![]() ![]() Posted at 18:10 by aleman Operating cashflow was around £3.2m if you adjust for stock and creditor movements. The only reason I did not get out of this one years ago is that, following an earlier spectacular crash in share price, my holding is worth less than the cost of dealing. ![]() With these two huge vested interests it is no wonder that both non-execs., with their duty to ordinary shareholders, have found themselves in an impossible position and resigned. If the company were sold for EV £59.3m management would receive £1.704m (£320k less in the event of a MBO). The enterprise value of the company is this plus market value of shares - currently about £0.1m. The latest figure we have for net debt is £59.2m at 31/3/07. and you will have nothing.ġ) if there is an offer for the company the banks can convert their preference shares and existing shareholders will be left with 9.9% of the enlarged equity.Ģ) Management will be rewarded on a sale of the company. Ordinary shareholders were stiched up at the time - vote for the new arrangements or the company will go into admin. The banks would have pulled the plug in July 2003 but for the fact that the company had net tangible assets of minus £46m. You have to remember that the banks are in control of this followed by management. Sumitomo Mitsui Financial Group and the UK-based Drax Group.Posted at 15:20 by sharw In theory the company's listing will be suspended on 17/3 but I suspect it will be sorted before then with little value, if any, for ordinary shareholders. Samsung Electronics, Taiwan Semiconductors, Japanese-based Top 10 holdings include iShares Physical Gold, South Korea-based Morgan Global Government Bond Index (hedged into sterling). World Index with net dividends reinvested and 40 per cent JP Outperformance of the returns of its benchmark, 60 per cent MSCI ItĬan also indirectly invest in commodities. Invests in shares of publicly-listed companies and bonds issuedīy companies and governments located anywhere in the world. The fund seeks to balance investment returns and the risk of loss To be a top quartile performer across multiple time periods in See here.Ĭutler manages the Orbis Global Balanced Strategy which continues Result of corporate governance reforms and other measures, theĪsian country deserves more investor attention. Orbis isn't alone in favouring Japan and thinking that, as a There’s a lot of opportunities out there,” Perrone Japanese stock market is also the least correlated and it plays a Will be good for the Japanese stock market and the economy. “Capital efficiency has also improved and if that continues, it Returns on investments and profitability have The change in corporate governance has had a Valuations of stocks in JapanĪre compelling. Rob Perrone, a Japan investment specialist at Orbis Investments,Īdded: ”We buy firms that trade at a big discount. There. Japan is really turning and we are very excited about It’s cheap and there’s a ton of value out We are overweight in the UK, emerging markets We are also heavily weighted in defence stocks. “We are major shareholders in theseįirms. “If Drax was New York listed it would be double or He invests in firms like UK-based Drax, a renewable energyĬompany engaged in renewable power generation and the production They are good,” Cutler said at the event. “UK firms are dirt cheap, amongst the cheapest in the world, and Saying that they are undervalued markets. Highlighted the case for investing in UK and Japanese firms, Alec Cutler, portfolio manager of the Orbis Global Balanced Strategy, discusses why the UK is an undervalued market, the case for defence stocks and a review of the fund’s performance, whilst Rob Perrone looks at investment opportunities in Japan.Īt a recent media event in London, Alec Cutler of Orbis Investments ![]()
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