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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Schroder British Opportunities Trust Plc | SBO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 71.00 | 08:00:04 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 70.00 | 70.00 | 71.00 | 71.00 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 04/10/2023 06:53 by jonwig In case anyone's interested:Discount 30%. Continuation vote in 2028. Top 8 companies are unquoted and form 60% of the portfolio. Trouble is, there are dozens of potential things to invest in when the markets turn. |
Posted at 09/4/2023 17:18 by spectoacc SB-Oh.Front page of Sunday Times Business: "Blow to British tech unicorn as backer writes off stake". "The heavyweight investor that backed Apple and Google in their early years has written off the entire value of its stake in one of Britain's most promising technology start-ups". Keep reading and you find out that zero is Graphcore.. There's some real nuggets: "Graphcore ended 2021 with $140m of cash, and a further $187m in short-term investments. However, it lost $185m that year on revenues of only $5m...." SBO holders, this is the sort of sh*t Roger, Ben, and Tim have been punting your money into. Graphcore topped out at a £3.4bn valuation, on $5m of revenues, and Sequoia Capital now value it at zero. Nada. Nothing. "BG's Schiehallion fund has cut its valuation of Graphcore from $3.4bn to $1.7bn and SBO has cut its valuation [of Graphcore] by 25% in its latest revaluation." Most incubators, VCs, PEs are chicken sh*t. They invest at increasingly crazy valuations, boosting their previous investment valuation in the same co's, until it all comes crashing down (assuming they haven't punted investments to each other first). Yet when it does start to fail, it's finger-in-air bullsh*t. BG think Graphcore's fallen from $3.4bn to - gasp - $1.7bn, exactly halved, implying no genuine calculation whatsoever. Sequoia can see that $185m losses on $5m revenues in 2021 means all the money's gone by, um, about now, so Graphcore will need to raise ASAP. But from whom? Not Sequoia. Not poxy, tiny SBO. Not BG, who went all-in on unlisteds in the boom. Not from SVB bank borrowings. SBO cut the valuation by 25%, BG by 50%, Sequoia by 100% - who's right? No prizes for guessing who I think is right, but clearly if more cash (then some more, and some more) is needed, billions isn't a correct valuation. Doesn't this apply to most of the investments in early-stage but later-round rubbish? The bubble is over, the winners will be the few with profits (any?), and the few with cash to pull investments through the post-SVB, post-bubble world. The same happened in 99/00, most went to zero. At least the lamentable SUPP has been through it (some of it!) already, hence 12p from £1 listing, 8 years ago now. How long is "Patient"? Rant over. Link to SBO's Graphcore RNS, when they invested at a $2.8bn valuation: Just a week ago, threat to move to US, begging letter to Rishi to use some of their chips - Sequoia's write-down post-dates this: |
Posted at 03/2/2023 07:23 by jonwig Research note, "SBO is trading on a wide discount despite its highly differentiated approach…":Company-sponsored, of course, and they are clearly worried about the discount. The unquoteds need a bit of M&A activity to stir things up. NAV around 105p so nearly 40% discount. |
Posted at 04/8/2022 08:30 by jonwig Today's additional invetsment (Cera Care) estimates an updated NAV will be +2.8p. That would be a discount of 28%, which is high even for a PE investor, and SBO isn't a pure PE investor.The annual report suggests they may up their buybacks. You can now buy under mid-price (quote 74-76). |
Posted at 09/6/2022 09:10 by jonwig It's normal for hedge funds to limit withdrawal options. Sometimes a new investor has to wait as much as a year to withdraw, and then they only get a monthly or quarterly or even more option. |
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