Schroder Uk Public Private Share Discussion Threads

[magnum opus] 28/9/2021 13:52

425p and closing a day early oversubscibed

[spectoacc] 28/9/2021 13:21

Excellent - thanks @Kooba. So £3.6bn vs the c.£2.4bn it's in the accounts at.

[spectoacc] 27/9/2021 14:58

"Partial realisation at the IPO price", so not sure. If the IPO price is at the top end, that's still a good NAV uplift.

[cfhaigh76] 27/9/2021 14:44

I worked out that a 3.7% holding valued at 90million (figures etc rounded for simplicity) gives an ON valuation of ~£2.4bn.

This seems to tally with reports of the ON valuation based on fund-raising earlier this year.

Did i recall reading that SUPP were selling half their holding??

[spectoacc] 27/9/2021 14:38

Suspect they'll pull the IPO if they don't get the lower bound (ie what it's in the SUPP NAV at). Pity SUPP are selling out (some or all?) at the listing price, as it might get a decent pop in this market.

Press were quiet on it this weekend, but should know in a week or two.

[cfhaigh76] 27/9/2021 14:36

Anyone have any thoughts on the upcoming ON IPO and how this may affect the SUPP NAV.

Looking through the recent statements it appears the recent NAV announcement values ON at ~£2.4bn, but recent articles seem to presenting the IPO as valuing ON 'up to' £3.8bn.

Could be a potential decent uplift to the NAV if the ON IPO gets away successfully - but seems pretty binary and could easily go the other way.

Can anyone else more clued up on this provide any thoughts or if i am missing anything important.

Cheers

[spectoacc] 21/9/2021 14:11

Agreed, but much as I enjoy calling out Schroders over SUPP, I don't think they're much different from the others. Invesco are even worse for eg.

Just been reading a reference to margins re energy suppliers going bust - their margins c.4%, fund manager margins c.35% (bet even higher at HL). It's a racket, and enables the Rathbones, Schroders, Invescos & co to siphon big money for often not even beating the market. 1% doesn't sound like much until you compound it over 50 years.

Closet-track, pocket 1% ad infinitum.

[cc2014] 21/9/2021 12:35

I keep returning to this thread mostly because it's good to see how things turn out in the long run.

Mostly it seems I have learnt I do not want to invest in anything run by Schroders unless there is a massive discount.

I perceive Schroders are more interested in their fees than delivering the mandate of the fund, albeit I have no idea whether the mandate of WPCT/SUPP has changed so maybe I'm being harsh. It seems to me there is now significant drift between the original published objective and where the fund is going now.

I suspect Schroders simply do not have the expertise to run this sort of fund in truth so it's easier to just move the fund to the types of investments they know more about.

[spectoacc] 21/9/2021 11:58

Guess their fees are safer punting very late-stage (Revolut) and the likes of JMAT, but wonder how many other FTSE100 co's will make up the 40% of listeds, & if that's what SUPP holders expect.

[scrapheap] 21/9/2021 11:50

I'm happy enough with these results - IH now virtually irrelevant and more clarity on what there is in the stable with more listed holdings and a daily NAV return is very welcome - frankly monthly would be fine for me.

Really not sure about JMAT's fit but it pays a dividend at least I guess.

[spectoacc] 21/9/2021 10:10

Those who can, do. Those who can't, manage other people's money.


"Schroders will continue to leverage its stock selection expertise from across their public equities teams, as well as its wider investment capabilities in its Data Insights and Sustainability units, in pursuit of identifying leading businesses of the decades ahead."


AKA continue to reap fees, tho that SUPP performance fee seems just as far away as it did when they took over :)

Strange they chose the giant JMAT as SUPP's first listed investment (first one bought when already listed). Getting to 40% listed, when already planning to sell down ON in the float, will be interesting.

The difficulty will be in what the remaining 60% is worth.

[spectoacc] 21/9/2021 07:35

The usual long read this morning - notable that Ben Wickes is getting the push, and that SUPP has bought some JMAT, and is looking to get to a 40% listed equities weighting. That'll be a huge change, should they manage it. Surprised it doesn't need a change of Articles.

Reads well, but with some noteworthy spin, particularly about the disposals - no mention of how shoddy selling down 5 unlisted holdings in a single transaction was, when one got taken over before the deal even completed, and another floated at a much higher price within weeks.

They seem cautious on ON getting away, but no reason it won't.

[kooba] 16/9/2021 08:23

Think this announcement is clearly value sensitive to SUPPs largest holding and they don't put anything out..they reacted last time after the share price moved. I rather think the idea is to be able to predict sensitivity and announce accordingly to all shareholders. Not the best...but great news it seems.

[johnwig] 16/9/2021 08:17

You miss everything, specto, you pompous git. I've never seen such a hopeless prediction-maker.

Provoked any more female shop assistants recently? Such a powerful personality!

LOL

[spectoacc] 16/9/2021 08:07

Thanks, missed that - Oracle, wow. $150m small change to them, but the deal itself is surely going to boost ON's listing.

[18bt] 16/9/2021 07:42

Also interestingly, Oracel subscribing for $150m of that amount by the looks of it at the offer price

[spectoacc] 16/9/2021 07:09

Hopelessly tardy last time too - which considering the NAV used to be daily...

ON have confirmed early Oct for float. Interestingly, they say no offer price until bookbuild done, yet still say $300m of shares being sold by existing holders. Be interesting to see who those selling shareholders are.

[scrapheap] 16/9/2021 07:04

Increasingly poor show to still not have the nav to 30th June announced...

[kooba] 10/9/2021 15:30

As they say better late than never?10 September 2021 14.22Schroder UK Public Private Trust plc (the "Company")Oxford Nanopore Announces Expected Intention to FloatThe Company (LSE: SUPP) is pleased to announce that its portfolio company Oxford Nanopore Technologies Limited ("Oxford Nanopore") yesterday announced its potential intention to undertake an initial public offer and publish its registration document.The Company owns a 3.7% stake in Oxford Nanopore which was valued at GBP90.7 million as at 31 March 2021, an implied total equity value of GBP2.5bn.

[kooba] 09/9/2021 17:23

Well I guess if you look at the hard nav reported over similar time frames SUPP 45.44p down to 35p -23% march 2020-march 2021IPO 107p to 135p +26% june 2020 june 2021So a 50% outperformance in hard nav irrespective of overlapped holding..shows IP had some other quality..SUPP not so much?

[chucko1] 09/9/2021 16:01

Well, if ever there was a time to buy SUPP other than many alternatives, you could consider now.

[jonwig] 09/9/2021 14:47

The full RNS: