Schroder Uk Public Private Share Discussion Threads

[spectoacc] 16/2/2022 09:15

For SUPP bulls:




"Atom Bank has been valued at £435 million in what is likely to be the digital lender’s last fundraising round before it attempts a listing on the stock exchange.

The Durham-based company has raised £75 million from its two biggest shareholders — BBVA, the Spanish banking group, and Toscafund, the British investment manager — and has opened the round to its other existing investors. The bank is moving into profitability and is looking at an initial public offering, which Mark Mullen, its chief executive, said was likely next year."


"The latest financing brings the amount raised by Atom since it was set up in 2013 to about £500 million. It also represents a partial recovery in its valuation, which reached £555 million in 2019 before falling to £300 million at a fundraising last year."


So appears no more money in from SUPP - or none declared - chiming with their decision to invest in Revolut instead.

But a possible 2023 listing could be a decent exit for what was the 2nd largest holding (10%) as of last June.

Hopefully at a valuation above £435m, considering ATOM's had £500m cash over 9 years. Another Woody winner.

[spectoacc] 11/2/2022 15:26

So some time before 30th April:

"Quarterly valuations are released within four months of the Company's 31 December year end, within three months of the half-year period end, and within two months of the other quarterly valuation points. The last valuation date for private assets was 30 September 2021."


Doubt RUTH will have properly shaken out by then (they had 6 months to find finance), but the way the US is going their could be some interesting revaluations on even the most recent unlisted punts.

[spectoacc] 04/2/2022 08:33

Good spot. This should stick in the craw of former Woodford fans:

"Woodford has also teamed up with Acacia Research, the US private equity group which bought his former biotech and life sciences portfolio in a cut-price deal as part of the ongoing wind-up of his old funds."


So Link's giveaway, to the detriment of holders, has resulted in Woody getting paid to manage the holdings.

Couldn't make it up.

[spectoacc] 29/1/2022 14:54

Fair comment I think @CousinIT - huge addressable market, growing like a weed. Think the listing may have come too early IMO - growing from a very low base, and fluffed up to silly price.

Wouldn't want to be in ONT until after the lock-up, with both SUPP & IPO (& presumably others) being sellers.

SUPP - it really, really needs a major shareholder to tell them to return the money. CLIG the only obvious one.

[cousinit] 28/1/2022 12:00

Have to say I felt similar when ONT listed. Better move it on quick once the lock up expires and hopefully the price holds up in the meantime.

The more I've looked at ONT, the more I've kept looking rather than just dismissing it as "crazy" in the way I would with 95%+ of revenue valued businesses. Anyway, the nurse is here with my medication...

[spectoacc] 28/1/2022 10:35

Good point, but still to come I believe. Recall it as end-March (180 days from listing).

ONT just standard no-profits bubble bursting IMO, doesn't seem out of line with others. Not sure there's a UK comparable but any of the boomers like eg TRST, THG, DARK are way off highs. ONT relatively out-performing.

[scrapheap] 28/1/2022 10:30

Is ON near the end of its lock-up period - might that in part explain the slumping price? Or is that issue still to come?

[spectoacc] 28/1/2022 09:53

Thanks @Jonwig, forgot that they do always mention RUTH. Not the others tho, and if it's indeed qtly, why does commentary only seem to go on the half yearlys now.

Agree re RUTH :) But bet Link don't put it anywhere near zero, nor the 6 month loan from SUPP.

[jonwig] 28/1/2022 09:37

Spec, they do say each day:

The Company's holding in Rutherford Health plc ("RUTH") has historically been revalued quarterly in line with our valuation methodology for unquoted holdings. The Company continues to value RUTH on this basis following the withdrawal of its shares from trading on the AQSE Growth Market on 24 January 2022.

I guess they have to stick with the old value in absence of more information. Personally, I'd put the true value at near zero, given that it's mortgaged to the hilt.

[spectoacc] 28/1/2022 09:14

Seems bizarre that SUPP moved back to a daily NAV RNS, when so much needs assessing by Link, and that's only done every half year (and well in arrears).

Monthly NAV/adjustments would make far more sense - eg CRS.

As of now, we're awaiting a 31st December valuation with material adjustments due on Benevolent and RUTH, and likely more post-bubble.

If something's material and known like RUTH, they shouldn't be putting out an old NAV on a daily basis. A policy of revaluing unlisted holdings every half year is fine if the movements aren't material. Otherwise it's a false market IMO.

[spectoacc] 27/1/2022 13:53

Looking at the ONT chart - and ignoring the 5.2% drop today which would get reflected in tomorrow's NAV - ONT hasn't done much for a few days, and prior to that was c.10% higher but then also hadn't done much, if that makes sense.

ie it was about 530p on the 11th of this month, and closed yesterday at 501p. SUPP NAV on the 11th was 43.74p, yesterday 42.06p.

Not checked the other larger listed holdings, but should just about work. At least until Link take the red pen to RUTH.

