Ren. Russia Share Discussion Threads

[jonwig] 30/9/2012 07:33

"One of the cheapest markets in the world":

[jonwig] 01/9/2012 07:13

Russian equity valuations are made cheap by investors failing to separate Russian politics from company earnings, according to Franklin Templeton's Mark Mobius.

Investor uncertainty surrounding the presidential re-election of Vladimir Putin has made Russian stocks even cheaper, according to Mobius, who said he is now looking to buy Russian companies as a result.

'As value investors, this has meant we could pick up shares at bargain prices. We are looking for opportunities not only in the energy sector, but also in areas including consumer goods and services, and shipping,' the Singapore-based manager wrote in his most recent investor note.

'In our view, Russia appears to be one of the most attractive markets in emerging Europe from a valuation standpoint, with an average market price-earnings (P/E) ratio of about 5 in the first half of the year.'

[jonwig] 06/8/2012 07:11

Timetable for restructure:

October 2012 - EGM to vote on restructure,
14 December 2012 or earlier - special dividend in Units of 30% of NAV.

Didn't quite make the 50c I expected.
Still good value with NAV above 62c.

[jonwig] 20/7/2012 07:13

With NAV of over 62c and most of the assets 'liquid' the share price ought to rise to 50c at least this morning.

75% of assets 'liquid' so transfer to Open fund - ie. 45c.
25% of assets 'illiquid' for disposal - say 50% discount, ie. 8c.

[jonwig] 17/4/2012 18:40

We hold positions in ... infrastructure companies, which could benefit as the government aims to tackle the legacy of 1990s underinvestment in roads, railways and housing.

Read more:

[jonwig] 10/4/2012 06:41

Hardly encouraging:

[jonwig] 01/4/2012 11:22

Prospectus p 34:

The Directors' intention is that the Company retains the majority of its earnings to achieve the Company's investment objective of medium-term capital appreciation. However, the Directors reserve the right, but are not required, to make dividend distributions to Shareholders

p 35:

the Directors are required to convene an extraordinary general meeting of the Company in January 2015 in order to propose an ordinary resolution that the Company continue its business as a closed ended investment company . Thereafter, the Directors are required to convene an EGM to propose a further Continuation Resolution on or before the third anniversary of the date on which the previous Continuation Resolution was passed

[jonwig] 31/3/2012 07:31

A management fee of .125% of the NAV is payable monthly in arrears to the Fund Manager.

Annual Performance Fee (APF) is payable to the Manager if the NAV increases over an Annual Performance Period (APP).
The APF should be equal to 20% of the amount by which the NAV has increased over the APP.
The APF is capped at 1.5% of the NAV of the Fund.
The first Annual Performance Period (APP) is the period between the date the Investment Management Agreement becomes effective and the 31 of December 2011. The following APP should be contemporaneous with each financial year of the company.

[jonwig] 30/3/2012 14:54

NAV yesterday $0.755 - so discount about 28%.

Looks a bit extreme - worth a closer look?

[jonwig] 30/3/2012 14:53

Significant Holdings (01/06/12):
City of London Inv Mgrs ... 59,008,347 ... 29.6%

199,133,162 shares in issue (1 March 2012)