Prelude Trust Share Discussion Threads

[rivaldo] 01/3/2007 12:10

Ah - make that 86%-91% in solid hands then tiltonboy :o))

[tiltonboy] 01/3/2007 11:47

riv,

My 2 x 10k purchases today.

tiltonboy

[rivaldo] 01/3/2007 11:40

Spin, you forgot PLUS - there were 20k of trades there too yesterday. But 20k of buys today and the price is up...

Frothy money, that's a laugh - with about 85%-90% or so of the shares in institutional or this thread's hands from the sound of it, if there were any speculative interest at all here I'm sure the price would be 150p in a flash!

No idea how many DisplayLink have sold, but say only 5k would mean £450k of revenues already...

[fse] 28/2/2007 23:56

Display link news sounds great ... I was wondering what the big deal was until I read the last para...thats nice in fact I might get one ;-)

[spin doctor] 28/2/2007 23:39

So, err, today there was a single trade - a sell of 211 shares at 115p.

At least there's no frothy money in this stock.

[rivaldo] 28/2/2007 22:32

Nice....DisplayLink's products are sold out already:



"By Ben Fountain, 28 February 2007

Cambridge company, DisplayLink's chips are being used in a new product from electronics giant, Toshiba.

DisplayLink says Toshiba has chosen its high-performance network display technology for the Dynadock family of universal laptop docks.

The Toshiba Dynadock is an advanced docking station for notebooks with a USB 2.0 port.

It allows the user to connect a notebook to a monitor, network cable and other USB PC accessories with a single USB 2.0 connection.

The products, which start at around £90, had already sold out with all of the online retailers that Business Weekly checked.

The DisplayLink chips enable the Dynadock products to support displays delivering high-resolution graphics and DVD-quality video playback over a USB 2.0 link."

[spin doctor] 27/2/2007 21:56

Well I've no doubt though that this could be marked down, even on very limited selling. And probably will be tomorrow if the UK market is not resilient. But only a modest +ve correlation with the market is to be expected.

I shall be holding on. Generous stop losses that I do not intend to be triggered.

[hvs] 27/2/2007 19:09

Holding steady as a ROCK.

And if it does go down a little a good opportunity to BUY.

[mangal] 27/2/2007 15:27

jonwig, thanks. Yes, you're right that you can't cut & paste a table.
However if the table changes only occasionally, you could use simple html code that you amend as & when necessary:


Following is code snippet for a table of two rows & two columns :

[table border=1 ]
[tr bgcolor=lightblue] [td] row1-col1-value [/td] [td] row1-col2-value [/td]
[tr] [td] row2-col1-value [/td] [td] row2-col2-value [/td]
[/table]

For this code to work, you must replace the open square brackets, [, with < & the close brackets, ], with >

[jonwig] 27/2/2007 12:55

mangal - no, you need to change the < and > to something else or it won't copy.

[mangal] 27/2/2007 12:28

.. tried to include here a html code snippet for a table but can't display it literally !

[rivaldo] 27/2/2007 10:29

FSE, I fully intend to start a new thread, I just haven't got round to it yet -if anyone else wants to then feel free! In particular, I don't know how to format tables, which I'd like to do to copy PDT's list of investees, cost etc from an RNS properly. Any help/HTML links would be appreciated - I had a google and it seems to be very long-winded unless I'm looking at the wrong thing.

I fully agree about PDT's lack of interest in issuing info updates on the portfolio, but institutional ownership is probably now at its all-time highest, so the story is evidently leaking out. As concluded previously, with only 10%-20% of the company in free float it might only take a bit of PI interest to get things moving. Perhaps we should be spreading the word a bit better!

FYI here's an IT blogger on about M-Spatial who's pretty impressed:

[spin doctor] 27/2/2007 10:26

Ta Tilton. It was the name change wot dun it.

[jonwig] 27/2/2007 07:37

Mangal - post #7609.

PDT directors/management have always been very coy about commenting in detail on their investee companies.
In that sense they're not much different from most VC businesses.

A large part of this is connected with the need to follow International Private Equity Valuation Guidelines, and not make any statements which could be potentially misleading.

The relevant IPEVC document (which includes the BVCA) can be downloaded from here:



and the key concept is "Fair Value".
In the case of most of PDT's investments, Fair Value can't be calculated by reference to earnings multiples or tangible assets, so the method used will be "Price of Recent Investment" (see p14).

If it's true, as suggested, that few potential investors are aware of some of the gems here, that at least gives us holders the chance to top up.
Also, most of the institutional holders will be fully aware, and will be long-termers.
It may be that just one holder has been unloading, in which case a re-rating to at least stated NAV should follow.

[tiltonboy] 27/2/2007 06:55

Spin,

You just didn't look hard enough!!!

From the interim results statement:

"Also in July, the Trust invested #1.9 million for a 13.5% shareholding in its
second new portfolio company, Newnham Technology Inc ("Newnham"). Newnham, a
company that is already achieving early revenues, develops semiconductor based
products that enable computers to drive multiple high resolution monitors via a
USB connection or Ethernet network, using cable or wireless technology. Newnham
recently changed its name to DisplayLink."

tiltonboy

[fse] 26/2/2007 23:31

>rivaldo.... I thought you were going to do a new thread up with some useful stuff in teh header ?

