ZPG Share Discussion Threads

[tiltonboy] 09/5/2008 10:35

Looks like I'm last man standing, since there have been no posts for four months.

Well, three months to go and it looks as if even 3p for the Growth shares will be an achievement.

Just left to see if the managers can get a roll-over option again.

[tiltonboy] 11/2/2008 11:42

Less than 6 months to go now, and even 4p is looking a bit doubtful for the Growth shares.

[tiltonboy] 25/1/2008 12:37

Nasty knock to the portfolio this week. NAV of Ords now down to 4.83p.

[tiltonboy] 04/1/2008 18:27

poacher,

He wants to come to you, but Miss Karren knows that QPR have got the bucks.

There should be a benefit to Zero's pricing if interest rates come down, but will it impact ZPG before they start to liquidate the portfolio.

Let's hope so.

tiltonboy

[poacher45] 04/1/2008 18:22

I think you should let us have Tiny for £250000.
I also think lower interest rates could be a big bonus for ZPG.

[tiltonboy] 04/1/2008 16:11

poacher,

Nice to see Norwich out of the bottom 3. A couple more wins and suddenly you are mid table.

ZPG have repaid another slug of debt, which was really as expected.

Otherwise nothing much to say.

tiltonboy

[tiltonboy] 18/12/2007 10:33

A nice rise in NAV this week, which was possibly the difference between the previous bid price valuation of New Star Zero's, and the redemption proceeds.

Hopefully the company will have paid back a large proportion of it's borrowings, which have become expensive recently, as they are pitched at a margin above LIBOR.

Only 8 months to go, but with no more natural redemptions, the managers will need all their skills to achieve decent prices for some of the remaining holdings, whilst hoping that the market holds up. Falling interest rates should help, but a large fall in equity markets will start to erode cover.

tiltonboy

[tiltonboy] 21/11/2007 18:02

Big fall in the NAV for last week, and I would guess more to come when this week's announcement comes out.

[tiltonboy] 09/11/2007 15:48

9 months to go...not that I'm counting the days....well, OK I am. The NAV has picked up a tad recently, but I'm sticking with my recent target price.

Good luck to the Canaries over the weekend. We've got the Vile, which will be interesting.

tiltonboy

[tiltonboy] 19/10/2007 14:53

ZPG looking at restructuring proposals ahead of next year's wind-up.

I would think that the assets under management are too small to roll over, and I will be taking cash, as mine are in a PEP.

[tiltonboy] 15/10/2007 15:40

poacher,

The new CGT rules will certainly favour zero's.

I still think 4-4.5p is the likely figure, but should REOZ continue to march upwards, then 5p is not a difficult target.

tiltonboy

[poacher45] 15/10/2007 15:33

tiltonboy
Now that Alistar is our darling with his new capital gains tax does it mean your pessimism is evaporating like the labour voters. REOZ up over 2p today.

[poacher45] 11/10/2007 19:36

Perhaps we may end up with Steve Bruce but then again you might be happy with that idea. Actually Rijoa and after what I have had to watch this year I needed plenty of it.

[tiltonboy] 11/10/2007 18:07

poacher,

Canaries by any chance!!!

tiltonboy

[poacher45] 11/10/2007 18:02

Sorry not replied earlier but have been away.
EPIC cannot seem to sell the apartments and with the housing market getting tighter it can only get worse.
Aberdeen Development have had a couple of their larger non quoted investments go down I just hope we are not in for anymore shocks.

[tiltonboy] 11/10/2007 11:51

A good increase in NAV last week, and should be further helped with the continued rise in REOZ. A softening of yields should help the portfolio.

[glynnef] 27/9/2007 19:24

Poacher,

My point was that the NAV statement issued by JZ Equity is NOT up to date. No revaluation of unquoted investments since 31st March.

would you care to expand on your concerns regarding the ZPG investments in Aberdeen Development Capital zeros and the EPIC zeros ?

regards,
GF.

[poacher45] 27/9/2007 16:46

JZ Equity perhaps issued an upto date asset valuation because of the fiasco at Aberdeen Development.
Not happy about investment in Aberdeen Development and EPIC.

[tiltonboy] 27/9/2007 16:02

Glynne,

Possibly a good idea, but I use conventional investment trusts for portfolio construction.

tiltonboy

[glynnef] 27/9/2007 15:49

Tilton,

Agree with your point, but currently, and surprisingly, out of the top 6 investments only REOZ has a share price significantly less than its NAV. I'd love to see that one catch up a bit, but it hasn't in over a year !

OT, what do you think of exchange traded funds to build a core portfolio - in a SIPP say ? Seems like a good way to manage asset allocation. Can't find a thread on ETFs.

regards,
GF.

[tiltonboy] 26/9/2007 21:56

Glynne,

I'm afraid you can't look at what the current yields are on their portfolio, other than NSF and PAGIT, as they wind-up after ZPG does. There is a scenario where yields continue to go higher, and that capital values do not go up at their accruing rate.

With only 10 months to go, timimg isn't something the managers have got on their side. The two that do redeem shortly, will only be sufficient to repay debt.

Of course yields might contract on the back of a cut in base rates, and we will all be happy, but I wouldn't bet on it.

tiltonboy

[glynnef] 26/9/2007 21:40

Seriously though, I have been looking at the top 6 holdings that make up 50% of total assets. They are accruing NAV at between 7.75% and 9%, averaging about 8.25%. The mid prices of these zeros are tracking the NAV currently, apart from REOZ which is at a 9% discount. all 6 have a -ve hurdle rate to return the current share price. Also, PAGIT Securities zero is at a discount to NAV and matures in November, so the repayment should boost ZPG NAV.

So I think the NAV of ZPG will improve a bit from the current 1.8p after paying out the zeros in full. 4p seems about right. I mostly hold ZPGU anyway.

Slightly OT, JZ Equity partners issued a NAV statement last week. Why? It is the only one I have ever seen. A bit odd as most (90%+) of the portfolio is unquoted and is only revalued every 6 months. The NAV statement said the value of unquoted investments was as at 31st March. Bizarre !

regards,
GF.

[poacher45] 26/9/2007 16:23

Pessimists

[praipus] 26/9/2007 16:17

Grimley holding on for educational purposes. Luckily only bought a few.