Origo Partners Share Discussion Threads

[zcaprd7] 14/8/2013 14:05

One for the sipp I reckon

[robards] 14/8/2013 11:35

I agree the sensible approach would be to await further possible revaluations as at June 30.

On the other hand, as the risk/reward at this price/NAV is tempting, I find myself wanting to imply a lot into this statement:

"The Review has concluded that ... valuation of the Company's assets is sound."

[zcaprd7] 14/8/2013 10:55

That news leaked yesterday then! 30p nav isn't bad (if we can believe it)

[cerrito] 14/8/2013 09:18

What they are doing today is sensible and recognizes reality.
I suggest to anyone new who is interested in the gap between the share price and the NAV that they wait till we get the interims when we will have valuations as at June 30 and specifically see how much more they have written off from Gobi Coal and Energy which represents a third of NAV.
Was a bit confused by the following and initially though they had a commitment to fund this by $15m but then saw from the 10 largest investments they have already done the funding.
Additionally, Origo holds a US$15million partnership interest in China Cleantech Partners, which remains uncommitted.

[zcaprd7] 13/8/2013 14:01

Have Pacific Alliance come in?

[cerrito] 07/8/2013 16:02

As Morgan Stanley had 28m shares-7.8%-last September we have an explanation of the volume and to some extent the weakness of the share price
Would be nice to think that now MS are out we will have a further share price increase but would not count on it..I am sure F & C would like to slim down some more.

[russman] 19/7/2013 21:07

A lot of volume & no news.

[zcaprd7] 13/7/2013 13:45

Surely we need an rns to be explain the volume?

[shroder] 11/7/2013 12:11

Almost a third of the issued shares traded today.

[cerrito] 04/7/2013 15:11

RM Williams' liquidation news: I see valued at year end at $1.4m under 1% of the book value of the investments so a bore but not a catastrophe.

[fillipe] 29/6/2013 17:43

A costly ship to run here!

f

[robards] 28/6/2013 16:32

Bi-annual means twice a year, not every two years. That would be biennial.

They revalued (audited) as of Dec 12. For the interims they will revalue (unaudited) as of Jun 13. The IMS giving the picture as of Mar 13 is not revalued except to reflect currency movements and quoted price changes.

[graham1ty] 27/6/2013 10:52

The NAV is not real. How do they get away with revaluing only every two years !!!!! Madness. means the NAV could be anywhere.

They were buying in shares at 13p.......the only thing that will get this moving is Company or Director buying

[cerrito] 25/6/2013 20:50

You can find good news especially with China cCeantech and to a lesser extent China Rice but more bad news.
Indeed anyone reading the Chairman's statement one would have thought that Chinese Cleantech was their most important business but represents just 25% of the portfolio-albeit up from 15% at end 2011.
Further writedown of the largest investment by book value-Gobi Coal and Energy inevitable and for me seems valuation seems somewhat generous-but then of course OPP gives us scant information as indeed does Gobi's website-if you press the news icon you get nothing.
Impossible to get a feel for RM Williams and as one can expect as it is a private company no clues from its website. I see the March 2013 valuation is $4.3m a year earlier it was $33.3m
This is not a cheap operation to run-witness in Q1 2013 there was a $2.3m hit for opex to the NAV. One important element of the P&L is the Performance Fee which was a positive $8.3m in 2012 compared to a negative of $13.4m in 2011 and Note 4 really adds no explanation except the following rather extraordinary comment: quote For the year ended 31 December 2012, performance incentive accruals of US$4,713K were approved by the board of directors of the Company (other than Chris Rynning and Niklas Ponnert) at the board meeting held on 20 June 2013.unquote
Difficult to see anything that will set the share price alight; cash is beginning to be an issue as net cash at March 31 was $14.4m compared to $24 at 31.12.12. Why on earth they spent $3m odd buying their ZDP's heaven only knows.
Divestments do not seem likely and other operating expenses were $9.5m last year-to me their cash flow statement was not helpful.
I will keep what I have but as I have said before they do not seem to hide the fact that they regard their retail investors as a pain-certainly they give us the bare minimum of financial information.I have sold my zeros over the last month.
PS Fascinating to see their investment company Nutech taking their Chinese clean technology to Germany..well done them.

[zcaprd7] 25/6/2013 18:44

Yeah, topped up (again)

[robards] 25/6/2013 09:30

Yes, I suppose the price reflects the fact that there is no immediate prospect of realising most of the assets. Who knows when there will be a chance to sell the biggest asset, the Mongolian coal.

As for that asset, the annual report says:

"...almost half of the total decrease in the value of our portfolio can be attributed to the 38 per cent reduction in the carrying value of our stake in Gobi Coal and Energy over the prior year. Whilst this is disappointing, it does compare favourably to the performance of similar listed resource stocks..."

A cynic might say that its performance compares favourably precisely because it isn't listed! It's valued according to OPP's valuation and not the market's.

That might be another reason why the price is so far off NAV.

Having said that, I bought yesterday because 8p is good enough for me. Even if NAV is halved you've still got a massive discount.

[zcaprd7] 24/6/2013 15:54

Nav still good?

[colonel a] 24/6/2013 10:59

There may be some value but there seems to be a complete disconnect between the management and the shareholders.
The share price reflects a complete lack of belief and with a 70% discount "considering" a buyback shows why.

[graham1ty] 10/6/2013 11:19

This is getting to the point where the share price is saying there is NO value in these shares........what is going on ??????

[zcaprd7] 10/6/2013 09:16

Getting good worrying now?

[robards] 05/6/2013 12:36

I'm thinking particularly about the sudden lurch down from 13

[graham1ty] 05/6/2013 12:03

weeks Robard........months........this is now down over 80% in a year......

[robards] 05/6/2013 11:46

I wish I knew.

From the price action in recent weeks, it appears that some do know.