Schroder Uk Public Private Share Discussion Threads

[chucko1] 10/11/2021 12:30

Yes, so this is the NAV now incorporating the rise in ONT (it had already reflected the AUTL rise) although the ONT rise was known prior to the NAV publication - and yet the SUPP share price is, or has been, under the cosh.

It is clear from the trading patterns that there is a large and committed seller, using the rise in NAV to accelerate the sales, rather than finessing the price obtained. That is how it appears to me, at any rate, even though the statistical evidence is not yet strong (for the second claim).

[johnwig] 10/11/2021 11:07

Oh dear it's 0-20p again. Has Specto EVER got anything right? Even when he's trying to ride two horses at the same time he always falls flat on his face right in-between. And all the female shop assistants in Yorksire are hooting with laughter.

I expect he's now desperately trying to deny he's a member of the notorious Yorkshire Cricket Club, LOL

[spectoacc] 10/11/2021 10:17

NAV more plausible, but there's still some junk, and plenty of uncertainty (eg ATOM; RUTH).

More pertinently, what will Schroders buy with the ON cash? Keep punting on late-stage, late-bubble, or buy more listed like JMAT? In which case, it'll eventually be a mish-mash of things yet to die, over-priced pre-floats, and fully listed.

When do shareholders ever see a penny back?

But yes, would have expected more uplift on the share price considering how well ON's performed.

[scrapheap] 10/11/2021 10:00

Given the trading volumes, I suspect a big holder is selling - do Link still own 9% as surely they need to be out and having seen ONT float, might now feel it's time to sell out?

If so, perhaps SUPP should look to do a buyback from them for some of their %, to try and reduce the overhang at least?

Seems odd the share price performance now given the daily NAV is emphasising how the discount has grown. These days the NAV is a lot more plausible too.

[chucko1] 09/11/2021 10:38

With the 25% rise in AUTL and the rise today in the share price of ONT, the NAV on SUPP has risen by 1.7p in aggregate. And yet no movement at all in the SUPP share price

This is a good thing as no one is bothered any more and value in this trust is there for all to buy relatively cheaply - especially considering the far lower degree of risk.

I find it bewildering (or not) that the many supporters of this trust remain silent on what is possibly the best risk-reward available since its inception. But this is why I love medium-sized asset backed trusts - at some point, stupidity and fear (blended and aged) provides an irresistible pleasure.

[18bt] 09/11/2021 07:51

2022 revenue upgrade for ON this morning - might help its slipping share price

[scrapheap] 08/11/2021 22:51

Big news for autolus today... Big cash injection by blackstone and development support.. The new daily nav might actually nudge up tomorrow (nanopore was up today too) and immunocore too.

[zimmie] 06/11/2021 11:40

5.1m @ 34.19. So it's a buy that was executed earlier that day and reported after the close. It's about o.5% of the shares in issue (I think) - Possibly the beginning of the buybacks?

[scrapheap] 05/11/2021 22:24

5.1m trade there... Wonder who...

[cousinit] 02/11/2021 13:42

They did sell (the max) 10%. Buybacks probably sit nicely with daily NAV announcements (even if the unlisted elements are a bit stale)

Just need an effective board...

[chucko1] 02/11/2021 13:35

My brain is not what it was!! I recall that they did sell a portion of their ONT holding - was it 10%? In which case alter the numbers a tad. But the principle remains intact.

[zimmie] 02/11/2021 13:31

Was hoping for 48 (ish) but not too shabby. 28% up on last valuation of 35 in December 2020. share price still sticky tho' - despite the discount. Time to commence buybacks?

[chucko1] 02/11/2021 13:28

So share price is 34p. Remove 25% of 44.85p which is ONT and so you are left with non-ONT assets of 33.64p and a discount of 10.85p resembles 32.3%.

So the voice is to buy ONT outright or buy a package of this and also a bunch of "other stuff" at a 32.3% discount.

All numbers approximate and assuming no remaining borrowing.

ONT may be rather more than 25% (perhaps 28% or even a bit more) so the effective discount on the remainder is larger than the figure above. At least it's investable nowadays!

[cousinit] 02/11/2021 13:25

So probably not far off 47p when ONT was 625p (or more) compared to 560p now

[chucko1] 02/11/2021 09:27

Used to be in the region of midday. Just checked.

[cfhaigh76] 02/11/2021 09:14

It will be interesting to see what happens to the NAV and share price

From previous discussions regarding the effect of ONT, i think estimates were that it would add 4 - 6p to the NAV.

Anyone know what time the NAV will be updated?

[chuckol] 02/11/2021 09:14

Wow, that's an interesting number for the NAV. Shows how wrong jonwig, specto and I can be!

[chucko1] 01/11/2021 15:51

Helpful. What % of assets are quoted nowadays? ONT must have helped significantly in that respect.

[spectoacc] 01/11/2021 15:39

"Move to Daily Pricing


The Board of Schroder UK Public Private Trust PLC (the "Company") announces that it will commence daily valuations from 1 November 2021, as recently communicated in the Company's 2021 Annual Report.


The first valuation point will be Monday, 1 November 2021 with release scheduled for Tuesday, 2 November 2021. The indicative daily net asset value ("NAV") calculation will revalue the quoted holdings at the market close price. The unquoted holdings are revalued each quarter, with daily foreign exchange movements applied if applicable. The first daily NAV will incorporate private market valuations as at 30 June 2021.


The Company's holding in Rutherford Health plc will continue to be revalued quarterly in line with our valuation methodology for unquoted assets, for the rationale recently set out in the Company's last Annual Report and Accounts."

[biggest bill] 19/10/2021 13:32

I thought chucko1's post was honest and informative. Johnwig's post was neither.

[chucko1] 15/10/2021 10:43

I was on a presentation the other day which was being given by the founder of ON. He is an Oxford scientist and so the point of the talk was to go through the scientific fundamentals of what was going on here. There were some interesting points discussed during the Q&A at the end, raised by attendees, a few of whom clearly had an eye on more than just the science!:

- a significant increase in sequencing speed/cost ratio targeted within a shortish time frame
- expansion (development and research) of products into some remarkable areas such as 3-D printing of human organs (including the brain, which might have some future use close to home on this board)
- the use of physicists, engineers and mathematicians in the overall effort (although science is becoming increasingly multi-disciplinary as it moves towards the "nano")
- on asked about the superiority, or otherwise, of ONT above the products and capabilities of the competition, with Illumina specifically mentioned, he was positive, although rather coy (he is a scientist, and not a commercial person although he still has a place on the Board). However, there was no inconsistency here with the thoughts of Hanbury.

It's worth pointing out that the overall theme of the talk was on the science of nanopores, no matter their use.

[magnum opus] 15/10/2021 10:08

Nanopore firing on all cylinder, ups guidance, record September...