Share Name Share Symbol Market Type Share ISIN Share Description
Strategic Equity Capital Plc LSE:SEC London Ordinary Share GB00B0BDCB21 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 218.50p 216.00p 221.00p - - - 20,565 12:02:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 3.2 1.2 1.7 132.4 139

Strategic Equity Capital Share Discussion Threads

Showing 151 to 174 of 225 messages
Chat Pages: 9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
09/2/2017
08:56
@mf - the p/e approach (inc some unlisted) means p/e discounts, which (ex iii) average about 20% with many higher. Look at OCL or MVI, both of whom hold some listed co's too. And this is before considering the possible overhang on SEC from SW, LR etc.
spectoacc
09/2/2017
08:51
Isn't the big issue here the fact that SEC takes a PE style approach: taking large stakes in companies you know intimately and working with the management to get big returns. Now, I understand SW is going to do something similar at his new business. Isn't it very likely that he will look at companies he already knows? And if he wants to acquire a stake in them, wouldn't it make much more sense to buy the stake SEC holds? Though if he doesn't it will drive the price up in the market.But in every way I can think it would be best for everyone (other than GVQ) to move management of SEC to SW/Harwood.
mad foetus
08/2/2017
14:36
Discount probably isn't enough, for the sort of stocks it holds, IMO. Eg ASCI holds, top 10: XPP RPC Dechra Chesnara ERM Wilmington ELM AV. BBA VCT On a 20% discount, yielding 3.3% (they also hold 10% in "fixed interest, convertibles, prefs", which funds some of the divi) SEC hold (as of 31/12) top 10: Equniiti E2V Servele Clinigen Wilmington Tribal EMIS 4Imprint IFG Goals On now a c.14% discount, yielding 0.45%, with possible overhang issues (forgetting about the manager issues - as has been noted, a new manager could be appointed). Has cash more than equivalent to ASCI's FI/convertibles/prefs.
spectoacc
08/2/2017
13:30
Also, I seem to remember the company issuing shares at a premium not long ago. Now the discount is somewhere around 15%. There will be a lot of unhappy people about this. It is a real pity, I cannot help buy wonder why an arrangement couldn't be found that suited SW. Being utterly cynical, I wonder if it was because last year the fund didn't generate a performance fee and he wants guaranteed millions.
mad foetus
08/2/2017
10:17
good work chaps,the plot thickens. I guess Lord R is not used to paying for something and sitting by as it and the income stream walk out the door.
edwardt
07/2/2017
20:57
The plot thickens. Sir Clive Thompson, one of the directors of SEC, also owns over £4m in SEC shares and sits on an advisory board of GVQ. GVQ can be given 12 months notice at any time, but there is nothing about key persons mentioned in the reports.However, the board of SEC are top notch (it is the best board I've ever seen on an IT) and Clive T and Lord Rothschild have a lot of skin in the game. I am interested to see how this plays out.
mad foetus
07/2/2017
20:22
SW & LR prob had lunch in Mayfair a few months back
luckymouse
07/2/2017
19:53
I read it that GVQ had told the board who the replacement was. Of course, confusing matters further, Lord Rothschild (of RIT capital fame) liked SW so much that he bought GVQ and held 17% of SEC when I last looked. What will he now want? I am surprised they let SW leave to be honest.
mad foetus
07/2/2017
17:05
@MF - not denying for a moment that manager changes happen - look at BIST. But Board deciding to appoint Stuart's new co? This doesn't make it sound like they'll be moving - though of course, when performance drops, they'll look elsewhere: "Jeff Harris of GVQIM, who has worked with Stuart since 2014, will assume responsibility for the portfolio management of the Company. "
spectoacc
07/2/2017
16:38
Confirmed IHS - but I would need to see that money flow bounce first
luckymouse
07/2/2017
16:22
Good spot MF I'll do it if you like :) only aim - only 50-100% ups - only at start of that life cycle - only materially aheads - only tiny free float - no one off deals - no scams If nothing else - it would be very exciting - although it might make your hair fall out lol :D
luckymouse
07/2/2017
16:10
Like the theory, but have never seen that happen before and they've already said they have confidence in "junior". Presumably if such a thing had been on the table, Stuart would never have left. No harm in trying tho! (IMO if they bought back the shares, it'd be somewhere between current share price & NAV - would still be accretive).
