Sherborne Investors (gue... Share Discussion Threads

[makinbuks] 30/1/2023 18:08

NAV 75p 26% discount reflects lack of transparency. When the sole investment was Barclays, UK punters at least broadly understood the underlying purpose but now we are in the dark although the board exerts more direct control. We are yet to hear any rationale for the strategy, I'm pleased with the recent rally and think the discount could easily halve and still reflect the long term and illiquid nature of the investment

[danny500] 27/1/2023 20:13

Big trades today 60+ million and price up. Navient share price creeping up. Looking for some positive news soon.

[makinbuks] 31/10/2022 18:09

And where did they get them from? You'd expect a purchase like that to move the market. Obviously they see value so glad I'm still holding

[danny500] 31/10/2022 18:05

RNS out, Aviva just picked up 8%. Interesting what’s going on

[danny500] 03/10/2022 21:10

H/L paid on the 16.09 the day it was due

[ceaserxzy] 03/10/2022 20:15

Anyone has got the dividend from sigc? It has been over two weeks too late but still unpaid.

[makinbuks] 22/8/2022 17:36

Comment on Citywire today, much as this board has been saying:

Activist fund Sherborne Investors (Guernsey) C (SIGC) only holds one underlying stock – US student loan company Navient Corporation – but this comes via a stake in a limited partnership vehicle run by an affiliate of its investment manager. SIGC’s shares trade on a 34.5% discount to the last published net asset value (NAV), which has probably risen since.

Investors may be becoming a little impatient for results, given they are sitting on a 50% loss after five years while the manager has been raking in substantial fees. Edward Bramson, a partner in Sherborne Investors, has made it onto Navient’s board. However, there is no clarity over what happens next.

[makinbuks] 19/8/2022 15:02

Don't think Bransom cares about that while, its all about the end game

[kispis59] 19/8/2022 14:58

Agreed,hence the large discount to NAV

[makinbuks] 18/8/2022 13:38

disappointingly little detail again on what potential they see in Navient. Also £2.1m in fees is outrageous reward for insiders in this environment

[makinbuks] 09/6/2022 12:07

Got quite excited to see the title of yesterdays RNS but very much a damp squib. So finally Bramson is on board, but are we never to learn the logic or thesis behind this investment?

[makinbuks] 19/4/2022 09:56

Yes I would have thought so. Still no sign of the promised update on the investment hypothesis

[danny500] 19/4/2022 09:53

Bramson going to be elected to join Navients board, surely a good sign

[makinbuks] 28/1/2022 10:20

Id like to hear their thesis for Navient and what they think they can do about it

[danny500] 27/1/2022 17:19

Next AGM maybe shareholders can have a continuation vote.

[ceaserxzy] 27/1/2022 16:43

The more serious issue is that this has raised the big question on the manager,who seems to pick wrong investments as well as wrong timing for a long long time, several years with Barclays and last year now with Navient. And over that long time they charge a heavy fee regardless of their poor performance. So the next question is why would you back such a manager with your money?

[makinbuks] 27/1/2022 12:26

hxxps://www.fool.com/investing/2022/01/26/why-shares-of-navient-are-falling-today/?source=iedfolrf0000001

[makinbuks] 27/1/2022 12:22

Yes NAV 82p at the end of last month. Navient closed that day at $21.2. Today its $16.2 so a fall of 23.5%. What we don't know yet is what price we paid for our 16% stake and therefore how much of the £550m cash realised from the Barclays sale is left. But even id the NAV reduced by 23.5% its still 62p

[danny500] 26/1/2022 19:38

The new target company having a bad few days, missing its earnings target. There must be some large shareholders here not to pleased, watching their money shrink when there’s been so many opportunities.As a small investor here I look forward to their cunning plan we certainly deserve their thinking behind this.

[makinbuks] 25/1/2022 12:09

Any idea why we have dipped today when the market is recovering?

Very much looking forward to news of the cunning plan

[riverman77] 22/12/2021 11:45

Yes definitely one for the too difficult tray for now. Will wait for Sherborne to outline the investment case before looking any further.

[makinbuks] 22/12/2021 08:59

Looks like a legal mess. Umpteen actions against them and now a poison pill dividend issue. Appears the latter is to prevent a takeover whereas I suspect Sherbourne will stay below 20%.

[riverman77] 20/12/2021 14:44

After the best part of a year we finally have the target. Never heard of the company, which is based in the US and NASDAQ listed. Would have been helpful if they'd given a brief overview and rationale,but as investor unfriendly as ever. Will have to take a look myself when I get time.

[danny500] 20/12/2021 13:20

News out, thoughts anyone.