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SIGC Sherborne Investors (guernsey) C Limited

0.50 (0.92%)
04 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sherborne Investors (guernsey) C Limited LSE:SIGC London Ordinary Share GG00BZ3C3B94 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 0.92% 54.75 0.00 16:35:24
Bid Price Offer Price High Price Low Price Open Price
54.00 55.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services -42.37M -47.55M -0.0679 -7.99 379.75M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 54.75 GBX

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Date Time Title Posts
01/8/202311:42Sherborn c Post Barclays Sale61

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Posted at 04/12/2023 08:20 by Sherborne Investors (gue... Daily Update
Sherborne Investors (guernsey) C Limited is listed in the Finance Services sector of the London Stock Exchange with ticker SIGC. The last closing price for Sherborne Investors (gue... was 54.25p.
Sherborne Investors (gue... currently has 700,000,000 shares in issue. The market capitalisation of Sherborne Investors (gue... is £379,750,000.
Sherborne Investors (gue... has a price to earnings ratio (PE ratio) of -7.99.
This morning SIGC shares opened at -
Posted at 04/7/2023 12:31 by extrader
SIGC is the largest shareholder @ 23.1% per stocko, so it might need to await some corporate activity...or evidence of 'turnaround/re-invention' that SIGC can offload into..

If anyone is in a position to bring either of those about, it'll be Yowan , newly-appointed Pres and CEO, who I believe is Bramson's man.

Most of the assets are ex SallieMae, AIUI, so should be Govt-guaranteed, no? As you say, NAVI is the administrator.

Discl.: as a learning process, I'm gradually building up my exposure to US stocks and the US market, but prefer to do this via a UK vehicle and following a successful US investor. I'm not particularly wedded to NAVI, per se.
Posted at 29/6/2023 14:29 by extrader
SIGC has just managed to get 'their man' elected Pres and CEO. It's also announced that this will be the last activist-driven deal, they'll return eventual sale proceeds to holders.

A single trade of 250K shares @60.0p/£150,000 has gone through today.

The next NAV update is due tomorrow.

NAVI is nicely up over the month, from $15.15 to $18.78 atm, offset by slight £:$ strengthening, discount should widen some.

Posted at 15/6/2023 17:03 by makinbuks
Extrader, some great research, thank you.

I have to say the wording of the 18th May RNS is very ambiguous. What it says is one thing, but why was it necessary to be released to the market at that time is also intriguing.

I don't think we know what price the stake was acquired at, but 16% was announced 21/12/21 in the run up to which the price was slightly above where it currently stands. By the time an additional 3% was announced there had been some weakness so my guess is that the average acquisition price was very close to the current level. Can they really be thinking now is the time to exit?

Bramson has been on the board for a year. As you point out now he has the CEO he wants. I'm imagining that means some "transformational change" will be attempted but will take some time to affect the SP

I just think this is a financial stock that got hit like all financials in the US by the banking crisis. Now its recovering. Meantime beneath the hood, its a student loan company with a lot of bad debts and provisions trading at a big discount to its book value. As interest rates increase its prospects appear worse. I can't see what will drive a re-rating but then I'm not Ed Bramson!
Posted at 15/6/2023 15:20 by extrader
Although Bramson made a loss on his BARC tilt, he appears to have been successful elsewhere :

.."In a letter to investors on Friday, Sherborne said it was taking advantage of the rise in Barclays’ share price to exit its position, having seen the stock rise to more than 180p from 73p a year earlier. However, the share price is currently 15% lower than when the fund’s position became public.

Sherborne Investors told investors it had joined the boards of five other companies since taking a stake in Barclays, and launched “successful turnarounds at all of them”. It said: “Each of these investments returned 100% or more , so it is a pity that the opportunity did not arise to join the board of Barclays to assist in a turnaround with a similar result."

Let's see what happens with NAVI.
Posted at 15/6/2023 14:58 by extrader
As I understand it, NAVI had a standstill agreement with Bramson, he/SIGC being its largest shareholder, that prevented a Bramson concert party from going over 20%.


Per the article, that expired at the recent AGM (Q? either May 25 or June 1st, stockopedia isn't clear).

Separately, David Yowan (believed to be Bramson's man-or, at least- 'a man Bramson can do business with') was appointed Pres and CEO on 15th May 2023. He's been a NED on NAVI for abt 5 years.

Yowan appointment was based, inter alia - per the press release - on his "proven track record in transformational change.."

His predecessor, Remondi, "according to a U.S. SEC filing, was terminated without cause, meaning that he was laid off but not because of any misconduct."

See hxxps://

Meanwhile, over at SIGC, they issued an atypical RNS on 18th May 2023 that says :

.."The board of Sherborne Investors (Guernsey) C Limited (the “Company”;) announces that, it has been advised by the Investment Manager, Sherborne Investors Management (Guernsey) LLC, that, following the distribution to the Company of any proceeds from the Company’s indirect investment in Navient Corp., the Investment Manager does not intend to seek to recall any funds for further investment."

I read the italicised bit as SIGC may be expecting some kind of corporate activity or rerating that warrants exiting the investment; and the bold bit that, in either case, SIGC will in due course be wound up and proceeds returned to shareholders ie the discount will pull to par.

Activist Bramson didn't get his way at BARC, but maybe he has at NAVI ?

All IMO, AFAICS, NAI, DYOR etc etc.
Posted at 15/6/2023 12:08 by makinbuks
Since I wrote that p44, Navient share price is up about 17% and while Sherbourne has risen nicely in recent weeks it hasn't kept up. Trouble is I have no clue what is driving the Navient price. It was at similar levels at the end of January but fell away, I assume, with the concerns over US tier 2 banks. I'm just beginning to gain in confidence that our man may be onto something here
Posted at 06/4/2023 09:36 by makinbuks
Navient share price has gone nowhere in the last 12 months. To be fair given recent turmoil in financials thats not bad. But interesting to hear the investment thesis and how it is progressing
Posted at 01/2/2023 07:57 by ceaserxzy
As expected NAV 84.1 p. Share price should be good value at 60 p on about 30% discount.
Posted at 27/1/2023 20:13 by danny500
Big trades today 60+ million and price up. Navient share price creeping up. Looking for some positive news soon.
Posted at 22/8/2022 16:36 by makinbuks
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.
Sherborne Investors (gue... share price data is direct from the London Stock Exchange

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