St Peter Port Capital Share Discussion Threads

[skyship] 19/12/2011 08:20

Yes, was looking at this over the weekend and decided I'd been rather optimistic with the NAV. 105p in the circumstances perhaps not so bad.

Couldn't find a reference to the Continuation Vote anywhere; and was surprised no Prospectus back in 2007 either in the News or the website.

Specto - I know the CV is meant to happen, but have you seen a reference?

[spectoacc] 19/12/2011 07:40

Thanks. News out today, not read it all but:

* NAV of 104.74p per share at 30 September 2011, down 9.2% since 31 March
2011

* GBP12.4m realised since 1 April 2011, mostly from exercise of HRT warrants

[godin] 18/12/2011 12:18

Continuation vote is due on 5 year anniversary of start of fund ie april 2012 i think. ps i will accept an offer of £1.05p per share for mine.

[skyship] 17/12/2011 18:36

NAV? Well, one has to assume it will have taken a dent - but not a knock - to keep in the Specto metaphor!!!

Hopefully still in the 110p-115p range.

Continuation votes are usually at the AGM - so Oct'2012 presumably.

[spectoacc] 17/12/2011 18:18

Must admit I can't remember when in 2012 the continuation vote is - and it'll come down to what the big shareholders want to do. Might end up with a tender offer, or a partial return, or a full return with the option to roll over into a new vehicle. That's my guess.

Only new vehicle I want is a GT-R.

[godin] 17/12/2011 09:14

Any guesses on the nav? and that continuation vote must be due in the next few months.

[skyship] 14/12/2011 13:38

The Interims are just two weeks away. In 2009 they were the week before Christmas; and in 2010 the week after Christmas...

[godin] 12/10/2011 08:40

No rns yet on the very large trades seen on Friday and to a lesser extent yesterday,also someone dripfeading in 2.5k sells, for what purpose?

[skyship] 08/8/2011 14:45

So a chunk of that buyback must have come from JPMorgan Asset Management who have reduced by c.500k

[skyship] 27/7/2011 08:03

XD 5p today...

[skyship] 14/7/2011 14:01

Specto - thnx for that - I now have the copy of that IC here on my desk. I appear to have missed that piece entirely.

Unable to find the 2007 prospectus anywhere online; so have emailed Shore Capital for a link. Will post/advise if successful.

In the meantime, this was fairly useful for background management detail:

[spectoacc] 14/7/2011 12:09

2012 per the original IC comment - sorry a bit vague. Also Shore have nearly 20% so will have a fairly big say in continuation or wind-up.

It's a 5yr continuation vote so April 2012 (floated 16/4/07).

[spectoacc] 14/7/2011 07:25

Plenty of detail above @Skyship. There's a continuation vote: question is whether SPPC can convince holders that they should continue, rather than sell up & return NAV (hence the divi + special).

[skyship] 13/7/2011 18:18

Bought in today @ 75p. Seems excellent value with its 37% NAV discount and 6.7% yield. Would become seriously cheap if they decided upon self-liquidation.

Greg - you suggested portfolio liquidation by Apr'12 - I don't see that. Is that really so?

[greg the grinch] 13/7/2011 09:38

:o) Ill stick with my original thoughts.
Look at the dates....I bet nav has since gone down to 110p and is now recovering well.
Cunning plan intact....nav at least 150p come wind up decision.

[tullynessle] 13/7/2011 08:46

I suspect that SPPC is overlooked - excellent platform for exposure to the energy and commodities sectors.

[spectoacc] 13/7/2011 07:41

Very happy with those results - 5p divi, £17.9m cash (£51m mkt cap), 120.8p NAV which is certainly conservative, with more of the co's 45 investments coming to market "over the next few months".

[stevenlondon3] 07/7/2011 12:13

What has the company said about being wound up? I have not seen it mentioned in recent RNS.

[greg the grinch] 04/7/2011 13:58

all todays volume so far are buys again :o)

[greg the grinch] 04/7/2011 13:56

yup
if you sift through the rns' they have been winding down for a while with the exception of a few projects that will come to market soon.

The share price to nav is so big I reckon they are resigned to a wind up.
If the share price is 90p and the nav 150p by april 2012 who is not going to take double the share price from here?

[spectoacc] 04/7/2011 13:16

Agreed, the nub of it is "either they do well or share price languishes and they get wound up".

Though I presume it'll take a while after the continuation vote for the capital return; is possible they'll try to head it off with eg tender offer.

Either way, with the discount so large, the downside seems minimal.

[greg the grinch] 04/7/2011 11:48

mmm...buys coming in.... :o)
market waking up to a two bagger in 8 months with virtually no risk?

[greg the grinch] 04/7/2011 10:47

This is quite an interesting share.
I reckon it will be wound up as the market has not seen the value yet and that the co will start a buy back soon.
The results are out soon and I reckon they will be slightly up or down as a few shares they own had a good kicking and as always one or two investments go down the pan.
The interesting bit is the upside....all it takes are a few home runs and this will be above 150p when the fund is liquidated.
They are about to sell off a few projects at a good mark up though I do not know how much.
The other intersting home runs are Union Agriculture as mentioned above and maybe the big ones Burried Hill and Seven. I expect some others but they are a little trickier to predict.
Point is by april 2012 the chips will be cashed at nav so I cant see any downside here. The nav would have to fall to below 73p which I cant see happening from a peak estimate price recently of 130p which most probably went to 110p and is now recovering well.
ps all the recent sells are in fact buys.
Thoughts anyone?

[tullynessle] 18/4/2011 07:26

Union Agriculture Group appears in SPPC's "List of Investments" in the Final Result's RNS dated 22 July, 2010 and also in the Interim Results RNS issued on
29th December, 2010.

Interesting to gain an insight into another portfolio company.


The UAG website is excellent and at each of the links below detailed information is provided for each Product and Property etc.



1. BACKGROUND





2. ACTIVITIES


UAG is a diversified producer with the objective of leveraging Uruguay's competitive advantages in order to obtain high quality agricultural outputs.Our diversified agriculture operations include crops (soybeans and wheat), rice, dairy, cattle, sheep and other products (blueberries and honey).

In this section you will be able to learn more about our main activities and production




3. PROPERTIES




4.NEWS






Extract 1: (Taken from SPPC's Interim Results - December 2010)

Union Agriculture, in which we invested in two rounds at US$1.40 and US$1.70, has recently completed a placing of US$130 million in new
equity at US$2.10 per share, with a view to an IPO in 2011.