North Atlantic Smaller C... Share Discussion Threads

[chillpill] 29/3/2023 20:12

It does require greater transparency but I am happy to take it as it is. Their performance speaks for itself. I listened to CM a few months ago and he is very much positioning the portfolio for a higher interest rate environment.

I am a long term follower having first invested in 2008 and then again in 2011. It’s done me well but does require patience.

[mozy123] 29/3/2023 11:26

Plenty of talent at Harwood. Mills, Stuart and ED at OIT, Richard at RKW.

Not to mention the private equity team.

Discount will never narrow materially, with over 30% of the float with insiders.

Happy holding and have been adding on weakness.

13+% compounded since the 80's. He can have a portion of my funds.

[p1nkfish] 29/3/2023 11:22

Opportunity cost and zero momentum.
Momentum is driving a hell of a lot of money flow.

[spectoacc] 29/3/2023 09:23

FCRM a fiasco, but at least tiny in the scheme of things.

Other problem NAS has is that HL tell me the one year avg discount c.28%, current discount c.34%. But look at everything else - look a the renewable ITs, the infrastructure ones, the REITs. The market's moved, it has recognised the end of 14 years of ZIRP, and a great deal of adjustment is happening.

Is NAS "cheap", in that context? Or does Opportunity Cost drag money elsewhere, even without recent missteps/eventual succession?

[spectoacc] 29/3/2023 08:54

Uplift to NAV would be the triumph of hope over experience surely - and what happens when it's Mills Junior, is he as good?

Just putting the opposing view - good luck.

[chillpill] 29/3/2023 08:51

Added to my existing holding here. NAV over £52 so big discount to current price of £34.50 so 33% discount. Simple maths but an uplift to NAV means a 50% return. One of the biggest holdings seems to have bottomed out.

[chillpill] 20/12/2022 08:43

I’m not a dissenting shareholder but whilst I like the fact they have been buying back their own shares I do agree there should be better transparency. It’s all a bit 1980’s.

I am a big fan of Christopher Mills.

[davebowler] 16/12/2022 10:29

Interview with Chris Mills

[c3479z] 11/12/2022 21:54

seems that oryx had 3 million crestchic shares.

[topvest] 10/12/2022 14:13

They own indirectly through Oryx, so still good news.

[loglorry1] 09/12/2022 08:52

Thanks not in NAS top 10 so bid probably not material but having extra cash probably a very good thing for Mills at this point.

[spectoacc] 09/12/2022 08:31

Harwood has about a quarter but not sure exactly how spread.

[loglorry1] 09/12/2022 08:24

Anyone know how much LOAD NAS owns?

[p1nkfish] 25/11/2022 12:44

Buyback has started, £34, 32,500.

[p1nkfish] 07/11/2022 09:30

Harwood hold 9.77% of APP.

[chillpill] 07/11/2022 09:16

Not 100% sure but have a feeling NAS have a holding in APP which has been bid for. No idea how many shares they might own.

[p1nkfish] 01/11/2022 10:59

Utitec look to have been laying people off or letting them leave in the past year. Now about 45 heads, may have been preparing for sale?

[p1nkfish] 01/11/2022 10:48

Harwood PE bought Utitec in 2012.

"Utitec is the leader in its field of manufacturing precision metal components used primarily in the assembly of cardiological, endoscopic and orthopaedic medical instruments. The company employs unique stamping processes to produce miniature parts. It has significant European sales and a strong US client base of global medical and electronic device suppliers. The Utitec management team will be led by Executive Chairman Carl Contadini, the CEO of a previous Harwood Private Equity investment.

Commenting on the acquisition, Geoffrey Gorman of Harwood Private Equity, who led the transaction and who will join the board of Utitec, said:

“We are very pleased to have acquired Utitec. We see a very clear opportunity to enhance production efficiencies, tool new products, recover the company’s position in the non-medical sector, and possibly grow through acquisition. We are enthusiastic about the potential.”"

[p1nkfish] 01/11/2022 10:32

Utitec sales was on runway.
All I can find out is revenue was $16.3M and 72-74 employees.
Held for 10 yrs approx.
Buyback welcome to close NAV gap a little.
Interested to see when Mills goes shopping, hope he's not distracted by other things.

[chillpill] 30/10/2022 05:59

Managed to add a few more at 3180p. I think I read they intended to restart share buyback soon assuming a takeover completed at the end of Oct.

[loglorry1] 26/10/2022 17:06

Rates dropping, inflation might be rolling over, gas prices falling. I've been buying a few things including here.

[spectoacc] 17/9/2022 13:30

Energy key, agree, is the input to almost everything. But the gas price rise started before the Ukraine invasion, partly due to coming out of Covid, partly due to ill-advised ESG reduction in investment, partly due to China trying to switch from coal to gas.

The immediate price spikes would end on a return of Russian supplies (something currently looking unlikely), but the problem is longer term. We either use less energy for a given level of growth, which has been happening for some time, or we find a cheaper source of energy (nope), or we accept climate change acceleration and start back on coal. Or we wait 10 years for more nukes, the uranium for which would come from Russia & Kazakhstan - great.

On the flip side, I really do think China is due a major "return to mean" - so potentially a huge drop in metals, energy, resources demand. Whether you think that's going to be good for markets is another matter..

No question the price of energy - oil, rather than gas - strongly influences whether we're doing well or doing badly.