Schroder Uk Public Private Share Discussion Threads

[chuckol] 09/2/2021 16:19

I've been through every constituent of SUPP, ascribed my valuation to each and I see a share price of 30p-50p before Xmas this year.

I'm a nuclear scientist and I predict that Industrial Heat will easily be in the 16th decile just before Guy Fawkes Night.

One of our favourite posters will internally combust by Independence Day (it's a toss-off between two incendiary but unhygienic Yorkshiremen/women).

You read it here first.

[spectoacc] 09/2/2021 15:51

Still not sure how I feel about Woody punters possibly getting some compensation, even if it is from Link/Capita/their insurers.

Guess it keeps it in the news, but gives a get-out and someone else to blame.

Not heard much about Neil & Craig for a while?

[jonwig] 09/2/2021 11:53

Legal action against Link imminent:

[spectoacc] 09/2/2021 08:51

A good each-way market in SUPP this morning, sold a few more, hoping to stay in some but Tim & Ben aren't helping much.

[spectoacc] 08/2/2021 20:24

And yet... Unless I'm missing something, not only did the lot go out at a 22% discount, but it wasn't even the total junk (eg IH) accompanying it. In fact, one or two aren't bad, they just need more "support".

Money SUPP didn't have, but will have, post-Kymab.

My take is that they started negotiating - and settled on a price - well before the unexpected Kymab swoop, well before Immunocore's listing announcement, and before even the OD rollover. Then rather than pull out, the sunk costs had them go through with it, with perhaps the £5m extra a late addition (& perhaps originally it was all of Immunocore stake).

Whatever your take is, Tim & Ben are about as bright as Link were, when they gifted Acacia Research a great fat profit. This would have looked a good deal 12 months ago. It isn't now.

[chucko1] 08/2/2021 19:40

Mog, that is more than possible. This is often how portfolios of assets get unwound.

[mog] 08/2/2021 19:35

The only reason I can think they sold half the immunocore holding was as a sweetener for the sale of the other holdings in the basket of seven holdings to Rosetta.

[spectoacc] 08/2/2021 18:33

That, and the fact WPCT was mostly invested in utter dross. Be lucky to get 50p in the £ back after 7 years of patience!

[rob the slob] 08/2/2021 18:05

I also dont get why they sold some of our holding in immunocore. Good ol' Woodford will say you get what you deserve. The whole point of my investment in Woodford's Patient Capital fund was the PATIENT bit. The zero charge, buy and hold policy was sound. It was the OEIC side that ruined things and corrupted the smaller WPCT inv tr strategy

[18bt] 08/2/2021 17:28

IMCR trading at nearly $50

[18bt] 08/2/2021 17:27

IMCR trading at nearly $50 today

[truthteller3] 08/2/2021 16:07

Two . things . spectoacc. does . not . understand . Investment Trusts . Integrity.

[spectoacc] 08/2/2021 15:55

Might be a touch higher with Immunocore's IPO rise, and the poxy £5m extra they'll be more likely to get.

I. Just. Don't. Get. Why. They. Sold. It wasn't even at the NAV, and Immunocore said they were listing in US.

[chucko1] 08/2/2021 15:53

46p is what I estimated, hence the almost equivalent discount with IPO LN. Hence the comparison.

[spectoacc] 08/2/2021 14:01

Valid point @chucko1 - I'd not be a buyer of SUPP here, tho not a complete seller yet either.

@Magnum Opus - the proton beam side has done really badly, to the extent they've been moving away from it. Not sure why, but numbers certainly low - hundreds to low digit thousands - and not remotely enough to cover even operating costs, let alone total costs.

But RUTH a good place for Woodford investors to have lost money - far better than eg microchipped pallets, online mattresses, or biotech frauds. And there's at least value in the property assets.

ATOM would concern me more atm, they need £100m in "Q1", and unless I've missed it, they haven't raised it yet. I'd quite like to sell into good news on ON before any bad news on ATOM.

Fwiw Citywire estimated current NAV, after the recent deals, at c.46p.

[chucko1] 08/2/2021 13:17

ON is 20% of IP, which itself is at a 15%ish discount. IPO LN may be a better way (it always has been, previously) of getting exposure to ON. (rather than buying SUPP or via, ha ha, IPO).

[magnum opus] 08/2/2021 12:56

Proton therapy centres are big business and very profitable in the states, so wouldn't be so sure RUTH won't come good

[spectoacc] 08/2/2021 11:41

It's supposedly 17.9% of the NAV, acc to HL, and assuming they didn't sell any (again) at last ON fundraising, which I don't think they did. It was 13.7% at the 30th Sept NAV, so either HL have accounted for the 22% discount sale of the others already, or there's been a revaluation only they know about. SUPP clearly haven't bought any more.

Any which way, it's the known known for SUPP - the ON float is coming, whether it be here or US, & there's little beyond that to boost the s/p. ATOM/RUTH both likely to be writedowns when they raise money this qtr.

Still unclear why Tim & Ben thought flogging Immunocore, at a discount, for a poxy £5m bonus post-float was a good idea. Shareholders put up with years of pain on it and just as it comes good, they walk away.

Edit - fwiw HL have RUTH 21%, ON 17.9%, ATOM 14.8%. Benevolent 8.7%, Immunocore 6%. Beyond that we're into Reaction Engines 3%, Kymab 3% (which looks unadjusted to me, so still don't know where they got ON that high from, since Sept).

And despite being a SUPP holder, I can't see much value in eg RUTH beyond the property, ATOM is about to get diluted, Kymab pays down a chunk of OD.

[iq151] 08/2/2021 11:10

What I don't understand about spectoacc is that, unlike most people, he keeps on making predictions about SUPP and, inevitably, keeps on getting it wrong.

He spent every day for the last 2 years repetitiously foretelling 0p-20p. Well we all know what happened to that, ho ho ho.

Then over the last couple of weeks when the share price shoots up far far away from his prediction he starts thrashing around hysterically but STILL getting it wrong at every turn. I think he's lost his mind.

[chucko1] 08/2/2021 11:08

How much ON is left in SUPP?

[spectoacc] 08/2/2021 09:37

Sold some Fri and again today, running the rest for ON float news, which surely can't be long - they need to get listed before the bubble bursts.

Presuming Tim and Ben won't sell ON, at a discount, days after it announces a float, and days before it actually floats.

Anyone would think their minds are elsewhere.

[spectoacc] 08/2/2021 07:31

Any uplift is good, and a big rise on opening day for Immunocore, but makes the discounted sale seem even more bizarre. Why on earth agree to sell most of it with a poxy £5m uplift!

Tim & Ben are looking inept.


"Schroder UK Public Private Trust's stake in Immunocore, based on the IPO price, amount to approximately GBP15.8 million which is a 23% uplift to its last disclosed GBP12.9 million fair value estimate at September 30.

Tim Creed and Ben Wicks, Schroder UK Public Private Trust's portfolio, say: "The successful IPO further improves the prospect for the company to realise the earn-out of up to GBP5 million it has agreed with Rosetta Capital for the stake the company will sell as part of a basket of seven assets. Also, the listing will further improve the liquidity profile of the company's portfolio as it increases the share of quoted investments. We believe that the company has more investments in its portfolio which have the potential for similarly successful IPOs in the future."

[j4ckthehat] 07/2/2021 00:54

Gutted I didn't load up on the director buys knowing this was round the corner. More to come Monday and beyond

[j4ckthehat] 05/2/2021 22:05

So IMCR trades at close on a 100% rise on opening day of trading settling back at a touch over 66. Did Woodford buy any more of this type of junk?