@reb40 Well, I suppose it explains why they wrote it down by 30% last week. Hopefully that means CHRY knew this was coming, and think it isn't as close to zero as the market is pricing...
English
Horizontal Capital
18 posts
#CHRY well that was unwanted naughty behaviour from new holding Chrysalis 😠
The shares fell -16% to 77.3p
I added a smidge more at 84p 🫣 but if this sort of behaviour continues I’ll reconsider
*Wefox is 14.4% of Chrysalis I believe
Mark Kleinman@MarkKleinmanSky
Exclusive: The British boss of Wefox, the European insurance company valued at $4.5bn (£3.6bn) less than two years ago and whose lenders include Barclays and JP Morgan, has warned investors that its holding company faces insolvency as soon as this summer. news.sky.com/story/insuranc…
English
@dopamine_uptake 330p target, eh? Can they do all my other UK banks and insurers too, please?
English
Who could've possibly predicted they would be spewing cash back at shareholders
twitter.com/dopamine_uptak…
d-spike capital@dopamine_uptake
a brief love in prior to SVB - now its back to being hated like coal. 10 is quite substantial on a mkt cap of 24 if they're right twitter.com/business/statu…
English
Between last quarter's result and today's results Barc has returned about 50%.
d-spike capital@dopamine_uptake
@trampasalpoker @rhomboid1MF If you like repos can I suggest a 22 bn mkt cap company doing this?
English
@ValueTom84 You'd think disposing of $5bn shares of a company in a hostile jurisdiction wouldn't be a very fun prospect. Though of course there's always a price, so I suppose it depends what portion of the judgement it would count towards.
English
@HorizonEventual If they get the shares, they will just sell them, so that’s real money.
Preska might order Argentina to do it, but Argentina probably won’t immediately comply. But it puts pressure on them, as they want the US as a strategic ally.
English
Judge Preska unsealed YPF case documents. Burford asks Preska to order Argentina to turn over the YPF shares to them to satisfy part of the unpaid judgment. They say New York Law allows that.
$BUR
English
@entrustTMF For a trust that's supposed to be waiting for shareholders to approve any plans for a winddown, they're certainly racing ahead with disposals, aren't they?
English
@Finumus1 @entrustTMF Given their recent form for errors in announcements, I'm not entirely ruling out waking up tomorrow to find we're actually getting 0.42p/share...
English
@entrustTMF So.... that's a very long way of saying we're gonna get 4.26 pence per share?
English
@DonaldPond6 What would make them so? Surely the liquidity available in private markets is a subset of the liquidity available in public? Feels like there are definite potential advantages for company/management/founders, but less convinced for investors.
English
To remain private? What if the private markets are deeper, more liquid, and a better judge of value than the public ones? If the growth environment is better for private companies than public ones, shouldn’t private companies trade at a premium?
English
@hareng_rouge @rhomboid1MF Win for all stakeholders, though! Even if some people have found themselves with rather smaller stakes than they might have expected...
English
@HorizonEventual @rhomboid1MF Biotech's fine but micro🎻from CEO who raised > £70m since at the company - mkt cap c.£70M and whilst 70% of XBI valued at below net cash - had to settle for a pink sheet listing and then pulled it, never delivered a thing and is now gaslighting the fuck out of everyone. No
English
@hareng_rouge @rhomboid1MF I saw "Biotech" and "AIM"...🚨
English
@rhomboid1MF Other points accidentally not mentioned are that they cancelled their US listing due to lack of interest and have kept the lights on at their science project courtesy of the useless UK market by issuing enough shares to 5x their share count over the last decade
English
@DonaldPond6 Thanks for this. ITs can be as cheap as they like, and yet if they're not interested in realising that value for shareholders...
Reinforces need to have a catalyst in mind rather than just buying for pure discount.
English
I'm getting cross about the discounts many investment trusts trade at and the reluctance of many to carry out buybacks. I've written a piece on it. Please read, share and comment! open.substack.com/pub/pauldegruc…
English
@FoxyMonkey @dopamine_uptake But I wonder how long a non-firesale winddown ends up taking - if they can realise say -10% to NAV then a couple of years looks okay. But if it takes longer, or any nasties are substantially worse, it doesn't look fantastic.
English
@FoxyMonkey @dopamine_uptake It's not obvious the management like it any more than the market does! as @dopamine_uptake says, baffling they couldn't/didn't get serious offers with two seeming lowball, uninvited offers on the table.
English
Since this deal was announced Custodian's mkt cap has fallen about 20% (£60M) and API is up 4% (£8M).
These reit all share mergers aren't having the desired effect.
d-spike capital@dopamine_uptake
Lucky day for me, but it was only a matter of time something would happen as we've seen with all the other subscale reits with large discounts.
English
@DonaldPond6 Agree that must be part of it - it's a complex business, and they've certainly had accounting controversy in the past. But I'm not sure YPF is that hard to understand, and even if discounted hugely...
I think it's great. Market doesn't!
English
@HorizonEventual I don’t think the market hates #BUR. I think 95% of potential investors think it’s too hard to understand because the accounts don’t fit any standard model.
English
At #BUR the COO and CEO have just bought $5.1m shares between them. They know which was the wind is blowing.
English
@FoxyMonkey @dopamine_uptake Fair point that the wind-down isn't definite, but the activist who was against the sale is pro wind-down, so I suspect it's likely to go ahead.
English
@HorizonEventual @dopamine_uptake The wind-down is subject to shareholders voting, so might not go ahead either. Clearly the market didn't think it's a good outcome for API. -10% down, while CREI 10.36% UP!
@dopamine_uptake what are your thoughts?
English
@dopamine_uptake Better outcome than the offers being approved, but given the board were in favour, what chance they maximise value in a wind-down?
English
CREI and API have been grinding up up this week as chatter emerged that API holders were going to vote no, and here it is. Good outcome.
English
@Finumus1 In 2017 you could get Con at 1.16 in April with an election called in a month and a half, and Con leading 45-25.
Doesn't mean this is going to happen again, but I think means you can't treat this as risk free.
English
