Scotgems Share Discussion Threads

[essentialinvestor] 29/12/2019 17:38

Notice Tom Prew is the new lead manager. Angus Tulloch recently bought another 100,000 shares,
he's invested over £1 million in SGEM.

Might be an interesting contra Buy point. Near a 20% discount to NAV.

[steve3sandal] 11/7/2019 17:59

I don't doubt they are careful stewards but in current markets there is very little interest in small companies in frontier markets. Despite their careful stewardship, NAV is flat after costs, who are the marginal buyers of the Trust and what is the liquidity of their holdings? (rhetorical). Would you agree that if it got to 25% the Board would have to think about doing something. At such a large discount I can't think that buybacks would work, a tender at NAV - 2%, or regular redemption option are sometimes proposed but this is too small to continue on that basis. Regrettable but the pool they are fishing in is not currently interesting investors.

[essentialinvestor] 11/7/2019 16:00

Hi Steve. Is your view it may be worth considering again if the NAV discount
continues to widen?.

[steve3sandal] 11/7/2019 15:46

This just hasn’t worked out, .....yet. Though I suspect it’s one of those that Keynes ? suggested can stay ‘ not worked out ‘ longer than one can stay solvent, or something like that. Great team here, Stewart Ivory who’ve made investors money with Pacific Assets Trust. I hold PAC. On the back of that record I did buy at IPO but they are investing cautiously in a falling market so whilst they’ve done quite well at NAV after charges the discount has killed shareholder returns. I moved on some time ago when I realised. They need to deliver shareholder returns and until they do that the discount will prevail as you say. Too small to do buybacks. I think this might just quietly liquidate in time and regrettably that’s the opportunity I see.

[essentialinvestor] 11/7/2019 15:13

Are these of interest to anyone ? - discount possibly going to widen further?.
Steep charges and no dividend.

[jackson83] 08/4/2019 11:21

It was 5p in 1989 🙈

[jackson83] 08/4/2019 11:20

I hold this from 11p back in 1993 and I sold my IPO after listing at a profit luckey as its heading to a new low now .. Great for Shorters over the last few weeks .. I will rebuy at 50p and see how it goes .. Further to fall now folks .. Overvalue

[essentialinvestor] 05/2/2019 12:38

Well we had a pull pullback for markets and now a bounce
I don't see much in the way of NAV progession?.
Surprised the discount is not wider, particularly given no dividend.

[grim] 08/2/2018 21:02

Current mkt correction/slump makes this is a good time to have 65% in cash if it's spent wisely.

[grim] 08/2/2018 21:02

double glich