PV Crystalox Solar – Another liquidation play

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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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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