Seneca Growth Capital Vct Share Discussion Threads

[barryrog] 31/8/2004 17:50

dunnie,
whats supposed to be the connection with HYG?
the 2 500k are obviously a rollover and the 1.2m is a late reported lunchtime trade

[edmondj] 31/8/2004 17:49

Hmm, this is all a bit confusing on the HYG thread!

[d8raider] 31/8/2004 17:48

I think Dunnie is referring to trades in RAB stock - three going through at the death of 1.2M and 2x500k

[edmondj] 31/8/2004 17:42

Looks canny trading if they got 'em at 11.187p! See 500k 'sell'.

[edmondj] 31/8/2004 17:39

"on" RAB Capital?

[dunnie] 31/8/2004 17:34

Without wanting to annoy anyone 3 large buys(1,2m,500k & 500k) went through on RAB Capital after hours, RAB holds in the region of 25% of Honeygrove.

[edmondj] 31/8/2004 17:12

A lot of work needs to be done although they seem confident of a £16 million profit over 4 years. I saw the Motley Fool post upon return and was a bit puzzled of the claim of a £17m offer for Swaylands; my recollection was two around £14m.

They seem confident of delivering on broker expectations, also with a variety of other projects. My overall impression is that any bid would be a pity in context of long-term potential + Aim tax relief, but maybe there are higher forces at work here...

[ukhawk] 31/8/2004 16:56

Edmond, so how was your visit to Swaylands ? Is our money safe with or without a takeover ?

[ukhawk] 31/8/2004 16:45

500k T trade just reported after hours. Could be buy or sell of course, but think we'd be a lot higher if it was a buy.

[ukhawk] 31/8/2004 14:18

Hmmm, well written piece, almost professional, LOL.

Don't think it contains anything that hasn't been said here in the last few days, but a pretty good summary of the situation.

[cwa1] 31/8/2004 13:56

Afternoon All

The word seems to be getting out :-) Post on The Motley Fool by Carmensfella...

[dunnie] 31/8/2004 11:24

I phoned up RAB Capital and Honeygrove this morning and asked the question, who holds the shares in Honeygrove, the FD's secretary of Honeygrove has just returned my call and confirmed that the shares are indeed held in RAB's funds. I bow to EJ's superior knowledge annd whilst slightly disappointed by the answer take the view that you are best having a piece of the cake than none of it.

[greengiant] 31/8/2004 10:55

ukhawk - still in, not interested in selling until details of takeover come out.

gg

[saturn5] 31/8/2004 10:35

I will not be selling until the takeover.

[barryrog] 31/8/2004 10:24

morning hawk,
no real publicity at the moment but i topped up again this morning

[ukhawk] 31/8/2004 10:13

Well, not quite the fireworks we were hoping for, but a nice tick-up never-the-less.

GG, are you still in ?

[edmondj] 31/8/2004 07:46

Agreed, but don't think I started this aspect! We are all agreeing RAB is a key issue to the current situation though.

[barryrog] 31/8/2004 07:34

Hey,
whilst recognising that RAB have a significant interest lets recognise this is the HYG BB.

[edmondj] 31/8/2004 07:29

Don't forget these Honeygrove directors are country bumpkins and focused housebuilders to boot. It's not fair to expect them to know/convey precise aspects of hedge fund disclosure! From their point of view, RAB has come along and bought a stake. The precise detail is for City sophisticates! But I suspect FUND affirms what I was saying.

[dunnie] 31/8/2004 00:38

aderemi,
having read the announcement and thinking of the timing October 03(pre RAB fundraising) it appears EJ may be right,but the announcement only mentions RAB Capital and not the SSF, which leaves ir open to debate. The positive side of BB's is for issues like this when we can raise a issue, then address it and post it for the greater good of the bb community, whether or not they then decide to go long or short or stay on the sidelines is their decision. As i have stated earlier i will contact RAB in the morning and ask the question, they will give me a honest answer and i will post it accordingly.
Regards

Honeygrove announcement.

There were a number of other significant events during the period. RAB Capital
took a 24.4% stake in the Group last October following a placing of 30 million
shares at 10p. RAB also has warrants to subscribe for a further 30 million
shares at 10p. We believe the decision of the FUND to invest in your Company
serves as further evidence of its asset value and exciting trading prospects.

I have copied the announcement above and changed the word fund to capital letters which does appear to give the impression that the SSF holds the shares in HYG, otherwise it would appear that it is a company holding.

[aderemi] 30/8/2004 23:12

Just gone through the recent Interims of honeygrove and found this which corresponds to what EJ is suggesting;

"There were a number of other significant events during the period. RAB Capital
took a 24.4% stake in the Group last October following a placing of 30 million
shares at 10p. RAB also has warrants to subscribe for a further 30 million
shares at 10p. We believe the decision of the fund to invest in your Company
serves as further evidence of its asset value and exciting trading prospects."

I think I have to agree with EJ on this one that it is certainly one of the Funds probably special situations

[edmondj] 30/8/2004 21:34

barryrog,

What you say is likely true, but the vast majority of any gain/loss on the stake would be assumed by clients of the special situations fund. RAB Capital would then get a performance fee at the year-end.

My understanding is that the special sits fund appears on the register of various companies as Morstan Nominees. I would be delighted to hold up my hands in error, as a RAB shareholder besides Honeygrove, but this is what I believe to be the case.

Thanks in advance for your clarification via RAB, dunnIE.

[dunnie] 30/8/2004 21:14

Edmond,
i read back through the announcements and it states that RAC Capital holds the stake, it makes no mention of RAB;s SSF holding the shares, we know from RAB's prelims that the company itself holds some stakes directly. We have touched on this before that RAB should be clearer when taking stakes, they should announce whether its through its funds or a direct holding, i will ask the question in the morning.
Regards

[barryrog] 30/8/2004 21:05

edmund,
what are you waffling about.
performance fees must account for 90% of RAB's income!

[edmondj] 30/8/2004 20:24

RAB holds its shares for clients of its special situations fund, so any bid outcome (still speculative IMHO) would be via performance fees not a direct impact on RAB's value.