Number of shares from here:
CCL_Issuer_Profile_2021.pdf (usx.co.nz) 3.609m on issue
Company Registry - 3.65m
Shareholdings (companiesoffice.govt.nz)
Looking at the documents, as at 31/3/21 they have 3.58m. Looks like new shares have been issued about 9 times since then - most of the time just a few thousand here or there.
Judging by the documents, since its inception, as shares have been sold, they have simply issued more.
Start of 2019, total shares were 3,000,000 to the 3 main shareholders/directors, and they still own the 3,000,000 - so would must been issued at XX cents each? Can't have been at $1 each (their stated value) as the company would had $3m in assets then, so wouldn't have had the growth that they state - ie assets now of $3.6m, and couldn't back the increase in share price.
As you mention TGT, large holding of BTC which is down heavily since the annual review - so hard to see how they quadrupled their net assets to justify the $3.99 valuation. Especially as don't seem to be trading. From their website:
The indicative long term portfolio weightings are provided below. To mitigate any unnecessary transaction fees or tax implications, we re-weight the portfolio through purchases as opposed to selling any of the cryptocurrencies.
Then as writing this post, I noticed another announcement! (Not yet on companies website)
DL9_Corportate_Actions_09.06.21.pdf (usx.co.nz)
So every new share appears to raise the net asset per share. Hard to sell how they value their shares, especially as just keep issuing more!!
Not sure what happens when they start to trade on the USX, no bids or offers so far. Will someone pay $3.99?? Or will they trade at a discount or premium!! Needs to be almost a daily or weekly NTA per share to be able to trade them.
Simply just not an investment for me (especially at $3.99) - just a morbid fascination on how structured and value themselves! And not clear to me. :confused: