As I read it, the chairman has just sold £100k of stock, almost half of his holding, at a lower price than a buy back executed on the same day. Don't see that every day in investment trust land... |
Yes, a bit of a desperate defence by Gresham House. It does show how badly they want to keep this trust alive though and keep their toes in the listed small company space. I do wonder whether GHS or Rockpool Realisation will be thrown to Harwood now to keep Christopher Mills off their tails with this larger prize. Let's face it, Christopher Mills is buying any shares available on Rockpool and has already gone from 0% to 8% in a few weeks. He basically wants the vehicle and will be unstoppable until he gets it. Gresham House need to try and align their interests with Harwood in some way rather than having such a hostile situation. Harwood will win in the end, I suspect, and certainly have more firepower available! |
Not what I was hoping for - all looks a bit pathetic. "Consultation with shareholders" indeed - who'd pick that ragtag mix of tokenism over trading at par with Odyssean?
Edit - sold out, roughly b/e, disappointing (tho no problem selling reasonable size).
Agree re Gresham. |
Looks like this could be a similar situation to GHS (although the shoe is kind of on the other foot!)
GHAM not going down without a fight.
Have to say I'll be wary of investing in GHAM vehicles going forward if you get fun and games baked in |
All gone a bit quiet - due an update, nothing been said for 5 weeks.
Stuart Widdowson got a double page in the last IC, but wasn't anything said about Odyssean/SEC, other than that discussions were at "Board level". |
Nibbled a few more. Merger may not come off, but decent upside if it does. |
Yes, part 2 of the Harwood vs. Gresham House battle. Harwood are certainly denting GH's investment trust ambitions. I think a merger would be a good way forward and I'd rather have Odyssean / Harwood running the show. Gresham House seem to have more success in alternative assets. How will Gresham House respond this time I wonder as they seem to have a bit of a bad loser streak? This could get nasty. |
@topvest #198 - has taken a while, but good call! Interesting news this morning. |
Just to let shareholders and prospective investors know that Residential Secure Income, Oakley Capital Investments and Strategic Equity Capital will be presenting at Mello Trusts and Funds webinar event tonight, Tuesday 5th October at 5:00pm-9:00pm. There will be over 200 investors attending and these are very popular shows with company presentations, fund manager and investor interviews, and panel sessions.
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Timed that well! |
I've taken a small holding in this trust and Odyssean Investment Trust PLC today. The last two small company trusts that I didn't have in my portfolio. Interestingly the founders of Odyssean have lodged a general meeting at SEC. Probably quite a bit of logic in the two combining as they have a similar approach.
Its a difficult one as Gresham House are good. I am a shareholder in them back from the days when Gresham House was an investment trust.
Odyssean is backed by Christopher Mills and Armitage; if Odyssean doesn't deliver then Harwood will step in. Harwood are equally good.
It will be interesting to see what happens. |
20% discount? |
Love Rit sold out just as U.K. value got going! Guess lord R can afford to make mistakes |
So who made decisions? Team, House or SEC? |
Same team - different house. |
PHD has been a disaster for these.
Will they act to tidy portfolio before end of tax year now there is a new manager? |
Time for discount to narrow me thinks |
The cat is getting some competition again _ performance picking up |
Annual report published: |
Now lower than three years ago with zero dividend. Another fund where the so called professionals cannot outperform my cat. |
sensible reduction in fees, still on expensive side but hey ho, got to have a closed ended vehicle in small caps. |
ok maybe 2.67 would be my guess. |
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