St Peter Port Capital Share Discussion Threads

[vino] 25/10/2013 22:28

loobrush - why do you think a change is a foot when if you look at the header it
is showing a 110 pence way back then

[loobrush] 25/10/2013 22:08

net asset value now appx 110 pence v the 53 p share price.
This stock is well overlooked by all , however I believe all this will soon change and this undiscovered gem will be highlighted and the shares will be rerated by 100% to nearer their asset value. Get in now before the crowds arrive.

[stevenlondon3] 04/4/2013 09:38

Considering the blood bath that is happening in small mining companies I am (happily) surprised how well the NAV has held up.

[spectoacc] 04/4/2013 07:53

Happy to sit on my SPPC. NAV was down to 100p but now recovered, sounds like about 105p. This part interesting:

"the weakening of sterling against the US, Canadian and Australian dollars added 4.2p per share"

[skyship] 11/9/2012 12:50

Today's RNS (see Header) reveals it was Jupiter Asset Management who sold those 1.5m back to the Company @ 48p.

[skyship] 07/9/2012 15:51

Buyback adds 1.1p to the NAV:

===================================
7 September 2012

The Company announces that on Friday 7 September 2012 it purchased 1,500,000 of
its ordinary shares of nil par value ("Ordinary Shares") at a price per share of
48 pence. All of the repurchased shares will be cancelled.

Following the purchase and cancellation of these shares, the Company will have
66,721,500 Ordinary Shares in issue.
====================================

[skyship] 05/9/2012 07:16

Today's RNS reveals we have £10.4m in CASH - that's 15.2p/share CASH.

There should be a return to shareholders of certainly 12p/share via a tender offer.

Something along the lines of a 17.5% tender @ 100p...

Realisation

The Company is pleased to announce that, including the final interest payment,
it has realised the balance of GBP1.93m on its holding of convertible bonds issued by Providence Resources plc, which was redeemed by the issuer at the end of its term. Including this cash, as at 28 August 2012, the Company held GBP10.4m in cash.

[langostino] 01/8/2012 10:45

No, just imagine liquidating that lot. Some good assets, huge discount and a 3p div to keep us happy while we wait. Obviously near term prospects are not good but I don't see much slippage either.

[tdmj] 14/7/2012 15:23

anyone else surprised by the result?

[spectoacc] 14/6/2012 15:18

Fallen behind with this one; was in it for the wind-up or some mechanism for getting share price nearer to NAV. "Too cheap to sell" so going in the SIPP bottom drawer.

[skyship] 06/6/2012 07:43

Sure thing. Disappointed that we will not be seeing a wind-up; but the discount is too large to sell, so will wait and see...

[badtime] 06/6/2012 00:14

u still in sky?

[badtime] 04/5/2012 20:55

took a nibble today

[skyship] 04/5/2012 18:35

Graham Shore is a Director and also MD of Shore Capital. Shore Capital & the investment manager Tim Childs launched SPPC back in 2007. They are the Company; so don't they have to be arms length on the vote?

[alanji] 04/5/2012 16:25

They receive a fee of £50k pa for legal services. Would that disqualify them? Any other reason?

[skyship] 04/5/2012 16:09

Yes, Shore have 28% - but can they vote it? Would they not have to stand aside?

[alanji] 04/5/2012 14:51

Thanks for that, Skyship.

I had another look and topped up my holding at 57.9. At that price it is at a 45% discount to nav of 105.35 at 31 December.

Cash at 20 March (22 March rns) was £11.6m or 17pps. Take that off the nav and the share price and you get a discount of 53.7%

[spectoacc] 04/5/2012 10:49

Thanks @Sky. If they're going to win it, & continue in their jobs, they'll have to come up with some sort of carrot to narrow the discount. Though Shore have nearly 28% so are in the driving seat.

[skyship] 04/5/2012 09:53

Et voila - the reply duly arrived today from Andre Le Provost - Corporate Secretary for SPPC:

"I refer to your letter dated 21st April 2012 concerning the AGM held in 2011 and the Continuation Vote. I note your holding is registered through your SIPP and this may explain why you are not receiving notification."

He then goes on to list the Resolutions passed at the 2011 AGM.

He closes with this sentence:

"The Continuation Vote will be put to shareholders at the AGM 2012 which we anticipate taking place on 13 June. A Circular detailing the proposal and the Board's recommendations will be sent to shareholders on 22 May 2012."

So, not long to wait for that Circular - should make interesting reading.

[skyship] 27/4/2012 08:55

Godin - patience required, its a long sea voyage across to the Channel Islands!

Seriously, this time next week possibly...

[godin] 27/4/2012 08:39

Any reply from the company yet skyship?

[spectoacc] 21/4/2012 20:02

Thanks @Sky.

[skyship] 21/4/2012 14:20

You would have thought so wouldn't you. But there is no knowing what might happen - this is the Channel Islands mafia after all.

I've written to them today to confirm the Continuation Vote. Will post if I receive a reply.

[spectoacc] 21/4/2012 12:01

Thanks; am assuming they can't get out of the continuation vote but wouldn't be surprised if it's as late as possible in the hope "something" turns up to keep them in a job! Is going to depend on major shareholders of course, but surely they'll have to offer a serious carrot if they're going to win the vote.

[skyship] 21/4/2012 10:06

Wowzers - the Vote is meant to be at the AGM - so early October. No set date yet for the Prelims or the AGM - ergo no set date yet for the Vote!