KFL - discount to diluted NAV

[Sideshow Bob]

NAV as of Friday was $1.4069.

Still trading at $1.30

[dabsman]

I picked up a few in the last week. Just a small start. If you reinvest and participate in warrants (when economic to do so), you quickly build a decent holding. My BRM is now my biggest holding and I have only held them for 3 years.

Will be the bread and butter of my retirement income these 3 fishy funds.

[SPC]

Welcome to the Fish pond Dabsman.
They have kept me fed.

[winner69]

NAV 1.3965

Seems they pretty useless investment fund …must have too many losers or ‘hope’ shares

[777]

NAV 1.3965

Seems they pretty useless investment fund …must have too many losers or ‘hope’ shares

Explain to us what shares they hold that are losers or "hope" shares. There is only around 13 shares in the portfolio. Go on give it ago.

[winner69]

Explain to us what shares they hold that are losers or "hope" shares. There is only around 13 shares in the portfolio. Go on give it ago.

Just over a year ago NAV was over 1.70

You know the stocks that been losers since …..and the ones they are hoping’ will recover

No worries, no doubt beating the benchmark

[ronaldson]

Another monthly update (as at 30 April) released today.

Holders may be interested in a recent dive I did into the Warrant history for this share, given we live in hope just now for another one.

The first warrant issue (then called an option) coincided listing in March 2004 on a 1 for 1 basis, and could be exercised on any of 31 March 2006, 2007 or 2008.

The next warrant announcement was on 23 July 2010 on a 1 for 2 basis, again with multiple possible exercise dates in 2011 and 2012.

Then the situation "normalised" with the issue of warrants on a 1 for 4 basis with a single exercise date as follows:-

Announcement Date Exercise Date

28/10/2014 06/11/2015
18/04/2016 05/05/2017
02/07/2018 12/07/2019
05/02/2020 12/03/2021
18/10/2021 18/11/2022

So the gap between the previous warrant exercise date and the announcement date for the next warrant issue (the announcement date is followed by a record date to determine entitlement, and an allotment/listing date after that) for the sequence listed has been about 6 months, 14 months, 7 months and 7 months respectively.

We are now about six months after the last exercise date, so whilst any activity in this space is obviously director dependent some expectation is reasonable.

[mshierlaw]

Another monthly update (as at 30 April) released today.

Holders may be interested in a recent dive I did into the Warrant history for this share, given we live in hope just now for another one.

The first warrant issue (then called an option) coincided listing in March 2004 on a 1 for 1 basis, and could be exercised on any of 31 March 2006, 2007 or 2008.

The next warrant announcement was on 23 July 2010 on a 1 for 2 basis, again with multiple possible exercise dates in 2011 and 2012.

Then the situation "normalised" with the issue of warrants on a 1 for 4 basis with a single exercise date as follows:-

Announcement Date Exercise Date

28/10/2014 06/11/2015
18/04/2016 05/05/2017
02/07/2018 12/07/2019
05/02/2020 12/03/2021
18/10/2021 18/11/2022

So the gap between the previous warrant exercise date and the announcement date for the next warrant issue (the announcement date is followed by a record date to determine entitlement, and an allotment/listing date after that) for the sequence listed has been about 6 months, 14 months, 7 months and 7 months respectively.

We are now about six months after the last exercise date, so whilst any activity in this space is obviously director dependent some expectation is reasonable.

Great post, thanks.

Look back at 2017 -2018 14 months & the longest period between issues. In may 2017 SP was at 14 month low. July 2018 SP was at 20 month high. Today we are at 4 year low (excluding covid).

If I was the fund manager I would not do a rights issue at this share price. However if they do, I will back up the truck.

[alokdhir]

"Kingfish trimmed its holdings in Infratil, Fisher & Paykel Healthcare, and Summerset during the month."

Though they still have full faith in current value play ...MFT !

[Mrbuyit]

Any thoughts on where the pocket money from PPH delist will end up.