Share Name Share Symbol Market Type Share ISIN Share Description
Schroder British Opportunities Trust Plc LSE:SBO London Ordinary Share GB00BN7JZR28 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 105.00 4,783 08:00:06
Bid Price Offer Price High Price Low Price Open Price
104.50 105.50 105.00 104.75 104.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 79
Last Trade Time Trade Type Trade Size Trade Price Currency
11:18:53 O 2,830 105.2399 GBX

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Date Time Title Posts
28/4/202107:23Schroder British Opportunities Trust plc96
05/2/202111:38Free speech permitted. Trolling not welcome4
27/11/202007:32Schroder British Opportunities Trust-

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Schroder British Opportu... Daily Update: Schroder British Opportunities Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker SBO. The last closing price for Schroder British Opportu... was 105p.
Schroder British Opportunities Trust Plc has a 4 week average price of 102.50p and a 12 week average price of 97.50p.
The 1 year high share price is 105.75p while the 1 year low share price is currently 96p.
There are currently 75,000,000 shares in issue and the average daily traded volume is 224,066 shares. The market capitalisation of Schroder British Opportunities Trust Plc is £78,750,000.
jonwig: Interesting update, "though we aren't telling you what it is";
spectoacc: Another investment RNS'd - Cera Care. But the fundraising appears to have been from February, £54m - wonder why an RNS now? Unlikely Cera have raised again 2 months on. Can't tell what the market cap is - but be surprised if SBO put in more than one or two million. Again, looks nothing particularly wrong with the investment, but another non-early stage tiny holding.
spectoacc: Good point - yet they give a detailed explanation of another big & dubious travel punt, SSPG: "In March 2021, we invested in SSP Group, a leading global operator of food and beverage outlets in travel locations, principally airports and railway stations. At the time we believed that a combination of new equity and refinancing of existing debt would be required to repay near term maturing facilities, reduce its leverage and provide it with extra liquidity to survive a protracted lockdown scenario. The company has since announced a rights issue and associated refinancing of debt facilities. Whilst the stock has done well since the announcements of various vaccine discoveries in November 2020, we believe there are various long term structural growth drivers underpinning the investment case." Interesting they sold down their biggest loser, PRSM, and sold out entirely of another loser, IQE. Ditching losers a perfectly sensible strategy, but makes for churn - a long way from a Terry Smith or Nick Train "ideal holding period is forever". Not sure I'd have led with the ADVFN award :) £78m co, but make themselves sound like they're managing £780m. 30 positions, with more still to come. But - they've made gains since launch, even if the discount still far too tight. No reason you'd pick SBO over eg CLDN (27% discount, £2.1bn assets, great long term record).
jonwig: Portfolio update: Quite a thorough description of their strategy and holdings. But ... no mention of the reasoning behind two of their largest, Trainline and National Express.
jonwig: Closure of share premium account: One way of pretending to pay unearned dividends.
spectoacc: Hmm no clearer on Cum/Ex then. SBO's the only time I've seen it. Bottom line for me is that SBO managers are punters. There's no "best ideas", it's spray the cash around with a mostly mid-cap & British bias (tho far from solely UK earners). Not particularly value or growth, & will only make 10% pa if the market has a good run - any one stock isn't large enough. Largest single holding (TRN) at 3.1%. 20% would still seem about the right discount IMO. Cheap at 30%? [Edit - on the concentration point, and can't say this is necessarily a better way of doing it, ARR's 10th largest, Vesuvius, is bigger than SBO's no.1. ARR top 3 are FRAS 16%, BDEV 11%, EZJ 11%. That's a conviction portfolio.]
spectoacc: Guessing divis & NAV explains SREI - but that doesn't sound very total return-y. @Jonwig - maybe - and I guess some similarity with the likes of Majedie, LTI & others, where the manager also owns a large stake. But did they declare in advance this is what they were doing? @CC2014 - had in mind a 20% discount for taking a look at SBO, before being told of the 5% discount control plan. So not only is it sub-scale, not only did Schroders have to put in 28% (& EYCC pension fund another £15m, so 48% of it between them), but those %'s are going to increase as cash is spent on trying to support the share price. Which makes you wonder how much of it they'll feel able to invest - and how much has to sit in cash (15%, initially, you'd expect). I still think they'll drop the discount control. All eyes on what they punt on - I'd missed the NAV jumping half a penny, so presumably they've bought something from their "pipeline" already.
cc2014: It appears nothing much to do here but put it on our watchlist and come back at some later point in the future when the share price is lower. I don't get Schroders ambition here. The prospectus spoke of a £800m fund which would require significant issue of shares above NAV but with nearly every other trust running at 5-30% discounts that's just not going to happen. I guess it doesn't really matter to Schroders. They make me laugh . This from SREI as an example from their interim results released in Nov this year. This is their very first statement: "Sustained relative outperformance of real estate portfolio with a total return of -0.3% over the period versus the MSCI Benchmark Index of -1.3%. The portfolio has outperformed over six months, one year, three years, five years and since IPO in July 2004" Whilst I cannot be bothered to check their claim that SREI has outperformed since IPO in 2004, I can easily see from the chart that it's lost 62% in capital value since the IPO.
spectoacc: Interesting - unconvinced a tight discount management policy is wise on a punting IT. Eg OCI - ostensibly a PE trust, but with unlisted & listed holdings like a big stake in TMO - trades at a c.27% discount, despite occasional large buybacks, and has a strong track record/management. It isn't a "Covid era" discount either - had gapped out over 50%, and usually sits around -30%. If SBO intend to keep within 5%, that 14.99% won't last long, will need renewing, and a sub-scale £73.5m trust will become a sub-£50m one, which isn't a great place to be. Unless, of course, they think they'll go to a premium and be able to issue there - plenty have, not least our old friend WPCT. IPO Group, another strong performer with a long history (some of it entwined with a certain Neil & Craig) had a last-reported NAV of c.109p, vs c.91p share price - that's the sort of discount on the successful, let alone the unproven: "Portfolio highlights [IPO] · Net portfolio gains of £34.9m or approximately +3% (HY19: reduction of £36.7m; FY19: reduction of £43.9m) · Cash realisations of £113.7m (HY19: £7.1m; FY19; £79.5m), exceeding investment by £76.9m · IP Group investment into portfolio: £36.9m (HY19: 39.0m; FY19: £64.7m) · Total funds raised by portfolio companies in excess of £350m (HY19: £239m; FY19: £430m) including Featurespace (£30m) and Inivata ($25m), £200m of which was raised post-UK lockdown. · Fair value of portfolio: £1,025.0m (HY19: £1,127.0m; FY19: £1,045.6m)" Large, liquid, successful. Vs small, illiquid, unproven management, untried stock-picking. Can't see spending c.£10m (and some) to keep the shares within 5% is a good use of funds, and suspect they'll find an excuse not to do it. It's far too tight a range to be adding any value. But in meantime, it may function as a confidence trick to prevent it falling too far. And you'd hope the early picks would be good ones - it's when they get down to mattresses-by-post, biotech frauds, and microchipped pallets that you need to start worrying.
spectoacc: Ha ha fair play - and they're up on TEEC - but seems chunky positions to take for a Council. Is it even their pension fund? (Also trying to reserve judgement on SBO until they start investing - difficult, when they've no track record apart from general failure at SUPP, share price lower than when they started even with a healthcare pandemic).
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