish
27/7/2019
14:43
Not sure Mills should be defending Goals that much given the what went on there. Having said that the damage is done and Mills probably wants to extract what value he can. SPD also probably want to get anything left on the cheap. FWIW I too think it's unlikely only a single person knew what was going on at Goals. The only positive I suppose is that Mills and SPD seem to think it's worth getting annoyed about, suggesting there might be something worth fighting over.
loglorry1
27/7/2019
12:45
When it comes down to who you would side with Mr Mills or Mr Ashley, it would definitely be the former. Good that he told him to get lost!
topvest
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
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