Signet Gbl GBP Share Discussion Threads

[yieldsearch] 03/4/2012 12:58

15% buy back clause

[redartbmud] 02/4/2012 15:54

Somebody will need to declare thier interest, or the fact that they have added to an existing holding, within next couple of days.

[skyship] 02/4/2012 14:24

Interesting - a 5m trade @ 72.5p - that's just over 5%...

[yieldsearch] 02/4/2012 12:06

also new director, from laxey

The Company announces the appointment of Andrew Pegge as a Non-Executive Director with effect from 30 March 2012.
Andrew Pegge is a director of Laxey Partners Limited, which has disclosed that funds under its discretionary management hold 11.55% of the Company's voting rights

[yieldsearch] 02/4/2012 11:24

jaws6 see below




SIGNET GLOBAL FIXED INCOME STRATEGIES LIMITED
RESULTS OF EGM

The Board of Signet Global Fixed Income Strategies Limited (the "Company") announces that, at the Extraordinary General Meeting of the Company held earlier today, shareholders approved on a poll the recommended change of investment objective and investment policy to effect a managed winding down of the Company.

The continuation vote proposed in accordance with the Articles of Incorporation was not approved. The Articles of Incorporation state that if the continuation resolution is not passed then the Directors shall put forward proposals to reorganise, reconstruct, or wind up the Company, which was the business of the immediately following resolution to change the investment objective and investment policy.

The number of shares voted in person or by proxy on the resolutions, each of which was proposed as an ordinary resolution, was as follows.

1. THAT the Company shall continue as an investment company.
3,349,170 votes were in favour of the resolution (6.49% of votes cast) and 48,228,022 votes were against (93.51% of votes cast).

2. THAT the investment objective and investment policy of the Company be amended.
49,499,515 votes were in favour of the resolution (95.97% of votes cast) and 2,077,677 votes were against the resolution (4.03% of votes cast).


Enquiries

Arthur Cox Listing Services Limited
Ken Foley
Tel.[phone]



Numis Securities
Nathan Brown
Tel. [phone]

[skyship] 02/4/2012 11:24

Yes - a landslide approval for the early winding-up:

RESULTS OF EGM

The Board of Signet Global Fixed Income Strategies Limited (the "Company") announces that, at the Extraordinary General Meeting of the Company held earlier today, shareholders approved on a poll the recommended change of investment objective and investment policy to effect a managed winding down of the Company.

[praipus] 30/3/2012 14:23

HPEQ is another one, I was thinking of RRF, TRC and CPT.

[skyship] 30/3/2012 14:05

Yes, HPEQ has been a classic case of a much higher NAV appearing as the liquidation commenced...

[praipus] 30/3/2012 13:59

Skyship,

"In light of the existing strategy to commence an orderly wind down of operations in 2013, the proposed resolution to bring forward the commencement date of this orderly wind down to 2012"

ah got I think its the word "commencement" I missed apologies.

Tiltonboy,

Agreed, I'm surprised how detailed many of the liquidation proposals are and imagine the front runners do quite well out of it.

Seen it with two other liquidations where 25% disappeared!

Although the liquidations over time seem to have generally done better than the expected NAV when liquidation commenced!

[skyship] 30/3/2012 12:49

I thought we all knew that - hence the realisation dates with 62% by end Apr'13.

Realisation Proceeds received Cumulative % of Portfolio
by(1,4) expected to have been realised(2)
By 31 July 2012 6%
By 31 October 2012 38%
By 31 January 2013 46%
By 30 April 2013 62%
After 30 April 2013 100%(3)

[tiltonboy] 30/3/2012 12:26

Praipus,

Thanks for highlighting that. It is galling when a company announces after hours, and you do not pick up on the announcement at all.

In theory it sounds good news that the realisation process is being brought forward a year, but in practice will there be any implications on the prices they achieve.

Thoughts welcome.

[praipus] 30/3/2012 10:04

Skyship have you seen this from the annual report? "brought forward"

"
On 6 March 2012, the Board of Directors gave notice of an Extraordinary General Meeting ('EGM') to be held on 30 March 2012 whereby a resolution will be proposed which, if passed by shareholders, would in effect bring forward the orderly and timely realisation of the Company's Portfolio to 2012.
"



Should make the GRY look a bit more rosey.

[skyship] 30/3/2012 09:17

EGM to approve the Winding Down Proposals is today - Friday 30th March.

Need to get this show on the road to arrest the decline!

Assuming a 5% wind-up discount from 90p to 85.5p; and an average 31/03/2013 redemption date, the GRY @ the diminished 73p = 17.1%.

With hindsight I overpaid here as I didn't expect Seven Asset Management to be selling down their holding. I still don't understand that decision.

Happy to hold; just annoyed that I can't really buy more on asset allocation grounds.

Pleased however that the fall here has been matched by the rise over at ACD!

[skyship] 23/3/2012 16:54

Looking at all today's trades it seems to me that the final sale of 320k @ 73.3p was more than likely to have been a purchase. Not a large trade, but we may well see an RNS on Monday.

[skyship] 22/3/2012 17:56

errhh - all I meant was that it wouldn't be necessary to delist when the Irish delist. No continuation vote required here...

[seekerofvalue] 22/3/2012 14:55

Yes. Therefore the next continuation vote is going to be a close one.

[skyship] 22/3/2012 14:26

Ah, does that mean continuation of UK listing do you think?

[seekerofvalue] 22/3/2012 13:58

HMRC confirms Signet Global will not be regarded as 'offshore fund'

By BFN News | 01:03 PM | Thursday 22 March, 2012

Signet GblFxd Str Inc ORDNPV (SIGG)


HMRC has confirmed that Signet Global Fixed Income Strategies' winding down proposals will not result in the company being regarded as an 'offshore fund'. At 1:03pm: (LON:SIGG) share price was 0p at 73.75p Story provided by StockMarketWire.com

[redartbmud] 21/3/2012 20:59

Praipus

Thanks, you are correct.

Red

[praipus] 21/3/2012 18:14

Most of It's there "Trades" tab 16/3/2012.

[redartbmud] 20/3/2012 22:32

Looking at number of daliy trades appearing on ADVFN and an ADVFN competitor it is difficult to reconcile them to the Seven sale.

[skyship] 20/3/2012 14:51

So, it has been Seven Investment Management reducing recently. Can't
understand why, still, it takes two to make a Market...

[skyship] 19/3/2012 11:21

Plenty on the favourable Market for distressed debt & securities in this piece on:

Dalton Investments is a disciplined, value-oriented investment management firm committed to capital preservation and long-term growth.