KFL - discount to diluted NAV

[Beagle]

Yeah I got one a while back for my shares in Marlin, part of the Kingfish Group. In my opinion the best way to navigate this is to fill out the form and send it back.
No big deal...

[Snoopy]

Today I just received a letter from Computershare, because I am a KFL shareholder.
It is a Tax Residency Self-Certification Form - Individual.

It says:
"As a result of the New Zealand Government agreeing to participate in the exchange of information with other jurisdictions under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), Financial Institutions are required to undertake due diligence to determine the account holders' jurisdiction of tax residence.

This form has been sent to you on behalf of Kingfish Limited.

If you have received this form it is important the securityholders jurisdiction of tax residence is certified. If not certified, the Financial Institution in which you are a securityholder may be required to report the security holder's name, address, amounts paid to the account and value of securities to the New Zealand Inland Revenue Department who may report those details to the Internal Revenue Service of the United States or other tax autohorities."

Did anyone else get this letter? I don't understand what this is all about. I'm an NZ tax resident, lived in NZ my whole life. Why did I get this letter? Bit of a nuisance. I don't feel like filling this form out, especially when I don't know what it's about!!!

Jay, I would say don't fill the form out. Then the NZ IRD will inform the US based IRS who will inform Donald Trump that you are a fraudulent kiwi who has been impersonating yourself, and further that you have set yourself up as a New Zealander purely to avoid paying US tax.

SNOOPY

[JayRiggs]

Yeah I got one a while back for my shares in Marlin, part of the Kingfish Group. In my opinion the best way to navigate this is to fill out the form and send it back.
No big deal...

Thanks for the advice. Nice to know others got the form too. On second inspection, there isn't that much to fill out, so I'll just do it.

[JayRiggs]

Jay, I would say don't fill the form out. Then the NZ IRD will inform the US based IRS who will inform Donald Trump that you are a fraudulent kiwi who has been impersonating yourself, and further that you have set yourself up as a New Zealander purely to avoid paying US tax.

SNOOPY

gulp! That leaves me with no choice!

[JayRiggs]

Welcome to my world

Follow Beagle's or Snoopy's path, take your pick

[Snow Leopard]

Follow Beagle's or Snoopy's path, take your pick

If I filled them in I ended up with some ignorant halfwit phoning me to tell me that the information was incorrect, that I should consult a tax advisor and I needed to redo the form.

So now I don't fill them in and when the ignorant halfwit phones me and threatens to report me to the tax authorities I tell him to go ahead.

And at the appropriate time of year for each country I have to deal with I do my tax returns with all the information and they are happy.

[Beagle]

Follow Beagle's or Snoopy's path, take your pick

Pretty sure the other Beagle's post is tongue in cheek

Getting back to the Kingfish group. KFL discount to NTA is about average at present but Barramundi BRM is presenting as quite the opportunity especially the warrants BRMWE !
I have valued the warrants at 7.4 cents as of yesterday which is quite the delta to the current price of 3.0 cents.
Valuation assumes fair value of BRM is 10% discount to NTA which is a slightly deeper discount that the historical long run average and deeper than the average Marlin of Kingfish trade at. Disc: I have backed the truck and trailer up on BRMWE and will exercise these warrants on 25 October 2019 to crystalize their true value.
Free lunch on offer with the Barramundi warrants but you must have the 58 cents per warrant available at exercise and exercise them to get the real value out of this.

[justakiwi]

KFL sitting at $1.58 today. Is this just a reflection of their positive half yearly results/report? Whatever it is, I’m happy

[winner69]

KFL sitting at $1.58 today. Is this just a reflection of their positive half yearly results/report? Whatever it is, I’m happy

More a reflection of the stocks they hold going gangbusters

Everything they touch lately has turned to gold

[Beagle]

In their most recent publication they said they'd sold out their remaining small stake in FBU and topped up their stake in SUM.
SUM now in their top five holdings at 9% and ahead of their RYM stake despite the latter having several times the market cap.
Maybe they believe share prices follow earnings too ?
It seems that way and interestingly in recent months the discount to NTAS across the group has narrowed down quite significantly from historical averages.
This would suggest investors are increasingly comfortable with their investments with the Kingfish group and happy to buy on even a modest 2-5% discount to NTA.