Rasmala – tender at 150 buy at 143 – do it now!

Rasmala offer announced – you can buy at 143 in the market (now 147 (someone bought some 🙂 ), tender at 150 – making a quick 4.8% profit…

You might want to keep your eyes open on this.

Due to how nominee accounts work – all the shareholders at your brokerage are in a pooled account.  That account of (say) 1m shares has rights to tender and be filled 74% in line with the tender offer. If not everyone tenders all their shares you can get filled 100%, in effect, free money.

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KR1 – Kryptonite 1 Good results re-entering

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Got shaken out of my KR1 position by large falls in Krypto prices coupled with news China were restricting Crypto.

Bought back a 2.4% portfolio weight first thing this morning – this is nicely up already.  Not the smartest way to trade – going in and out of stuff like this at a 20% spread just makes market makers rich, even if you are trading profitably…

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Kazmunai Gas – Minority Stake trading at near cash value, likely to realise soon

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Just put a small (3% portfolio weight) into KazMunaiGas (Exploration and Production).

This is an unconsolidated subsidiary of the Kazakhstan National Gas company.  This subsidiary is quite a large company – worth c$4Bn.  The value of the cash / current assets is about $10.1 per share (more if you exclude treasury shares) whilst the share price is about $10.  In effect, you can buy an oil company pretty much for free.

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Exiting KR1 – 4.5p +15% – not enough upside

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Exited KR1.  The price went up a bit from my entry at 3.75.  Coupled with this, the price of the underlying crypto fell quite a lot – 20-30% following China’s ban on ICO’s.  Nothing like good timing – and this was nothing like good timing….

This left it at a discount of about 10% at one point, so I wasnt inclined to hold.  There has also been quite a bit of selling of KR1 – today all trades were pretty much sells…

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Kryptonite 1 (KR1)- Cryptocurrency Investment Trust?

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Just put a small weight in the somewhat oddly named Kryptonite 1.

This is a very small (£3.4m) market cap company.  It invests in the blockchain ecosystem.

I am investing in this as tracking the current value of their holdings on http://www.coinmarketcap.com you can see that they are worth about double the existing market cap.

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Cryptocurrency

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Quiet few months for me – its been very hard to find good ideas.

This has led me to look outside the beaten path and I have decided to put a small portfolio weight in bitcoin / related cryptocurrency. I’ve somewhat changed my mind on this.  I did think of them as tulips.  Now I think they might not be, and even if they are – there is opportunity for money to be made.  All one needs to do is double your money and sell half – in crypto world an easy thing to do, and its all free from there.

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DUPD – exiting at just over 15p – c+14%

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Just exited my Dragon Ukrainian Property position at a touch over 15p.  This is a pretty disappointing result.  It is far less than the company’s NAV which is more than double this amount.

The tender offer has been accepted by over 50% (59.61%) of the shareholders at 15p.  This means it will happen.  The remaining shareholders have until August the first to tender (brokers may have earlier deadlines)   If more than 75% accept it’s likely the company will be delisted, if 90% accept the minority gets squeezed out.

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Tejoori 37c tender offer – don’t accept, its worth almost double…

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Just got a notice from my broker – Hargreaves Lansdown that there has been a 0.37c tender offer for all of Tejoori from Southey Capital Ltd.

There havent been any RNS’s about this so many in the market may not yet know.

I have had a think about this and I won’t be accepting.

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$DDDD 4D Pharma – an experiment

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A couple of weeks ago I bought a very small (just over 1%) (probably too small) portfolio weight in 4D Pharma at 247p per share.

This is very much an experiment for me – its the first pharma stock I have ever bought in my 17 years investing.

DDDD are a company involved in developing remedies related to bio-theraputics.  This is using the body’s own bacteria / product of that bacteria to heal.  They are initially focused on gastrointestinal issues.

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$TRB – closing Tribal +57% / +200%

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Closed the last of my Tribal at about 79.  This is over 200% of my entry cost, however I only made 57% over the total position.

This is somewhat mitigated by the large size – at peak this was 20%+ of my portfolio.  This pretty much made it that I had to sell all the way up.  I have a rule that I dont go above 20-30% weights. Might be one to think about as it means I am not enjoying the full result of rapidly compounding shares but on the other hand it manages risk…  I think improving this aspect of my investing should be a focus going forwards.

It was very large when I started so I sold out all the way up.

I think at the current prices a recovery is very well priced in.  Even if we believe there is going to be a good recovery in margins to 10% – which they have struggled to reach then we get to a multiple that’s pretty high.  I should have looked at this / sold in the 90s and to some degree am reacting to the recent dip in the share price…

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