Northern Investors Share Discussion Threads

[jaws6] 04/3/2014 15:29

smarm
you coming tomorrow at mello meeting ?

[stupidboypike] 04/3/2014 15:28

oh yes, I got the 55.8%, balance returned, happy days. Best regards SBP

[spectoacc] 04/3/2014 15:25

I appear to have got c.55.8% at Selftrade too - balance been returned to a/c.

TD, on the other hand, just showing original holding, as if they'd not tendered any..

[stupidboypike] 04/3/2014 15:19

smarm, I got the same %s from selftrade but I think one covers the successful and one the unsuccessful tender. (Note they add to 100%). I'm assuming 44.2 is the successful, however, you never know your luck, and of course I might just be wrong!!

Best regards SBP

[smarm] 04/3/2014 15:16

Skyship - I beat you again at Selftrade, this is becoming a habit :-)

I got a letter suggesting I had redeemed 44.2% and then a minute later I got another suggesting I had redeemed 55.8%. I assume the latter letter to be correct.

Hurrah.

S

[alanji] 04/3/2014 14:26

Yep, looks like 45.2% with Sippdeal. Very impressed with speed - and the balance of shares can be sold if desired. I will continue to hold and have to decide whether to add - agree the size of the Kerridge holding is a bit off-putting so I may stick with my remaining 5% allocation.

[garbetklb] 04/3/2014 13:44

Hi Skyship

That's impressively quick by Sippdeal! Out of curiosity (as my NRI shares are held in my SIPP with Alliance Trust) I have a SIPP with Sippdeal, via the Share Centre - would the Nominee Account be at the Share Centre Level or Sippdeal?
I've found that playing the Nominee Account acceptance level has added a nice twist to my liquidating Investment Trusts.

I'm also v comfortable with Control Risks as a business (I had indirect contact with them in a former life), but no view as an investment, other than I feel NVM to be v competant investors.

I'm concerned not to become over exposed to Kerridge as I know next to nothing about them - and now realise I am way over my normal "per investment" limit in respect of them! So probably best not to rebuy unless there's cheap availability at some point - probably from Brookwell.

[skyship] 04/3/2014 12:39

Looks as though I've redeemed 45.2% on my Sippdeal a/c

[skyship] 04/3/2014 12:30

Another thing one has to consider is the fact that Kerridge will now represent c37% of net assets; Control Risks c18%.

Happy with the latter; and Kerridge could well add considerably further value; however Kerridge is an unknown for me as I consider it a tech/logistics play - something I have no knowledge of whatsoever!

[garbetklb] 04/3/2014 12:15

I think the minimum is likely to be :
Basic 28.03%
Excess 10.4% of 71.97% = 7.48%
Total 35.51%

But for those holding in a nominee account, could/should be higher due to some holders not taking up their entitlement.

For the last 2 tenders, I received 51% & 57% - anticipate less this time.

Not at all sure in my mind as to whether/how much I would look to rebuy post tender - obviously price will be a key consideration.

Garbetklb

[skyship] 04/3/2014 11:24

Garbetklb - yes, stamp duty payable:

[skyship] 04/3/2014 11:20

===============================================
Shareholders in excess of their 28.03% Basic Entitlement, scaled back on
a pro rata basis, such that approximately 10.4% of such excess tenders
were satisfied.
===============================================

So it seems as though those that tendered 100% will have a minimum of 38.43% redeemed at 415p. This versus a market offer price of 406p.

[redhill9] 04/3/2014 09:50

It's going to be very interesting to see where the share price settles after the tender effect has been incorporated in shareholders' portfolios. A combination of recent upward momentum on the asset values and now less shares in issue could generate an upward squeeze, especially if many who tendered actually intend buying back in.

My strategy was to tender 100% with the intention of deciding how many to buy back once the dust settles, hopefully with the Offer share price somewhat below 400p (say, 380p would be nice), but I'm thinking now that maybe I may not get that chance.

[molrey] 04/3/2014 09:25

'The Board is pleased to announce that the capital amount returned to Shareholders through the Tender Offer will be approximately £14.1 million. Pursuant to the Tender Offer, Oriel Securities will purchase up to 28.03% of the issued share capital of the Company at a Tender Price of 415 pence per Share'

[garbetklb] 04/3/2014 09:24

Tender was increased to £14.1m (RNS 6 Feb) - so this is the tender offer. Quick question - do Oriel Securities have to pay stamp duty on this purchase/tender?

[nil desperandum] 04/3/2014 09:17

I chose not to tender and have been buying more. Interesting to see a print of 3.4m @ 415p ... that's more than the £12m available in the tender (£14.11m)

[jaws6] 04/3/2014 09:16

Skyship
Thanks .There is trade of 3.4 million at 415

[skyship] 04/3/2014 08:55

General Meeting 3 March 2014
Announcement of take-up level under the Tender Offer 4 March 2014
Effective date of re-purchase of Shares by the Company 4 March 2014
pursuant to the Tender Offer
Settlement date for the Tender Offer: cheques despatched 7 March 2014
and assured payments made through CREST

So we should know our results very soon now...I'm guessing 35% at Sippdeal

[spectoacc] 13/2/2014 12:16

Brookwell's intentions would be interesting to know - will hopefully present a buying opportunity at some point, assuming they hit the market.

[redhill9] 13/2/2014 09:20

At this point I presume they will tender, and their holding will reduce to about 537k. Presumably the liquidator will seek to dispose of the stake post tender and until this holding is sold or placed some uncertainty exists.

This would no doubt have downward impact on the share price post-tender which (arguably, short term at least) would be good news for anyone looking to tender and buy back afterwards.

[flyfisher] 13/2/2014 08:48

Some info is available on the brookwell website. The liquidator has made occasional updates. They only have 2 or 3 holdings and the NRI Stake is by far the largest.

[skyship] 13/2/2014 08:40

I was looking at that yesterday....hoping that Brookwell may still have a listing. It hasn't of course!

[flyfisher] 13/2/2014 08:38

Guys, Don't forget that the brookwell holding is not yet placed in firm hands.
Brookwell is in liquidation and has a sizeable stake in nri , the joint liquidators last made a sale in the market around 14th November, shortly before the tender offer. They have made no further sales since.
At this point I presume they will tender, and their holding will reduce to about 537k. Presumably the liquidator will seek to dispose of the stake post tender and until this holding is sold or placed some uncertainty exists.

[skyship] 13/2/2014 08:38

Personally I'm tendering for 100% & expecting to redeem c35%. I'll then make a decision to buy them back at a later stage...though only if big figure 3...not 4!

[langbarb] 13/2/2014 08:23

For those looking to reinvest the proceeds of the tender, is it worth at this stage tendering at all? As we stand you could buy at 404p, so the gain would be 2.7% with the risk of being forced to buy back at a higher price than 404, and maybe find it difficult to buy in size. Sky et al., what will you do?

At the Dec12 tender the price action looks odd to me. Record date was COB 19 Nov where the price was 286.50 then it increased to 303 on 7 Dec (most of the move occurred from 4 to 7 Dec) though it seems nothing happened during those days and if my understanding is correct those who bought then could not participate to the tender. Back then at 286.5 the discount was approx 15%.

Any view/opinion?