Spark Ventures Share Discussion Threads

[jlo10] 28/7/2013 19:20

Stemis
Are you sure about your calculation

In report:
D shares are entitled to receive the D share distribution, which is triggered once payments to ordinary shareholders from 7 August 2009 have exceeded £49.3m. This hurdle could also be reduced by £820k for each £4.1m returned to shareholders before 31 March 2012.
We have estimated that this lower hurdle should be £45.1m.

Above this revised hurdle, D share holders receive 15% of distributions to shareholders above £45.1m up to £57.5m
and

20% above £57.5m.

At current NAV levels this would be about 0.7p due to management
And 14.4pish due to shareholders
And then reduced by expenses as you say

Calc
57.5m - 45.1 - £12.4 times 15% = £1.86m (0.453p)
then
£62m (current NAV) - £57.5m = £4.5m ish times 20% = £1.045m (0.254p)
I think

[azalea] 28/7/2013 16:07

In his report on 12/11/12, S. Thompson wrote - "a further distribution to shareholders of 14.25p per share, or £56.4m looks realistic, if not a conservative possibility over the next 15 months. That's AFTER(my caps) factoring in wind up costs, management incentives and property liabilities. At 11.25p, a medium term value buy"

[philjeans] 28/7/2013 14:35

Oh yes. Some nice surprises to come I believe.

[stemis] 28/7/2013 13:19

Good figures released today showing net assets over 15p per share and a further 2p div later this year.

Whilst NAV may be 15.1p, only 13.1p belongs to shareholders (the rest to management holders of D shares). This will be reduced by 0.5p a share this year due to operating costs. Presumably theres going to be some costs of finally winding this us. The discount to current NAV is therefore more like 10% than 50%. So its not really a value proposition but a growth one. Can they grow the resale value during a period when they are trying to liquidate the portfolio?

[qs9] 25/7/2013 21:38

And IMO these investments could have much further to go in terms of valuation, hopefully management will see to it that they maximise value rather than try and get any value. Still plenty to come IMO....happy to hold and bank the divis and capital gains...

[philjeans] 25/7/2013 08:50

I expect so; it's a great swing share - I bought in again at 10p 29/7 and look forward to 25% plus div in a month or two!

[skyship] 25/7/2013 08:30

Well you can be sure that Simon Thompson will give it another puff in the IC.

[philjeans] 25/7/2013 08:07

Perhaps negotiations going on now about Academia...........??

I think we'll eventually have close to 20p back from all these little gems.

In the meantime, a stonking income stock and a capital gain to come.

What's not to like?

[capt bligh] 25/7/2013 07:52

Cracking stuff... But Not a mention for poor little academia whose smaller peer sold for 100million and of which we own 17 percent.... Great news on kobalt.

[azalea] 25/7/2013 07:27

Wow, a very positive FY report with loads more money being returned as assets are sold off.

[qs99] 25/7/2013 07:15

So 50% discount to current NAV? Plus you could argue that is against conservative valuations with positive momentum in investments.....good value IMO....

[philjeans] 25/7/2013 07:14

Good figures released today showing net assets over 15p per share and a further 2p div later this year.

The whole portfolio to be sold over the next 12 months!

Stonking BUY for me.

[james dean] 24/7/2013 17:12

Tomorrow or will it be Friday?

Regards.

DYOR

[james dean] 23/7/2013 16:55

Agreed.

Regards.

DYOR

[capt bligh] 23/7/2013 15:30

Hmm should be something tomorrow I would hope

[qs9] 19/7/2013 10:20

slowly retracing lost ground....hoping that bodes well although lack of RNS / figures is slightly disconcerting...?

[azalea] 17/7/2013 09:12

If there are any questions to be asked then I would expect at least one of the numerous major holders especially M&G(21%)to be asking them and if they did not like what they heard to start offloading; but that is not the case. I am holding tight.

[capt bligh] 17/7/2013 07:41

Got a not in office till the 16th email from comsecretary as he was doing an iron man thing in Germany..." pull your fingers out I say

[markie7] 16/7/2013 20:43

bit weird no results don't you think?

[azalea] 16/7/2013 17:15

U.S. consumer credit default reaches post recession low in June, Default rates fell in all categories. Which ever way you look at it, a positive sign for the economy.

[jlo10] 15/7/2013 15:25

Hopefully some figures soon
But is Academia.edu going to affect total value much
More worried about Imimobile re trading and impact of rupee devaluation
If it's ok then the rest looks solid enough (I think!)

[capt bligh] 15/7/2013 15:21

Are we going to get some figures this week...is there some deal in the offing that might form a juicy coda to the results... ever the optimist (academia.edu growing at staggering rate)

[philjeans] 08/7/2013 09:55

Yes - time to load up when it's this low and still packed with goodies!

[qs99] 08/7/2013 09:47

Nice move upwards....

[james dean] 04/7/2013 17:47

Thanks - fingers crossed.

Regards.

DYOR