Raven Prop P Discussion Threads

[flyfisher] 26/1/2021 07:55

Directors could not fund it on their own, they need the companies cash and security for the j/v's debt funding.

[zangdook] 26/1/2021 07:20

Not sure I see the purpose of the "newly formed Joint venture vehicle". Why doesn't the company just buy back what it can afford and cancel them, and let the directors take part in the placing with whoever else is allowed in? How will the JV be funded and how will it assign the benefit of its holdings?

The idea of directors having a bizarrely structured indirect interest in the company like this is rather alarming.

[kenny] 22/1/2021 14:13

Personally, I would not touch the ordinaries because the dividend thereon is likely to be cut or eliminated.

The company needs to retain a cash buffer to trade through the period when the remaining US dollar leases expire, late this year, and see what RUB price they re-let at, before knowing their future cash flow. That will then determine free cash and, in turn, the future level at which dividends on the ordinaries can sustainably be paid.

[irish_neris] 22/1/2021 13:50

Ordinaries dropping today but they are a dog

[montyhedge] 22/1/2021 13:22

Buyers should stop buying let the price drift down and sellers get 100p, then buy. Thats what I'm hoping for before the next 3p dividend, I think 11th Feb quarterly figures,

[cc2014] 22/1/2021 11:09

Buyers drying up at this area. MM are going to have to drop the price again if the seller is insistent on shifting volume.

(Not sure if I want it to go up or down... happy to collect some more but it's always nice to be sitting in a profitable investment)

[montyhedge] 18/1/2021 13:19

Well someone bought 205,000 Friday late.

[eeza] 15/1/2021 22:46

Invesco are certainly daft enough to do just that.

[kenny] 15/1/2021 19:06

The list of major shareholders as at 31 December 2020 has now been published by the company on its website.

None of the 13 biggest holders of RAVP have sold a single share between 1 October and 31 December 2020 – this includes Invesco. Therefore, it is some smaller holder(s) that have been selling.

Looking at the previous holders of RAVC that were converted into RAVP and RAV, I suggest it could be either or both of CG Asset Management or Smith & Williamson. Each would have received about 1.8m RAVP. Not as bleak as it could be if it was Invesco trying to unload their 63.5m shares into the market.

[zangdook] 14/1/2021 11:22

He should have suspended subscriptions to his funds if he couldn't handle the money coming in, but I'm sure he could have managed without cross-holding all the unlisted "Patient Capital" stuff in his income funds. Come to think of it, he could have thought of a better name for that one.

But I agree, the Woodford association should not be held against RAV, or quite a few others.

[gary1966] 13/1/2021 19:05

Secondary placing wouldn’t be a bad idea.

[kenny] 13/1/2021 15:55

It seems likely that Invesco is the seller and has probably sold about 1m shares since last September.

[eeza] 13/1/2021 15:47

Quite a few of his Pharmas coming good, belatedly for him.

[igbertsponk] 13/1/2021 15:42

kenny is on the other thread. I try not to post there as he doesn't seem to like me.

I still think Invesco is the seller as can you imagine wanting to be the Invesco bod who manages the holding? Every meeting you go to you have to make excuses for still having a "Woodford one".
All rather crazy as Woodford actually helped create a lot of very successful UK businesses, including this one. But did so well that he couldn't find enough decent investments for the amount of cash being thrown at his funds. Victim of his own success I think, and unfairly castigated.

[montyhedge] 13/1/2021 15:28

Where's Kenny gone?

[montyhedge] 13/1/2021 15:23

Yes your right, buyers should go on strike, soon be 100p. Then fill yer boots.

[tradertrev] 13/1/2021 15:08

Invesco's selling price for the Prefs was 115p in the original deal of about a year ago. They could be taking down given the Rouble devaluation since, but you can't rule out Quilter being seller. They owned about half of all the convertibles and were clearly happy to see an improvement in liquidity through the re-designation.

[montyhedge] 13/1/2021 14:59

Yes 50,000 a day the other day 75000 grands worth. So if some one said 100p for a chunk I bet they would sell.I would take some at 100p 12% yield.

[cc2014] 13/1/2021 13:57

Yeah it's damn frustrating. I'm sure we would all far prefer it gaps down to 100 for a day and then recover instantly but I guess this way the seller gets 7% more cash.

I can't see the grind down stopping unless the rouble finds some attitude, which lest we not forget has moved from 70 to 100 roubles to the pound since 2017.

If it's Invesco selling out they started with 64m prefs around September so at a volume of 50k a day it's going to take 5 years.


And as we can see from post 783 we are into stop running as well now given loads of people bought in the 120-150 range.

[igbertsponk] 13/1/2021 13:38

Suspect this drip will continue.
Invesco want out as Raven is for them forever Woodford.
Other intitutional investors KNOW that Invesco want out, so are happy for the price to drop and drop until someone is too tempted.
A real Dutch auction going on.
Brave souls like us will continue to add. Hopefully once Invesco are out we'll see a rise. Until then the 3p a quarter will have to suffice!

[owenski] 13/1/2021 11:50

Looks like someone wants out, this has been occurring since Sept. 2020

Could be just one institution for whatever reason. Invesco??

[eeza] 13/1/2021 11:39

That'll help.

[tyranosaurus] 13/1/2021 11:37

They just keep drifting down.
Just sold 25k

[cc2014] 13/1/2021 10:00

Hmm. Well I bought another few at 107.875 in accordance with my plan to scale in as if falls.

Rouble still going against us here vary badly.

One of those difficult situations where I think the share price will bounce as soon as the seller stops but we have no idea whether the seller will go on for another day or another year. I suspect the seller has very many millions left