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  1. #211
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    I notice the NAV is down only 3cents since last week yet the shareprice has tanked , people concentrating too much on the bad news , ie rakon and pumpkin patch.

    Ryman and mainfreight very solid and are the two largest holdings

  2. #212
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    Wink KFL heading down

    Quote Originally Posted by ratkin View Post
    I notice the NAV is down only 3cents since last week yet the shareprice has tanked , people concentrating too much on the bad news , ie rakon and pumpkin patch.

    Ryman and mainfreight very solid and are the two largest holdings
    Agree with you Ratkin. Am finding the markets hard to follow at present.
    Rym reports a record profit increase of 22% and pessimism abounds. Likewise MFT increase by 9% My guess is Carmel thinks Monday or even later will be even better buying when the pessimism peaks. She probably can't believe whats happening either. She bought back too soon. Even SLG looking promising. Glad I sold out before but am looking closely at how far this dog falls. Could be quite a bargain if the suckers keep it falling. Just want to time it at peak pessimism and not before.

  3. #213
    Speedy Az winner69's Avatar
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    Quote Originally Posted by D_Pick View Post
    Does anyone else think that the current discount to diluted NAV is a bit large for Kingfish limited?

    Ordinary Shares trading at 95 cents
    NAV per ordinary share = 134.89 cents
    Diluted NAV per ordinary share (allowing for conversion of warrants at $1.00) = 117.56 cents

    Discount to NAV per ordinary share = 29.6%
    Discount to NAV per diluted ordinary share = 19.2%
    This was the first post on this thread 2 years ago

    Same story about the discount to NAV (a lot of which is the NPV of future management fees anyway) .......... but at least 30% up over 2 years ..... good stuff ...... and slightly better than the NZX50

  4. #214
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    KFL SP is holding up pretty well given the sell off in PPL and RAK today.
    Toddy

  5. #215
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    Quote Originally Posted by Toddy View Post
    KFL SP is holding up pretty well given the sell off in PPL and RAK today.
    KFL a buck flat.
    March 08 warrants 2 cents.

    Remember the good old days.
    Toddy

  6. #216
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Toddy View Post
    KFL a buck flat.
    March 08 warrants 2 cents.

    Remember the good old days.

    Amazing eh --- and they say NAV is $1.58 ($1.34 diluted)

    Wonder what happened to the investment guru .......... that announcement today created some doubt

    Is that why the 11% fall today ..... or are some punters so worried that all the KFL investments will go broke so they may as well get out now?

    Even Marlin took a dive today

    Treetops will be buying up big .... where is treetops I wonder

  7. #217
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    KFL has some great stocks that will perform well in the long term. However, the problem with owning large chunks of small NZ businesses is that when the chips are down you have your hands tied.
    Toddy

  8. #218
    Senior Member Toulouse - Luzern's Avatar
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    Unhappy Todays announcements (x3) on NZX

    Hi
    Check it out on DB site - KFL, MLN, BRM - and eg as posted below for KFL

    Todays NZX announcements W Couillault resigns as Director, continues as employee for KFL, MLN, BRM.
    New Director will be announced next week...
    For many the drop in NAV for FFM, funds in NZ and OZ is..."sickening"
    What is going on ...
    therefore what?
    Any insights...
    TL

    KFL
    15/02/2008
    GENERAL

    REL: 1102 HRS Kingfish Limited

    GENERAL: KFL: Fisher Funds update

    Warren Couillault has resigned as a director of Fisher Funds Management Ltd.
    He remains an employee of Fisher Funds. The appointment of another director
    will be announced early next week.
    End CA:00160548 For:KFL Type:GENERAL Time:2008-02-15:11:02:39
    Last edited by Toulouse - Luzern; 15-02-2008 at 01:20 PM. Reason: spelling

  9. #219
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    They are certainly in disarray.

    My feeling is BRM and Credit corp are Warrens, and he has been made to front up & fall on his sword.

    There is a newletter in Fishers fund where they talk about global sharemarkets and whether to cash in KFLWAs if KFL is less than $1. I suppose not.
    And all the talk about excessive bonuses, warrants leveraging down the NTA, and PIEs tax benefits is irrelevant when they are losing money.

    As well as being hammered in OZ, RYM & PPL etc have dropped like stones.

    I think the listed KFL, BRM & MLN have fared worse than the unit trust (& NZ Superfund) because of market sentiment, but the buy backs have held up the prices a bit.

    Buying back warrants for 30c (as KFL) has been a waste of money.

    MLN still has lots of cash so might be OK.

    Where to now? Will KFL issue more warrants. Got to be a worry in this declining market who will buy them. I can see why warrants are useful for resource companies but perhaps investments should never go up enough to make them worthwhile
    Make NZ good and great, God defend NZ.

  10. #220
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    Just a point that may not have been mentioned. The manager of the various Fisher Funds is compensated on the basis of the NAV and not the share price. When I found this out I sold my shares in Marlin two months ago at a big loss.

    Before doing so I rang Fisher Funds and told them that the structure of the funds was wrong (as determined by the massive discounts of the share prices). I said the moral action would be for them to admit the flaws with the fund's structures and liquidate and give the money back to shareholders.

    Of course they rejected that idea!

    I see that Fishers have been buying stock in BRM and KFL to support the prices. This is rational considering the NAV's. However, the MOST rational act for the shareholders is fund liquidation and distribution.

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