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#1 Alpha 101

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Posted 20 February 2017 - 10:01 AM

Latest SENS: Peregrine Equities bought approx 7.7%, Peregrine Capital 5.1%, and Steyn Capital 5.4% - that is nearly 20% in new hands 

 

As the company is trading far above NAV - and the face value of the Ords is still less than that of the Prefs - In essence if you own both and can veto resolutions (25% or more Ords) - you could profit from the uplift of the preference shares. There will come a time when the trade might swing - and shareholders could start shorting the Ords - and thus make money the other way too !  as long as they have 25% voting rights to look after their Pref shareholding. 

 

I would make sure you know what you are doing before departing with your cash 

 

Anyone agree - or am I missing the boat !!


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#2 LouahZA

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Posted 20 February 2017 - 09:32 AM

any idea why there is such a rapid rise in the sort term?


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#3 Highrisknogain

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Posted 17 February 2017 - 04:32 PM

They have R2bn in cash why would they need a rights issue?

I don't know what to believe anymore - Lonmin train - Lets go 


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#4 Magnet

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Posted 17 February 2017 - 03:02 PM

Maybe still short covering?

 

If they are doing a rights issue - it would surely be close to cash NAV - i.e 35c-45c

 

Directors promised news in Q! - so I guess we will all know within 40days

They have R2bn in cash why would they need a rights issue?


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#5 Alpha 101

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Posted 17 February 2017 - 11:27 AM

Maybe still short covering?

 

If they are doing a rights issue - it would surely be close to cash NAV - i.e 35c-45c

 

Directors promised news in Q! - so I guess we will all know within 40days


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#6 MrDividend

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Posted 17 February 2017 - 08:34 AM

Sorry to burst your bubble but your prefs are probably worthless.  Wait for the update. No dividends incoming for a VERY long time.

 

I also don't get it - not even sure where the cash  is going to be allocated. Maybe they will be the new grants company. Think it really is a black/red bet at the moment, but with the volumes, many seem to want to play. 


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#7 SoleTrader

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Posted 16 February 2017 - 08:35 PM

Sorry to burst your bubble but your prefs are probably worthless. Wait for the update. No dividends incoming for a VERY long time.

not if shareholder activists get involved...
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#8 Highrisknogain

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Posted 16 February 2017 - 11:36 AM

Sold out when I read the DBlive article. bit bummed could have taken it on short  :huh:


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#9 Highrisknogain

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Posted 16 February 2017 - 10:53 AM

Also their market cap is growing also fast . Wonder when this bubble will burst


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#10 Highrisknogain

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Posted 16 February 2017 - 10:46 AM

Ok ok. Why is big investment portfolio companies putting so much money if this is worth nothing . I don't understand why or am i missing something  

 

Peregrine Capital Proprietary,Steyn Capital Management Proprietary


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#11 Magnet

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Posted 16 February 2017 - 09:44 AM

First prize for me is cancelling the preference shares at R100, pay ordinary holders 25c and let the phoenix return to the ashes

 

Sorry to burst your bubble but your prefs are probably worthless.  Wait for the update. No dividends incoming for a VERY long time.


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#12 SoleTrader

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Posted 14 February 2017 - 06:16 PM

First prize for me is cancelling the preference shares at R100, pay ordinary holders 25c and let the phoenix return to the ashes
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#13 Highrisknogain

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Posted 14 February 2017 - 01:27 PM

Almost at the 50 cent mark . Don't know why its growing a cent a day ... Care to share ?


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#14 Goliath

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Posted 06 February 2017 - 02:27 PM

Not sure what all the fuss is about - the Cash NAV at 30 Sep is 35.7c

 

They expect to make 3c HEPS to end of March 2017 - so cash NAV should still be in the range of 35-40c

 

The share should trade at a discount to Cash NAV (why pay more for cash than what cash is worth)

 

The only time that cash shells have traded above NAV is when an executive team can prove that it can make value accretive deals (i.e. buy a private company on say a 6PE and the market later believes it is worth a 12PE (i.e. 100% paper/theoretical accretive)

 

I think a lot of people just bailing out - I might have stuck it out (if I didn't donate it as I did, was all in at 46c a share son of a..) if it still had interest in the "new bank" I would have held onto it but as I see it now it doesn't and hence this one falls under my gamble list but I think there better gamblers to bet on at this point! xsmile.png.pagespeed.ic.5Yux4gu5_h.png


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#15 Alpha 101

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Posted 03 February 2017 - 12:03 PM

Not sure what all the fuss is about - the Cash NAV at 30 Sep is 35.7c

 

They expect to make 3c HEPS to end of March 2017 - so cash NAV should still be in the range of 35-40c

 

The share should trade at a discount to Cash NAV (why pay more for cash than what cash is worth)

 

The only time that cash shells have traded above NAV is when an executive team can prove that it can make value accretive deals (i.e. buy a private company on say a 6PE and the market later believes it is worth a 12PE (i.e. 100% paper/theoretical accretive)

 

 


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#16 SLEEKONE

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Posted 03 February 2017 - 10:14 AM

Good question to ask would be "if institutional investors are exiting this so called Phoenix then who is buying"

Gullible investors of course


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#17 vishalsur

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Posted 03 February 2017 - 10:09 AM

Good question to ask would be "if institutional investors are exiting this so called Phoenix then who is buying"


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#18 SLEEKONE

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Posted 03 February 2017 - 09:29 AM

Wait a minute.... this is not a Phoenix, this is a chicken!!!! :o  They have zero percent holding in the new  reformed African Bank. These guys are just a subsidiary turned parent :angry:  Stay away, salvage whatever you have left. We must wait until these clowns tell us their strategy, They need to make acquisitions and make serious money before the market favors them. The big volumes are driven by institutional investors exiting this so called Phoenix.


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#19 soutie

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Posted 03 February 2017 - 08:30 AM

This is the big question from I after reading BD article posted below.....Why come to market now with no plan why not wait till end March as per CEO's comment....?


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#20 Polly

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Posted 03 February 2017 - 07:38 AM

There is a lot of value in the preference shares, even if they dont pay a dividend immediately.  If they however do pay a divi at 76% of prime, we will get a dividend of 800c this year, or close to a 25% yield.  I bought some today at R31. 

100% correct...Now if they pay the dividends on pref shares, what value/profit  is left for ordinary shares?  a pittance...

 

All this hype to pump up the stock from existing losers makes no sense...

 

Absolute rubbish this...stay away!!


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