Ukraine Opportunity Trust Share Discussion Threads

[envirovision] 04/3/2014 10:38

The weird thing here was the delay in the fall of the share price, events became terminal as far back as Xmas and it was known the country would need a bail out, I rather think there's no quick fix now.

[zcaprd7] 04/3/2014 10:33

I did a bit over the weekend. This had a big discount to Nav before events took place over the weekend. We can see why now!

[commander t] 04/3/2014 07:18

It might be best to wait a second!

Some research is needed into buying crisis hit countries - notably the timing element!

One can start to look for George Elliott, and his 100% bullish fund on Greece. There are some articles on google dating back from 2012. I can't find the name of the fund or a chart right now, but maybe later!

Good Luck.

[zcaprd7] 03/3/2014 08:41

Down a bit. But I'm holding back...

[zcaprd7] 03/3/2014 00:25

Looking to buy here, but surprised it's not more of a bargain?

[praipus] 11/2/2013 21:49

Convert US Dollar to British Pound


$ 5.5074 = £ 3.5159

[praipus] 25/1/2013 15:05

Long term holder and value investor Mr Greenwood buying again

now holding 16.6%!!!!

Tracking via RNS his other known value investments on the WAM thread

[envirovision] 14/3/2012 16:08

Interesting, UKRO certainly looks a bit of an anomaly, as does AURR, however UKRO being priced in USD offers one direct dollar protected capital.

[wexboy] 14/3/2012 12:42

Hi folks,

Just finished a two part review of all Russia focused/related closed-end funds out there, including UKRO - hope you'll take a look & comment:



Cheers,

Wexboy

[envirovision] 29/2/2012 15:32

Took the plunge again.

[envirovision] 20/12/2011 13:09

greenwood has clearly bought but can make head nor tale of Montpeller RNS and assume they have sold the lot that greenwood just bought. A worry if Montpeller now want outi would have thought.

[praipus] 01/6/2011 12:42

Dont like to say it but these up moves seem quite relentless.

[skyship] 18/5/2011 09:27

Likely to be some resistance @ $3.10ish; but looking for a target of c.$3.43, ie 40% NAV discount:

[skyship] 18/5/2011 08:10

Yes, bt back in @ 163p ($2.61)- though only for 4k

[praipus] 16/5/2011 22:17

"Close period"...hmmm very useful, wish I'd realised that. Are you back in?

[skyship] 16/5/2011 08:09

Hmm - $2.68 bid today. Does this extract from the IMS perhaps suggest the Company is bidding up for a buyback...? Whatever, the $3 level looks to be on the cards again:

The Company and markets

During the first quarter of 2011, the Company's NAV increased 1.99 percent to
$5.63 from $5.52. There was little activity in the Company's shares during the
quarter and the price dropped from $2.78 to $2.39, widening the discount to NAV to 57.5 percent.

The Company did not transact in its own shares during the quarter as it was in
a close period (from the end of the fiscal year until the release of audited
results - 31 December 2010 to 31 March 2011). Following the fulfillment of this regulatory requirement, the Company is again able to trade in its own shares. As at 31 March 2011, there are 1,109,291 shares held in Treasury and
4,778,709 shares in circulation - the same as at the end of 2010.

[praipus] 09/5/2011 18:21

Diluted and Undiluted - US $5.7159 per share including current period revenue.

9 May 2011

[gb904150] 18/4/2011 22:22

Praipus,

the thing is, i like the portfolio and i think the NAV performance has been pretty impressive. I think there's plenty more upside in that respect, but what's to say the share price follows?

Unless they start paying a chunky dividend then most investors will be turned off by a 4% TER....which is probably why we're at 55% discount to NAV.

So yes, in that respect the management fee is definitely "prejudicial to shareholder value". The share buybacks seem to make sense with such a huge discount. I'd prefer to see the money returned to shareholders though.

[gb904150] 18/4/2011 21:47

AGM is 11th May 2pm.

What i would like to know is why the board remuneration is linked only to NAV and has no correlation to the other 2 KPIs set out in the Annual Financial Report.

The key performance indicators ("KPIs") used to measure the progress of the
Company during the period under review are as follows:

* Net Asset Value ("NAV").
* The movement in the Company's Share price.
* Premium/discount of the Share price in relation to the NAV.

[gb904150] 18/4/2011 21:45

interesting that UKRO can retain no more than 15% of the income from its holdings.

Dividend Policy
As the Company's objective is to achieve long term capital growth, it is likely that a high proportion of the investments that it makes will be in relatively low yielding securities. In order to obtain approval as
an investment trust, the Company may not retain more than 15 per cent of the income that it derives from shares and securities. However, given the low yielding nature of many of its likely investments, it is anticipated that the Company will pay only a nominal annual dividend, if any. For the first few
financial years of the Company, however, the Company is likely to pay a higher dividend as it is likely to have a greater proportion of its assets invested in money market investments and therefore to receive a greater amount of income (which is likely to be subject to taxation) than in later years.

[praipus] 18/4/2011 21:35

23.3% in Real Estate



UAH charts in post 63

Shareholder action...great idea....but suspect you would need to own about 3% to get noticed and 29% to make any difference to the board.

Do you think excessive management fee's and harmful share buy backs could be considered as "actions prejudicial to shareholder value"?

[gb904150] 18/4/2011 20:45

Even though UKRO is denominated in USD the assets are almost certainly in Hryvnia (UAH).

We're talking restaurant chains, banks, food producers. All those transactions, all in local currency.

If the USD falls by 10% vs UAH then then the NAV in USD will increase to reflect that.

For that reason the USD listing isn't an issue for me. The TER @ 4.1% is!!

I wonder when the next opportunity to wind this up will be? Surely we need some shareholder action to extract some value rather than see it disappear into fund manager's pockets?

[praipus] 18/4/2011 15:42

Personaly I dont worry too much about foreign currency exposure because it improves diversification and therefore reduces risk across the portfolio.

Trying to think of a clever answer considering in and out flows of foreign currency I found this site which is fascinating.

[envirovision] 18/4/2011 14:38

Praipus my direct dollar exposure is now zero, though theres a few funds that I hold with dollar exposure. Not a lot though. Yes I have been astonished no one has tried to force this to wind up. Maybe its the fact its dollar denominated that has put the usual suspects off?

[praipus] 18/4/2011 14:15

GB904150 and Enviro

Second thoughts totally agree with you 2% for stand still is very very high.

Especially when the fee exceeds the dividend and makes no adjustment for negative performance.

Bearable if they were able to hit 15-20% per annum returns or if it were significantly less than revenue.

Amazing that they havent been forced to liquidate. Didnt Weiss have a go a while back?