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NRI Nthn.Investors

186.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Nthn.Investors LSE:NRI London Ordinary Share GB00B08S4K30 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 186.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Northern Investors Share Discussion Threads

Showing 251 to 273 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
25/11/2013
16:28
I know Im a bit thick but how exactly does such a tender work?
Do we all get the opportunity to offer our shares at 370p and they allocate 15% if everybody tendered or do we have to propose the price below 370p we would sell for?

renew
25/11/2013
13:13
SBP - Good point...
skyship
25/11/2013
13:09
Surely it is a positive comment on KCS if they are able to pay back a 3.5m loan note. Best regards SBP
stupidboypike
25/11/2013
13:01
So - looks as though minimally it will be a 15% tender @ 370p.

Good to see the KCS element reduced, even if it is only a loan note redeemed.

skyship
25/11/2013
12:31
NRI 375 NAV and new tender offer RNS
jaws6
19/11/2013
10:14
Early rise ?
jaws6
13/11/2013
17:27
Flyfisher - The Brookwell stake can't be sold, it has to be placed - either to a
third party or back to the Company as a share buyback at a nice discount - this latter being the best outcome as it would raise the NAV for everyone else.

skyship
13/11/2013
10:56
well you can try with same limit if you lucky to get few .
jaws6
13/11/2013
10:53
Thanks
Though should have bought yesterday when I saw RNS

jlo10
13/11/2013
10:45
jlo
you have to put fill or kill order to get done.
I had same thing earlier .

jaws6
13/11/2013
09:09
Can't get a price to buy for NRI on HL or TDW
jlo10
13/11/2013
09:06
even £3.75 will give us more then 15%.so may be 10 to 20% possible.plus they give divi.
jaws6
13/11/2013
08:52
Absolutely Skyship, there are lots of assumptions here. I have been playing with them on my spreadsheet and I get fairly broad ranges of returns. My base case is for an annual NAV growth of 10% (which reflects the actual average YoY growth since Q110) and a smooth regular return of capital (33% a year for 3 years) and I get to an average distribution price of £4.23 which I think correspond to approx 25% NAV uplift since Sep-11. That gives me an IRR of 22% and GRY of 13.4% (I may be using wrong terminology, so by IRR I mean the return taking into account the time of distribution and re-investment of proceeds; GRY as just the annualised compound return without re-investment). I thought the update was ok, not fantastic, but pleased (and not surprised...) to see the market seems to agree with your more upbeat take.
langbarb
13/11/2013
08:48
SKY , Interesting point about the potential tender size, which could suggest a chunky sale.

With regard to the brookwell stake. Grant Thornton have been appointed as liquidators of brookwell and as of 22 October they held 771,283 shares in nri.

Is it an opportunity to buy in at a discount or will their be a stock overhang?

flyfisher
13/11/2013
08:13
SKYSHIP
Better bid today already ?

jaws6
12/11/2013
17:24
Frankly it is all conjecture is it not?

They quite rightly can't say anything concrete about the three companies in the current sale process. One could be KCS or Control Risks for all we know!

One thing I think we can all be sure of; and that is they wouldn't bother with a tender of less than £5m.

IMO NRI are once again a strong buy; and I would expect them to be far better bid over coming days.

skyship
12/11/2013
16:24
looking through the statement it seems they have approx £4mm in cash (£3.35mm + 0.7mm Mantis sale agreed after 30 Sep). There are also £1.9mm creditors (less than 1y maturity) that may come into consideration in the decision of how much to distribute. This would leave £2mm for the tender, which looks really low compared to the 2 previous tenders (even ignoring creditors, the £4mm distribution would be less than 10% of NAV). The statement says "Three other companies are currently at various stages in sale processes. However the timing and ultimate quantum of any cash receipts remains uncertain given the inherent risk associated with any corporate transaction" which does not guarantee more cash will be realised by early 14. I am just concerned that the 70%-90% destribution by Mar15 (£41-53mm minus the 22.85mm already done) will be on the low end of the range, and that a large chunk will be returned closer to the end of the 4-year period, or worse, the rump is a large % of the £45mm NAV. Any take on this?
langbarb
12/11/2013
16:22
Very happy with that. Value will out here I'm pretty confident.

Best regards SBP

stupidboypike
12/11/2013
15:36
Kerridge valuation up again; from £12,398m to £13,625m (29.9%)

Currently a great market for an IPO...

skyship
12/11/2013
15:16
Yes, an excellent Statement:

# reaffirming target values
# raising the current NAV to 375.3p
# offering an early 2014 tender
# the top 4 holdings "are all progressing in line with expectations"

Well pleased with that...

The only slight dampener was the mention of liquidation over the next 3-4 years. Of course can live with that if it is just a small rump extending into 2016.

skyship
12/11/2013
15:14
Further tender offer intended in the early part of 2014
nk104
12/11/2013
14:45
RNS out,on track for more.
NAV 375 p

jaws6
16/10/2013
09:21
jlo10 - thnx for that. With the strength of the AIM Market surely now would be a good time for Kitwave to IPO
skyship
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older

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