Schroder Uk Public Private Share Discussion Threads

[spectoacc] 06/4/2023 09:17

Ah but they can co-invest in a later funding round with something Schroders are already involved with. ie getting the WPCT mandate didn't just allow Schroders to rip c.£3-4m a year out of the trust, didn't just allow for them appointing Schroders in place of Link as trustee (more fees), didn't just allow for expenses, wages, free publicity. It also allows Schroders to use SUPP to support investee co's they're invested in with other funds.

Handy, in this market.

Someone - likely City - should have compelled Schroders/SUPP to return cash long ago. The Schroders Juniors shouldn't be getting to play with it like this. Even if their punts are eventually net winners (no evidence so far), how much difference does an $8m punt in a later funding round actually make?

Or more to the point - when, ever, do SUPP investors get to see a return?

[scrapheap] 06/4/2023 09:12

Found 8 million for this Indian investment. I think 8 million buy back might have been more helpful to the share price.

[spectoacc] 23/3/2023 16:29

Thanks - FSF 105p, DORE just over 100.5p to sell. I bet there's 25 gone the other way! Hope - like Woodford/SUPP - it doesn't put people off future investing.

[jonwig] 23/3/2023 09:12

Top of my head, FSF which sank below 90 after listing and is now above 100.
DORE was similar: fell then rose.

[spectoacc] 23/3/2023 09:00

;)

Was going to ask you Jonwig - I know you follow the new IT listings, can you think of many/any in the last say 4 or 5 years that are trading above listing price? Thinking of all the ones like CSH, SOHO, HOME, SSIF, the renewables, the infrastructure, SSIT, SBO, & many more.

[jonwig] 23/3/2023 08:58

"dump the rest into SBO" ..... 😫

[spectoacc] 23/3/2023 08:51

Missed this:


Quelle surprise, last year's IPO, that was pushed out to 2023, now expected in... 2024. Worse, ATOM need yet more cash.

Don't think it's a bad business, but I'd fear for SUPP's investment.

12p s/p, NAV still false IMO. Last September:

ONT - 21%
ATOM - 13%
AMO Pharma - 6%
Benevolent AI - 5% (down from 11% over the qtr)
Federated Wireless - 5%
Reaction Engines - 4%
Immunocore - 4%
Ada Health - 3%

Around 50% of the NAV is tiny holdings, many legacy Woodford.

Of the above, beyond ONT, AMO, & Immunocore, difficult to see any value. Or more to the point, possible to see no value.

21% (tho share price now down) + 6% + 4% = 31% of the NAV looks fairly certain & realisable.

Wind it up, dump the rest into SBO, stop paying the Schroder Juniors salary/expenses, stop paying SDR c.£3m/year. It adds up, year after year.

Might there be a hidden winner in there? Could be, but how long have you got, and what cash runway has that supposed winner got?

Patient Capital means patiently watching your money disappear. The ghost of Woodford lives on.

Maybe you believe in Tim/Ben/Roger's stock-picking ability, and some of their tiny newer investments will come good. But why not buy SBO, in that case, and avoid Legacy Woodford?

[spectoacc] 08/3/2023 06:48

City made a dreadful first purchase, then did absolutely nothing - inept. They went up to 10% so could easily have called an EGM.

May try to speak with them, but will have to hold my nose.

[rambutan2] 07/3/2023 21:49

BlackRock the seller:


And City of London the buyer, and now at 16% and a threat to the board:

[scrapheap] 07/3/2023 17:10

They've forgotten to do today's daily NAV RNS now as well....

[skyship] 07/3/2023 15:29

It was certainly one to avoid last year (see chart above); but it will remain so only until it isn't!

There will be a time when this becomes a buy in anticipation of a liquidation. With some unmarketable investments requiring yet further valuation pruning, a true NAV cut of 30% to c20p a distinct possibility. But that would represent a c45% gain from where we are now.

So a small holding in a hopeful corner of my SIPP seems a reasonable proposition.

[skyship] 07/3/2023 14:49

The trade of 61m shares was c6.8% - so, yes, an RNS required.

[bamboo2] 07/3/2023 14:02

Email the co?
What was the percentage of total large trade?
Foreign holdings are above 5%, as far as I know.

[scrapheap] 07/3/2023 13:12

How on earth is there no RNS as yet - I thought the timeframes were tight for reporting big transactions!!!

[skyship] 06/3/2023 13:15

Even better would be a substantial increase in the Armstrong Invs. holding. If they believe them to be a good buy down at these levels then I may need to increase the small holding just bought at 13.52p.

[scrapheap] 06/3/2023 12:16

I wish.... we'll see as the RNS must be required soon.

[skyship] 05/3/2023 09:38

May well have been the company buying-in those 61m. In doing so they will be adding c£9.75m to the NAV - c1.15p/share

[bamboo2] 03/3/2023 22:04

For info I have posted about the recent activities of Acacia on the ipo and ont threads.
Once you look behind the curtain, it's not as wholesome as you might like!

To save effort, here are links to search the threads...





Also here...

[spectoacc] 03/3/2023 18:37

Ha ha he was. Wonder what he's doing now.. Still taking the Shilling at Acacia, "managing" the stuff Link sold them at half price? Couldn't make it up.

Been unpleasantly surprised by SUPP: we had a boom bubble market yet they've largely held on to things until the bubble has burst, and now quality PE can be picked up at similar discount to SUPP's.

Maybe there's a rabbit in there somewhere. Reaction Engines? But I've no doubt board & Schroders are more than happy to milk the remaining shareholders, year after year, for wages, fees, costs, office space, pension contributions etc.

[jonwig] 03/3/2023 17:45

Hey, Spec!

Not so fast - the directors are hanging in there, must be for something. (Remuneration? Don't be cynical.) And all the share buybacks - isn't that investment management, of sorts?

I miss Woody, he was at least a bit of fun.

[spectoacc] 03/3/2023 17:01

Assuming this is the all-time low ;)

Disappointing no large shareholder has compelled the Board to look at winding it up, merging the unsellable stuff into co-managed SBO, selling down ONT & the few US listed liquid ones.

Perhaps offer a rollover into SBO, and a cash exit for the rest. Otherwise, £3m+ a year paid to Schroders, but for what? This share price performance? Their pathetic investment skills? There's next to no managing to be done as far as I see, other than the decision to hold on to ONT.

Entirely predictable, and predicted at length.

0-20p.

[scrapheap] 03/3/2023 16:55

Certainly is - you'd think it must be Link and if so, how typical that they've been an obvious seller for years acting as an overhang and then still manage to get out at an all time low price.

Genius.

(assuming that it is them who've at long last sold out) We shall see.