[spin doctor] 26/2/2007 23:15

Thanks riv
I have failed miserably to find - presume it is staring me in the face somewhere - what % stake PDT have in Displaylink.

The defunct thread "PDT asset list" gave a very useful synopsis, although takes time to create and maintain. It is a shame that PDT do not provide an easily accessible synopsis on their website. It doesn't even feature clearly in reports so far as I can see.

Can anyone put me right on this?
Ta

[mangal] 26/2/2007 23:06

There has been lots of excellent news recently about PDT's holdings(& yes, today was truly impressive); yet, the share price has hardly budged. I'm sure if the news was known generally the shares would trade at a healthy premium to NAV rather than the current deep discount. I'm begining to wonder what is necessary for this share to get noticed. One of the problems is that PDT-management are not doing anything to publicise how well the holdings are doing. In fact, it's only because of Rivaldo's excellent research that I have become aware of the tremendous progress being made by the u/ls.

[fse] 26/2/2007 22:30

News on Displaylink really is impressive,
Toshiba have always been on the cutting edge of design.

[timtom2] 26/2/2007 22:25

What value DisplayLink - £30M?

[tiltonboy] 26/2/2007 21:00

That sounds stunning news.

[hvs] 26/2/2007 20:46

Thats excellent news.

The news just gets better and better and on most of the holdings.

[rivaldo] 26/2/2007 20:44

Now this is impressive from DisplayLink today:



"February 26, 2007 10:00 AM Eastern Time
Toshiba Chooses DisplayLink Network Display Technology for Dynadock USB Notebook Dock
Family of USB Notebook Docks Supports Displays with Resolution up to 1680 X 1050 over USB 2.0 Connection

PALO ALTO, Calif.--(BUSINESS WIRE)--DisplayLink today announced Toshiba has chosen its high-performance network display technology for the Dynadock family of universal laptop docks. With the DisplayLink chips, the Dynadock products can support displays delivering high-resolution graphics and DVD-quality video playback over a USB 2.0 link.

The Toshiba Dynadock is an advanced docking station for notebooks with a USB 2.0 port. It allows a consumer to connect a notebook to a monitor, network cable and essential USB PC accessories with a single USB 2.0 connection.

One Dynadock model is based on the DisplayLink DL-160 chip and supports DVI-connected displays with resolution up to 1680 x 1050 (Widescreen Super Extended Graphics Array - WSXGA+) or 1600 x 1200 (Ultra Extended Graphics Array – UXGA). The DVI capability provides crisp digital output even for notebooks without built-in digital monitor support, providing a cost-effective way to use a standard notebook in these applications.

Another Dynadock model is available for VGA-connected displays and is based on the DisplayLink DL-120 chip. It offers similar connectivity, but supports displays with resolution up to 1280 x 1024 providing an affordable platform for mainstream multi-monitor computing.

"Our notebook computers have the connectivity and performance needed to make our users highly productive when they are on the road. But when they are back in the office, having a dock that allows them to add a large screen monitor and all of their peripherals with the ease and convenience of USB takes that benefit to the next level. Working with DisplayLink has resulted in a great addition to our product line," said Doug Sash, director of accessory and services marketing for Toshiba America Information Systems, Inc., Digital Products Division.

"More display space equals greater productivity, and DisplayLink's network display solutions deliver that to the increasing ranks of consumers that have shifted to notebook computers for their home and office computing," said Dennis Crespo, vice president of marketing and business development for DisplayLink. "Working with a leader like Toshiba helps us to get these solutions into the hands of consumers so they can experience how easy and cost-effective it is to work this way."

Both Dynadock versions feature 10/100 Ethernet, serial, headphone and microphone ports in addition to a surround-sound S/PDIF port. For USB connectivity, the dock features a four-port USB hub with two more constant-power USB ports for charging cell phones and PDAs. It connects to the notebook computer over a USB upstream port, transforming it into an all-digital, multi-monitor system with a single, hassle-free connection.

The Dynadocks deliver full 32-bit true color at all display resolutions with high-quality images and DVD-quality video. The docks automatically recognize the monitor type and configuration (EDID), support both standard and widescreen aspect ratios and use the existing notebook display configuration utilities without requiring a separate GUI."

[rivaldo] 26/2/2007 15:39

News release from M-Spatial, not bothered about most of the content - the important item is "Since the inaugural Mobile Local Search Index back in April 2006, consumer adoption of mobile local search has more than doubled", which sounds like a good piece of PR for M-Spatial if ever I heard one:



Spin doctor, it's surely impossible to put any timeframe on PDT as we're so dependent on news flow. Any further exits and we'll be off to the races, but that could be days away or two years away.

The caveat to that is that the portfolio looks superb and the cash pile is large. So if a tipsheet or the newsppaers pick up on what's happening we could be at the 150p NAV sharpish. Plus there's always the possibility of an "up" round in one or more of the investees to lift the valuations and thus NAV.

Your upside of 70p implies £24m uplift in the share price from here - but that includes around 30p just to reach current NAV. I strongly suspect there's more than 40p or £13.6m of upside from today's 150p or so NAV in the portfolio, and there may be a whole lot more than that imo.