Signet Gbl GBP Share Discussion Threads

[yieldsearch] 28/6/2012 17:33

reduced ongoing costs?


NOTICE TO TERMINATE INVESTMENT MANAGEMENT AGREEMENT

The Board of Signet Global Fixed Income Strategies Limited(the "Company") announces that as part of the winding down process the Company has given six months notice to Signet Capital Management Limited ("Signet Capital") to terminate the investment management agreement in accordance with the provisions of such agreement.



The Board is reviewing the appropriate basis for the future investment management of the Company's portfolio, including whether Signet Capital or an alternative investment manager would be the most suitable manager to realise the portfolio on the most advantageous basis for the Company's shareholders as a whole.

[praipus] 28/6/2012 17:12

Hi Skyship, thanks for your posts 136 & 137.

[skyship] 28/6/2012 15:27

NB: The 18th May IMS updated the realisation programme as follows:

Managed Winding Down

At present 55% of the portfolio is categorised as winding down, i.e. where the managers are conducting an orderly liquidation of the assets and are not reinvesting in new projects; 9% as liquid but will not be realised until it is no longer subject to an early exit fee; and the balance of 36% consists of 10% cash receivables, 18% that is scheduled for October 2012 redemption, and 8% to be realised over the course of 2013.

As at 1 April 2012, based upon its projections following recent discussions with the underlying managers, the Investment Manager estimates on a cumulative basis the Company's receipt of cash arising from realisations of its portfolio assets to be as follows:


Cumulative
% of net assets
By 31 July 2012 20%
-----------------
By 31 August 2012 20%
-----------------
By 30 September 2012 21%
-----------------
By 31 October 2012 38%
-----------------
By 30 November 2012 38%
-----------------
By 31 December 2012 38%
-----------------
By 31 January 2013 50%
-----------------
By 28 February 2013 52%
-----------------
By 31 March 2013 56%
-----------------
By 30 April 2013 63%
-----------------

The remaining 37% consists of assets where their realisation cannot be precisely estimated.

[skyship] 28/6/2012 15:19

SIGG is another Fund of Funds Hedge fund now looking absurdly cheap,
though my timing has been off target as they've lost 10% since I bought!

They opted for liquidation due to the high & persistent NAV discount; yet
that discount has increased further from 19% to 24%, even though the
Investment Manager's estimate is that 62% of the assets should be realised
by 30th April'13, ie in just 10.5months...

Herewith relevant facts and links posted 3-4months ago:

===========================

SIGG is a credit focused fund of hedge funds which is ultimately invested in nearly 50 hedge funds investing in a diverse array of credit related investment strategies on a global basis, in both developed and developing markets.

Company and Investment Managers website:



Recent RNS announcing accelerated liquidation programme:



6th March RNS detailing liquidation programme:



Within 10days of the liquidation announcement, the activist hedge fund WEISS asset management had increased its share stake from 13.56m (14.1%) to 25.72m (26.8%):



A few days later WEISS bought another 3m shares to take them to 29.96%

[skyship] 19/6/2012 16:27

Seeker - after the announcement last week (see below), perhaps you've timed it well but now is the time to take an initial position:

=====================================================
Re: Performance Estimate - May 2012

Signet Capital Management Limited, the Investment Manager to the Company, has announced today that the current performance estimate for May 2012 is approximately 2.83% (GBP share class) with an estimated NAV for end-May of approximately 89.92p.
=====================================================

[seekerofvalue] 19/6/2012 12:43

At least its too late for SIGG to be engaging in such hig risk debt. I am waiting for some support followed by upward momentum here, before making a purchase.

Funds Lured by Greek Home Loan Debt Paying 22%: Mortgages Jun 15, 2012

[praipus] 18/5/2012 22:01

slight sense of relief no unexpected or awful news...

[praipus] 16/5/2012 08:06

light weight

[badtime] 15/5/2012 22:56

not surprised..i much prefer ACD..fortunately i flipped these at the peak for a few quid

[simon gordon] 15/5/2012 20:54

BT,

No keen on equity at the moment.

Got my hit list but SIGG are right down the bottom.

[badtime] 15/5/2012 20:48

still keen at 70p SG?

[eeza] 14/5/2012 16:38

RNS
Nav end April declined to 87.44p.
One way to narrow the discount.

[seekerofvalue] 02/5/2012 12:58

SKYSHIP, thank you for the clarification.

[skyship] 01/5/2012 15:01

seeker - both figures are for End March - the first an estimate, the second the Actual.

[seekerofvalue] 01/5/2012 13:04

tiltonboy, thank you for your response.
The NAV has surprisingly increased since March and with sterling strength hopefully tailing off. SIGG should find support very soon.

[skyship] 01/5/2012 12:54

Yes - actually fell 1.2% to 89.1p - not the 1.87% to 88.49p as previously estimated.

Not stopping someone continuing to sell - another 30k sold @ 70.5p; that's a 20.9% discount! At this sort of level buybacks seem wholly appropriate...

[eeza] 01/5/2012 12:18

NAV increased.

[skyship] 01/5/2012 08:44

eeza - both Martyn Henley-Roussel & Adrian Pickering were Non-executive Independent Directors - both surplus to requirements after the wind-up decision and especially after the appt of the Laxey director - Andrew Pegge. So no problem there.

The recent NAV performance has been disappointing and has been eating away at the potential gains; however the share price has drifted to a greater degree, so the value here at today's levels has actually improved in %age terms!

After the approval for buybacks at the AGM I hope that the Board will hoover up stock at these low levels - it is after all one way by which they can make some small positive impact on the NAV...

[tiltonboy] 30/4/2012 16:00

I will hold the stock that I bought, but won't buy anymore. The March performance figures were disappointing to say the least!

[seekerofvalue] 30/4/2012 15:57

tiltonboy, when you say you are no longer a buyer. Does that mean that you will continue to hold what you have already bought? Or does that mean that you have sold what you recently held?

SIGG is drifting towards support, which if can be held. Could lead to me making my first purchase.

[eeza] 30/4/2012 15:50

Yes, the discount to NAV is closing - but not the way I hoped.