Schroder Uk Public Private Share Discussion Threads

[johnwig] 19/4/2023 17:20

Very interesting posting on the original SUPP thread. Big slice of SUPP bought by City of London..........

[pugugly] 18/4/2023 08:37

STA:> Cynical but very true and ONT looking weak again at market open.

[spectoacc] 18/4/2023 08:25

@Jonwig - they're only getting £3-4m a year to run SUPP, must need more to check things like that. Maybe the Link replacement should have checked. No, wait - that was also Schroders, more fees.

This about summed it up I thought:

"Christopher Brown, investment companies analyst at JP Morgan Cazenove welcomed the advent of a continuation vote, but cautioned, ‘although in the event that this is not passed, a controlled wind-up would likely take many more years.’ He retained an ‘underperform’ rating on the shares."


Wind-up should have happened long ago - an easy flog of ONT and the rest rolled over into SBO at a rate that suits both parties. SBO becomes more liquid, WPCT/SUPP holders get an exit above s/p.

Ah - but then Schroders only get one set of fees/expenses/costs.

[jonwig] 18/4/2023 08:05

... and another in Citywire:



Shocked about the illegal buyback. Nobody at Schroders looking out for such things?

[skyship] 17/4/2023 16:55

Article in Investment Week:

[skyship] 17/4/2023 13:42

So, there are 904m shares in issue. That means they will need to buy-in 45m shares to achieve their 5% target in 2023. That's about 1.2m shares/week from here on in.

I reckon that makes SUPP a really good punt at 13.3p.

[skyship] 17/4/2023 11:51

May well be a load of old crud; yet still money to be made down at these levels. A break through the 50day SMA should deliver 10% upside to 15p, even 16p.


free stock charts from uk.advfn.com

[scrapheap] 17/4/2023 11:40

And today's daily nav is still using September's unlisted vals not those used in todays results... Good work team.

[cc2014] 17/4/2023 08:52

Not much to say. I read the first two thirds of the annual report before I lost the will to carry on.

I found the constant use of the word "we" in the report quite annoying.

[cc2014] 17/4/2023 08:37

Change of name too to Schroders Capital Global Innovation Trust plc

[scrapheap] 17/4/2023 08:06

Impressive incompetence that the share buybacks have been against the rules so needing to put that right first before they can do any more.

2025 looks like the end for supp or whatever it will be called by then with this latest pointless name change.

[skyship] 17/4/2023 07:36

"The Board intends to make an amount equating to 25% of all net cash realisations from the portfolio inherited from the previous portfolio manager received between now and the 2025 Annual General Meeting available to be redeployed to make share repurchases by the Company.

The Board acknowledges that it is not possible to accurately forecast such realisations between now and 2025. In order to ensure that the Company remains active in buying back its stock, the Board intends in any event to purchase shares equal to at least 5% of the Company's issued share capital in each of the calendar years 2023 and 2024. The intention to undertake share repurchases outlined above is subject to the approvals detailed in the following section of this statement."

[spectoacc] 17/4/2023 07:29

Can learn a lot about SUPP from just a few lines of the Final Results this morning.

One is that the first excuse given for poor NAV performance is the invasion of Ukraine.

Second is the continuing blame heaped on the "previous manager".

Third is "..Future returns will be driven by the performance of investments made by our Manager..".

A couple of juniors, making little or no headway and with little or no track record, investing tiny amounts in the context of the size of SUPP, much of it done near the top of the market. Good luck with that.

Top holdings:

ONT - 23% (Woodford)
Atom - 13% (Woodford)
AMO Pharma - 6.8% (Woodford)
Reaction Engines (lol) - 5.2% (Woodford)
BenevolentAI - 4.9% (Woodford)
FW - 4.6% (Woodford)

Etc. If the future performance relies on the Schroders Juniors, the discount looks about right. I'd say future performance rests almost entirely on ONT (ATOM looks a potential bust or big dilution, it always needs more cash).

Promising to spend 25% of any realisations on buy backs is an interesting approach - they've gone so well so far? Why not return 25% - or 50%, or better, 100% - of realisations via divi to very long-suffering shareholders?

A question posed many times - when do WPCT/SUPP shareholders ever see any money back? The 2025 continuation vote looks the only prospect, but difficult to say how much could be realised beyond ONT.

[bamboo2] 15/4/2023 10:56

Skyship, I like a bit of number crunching!

It does seem odd that Supp NAV is relatively unmoved.

There are some possible 'suitors' in the wings. I had thought they might make a move on IPGroup, but guess Supp might also have some attraction.

They are Acacia Research, who have Woody as a consultant, and Hambro Perks. Both have significant cash piles to deploy.

[skyship] 14/4/2023 20:59

bamboo - thnx for that; but bizarrely ONT up 33% over the past 3-4weeks, whereas the SUPP NAV still drifting down!!!

Makes absolutely no sense - something has to be wrong with the NAV declarations.

[bamboo2] 14/4/2023 19:41

Supp holding 23,334,390 ONT shares.
23,334,390 x 2.37 = £55,302,504.30

Supp mcap = £118,225,435.18

ONT currently represents 46.78% of the Supp mcap

The coming months could see news driven strength drive the ONT sp, which should help support Supp.

[psychochomper] 14/4/2023 19:25

Hmmmm - pity the fools who bought (and bragged) about their purchases all the way from 80p or so down to 21p. We seem to be at little more than option value at this point, so at least one can reasonably write off a purchase today against "hope capital".

We've all acquired a bit of that.

[skyship] 14/4/2023 15:47

Actually, c6.5m traded in the 8 trading days of April so far. Can discern 1.9m in large trades averaging c12.70p

So not that big; though still c£240,000.

[skyship] 14/4/2023 14:59

There has been a consistent large buyer around this week and last - hoovering up stock from 12.65p upwards.

Will try and interrogate the trades; but would suggest at least 3,000,000 bought.

[topvest] 14/4/2023 12:26

What a disaster SUPP has been. Have they multi-bagged on anything from the original Woodford speculative storystock punts?

[cc2014] 06/4/2023 09:52

HEIT to the list of those IPO's that's gone up.

Most of the stuff was brought to market when funds were prepared to pay any price for anything and overlook what the fund was actually doing.