Theracryf Share Discussion Threads

[praipus] 08/1/2013 14:42

Hi Edwardt, I havent been paying attention here, when did you get your cash back?

[edwardt] 08/1/2013 14:38

well i have recycled my cash back in - glutton for punishment!

[edwardt] 20/12/2012 12:16

anyone got any views on rns? i must say the spazio issue is a tad complicated?

[edwardt] 07/12/2012 09:36

don't disagree but it has been a good ride for those brave enough to get involved over the last 6 months. I suspect that the 50p is partially to do with tax and the spazio situation.

[topvest] 07/12/2012 09:16

50p a share is pretty poor versus NAV. Everything about this company disappoints!

[edwardt] 02/11/2012 10:26

it has certainly caught someone's attention. share price showing some momentum now.

[edwardt] 01/11/2012 13:50

i came to that conclusion. I assume they can not sue me for back taxes beyond my equity stake - hence my view is that the trust is ascribing no value to spazio if one assumes they can liquidate the rest. Anyone disagree? My understanding on spazio the risk of being wiped could be there given debt invovled....

[stemis] 31/10/2012 11:09

The price pretty much discounts the value of the Spazio holding, so can't be much downside from here surely?

[edwardt] 31/10/2012 09:33

yes it would be pro rata - discount remains due to tax investigation into the structure of spazio. i for one think that this is the italian authorities trying their luck but that is evidently a massive guess. All in, the spazio holding is key but i have reasoned to myself at least that the extent of the see through discount has factored this in ..

[skyship] 31/10/2012 09:19

Been a nice 4month rally for TCF holders. I considered buying sub-40p, but put off by that large Spazio holding (30% of the portfolio).

Too late to chase; and the same concern remains.

What really interests me here is what they plan to do with the TEIF holding. Any views?

[stemis] 31/10/2012 09:08

How come there is such a large discount to NAV (SP = 46.5p, NAV = 64.5p)?

I see Laxey took an in specie distribution of securities in exchange for their shareholding. I'm assuming they take a pro rata of all the investments held by Terra (i.e. including Spazio) not just the liquid one's they fancy?

[edwardt] 31/10/2012 08:36

show me the cash = great announcement about the disposal of quintain - we may get some interest here from the usual suspects at last.

[quepassa] 26/10/2012 13:42

New adviser announced.

Why?

Interesting choice of firms:-





"..... or to realise value through exit".


The question for me at least is whether TerraCat want to go into a slow-burn wind-down of the fund or additionally wish to explore alternative options and (perhaps more expedient) exit routes.

Any views welcome.

ALL IMO. DYOR.

QP

[quepassa] 23/10/2012 15:45

Up 30% in three months for a wind-down fund.

Perhaps a perception that the discount-to-nav is too wide and that the look-through NAV is worth the wait.

Or perhaps stake-building with a view to taking it private on the cheap.

Time will tell.


ALL IMO. DYOR.

QP

[edwardt] 19/10/2012 15:17

some reasonable volume now going through, someone is bullish.

[edwardt] 05/10/2012 12:22

i would rather large holders exit, pay a fee and hold the assets for a year. this in my mind will ease their ability to sell the rump and give us cash quicker. the obvious question is what happens to the non listed holdings. the board need to be strongly independent and represent the small shareholders in how these assets are sold by the manager and at what price. the see through nav here is still ridiculously in contrast to the share price

[rjmahan] 16/9/2012 21:10

Not sure the vote will neccessarily go Laxley's way - they have 20% and even some of the other big holders may not favour conversion - Henderson et al wouldnt neccessarily enjoy holding a small, unlisted holding and a lot of little stock holdings.

If it is a big enough holding for them to vote and care is another question. Luckily I got in at about 37p so with a bit of luck my downside risk is limited.

[praipus] 13/9/2012 18:29

On the Laxey theme it may be worth browsing PEQ Laxey are on the board their and seem to be reducing their holding gradually even though there is a resonable discount to be had and a disposal distribution policy in place!

[praipus] 10/9/2012 20:58

I've misread the situation here.

Slow liquidations are good, very good. They help you by:

1) Stopping you (or us PI's) over trading and or the market movements wrong footing you
2) they have just as much chance (probability) of yeilding a high return as you have of picking another stock and making a gain.
3) "loss aversion" puts PI's off making the stock cheap as they exit prior to delisting but the odds of an eventual profit dont necessarily change.
4) reduce dealing and management charges.

Still rather have Laxey or Weiss dominate the share register than RBS, Northern Rock or another seemingly big safe "but risk blind" name.

TCF is odd (with hind sight) only because of its narrow real estate bias.

[topvest] 10/9/2012 19:05

Yes...unfortunately!!

[praipus] 10/9/2012 17:41

Topvest re post 48 do you still hold any VCF, DBAY or TCF?

[topvest] 10/9/2012 14:16

Probably more than them. Laxey, Weiss and others are a bit to "clever" for their own good imho!

[praipus] 10/9/2012 12:38

As you may know I track Laxeys holdings on the WAM thread and their number of BUY trades has definitiely reduced compared to the other active investors. And their number of SELL trades has increased!



If with all their resources researchers and analysts they can't make money what chance have us PI's got?

[topvest] 09/9/2012 20:04

Well that's Laxey for you - on the one hand they target great companies like Alliance Trust for anything that comes to mind, and on the other they push out totally rubbish results, pay themselves far too much and can't even liquidate a company of their own without destroying / diluting shareholder value.

Just look at...

Value Catalyst - delisted and will take circa 3-5 years to get your money back in the so called realisation fund

Douglas Bay Capital - delisted and run out of ideas after one good deal but didn't manage a clean exit

Terra Catalyst - invested in every dog property company that you could think of......... except Conygar for obvious reasons!

I agree with you that Terra Catalyst are looking out for the big holders. There is value in Terra Catalyst, but whether we will ever see it is questionable.

The lesson of this story for me is to avoid Laxey Partners going forward!

[rjmahan] 09/9/2012 17:52

On the vote - I would urge all shareholders to vote against all resolutions.

If certain large shareholders are allowed to cash out it makes the remaining shares even less attractive. Allowing holders with over 5% of the shares to get out is unfair to smaller shareholders - and even quite a few decent sized ones.

These will come back with time and patience.