spectoacc
07/2/2017
16:01
http://www.strategicequitycapital.com/about-sec/trust-boardNone of the board are employees of GVQ, they all look independent to me. The obvious thing to do will be to transfer the management to Harwood imo. I may drop them an email to suggest this, just so they know what PIs are thinking.
mad foetus
07/2/2017
15:54
It would have to be at the current SP, no other way.Another intriguing prospect is that the board of directors owe a duty to the shareholders. It would be close to negligent if there wasn't an agreement with GVQ that names Widdowson as a key person and gives SEC the right to terminate GVQs appointment if he leaves. That would be industry standard.It may be the simplest thing to simply waive his gardening leave, let him set up at Harwood and appoint Harwood to manage this fund.Also bear in mind that SWs investment approach is based on PE principles: chances are any new fund is going to have a lot of overlap with SEC anyway.
mad foetus
07/2/2017
14:26
Good spot @mf. Your buyback suggestion would be sensible (though I wonder at what discount to NAV...).
spectoacc
07/2/2017
14:23
And the answer: he is setting up a new small cap fund with Armitage. I wonder whether SEC will buy their stakes in SEC off them and cancel the shares? Would make sense given SEC have cash and these guys presumably want to seed their new fund. hxxps://www.ftadviser.com/investment-trusts/2017/02/07/top-performing-uk-small-cap-manager-exits-gvq/
mad foetus
07/2/2017
13:58
Love to know where Stuart Widdowson is going to reemerge. He was a star fund manager at HG Capital, one of the best private equity investment trusts, before he took the reins at SEC. Interestingly, Ian Armitage, HG Capital's chief executive and Widdowson's former boss, became an increasingly important investor in Strategic Equity after he retired from HG Capital.Over the years Armitage has been reducing his sizeable stake in HG Capital and increasing his shareholding in SEC which is now just under 5% and worth around £10m.
bottomfisher
07/2/2017
13:51
Reasons above I'd say - the successful manager has gone, abruptly, with no reason given, and presumably has 625k shares to offload. His deputy is taking over and looks very green. You can argue the investments are still good, but c10% cash will need redeploying from takeover of E2V, & they're already c.14% in cash. I'd love to know the reason for him leaving. Assuming he rapidly turns up elsewhere, that's where SEC money will probably head. Then it might well be a buy! But good luck all the same - no holding here.
spectoacc
07/2/2017
13:44
With a NAV currently at 232 and the share price at 205 I am hoping the shares will not go much lower. Thats a big discount and investments are still good so I see no reason to bail out at the moment.
lozzer69
07/2/2017
08:28
A very abrupt RNS. Also note that: "Stuart and his immediate family own 625,100 shares in Strategic Equity Capital." Other problem is that although I'm sure Jeff Harris is highly competent & ready to pick up the baton from Stuart, from the photo on the website I'm not convinced he's started shaving yet. (ie - he's a bit green).
spectoacc
07/2/2017
08:24
GVQ do manage a couple of other funds and they are both good performers. So it's not a one man band, and the discount going out to 15% is a bit rich for the track record here. But it is disappointing.
mad foetus
07/2/2017
08:09
Disappointing that Widdowson is leaving and the market has responded. It will be interesting to see whether steps are taken to manage the discount now.
mad foetus
21/12/2016
10:31
I bought more today. My tip for next year
mad foetus
21/12/2016
08:26
Good news at SERV today, which SEC topped up in recently. I think 2017 will be a good year here.
mad foetus
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