North Atlantic Smaller C... Share Discussion Threads

[mangal] 11/7/2015 21:49

More than a year since last comment - amazing, considering the share price performance!

[mw8156] 05/6/2014 11:10

oig cheaper at the moment though ongoing charges on that are high?

[topvest] 31/5/2014 14:51

Impressive results. They seem to be liquidating a number of investments, so will be very liquid for whenever the market turns.

"Adjusting for the Convertible Unsecured Loan Stock over the years, the net asset value now represents a gain of approximately 50x over the 30 years. This constitutes an IRR of almost 14%.

Given Warren Buffet is on 19 or so % that is pretty good going. Only downside is no dividend and the 2% ongoing charges, before double charging of fees on Oryx and Trident. I guess if the costs had been lower, then this trust would have out-performed Berkshire Hathaway!! They don't seem to get the credit that is justified.

[bisiboy] 17/5/2014 19:18

still here a happy holder

[mangal] 28/4/2014 22:32

A great record; I have been holding on & off for years but always maintained a core holding, which has doubled since Sep 09; has been amongst the best long-term performing ITs that I hold.

[topvest] 28/4/2014 21:43

Yes, all quiet. I'm still here. Results soon. Net asset value £21. Good trust with very sound investment track record.

[mangal] 28/4/2014 21:20

Last post here was almost 2 yrs back!
strange that, considering the fact that the share price has more than doubled in less than 5yrs.

[stluke] 13/12/2012 16:46

More response in the share price here at NAS to the increased NAV then at OIG who are also run by Chris Mills and the Harwood Capital Team.

In percentage terms not much difference between them when comparing both the increased NAV statements released today just looks bigger here due to the share prices of the two, not surprising really when they are both invested in many of the same companies.

Mr Mills / Harwood do seem to be in a rich vein at the moment and look forward to what they can do over at QRT now they have their man on board, definate break up value to be had I think.

Also need to watch what happens with the private limited companies, I have noticed via companies house forms that on all of Bionostic, Orthoproducts and Nastor that share capital restructing is going on, perhaps prior to some form of corporate activity that could release some additional value to the funds.

[topvest] 13/12/2012 12:35

Wow...impressive. Looking good here.

[martincc] 13/12/2012 12:23

Some increase in just a month!
NAV for end Oct12 was 1482.19p and NAV for end Nov12 was 1604.93p

[northernlass] 27/9/2012 04:20

CEO Wont Stop Buying!

CEO, CHRISTOPHER MILLS, JUST CAN'T GET ENOUGH OF NORTH ATLANTIC'S SHARES!

In descending order, here are his share purchases so far this year; totaling £1,283,785 in value:

10 September 2012 Mills bought 5,000 at 1,040.00p = £52,000

06 September 2012 Mills bought 25,000 at 1,045.00p = £261,250

17 August 2012 Mills bought 3,500 at 1,020.00p = £35,700

16 August 2012 Mills bought 5,000 at 1,020.00p = £51,000

14 August 2012 Mills bought 7,500 at 1,020.00p = £76,500

13 August 2012 Mills bought 10,000 at 1,017.50p = £101,750

27 June 2012 Mills bought 6,000 at 1,039.00p = £62,340

26 June 2012 Mills bought 2,897 at 1,025.00p = £29,694.25

25 June 2012 Mills bought 5,000 at 1,030.00p = £51,500

20 June 2012 Mills bought 5,000 at 1,032.00p = £51,600

13 June 2012 Mills bought 9,853 at 925.00p = £91,140.25

07 June 2012 Mills bought 15,000 at 926.66p = £138,999

01 June 2012 Mills bought 3,500 at 930.00p = £32,550

28 May 2012 Mills bought 10,000 at 950.00p = £95,000

24 May 2012 Mills bought 2,750 at 950.00p = £26,125

21 May 2012 Mills bought 2,500 at 950.00p = £23,750

15 May 2012 Mills bought 3,500 at 955.00p = £33,425

02 May 2012 Mills bought 7,052 at 985.00p = £69,462

P.S.
Here's some links about SCLP, one of the hottest stocks at the moment:

[wexboy] 31/1/2012 16:04

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

[deswalker] 31/10/2011 08:42

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.

[deswalker] 21/6/2011 08:29

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.

[gilston] 20/6/2011 17:31

Why the near 25% discount to nav?

[deswalker] 20/6/2011 11:14

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)

[deswalker] 27/1/2011 15:19

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.

[topvest] 16/12/2010 12:43

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.

[deswalker] 26/11/2010 09:20

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.

[deswalker] 28/9/2010 19:13

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.

[mw8156] 28/9/2010 17:44

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.

[deswalker] 28/9/2010 13:52

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.

[deswalker] 23/8/2010 17:45

Decent buyback at OIG which is now our biggest holding. Obviously NAV enhancing for NAS.

[deswalker] 06/7/2010 16:37

Nice buyback today.