North Atlantic Smaller C... Share Discussion Threads

[nimbo1] 03/12/2019 08:49

temped to add here - the underlying holdings of NAS appear to be doing very well. Analytix AI (they effectively got for free from EKF) looks really blue sky for example.

[mozy123] 29/11/2019 12:41

bought some today - discount is compelling

[nimbo1] 29/11/2019 10:52

I did want to buy some oryx the other week too but found it too illiquid

[nimbo1] 29/11/2019 10:29

just bought quite a few here

[p1nkfish] 22/11/2019 16:20

If I didn't own as many of this as I do I would look to add.

[steve3sandal] 22/11/2019 14:37

Not CG. They've bought more 6-7%. Watching with interest.

[p1nkfish] 21/11/2019 19:58

Eats his own cooking, always a good sign.

[spectoacc] 21/11/2019 19:20

Not sure the relevance of Mr Mills now being over 29% - tho presume he'd easily get a waiver to go over 30% in the event of a tender.

[steve3sandal] 21/11/2019 17:34

I'd be guessing it might be Capital Gearing again. Mr Mills has bought another 100,000 but otherwise this must be more buyback. The directors seem intent on not paying up for the buyback not chasing the share price I'm feeling I'm on the right side of this holding at £30 share price £40 NAV but just hope they don't try a large tender under NAV one day.

[spectoacc] 21/11/2019 16:08

So... Who was selling that many? How did he get them at £30 today? Can I have some?

[topvest] 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!

[rambutan2] 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:

[loglorry1] 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.

[spectoacc] 28/10/2019 09:17

Thanks @steve3 & @flyfisher for comments. In OIG but eye on NAS again.

[steve3sandal] 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.

[ceaserxzy] 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.

[flyfisher] 27/10/2019 08:44

Steve, thanks for your post, who did they take private?

[steve3sandal] 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.

[flyfisher] 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.

[spectoacc] 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).

[ceaserxzy] 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.

[steve3sandal] 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?

[p1nkfish] 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.