But agree might expect lower, despite the likes of JMAT etc being so small. Can't imagine much has gone up this month? May just reflect the fact Link only revalues the unlisted holdings half yearly.

Largest holdings (from June), top few unlisted noted:

ONT
ATOM [unlisted]
RUTH [unlisted]
Immunocore
Benevolent [that SPAC listing in Amsterdam might not go so well in this market]
Reaction Engines [unlisted]
AMO Pharma
Seedrs (sold)
Genomics
Federated Wireless [This is due a fundraise ASAP]

[scrapheap] 27/1/2022 13:46

Seems odd that ON being tumbling so much (and other listeds in US too) and yet NAV is still 42p

[spectoacc] 27/1/2022 07:07

Takes two to make a market, so best of luck.

But there's c.4p to come off (IMO) from RUTH, as well as (as you say) some legacy rubbish - which they've already said they won't support (but haven't said which).

Worse is what they're planning for the eventual ON proceeds - punting late-stage but massively overvalued bubble stocks IMO. Yes, maybe the bubble continues and they get a few exits, but when on earth does any money come back to shareholders? SUPP is Schroder Juniors' ego stock.

Their listed picks been more obviously bad - eg JMAT, PHLL, SPT. Not bad co's, just chasing at the wrong prices.

Balanced against all that is the discount. But only the discount, and not to a NAV of 41p.


Edit - £3.5m went into JMAT in June, early £30's, and upped to £7.5m in July, so still over £30. Only positive of all of Tim & Ben/Roger's picks is that the investments are so relatively tiny. Fear that may change when they've ON cash to punt.

[spectoacc] 19/1/2022 16:00

A shocker that's been for them. PHLL bumping along the bottom too. SPT also underwater.

Prefer the listed punts tho - at least you can see what they're doing. In this current tech rout/value rotation, can't imagine many of the unlisted unicorns are doing well. But won't reflect in Link's valuations for yonks.

Be interesting to see how the BenevolentAI SPAC goes, and whether ATOM can get by without another fundraise.

Again - shareholders should be asking for ON proceeds to be returned. When else will they ever see any money back? SUPP has become a vanity project for the managers, and they get paid (with your money) either way.

[scrapheap] 19/1/2022 15:55

Still JMAT is having a bit of a dead cat today....

[spectoacc] 19/1/2022 14:59

Below 43p, as expected (42.5p). Not sure why the share price reacts to what's obvious. It'll no doubt react again when Link finally gets around to slashing RUTH valuation.

Meanwhile, I'm sure Tim & Roger are busy looking for their next Unicorn to invest in. Trouble is, they only invest when it's already at Unicorn status.

[spectoacc] 18/1/2022 13:57

Yesterday's 43.5p NAV will be below 43p after today's ONT drop, and likely below 40p once the RUTH revaluation is included (unless Link pull another fast one).

So the same question often asked - when do SUPP shareholders ever expect to see a return, or is it solely "greater fool"?

You should all be agitating for the return of the eventual ON proceeds, not funding Tim/Roger's vanity project, & lining Schroder's pockets.

[spectoacc] 12/1/2022 07:29

Yes, very much from the Tim/Ben/Roger playbook, much as they've done at SBO. Not sure on mkt cap of Back Market but $510m Series E, of which they've put in $12m. No control, no say, at the mercy of larger shareholders (ie all of them) should it go wrong.

All these tiny investments are fine if the bubble continues, but after 7 long years they're taking the "patient" in Patient Capital to a new level.

Again, if I was a shareholder in SUPP, I'd be agitating for the eventual ON proceeds to come back to shareholders, not to go on the Tim/Roger scattergun ego approach. Patient Capital is becoming Permanent Capital.

Got to hope their unlisted picks are better than their listed ones.


Edit - didn't take much of a Google:

"French refurbished tech startup Back Market has raised $510 million in new funding. The round gives the startup, founded in 2014, a $5.7 billion valuation"

So SUPP have $12m of a $5.7bn co. Come to think of it, I got my last phone through BackMarket - seems a decent co, but valuation looks daft, and not sure why on earth they should keep needing ever-larger amounts of cash - they're a reseller/marketplace.

[scrapheap] 12/1/2022 07:07

Another teeny tiny investment in an already big company, multi baggers are hard to get when doing this...

[spectoacc] 10/1/2022 14:22

Agree re anyone's guess - bottom seems to be dropping out of the US SPAC market atm, but no idea re Amsterdam's. Have never rated BenevolentAI but they're still going.

ON off another 7% today, & SUPP's NAV under 46p on Friday, before the chopping due from RUTH at qtr end. That surely won't be much tho, unless the fundraise fails and the loan money is also lost.

A struggle to see where any good news might come from for SUPP - balanced at least a little by the "N"AV discount. But countered by what the boys punt on when they sell down ON.

[iq151] 06/1/2022 12:41

Lots of action here now. I'm buying!