Private Equity Share Discussion Threads

[praipus] 15/12/2010 13:30

PEQ's share price discount to nav still circa 30% by my calcuations please double check

PCT's is only 1.5% discount to NAV and only 116 investments


RTT's is 9% discount to NAV with only 66 investments


PEQ has over 500 and perhaps statistically much more likely to have a few flyers IMHO.

[mangal] 15/12/2010 12:30

disccount closing rapidly. In anticipation of tender offer?

[praipus] 10/12/2010 13:27

Often the best way. When to sell? A very interesting question. Suspect the firms concerned have their own investment objectives and I suppose once theyve been achieved exit.

From the graph if anyone had brought Baidu in the last year or so of their own volition they would not be disappointed.

[joe say] 10/12/2010 11:08

not saying that, but as a l/t investor here i researched the baidu stakes only to note early sales (at least early imo such that potential gains were missed)

now I only look annually and occassionally at the nav figures

[praipus] 10/12/2010 10:42

Joe Say - know what you mean to some extent because it is the same with a stock chart or a set of accounts they can only show you the past.

Or is there some dreadful skeleton here? If so please illuminate?

[joe say] 09/12/2010 18:21

Praipus - thanks for that but my point is that these are all the holdings at set dates not necessarily now - thus difficult to monitor as any one of the holdings in the various funds could have been disposed of, or added to and we'd be none the wiser until the next update.

[joe say] 09/12/2010 14:52

Praipus - you're correct imo - but the downside is transparency of what underlies this share - ie the current holdings

thus there's an element of blind faith required

[praipus] 09/12/2010 14:26

On a look through basis PEQ has exposure to 500 ventures/companies mosty in the USA sort of a positive BlackSwan strategy IMHO. I'm tempted not to tender to increase exposure or tender and immediately re purchase if the discount prevails.

How many more Baidu's are sat in there? A Skype holding I understand lurks here too.

Usually, so I understand, venture capitalists expect 1 in 100 to pay for the rest so in theory PEQ holders have 5 x that probability.



See post 101 for article about PEQ Baidu and Skype investment.

[mangal] 09/12/2010 12:57

I wasn't a holder then but will now definately tender whole of my holding. I bought about a month back & already in profit; hopefully will be able cash in more than the allotted shares at the next tender offer.

[praipus] 09/12/2010 10:09

Just looking through the last Tender Offer document



Anyone here last time PEQ tendered?

It seems you can apply to tender more share's than you are allocated. If another holder doesnt partake in the tender then you can tender for more. Did anybody here do that last time?

[joe say] 08/12/2010 10:43

some 5% in one month

[praipus] 08/12/2010 09:07

Jump in NAV no punt intended.

NAV Per Ordinary Share (including current period deficit):

238.29 pence (US 371.10 cents).

[asmodeus] 30/11/2010 23:47

Why was Watneys Red Barrel like making love in a punt? Because it was effing close to water. But, I'll think about it, tomorrow.

[joe say] 30/11/2010 18:11

not even a small punt ?

[asmodeus] 30/11/2010 15:08

Will probably kick myself, but, having got my fingers burned so often, I am not going to take advantage of this obvious apparent bargain. This having been brought to the attention of people much more astute than me, the apparent lack of trades makes me very nervous - although the price appears to have risen 2% nevertheless.
Cheerio, and good luck.

[mangal] 30/11/2010 09:39

Yes, does sound like it's too good to be true. I think the tender offer is likely to be similiar to the normal IT buy-backs where the Co offers to buy back only a small % of shares.

[asmodeus] 30/11/2010 09:09

But why is nobody buying? (According to ADVFN trades). And we know what "they" say about things that look too good to be true.....

[joe say] 30/11/2010 09:04

at an approx 40% discount I think we all know the answer

[asmodeus] 30/11/2010 09:00

I used to hold this, too, but sold at a huge loss in 2003! However - surely to buy them now must be a "no-brainer"? Or is it that I have no brain?

[mangal] 26/11/2010 16:25

From today's report:
"The Board proposes to convene a General Meeting in the New Year at
which approval of Shareholders will be sought to allow the Company to purchase
Shares under the Tender Offer and, if such approval is provided, the Tender
Offer is intended be made to Shareholders to purchase Shares at a price
equivalent to the then most recent NAV as adjusted for costs. "

Shares trading at 140p & you will be able to sell some of your holdings at NAV of around 220p?

[praipus] 17/11/2010 17:50

Thanks. I havent done too much research on QVT or Laxey though as you can imagine I've seen them on many of the shareholder lists.

[mangal] 17/11/2010 16:48

Thanks for setting up the thread, Praipus. I for one will definitely be following the thread keenly.

[praipus] 17/11/2010 16:11

Ok done it

[mangal] 17/11/2010 15:37

Many thanks Praipus. That's a lot of Cos to research. & yes, would be great to have separate thread tracking IT arbitragers such as Weiss, laxey etc.