St Peter Port Capital Share Discussion Threads

[russman] 04/6/2017 14:52

A firesale would crisp shareholders.Need at least another year.Would be useful to apply pressure to Shore Capital to lower the fees in a continuation.

[zcaprd7] 04/6/2017 10:36

I think the market is rating the nav at a pretty conservative level, whatever the manager thinks!

[zcaprd7] 02/6/2017 02:37

Would you give them another year then?

[russman] 31/5/2017 15:24

All I can say is that the Investment Manager values theie investments higher than I do.

[zcaprd7] 31/5/2017 10:47

Can you hazard a guess at nav per share?

[russman] 26/5/2017 10:02

I am reading the Annual Report.
It is very difficult to quantify the current value of the remaining large investments.
Brazil Potash continues to seek working capital to allow it to obtain the installation license. Valued at 2.5x cost = £5.8m
Buried Hill: No operational progress for several years. Valued using BH's own option grant model. Valued at 2.5x cost =£4.6m
My valuations would be nearer their cost.

[hedgehunter2] 24/5/2017 19:57

Miton still holding theirs. Few people know more on the holdings and where value is held.

Shareholders have to trust they been given best advice on value?

[spectoacc] 24/5/2017 16:30

Have no idea here - anything (or nothing) wouldn't surprise me.

[zcaprd7] 24/5/2017 15:53

Well, a 20% mark down in nav, and a clear-out of cash (against protocol) seems to suggest a low offer is coming, and not necessarily in the interests of shareholders (I'm sure they will tout a 20-30% premium to the prevailing 5 day average share price, although it's been knocked back that much)...

[russman] 24/5/2017 13:20

As the Chairwoman works for the Investment Manager. I suggest she should be more contrite to shareholders.

[zcaprd7] 24/5/2017 09:21

Did we expect a low ball offer here once the dividend has been paid?

[russman] 19/5/2017 12:11

Dont think Brazil is helping Potash.

[russman] 17/5/2017 12:12

The investments are unquoted.Lets revalue to a higher "value".Inv manager fees are on estimated value not cost.Look at the valuations of the top three.

[spectoacc] 16/5/2017 08:28

445k at 9.25p 3 days ago perhaps not helping the price today.

[russman] 15/5/2017 09:49

Going through the Annual Report notes.
Graham Shore charges 2% of Net Asset = £708k in 2017.
Shall we say if the Inv Manager wrote down some investments earlier, he would be paid less.
I suggest the 2% fee should be reviewed quickly.
Even the current estimated value of the top 5 investments.

[russman] 15/5/2017 09:12

The current dividend policy was based on "net gains in the year".
If it has been changed to a liquidation policy, shareholders should vote on the proposed dividend before it is paid.

[zcaprd7] 14/5/2017 09:35

Dividend is interesting. Didn't management load up on shares also year?

[zcaprd7] 14/5/2017 09:31

The Company has therefore decided to offer shareholders two options: either continuing the life of the Company on a one year rolling mandate, which we believe will put the Company in the best position to realise capital gains from its portfolio (while having sufficient cash reserves to settle its liabilities and meet anticipated operating costs for at least the next twelve months), or to commence the twenty-four month liquidation process when the current five year extension ends on 17 June 2017.

[zcaprd7] 14/5/2017 09:29

Same as before I guess, which has been fairly positive. Is this a gloomy precursor to a low offer from management? Or to try and get an extension of the liquidation end date?

[brwo349] 14/5/2017 09:15

Outlook

I have previously reported to you that the bulk of St Peter Port's value resided in its five most valuable holdings. During the period since the Company reported its interim results, there has been little material progress made by any of these. Unfortunately, one of them, Seven Energy, has recently announced that it is discussing a capital restructuring with its creditors and we have therefore decided to write off this position.



What about the other 4 holdings. Will they go the same way?

[zcaprd7] 14/5/2017 02:14

Getting rid of spare cash sloshing around before a takeover?

[russman] 12/5/2017 10:22

They are paying an interim dividend on the 13th June.
There have been no gains so this is contrary to the Boards's policy.
The AGM is on the 15th June so the shareholders are not voting on it.
From a corporate governance perspective this is very unusual.

[zcaprd7] 11/5/2017 14:31

Indeed. Had another nibble today...

[spectoacc] 11/5/2017 08:25

Can't disagree with any of the above posts - only question is how much is in the price .