Tonight DeGrey has an offering @$1.20. The code is DEG and it is for professional and/or sophisticated investors. The code is DEG thru Argonaut, Canaccord directly and Bell Potter indirectly. It will close fairly early tomorrow morning.
We bought some Atlas Arteria ALX as they should go well once traffic returns to their toll roads. We do like semi monopolies and around $6 seemed ok.
Our electricity reverse auctions with Energy Action EAX went really well.
We took up some Secos SES shares to watch if they can improve their profitability with their biodegradable bags. It has not been an overnight success as we read their back year reports. We do like recovery stories but some fail. Secos gross profit on sales was 16% so they have had trouble making net profits.
With M1 running at around 25% a stock market rout seems unlikely but there will be buying opportunities when the market slumps.
Well DeGrey DEG was rushed so it was a good idea to have three shots at the placement at $1.20
Today was a pretty tough market
We sold half our Perpetual PPT as they have not gone well post Issue. May be a while for them to overcome the flood of shares hitting the market.
We passed on Nearmap NEA placement at $2.70 and they finished ar $2.46 tonight.
Trading at 0.705 more than 20% lower than their NAV of 0.91, in the analyst call they had some excuses for the discount, they are doing up to a 30M share buy back too.
Their holdings aren't bad either, hence keen to see what you guys' thoughts are on this 20%+ discount on their NAV.
they are currently 77.8% invested... so seems to have some cash available to deploy too.
We follow LSF Long Short Fund rather than Cadence CDM as at $1.37 their Net Asset Balance is $1.88. Assets at a discount doesn’t always mean the gap will narrow.
We were pleased that Ophir OPH has worked on narrowing the gap which was 20% for quite a while.
There are many investment funds that are under appreciated with big gaps between net worth and trading price. Share buybacks and reasonable dividends can help.
I had a look at Cash Converters CCV. Only $41 million in bad debts in 2020 down from $60 million in 2019. Now if their net worth is really 50 cents a share a buyback could increase the share price within a month. We may meet the CEO to have a chat seeing the class actions have been settled. You would need a good attitude to high risk for looking at CCV.
Feeling stuck with Village Roadshow VRL and Westpac WBC.
Westpac raised money at $24.20 and are now facing a $1.5 billion penalty for international funds transfers that were not properly checked. Banking has become tougher and it sure looks like losses are coming in the next 12 months.
Whoever "wins" the election , the victory will likely be Pyrrhic .
Democrats will trash the economy further to buy the people some short term comfort.
Republicans will try to protect business and not worry too much about the human cost.
For business ; options are to try to talk it up into more froth or, if that fails , force a
"fast hit" depression in the hope of rebuilding from the ashes .
Both scenario's have technical merit and both will trash many many thousand of lives
No @Dave Griffin we are not there. Hopefully it turns out to be a good SPP for you.
Have had quite a few days where our share valuations have increased. We missed the Ophir virtual meeting yesterday as I was at work and it was busy. Spring time brings out buyers.
Westpac and Challenger were two SPPs to avoid but we made a bad move and took up the Westpac one.
The IOOF Share price looks interesting.
Yes @Major AVQ was one of about 20 companies that did not pay their ASX losing fees in August,2020 so they have been suspended from trading.
Just keep them in a file pending an entrepreneur taking control and putting AVQ share price thru the roof.....
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