Schroder Uk Public Private Share Discussion Threads

[cfhaigh76] 18/12/2020 17:02

Will be interesting to see how it opens on Monday.

[johnwig] 18/12/2020 17:00

Amusing post from littleweed:

"littleweed1 18 Dec '20 - 15:28 - 205 of 205

Nice little move upwards so far today. I bet spectoacc is pooing his pants again in trepidation. His whole purpose in life may be laid waste!"

It must have been that massive upwards valuation in Industrial Heat.

[scrapheap] 18/12/2020 16:56

Interesting late spike there - a chunky 900k+ at 29p too?

[littleweed1] 18/12/2020 15:28

Nice little move upwards so far today. I bet spectoacc is pooing his pants again in trepidation. His whole purpose in life may be laid waste!

[spectoacc] 16/12/2020 08:53

Good point. Small holding tho - will be back out the Top 10 atm. Industrial Heat back in, unless they revalue it to its true value (£0).

All about RUTH, ON, ATOM. And what CLIG have planned. (And Jan's OD rollover, but can't see them not getting another year).

[scrapheap] 16/12/2020 08:40

Autolus share price has rather come back down the hill so won't be helping the Dec 31st NAV at this rate...

[spectoacc] 14/12/2020 13:45

CLIG have moved from 7.9% to 10%, reported after-hours Friday. They're generally pretty shrewd so it's a surprise - they were opportunistic buyers originally, so selling again would have been more likely.

Hasn't stopped the share price falling in that time - wonder who the sellers were.

A suspicious mind might note that 10% is the threshold for calling an EGM. That starts to make SUPP interesting IMO.

[spectoacc] 06/12/2020 08:34

Woodford Equity Income holders getting another payout this month apparently. But warned could take till late 2021 for the remainder to get sold. That's despite the giveaway to Acacia Research of much of the better stuff this year.

Was WEIF the Kymab seller, at a price SUPP couldn't refuse? Why was it only them who couldn't refuse it?

And how are Woody & Craig doing at their new job?

Sunday Times reckons £15.5m been paid in fees to the two co's - inc PJT - who were meant to realise the WEIF holdings.

[spectoacc] 03/12/2020 15:36

Missed the SUPP quarterly NAV, released pre-market.

"Only" lost 3.5% this qtr. Well - last qtr, since it's gone from a daily NAV to one released 2 months in arrears. Strengthening pound will have hit them again since then.

A small selection of the sometimes bizarre:


"..Valuation of unquoted holdings stable quarter on quarter."

Um.. because you haven't marked them down. Or in other words - "We're persisting with IH at £12m, & telling shareholders that's a good thing".


"Atom Bank: Launched its new Instant Saver product
In September 2020, Atom Bank launched an Instant Saver, the first product to be launched on its state-of-the-art cloud-native banking platform. The product has none of the catches associated with most 'instant access' accounts, as customers can make deposits and withdrawals without penalty, 24 hours a day, seven days a week on savings from 1p up to as much as £100,000."

That's it. Nothing more on Atom. What about it needing another £100m by the first quarter of next year?


"Finally, as mentioned in the half year report, the Company completed its last financial commitment^ related to follow-on funding agreed by the previous Portfolio Manager,"

So there were still outstanding Woody commitments to cough up for, even beyond RUTH? Well, at least that's it now, right? They've just said it. But:

"^ There is still one remaining tranche related to a similar commitment, the first tranche of which funded in the second quarter, which is expected to conclude over the next 6 months."


"· Net debt of £101.2 million, down £2.3 million from 30 June 2020."

If they can keep chipping away £2m/qtr...


"Past performance is not a guide to future performance and may not be repeated."


I hope not, for shareholders' sakes!

Loads more in there. The usual bullish write-ups on individual co's. A bit more cash chucked at Kymab, but still not a single new investment introduced (would be tricky with that debt, but not even a token one?). No mention of whether they sold any more ON - Sept holding was unchanged from June. AUTO had a nice rise from previous qtr but I still suspect they're dribbling it out to cover listing fees/Schroders fees.

