Adding to Polo Resources

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I have decided to add a little to Polo Resources.  The underlying holdings seem to be moving up in value – and the discount to NAV is now 75%.  I bought at c4.3 earlier in the week.  Only a small position – 2% portfolio weight added, 3% in total.

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Selling KMG +33%

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Selling all my KMG today.

Tender offer has been made for $14.00.  Slight unanticipated problem is that Kazakhstan has 20% withholding tax and to get it net of tax I need to submit an array of documents via my broker and trust that no-one along that chain messes up / decides I am liable for 20% tax.

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2017 Performance c+37%, Not bad, but never enough….

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Just done my final performance numbers for 2017 – I recon the figure will come out at +c37%.

This isnt bad compared to FTSE AS Total return in GBP of 12%.  Volatility has been minimal – maximum monthly drawdown was 3.8%.

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Kryptonite 1 – selling half, +156% & Other Crypto thoughts

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Brief post sold half my Kryptonite 1, for a modest 156% gain.  I say modest as pretty much every crypto related co or asset has outperformed KR1 since I got in.

I am not happy with their continual sub-share price placements – good for their connected friends and management but not other shareholders such as myself.  This, however is an irritant / contributory factor rather than the reason I am selling.  I also looked at the polkadot investment that others seem to rate so highly and to me they have invested £1m in something with no clear way to get the money back.  It could be that I dont understand it, or that I do – and it wont make money.  It equally could be that it wont make money and will go up anyway – in a market like this it wouldn’t surprise me.

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Infrastructure India Fund – Small, risky but good upside potential

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Just put a very small position (1.4% portfolio) in Infrastructure India Fund at 3p.

It has come up on my screens a few times but is now too cheap to ignore.  This is highly risky stuff but has very good upside – if it all plays out.  I can see a multiple of the current share price in a year or two.

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PV Crystalox Solar – Another liquidation play

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Added a 9% portfolio weight to PVCS at 21.68p a share.

This is a solar manufacturer which has just won an arbitration case against a customer who refused to pay up.  This has been quite well covered in the Investors Chronicle and elsewhere so only a short post on this.

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Selling Stagecoach -30%

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Decided to sell stagecoach – quite a heavy loss of 30% (adjusted for dividends paid).

Catalyst is strike news (though I dont think this will really have much effect) but actually for a while I have thought I was too early with my decision to go into this.

The logic is correct but I am much too soon.

I will look to re-enter at a more favourable price / time.

 

Symphony International ($SIHL) 3- Selling at $86.25 +57%

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Sold all my Symphony International on Monday at $0.8625.

Discount has narrowed substantially – it’s now got a NAV of $1.16 so trading on a discount of 25%.  When I first invested in this in January 2014 the discount was 45%.

The NAV / discount has only fallen slightly – even though the share has paid out quite a lot 35c.  Underlying assets have done quite well.

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Tejoori #TJI – Vote FOR delisting, potential 20% quick gain

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Good news on Tejoori – they are delisting and returning cash.

There is something of a hurdle to be reached as they need 75% of shareholders to vote in favour of delisting in order to get the cash back.  Cash is worth about $0.63 a share – less delisting / liquidation costs.

Though the spread is quoted as $0.47-0.52 you can actually buy at 0.5 in reasonable size.

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