Polar Capital Technology Share Discussion Threads

[jswjsw] 28/2/2014 14:15

harry -

Sorry for such a late reply! You won't be able to hold PCTS in a SIPP. They expire on 31 March. PCT are a different matter - IMHO they would be VERY well worth holding in a SIPP.

What melody means is that you can convert PCTS into PCT by exercising them on 31 Mar and paying 478p/sh. Unless you're buying massive amounts, it's not worth it.

With PCT at about 3% discount to NAV, they are currently very good value.
J

[melody9999] 24/1/2014 08:09

hth - pct.

pcts expire in mar 14 and you will get 478p for them

[harry the haddock] 22/1/2014 11:05

hi jswjsw - i was looking at this alongside another couple of IT's to add to my sipp.
can you explain in very basic terms whether i should buy PCT or PCTS shares?
thanks very much

[jswjsw] 17/1/2014 14:06

Cable risen by 100bps. But that's not going to stay.
Yes, with the quoted NAV we have a 1.3% discount.

2.6p time-value on the S shares is a give-away with 73 days to go...
...against the NAV it's -3.4p !!!

[melody9999] 17/1/2014 00:14

8p increase in NAV per share today ....not yet reflected in share price

[lenses] 27/12/2013 16:31

Subs (PTCS) now looking good value: warrant premium gone to ~zero, gearing about 30, but only 3 months to expiry.

A punt PDYOR.

Terms:



L.

[melody9999] 17/12/2013 14:13

Nice push back up to 478 today. Looks set to carry on to new highs after a spell of consolidation - just like it did after 3 months between July and September.

[philo124] 03/12/2013 08:30

What a stock!

[philo124] 23/10/2013 05:30

Read through the thread-I must have alzeimer's.

[philo124] 23/10/2013 05:21

Thanks a lot; I did look on their website but a bit hard to follow late at night.

[melody9999] 22/10/2013 23:17

Phil - see my post 141 and a few others around there.

I added a few more PCTS yesterday.

[philo124] 22/10/2013 21:07

Can you remind me how the warrants work? I hold 500 warrants from some time ago as well as 3500 of the ords; I can't understand why I hels them originally unless they came with my initial purchase. TIA.

[jswjsw] 22/10/2013 19:34

Yep. 5.8% is AAPL too.

Take a look at PCTS (Subscription shares = Warrants that convert at 478p and expire on 28 March 2014).
The premium is almost nothing (actually 3.6%) and the gearing is 37 times!!!!!

[philo124] 18/10/2013 14:14

Google! At 01/10/13 Google was the fund's largest holding.

[philo124] 02/8/2013 06:42

Top Ten Holdings.

[philo124] 09/7/2013 06:49

Great outlook statement Para 1 ! Well, I thought it said at all.

[philo124] 18/3/2013 19:22

Nice progress.

[philo124] 11/10/2012 14:24

Warrants up a lot!

[philo124] 02/2/2012 15:20

Thanks a lot indeed. NAV 370p; i think tech generally will be strong this year.
I also hold their Bio tech fund.
Regards.

[lenses] 02/2/2012 14:15

Phil



L

[philo124] 02/2/2012 13:54

Bought some more yesterday. What are the terms for the warrants-PCTS?

[melody9999] 29/1/2012 22:16

Still holding and things looking more promising here.

[lenses] 07/7/2011 11:53

Melody; 4 weeks for a reply!! You have probably given up.

Yes your understanding is spot on.

The sub price (PCTS) - Today: buy @ 19.9, sell @ 17.6 is at a premium to the underlying.

At first exsise on 3/12, 401 + 20 - 371(offer on PCT today) = 50p or a 13.5% premium.

If one just wanted to have the underlying shares they would buy those, it would make no sense to do otherwise.

However people are willing to pay 20p today for the subs, even though they would be paying 13.5% extra if they were just after the underlying shares, because:-

1, they would get geared exposure to price movments of PCT of 18.5 : 1 (ie all things being equel a 10% (37p) rise in PCT would generate a 185% rise in PCTS (also 37p). They could then sell for big profits if they wish - people will pay alot for that chance.

and:-

2: if a buyer wants PCT shares today they can get exposure for 1/18.5 of the cost and pay the rest next march.

It works both ways of course, if, say PCT rise by 8% or less by 3/12 the subs will expire worthless.

For what it is worth I think PTCS is good value now for a high risk punt on a general market revival and tech companies at the forfront.

But very much a punt.

As ever please do your own reserch and no advice intended.

L.

These 2 threads are informative:-

[melody9999] 10/6/2011 11:00

I've got a few PCTS subscription shares. can someone confirm my understanding pls.

It seems to me that these shares give me the option to buy the ordinary PCT shares at 401p in March 12 (or 478p in March 14.) Obviously if PCT is below 401p in March 12, there is no point in doing this. So the value of these subscription shares is a reflection on the likely price of PCT in the future. At 20p today, I could sell them now which would make sense if I believed PCT would be below 421p in mar 12 , or below 498p by Mar 14.

Is that right?