Victrex Share Discussion Threads

[a0002577] 27/10/2003 11:58

CP - keep your eye on CPV and CVC. Looks to be a seller about. They are in the close period and so they will have to drop - probably. CPV is being changed by the board to behave more like CVC and good value could emerge there over the next year or so. Current NAV is in excess of 80 pence so if it drops to 60 or below then would be good value. CPV need to drop below 100 to make it (very) good value.

Have a suspicion that GFV is preparing for a buyback when results are announced (probably this week) so could soon see a sharp move upwards.

[currypasty] 24/10/2003 10:38

Ill be watching.. thanks for your opinions

[a0002577] 24/10/2003 10:35

CP - what I think happens is this

An investor dies - executors who have no clue on VCTs attempt to sell a large block of shares. MM refuses to accept the trade which is outside the NMS and then marks them down with an increased spread so that the VCT cannot buy them back within the range they are allowed. Executors go away and think and come back to find that they have to dribble them out to the MM at very low prices. Once they have all been sold the MM marks them up again and narrows the spread. Suggest you watch for a succession of small trades at (possibly) lower and lower prices - wait for the spread to narrow and then think of buying

Call me an old cynic - but I have seen this quite often over the years - I don't like it and have talked to a few trusts about this but they don't seem to want to do anything about it. However it can result in a buying opportunity at the expense of someone else's serious misfortune.

I have sometimes thought (but not seriously) about offering to sell a block of 100,000 shares - expecting a refusal - waiting for the price to fall and then buying a smaller block, just to test this theory

[currypasty] 22/10/2003 18:46

why has it fallen on no trades and no news ?
ps.. no dividend either !!

but it does look interesting, especially for bottom fishing value players.

[a0002577] 22/10/2003 16:20

CurryPasty : BSR is beginning to look interesting : Keep your eye on it. If spread narrows I will be buying

[a0002577] 21/10/2003 18:54

Rambutan - NVT value listed investments at mid market value. Their NAV on 30 Jun was 80.6 - it will have gone up a bit as the result of some timely buy backs and also because some investments will have gone up

Alizyme was valued at 1,249 and represented 3.9% of their portfolio on 30th June

price has trebled since then but would only add 2.5 million to Asset Value so while it is important - and a bid would be nice as they could distribute the gains - don't expect too much from this one holding.

[rambutan2] 21/10/2003 12:40

re nvt agree timbo. i was most disappointed to see that hg capital, a vdct i hold and formerly a merrill lynch/mercury vehicle, who had held quite a chunk of azm seemed to have sold out over the last couple of months as no mention of it in their latest monthly update. i suspect that they missed out on a good part of the price move.

[timbo003] 21/10/2003 12:30

Rambutan.

Given that NTV and NVT have the same fund managers, I suspect NVT have hung onto their AZM shares also, so NVT could be due a big hike in NAV

[rambutan2] 21/10/2003 12:23

hi timbo. well nvt had a holding of 2.5% of their nav as at 31 march, so could now be approx 15% of port, and that valuation might be with a bvca discount.

[timbo003] 21/10/2003 12:16

Rambutan

I hold Northern 2 VCT (NTV), according to their results on 10/10/03, they still hold AZM, which is good as far as I'm concerned.

[rambutan2] 21/10/2003 12:15

re the above...

[rambutan2] 21/10/2003 12:01

northern ventures is worth a look. the spread looks horrible, but the trust is always buying in at the bid price so it might be possible to get well inside. the managers have done very well with northern investors vdct and northern ventures shares many holdings and is now quite mature. it did have a decent holding of azm which would have increased greatly since the last report, although they might have sold into strength.

[currypasty] 21/10/2003 11:14

yes, 7p is a bit steep

[a0002577] 21/10/2003 09:10

CurryPasty - GFV rising nicely ahead of results at the end of this month - I a now 'in the money'. Could be you have missed the best bit of this one - although I still think it has a long way to go - 70 plus is my bet but spreads can kill any gain if you are not careful

[a0002577] 19/10/2003 17:47

CurryPasty - the only one I am looking at, at the moment is the Guinness Flight VCT (GFV) - the Advent ones were good buys but have moved up substantially recently. I don't sell them once I have bought them as they are to become part of my 'pension'

I have bought 19,000 GFV recently at about the same price as they are now. (between 37pence and 42 pence) These have been bought in three deals on-line as I was testing the amount you can buy at one time.

Most of them are not available in reasonable lots on line as the NMS is so small and you will probably have to pay more than 'best'

Now that I know this thread is running I will post here when I see another opportunity - you will appreciate that I shall probably already have bought when I post!

[currypasty] 19/10/2003 17:26

Thanks A00, I started to look at the discounted aftermarket issues, but got a bit bogged down and gave up. What would be your favourites list at the moment ?

[a0002577] 19/10/2003 11:02

Have just noticed this thread - interesting. Yes you do get the special tax advantages only if you buy new shares but the dividend stream from buying in the secondary market is tax free and not declarable on your tax return.

The best of the first crop of VCTs was undoubtedly Close Bros. Steady yield of 8% tax free on the 100p or 8 pence on the actual cost of 40% which is difficult to beat anywhere. Unfortunately they now trade at a premium to NAV so are probably not worth buying at the moment - but keep your eyes open for any fall. I have managed to buy in the market at about 80 pence (but not recently I must say)

One to look at at the moment is GFV - portfolio just maturing nicely and not in tech stocks so hasn't suffered the same fall in NAV as have other VCTs.

Buy Backs : on the whole VCTs have a close period for buybacks such that they will not buy back shares in the two month period before results. If there are substantial sales by executors in that period the price can drop substantially and represent a buying opportunity.

If you are interested in shares of these vehicles then I would suggest that you set up a monitor page just with those shares and have a look at it once a day. Because the normal market size for these is quite small you will tend to see a succession of small trades - often one per day - as the investor unloads them. Once this starts (in the close period) keep a very careful eye on the price - there will be a buying opportunity.

I have now accumulated quite a lot of these over the years and do not regret any of my purchases because they were all made at extremely good prices.

As to investing in new ones : I have decided that only Close Brothers really knows how to manage this type of trust and will in future only invest in new issues from them.

If you want to buy without advice try

their web site has all the advice on EIS's and VCTs and the discounts they offer

[njs] 01/9/2003 00:10

InterGlobe,

What's a EIS?

Cheers.

[timbo003] 31/8/2003 19:35

njs

Go here for basic info on EIS (Enterprise Investment Schemes)

[interglobe] 31/8/2003 10:55

Or take a look at some Film Partnerships and/or Technology Partnerships....

[interglobe] 31/8/2003 10:53

Currypasty

Charges are very high on VCT's....why not set up an EIS scheme with a few mates ?

If you've got any....lol !

How about with Harry and the boys ?

LOL !

InterGlobe

[currypasty] 31/8/2003 10:40

Im going to have to buy 20k worth by mid october, anybody got any favourites (I know there isnt much to choose from at mo)

[timbo003] 04/8/2003 21:24

Curry

Which ever VCTs you end up investing in, I would include at least one AIM VCT in the portfolio

I bought Phoenix (PHX), an AIM VCT, in March this year and they've already sent me a letter explaining their first investment (not announced as an RNS), It seems like a nice personel service and I can track the value of all their individual investments as they are all quoted, I'm hoping this will provide a bit of additional entertainment whilst I'm paid to wait until value is realised (and avoid Gordon's theiving tendencies at the same time).