Next NAV will likely reflect the strengthening £, the one after that the dilution at Atom. Something needs to come off for them - and soon.

[jonwig] 28/11/2020 14:37

Spec - link doesn't work.
Here's a thread which should work (largely virus-free):

[spectoacc] 28/11/2020 14:07

Noticed that - no question some arms were twisted in the Schroder area. Wonder if any of their "independent" ITs will turn out to have invested.

Also: "...As much as £250m.." not quite right - how they'd have loved 4 or 5 hundred million.

A sub-scale trust with poorly-spread charges, 2p gone already in expenses, that has missed the big market dcb. They're going to have to hit the ground running. The stabilising effort rarely lasts more than a month.

(Thread here btw:

[jonwig] 28/11/2020 06:48

The Times says:

It was less of a bang and more of a whimper for the listing of the Schroder British Opportunities Trust, although at least it did better than rivals in getting its flotation away at all.

Schroders, the City investment firm behind the new vehicle, had been hoping to raise as much as £250 million through the initial public offering, but it revealed yesterday that it had attracted only £75 million, the minimum that had been sought.
What hadn't registered with me yesterday was that it raised precisely £75m, which is either a remarkable coincidence, or some last-minute arm-twisting to get the issue over the line.

[jonwig] 27/11/2020 09:00

Actually the initial NAV will be 98p (75m shares raised £73.5m net). But there will be some support, I'm sure.

[cc2014] 27/11/2020 08:43

Let's see what happens. I would imagine Schroders will try and persuade the MM's to keep this above par for the first month so they can issue some more shares at a discount to par.

[jonwig] 27/11/2020 07:38

Here is the announcement:



One of the two managers, Tim Creed is a co-manager of SUPP where, I guess, he puts in an hour a week. It will be interesting to see what companies they buy, so I might start a thread sometime. I try to be objective about investing, and could conceivably buy in at the right discount. (Anything to do with Woody would test my objectivity hough!)

[spectoacc] 27/11/2020 07:21

£75m :) :)

They were after £250m.

Seem to be still going ahead. Be interesting to see what they punt on.

Set a thread up for it, as other than the co-management there doesn't seem to be much SUPP relevance. Tho what they buy would be an indication of what SUPP would buy if they had any money.

[chucko1] 26/11/2020 15:42

Ah - but it's the opportunity of a lifetime. Isn't it? You shouldn't be fussed at all about what you pay for it. HL will look out for you.

[jonwig] 26/11/2020 15:12

CC2014 - I've seen this bonus idea before and it begs the question of who is paying;
to which the answer is, "If you don't know who is paying, you are!"

[cc2014] 26/11/2020 14:11

HL are really pushing this new Schroders SBOT fund.

I've loaded up my fund and share account twice in the last couple of days and both times as soon as it's taken the money off my card it offers me the opporunity to invest in SBOT.

"Apply through HL and you’ll get an extra 0.5% worth of shares allocated to you, as a bonus, rounded down to the nearest whole share."


Jeez - I hope those applying understand the risks they are taking with a 10% p.a. target return.

[johnwig] 26/11/2020 13:48

Again, encore. Does it get any better by repetition? Erm, NO. Effective? NO. Does it alleviate specto's abject poverty deriving from useless ignorant investments? NO.

[spectoacc] 26/11/2020 13:23

Agree it def wouldn't be Schroders' choice to wind it down.

Doubt the useless Board would want the gravy train to end either.

But Northern Trust with the OD, or possibly CLIG, could force the Board's hand. NT getting a nice interest rate for the moment, but they'll have their eye on the collateral should it get marked down still further (it will - how can it not?).

Can see the OD getting rolled another 12 months, but can't see a lot changing for the better in that time.

[biggest bill] 26/11/2020 13:08

I cannot see SUPP getting wound up in the near future. Quite frankly, most of their investments are unsellable at any sort of decent price. Some are unsellable at any price, eg, Industral Heat. In any case, the managers are getting a nice annual fee for doing absolutely nothing.

There is also a huge conflict of interest here. If the nav was written down to a realistic price, the management fee would be reduced.