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  1. #731
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    No it's was changed a year or two back. Previously the exercise price was fixed. More recently they now deduct dividends paid to calculate the exercise price. I've owned all three funds since each listed...very large holding has accumulated over time.

  2. #732
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    Quote Originally Posted by SPC View Post
    No it's was changed a year or two back. Previously the exercise price was fixed. More recently they now deduct dividends paid to calculate the exercise price. I've owned all three funds since each listed...very large holding has accumulated over time.
    On looking back at the early issues you are correct. The WA and WB were issued at a price that reflected the dividend payments to come. The WC, and after, quoted the adjustment in price for dividends paid during the period. There was one lot that were not in the money at exercise day if I remember correctly.

  3. #733
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    Yes on a one or two occasions the fixed warrant price exceeded the market price on the exercise date and so most warrants weren't exercised..ie no additional funds were pulled in. They've sharpened the offering now and so far so good...new shares at at a discount.

  4. #734
    ShareTrader Legend Beagle's Avatar
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    There was a really positive atmosphere at last weeks annual meeting quite probably partly because they have outperformed the ASX by an incredible 19% in the last year.
    I had a good chat with Robbie after the meeting and was very impressed by him. I think he and his team have done a stellar job since coming on board a few years ago.
    With that sort of performance there is no need for me to work myself to the bone researching and analyzing Australian companies and I am happy to leave all my offshore investing to the team at Barramundi and Marlin.
    https://www.youtube.com/embed/QfE6Ti0-_ck?rel=0
    Last edited by Beagle; 28-10-2020 at 10:40 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  5. #735
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    With BRM KFL MLN holdings you have a portfolio of approx 100 stocks across the globe in a whole range of sectors. Diversified to the max and all paid for in NZ dollars. Buy or sell anytime on nxz.
    Tax efficient. Professional manager. Quarterly divs. Been in from the start. Rocky start on two but they're 9n the way now Add a local property fund and set and forget.

  6. #736
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    Quote Originally Posted by SPC View Post
    No it's was changed a year or two back. Previously the exercise price was fixed. More recently they now deduct dividends paid to calculate the exercise price. I've owned all three funds since each listed...very large holding has accumulated over time.
    Thanks SPC so anyone know the reason for the change? Makes a bit of a sense as I guess the Warrants immediately become more attractive.

  7. #737
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    Hi Seadog yes the change more or lease endured the actual exercise price on the date was most likely to be less than the trading price at that date, otherwise holders wouldn't be inclined to exercise them. No advantage. I've held warrants that weren't worth exercising as the set price exceeded the market price..ie worthless. In the end what the manager wants us more investment cash for growth. Warrants are method used here.

  8. #738
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    Quote Originally Posted by SPC View Post
    Hi Seadog yes the change more or lease endured the actual exercise price on the date was most likely to be less than the trading price at that date, otherwise holders wouldn't be inclined to exercise them. No advantage. I've held warrants that weren't worth exercising as the set price exceeded the market price..ie worthless. In the end what the manager wants us more investment cash for growth. Warrants are method used here.
    Cheers SPC

  9. #739
    Junior Member teabag's Avatar
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    Any reason why the current SP (0.85) is trading so much over NTA (0.7575)? A 12% premium seems too much, even for an excellent manager. I've been waiting to accumulate more, but just can't bring myself to do so at those prices.

  10. #740
    ShareTrader Legend Beagle's Avatar
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    Hmmm...does seem a bit much but the whole group are now trading at a premium to NTA of varying degrees. People at the annual meeting were astonished and pleased to note BRM has beaten the index by a whopping 19% in the last year. I asked the CIO whether he had ever done this before and he said no so its probably best to take a 3 year view.

    The question one must ask oneself is this. How much of a premium, (if anything) am I prepared to pay to NTA to have my money invested with this team, Marlin or Kingfish given on an NTA to NTA basis, (so after fees, managers expenses and performance fees), they have beaten their respective benchmark indices on average per annum over the last 3 years by :- (source Sept 2020 quarterly reports)
    BRM 8.9% http://nzx-prod-s7fsd7f98s.s3-websit...876/333422.pdf
    MLN 9.7% http://nzx-prod-s7fsd7f98s.s3-websit...879/333424.pdf
    KFL 2.5% http://nzx-prod-s7fsd7f98s.s3-websit...873/333416.pdf

    I can't answer that question, each person has to decode this situation and decide for themselves but I have a few thoughts to share.
    With the mangers performance I think the days of people expecting to buy any of these funds at a discount...well, they'll be lucky, I'll put it that way.
    Could it be with so many companies deferring or cancelling dividends this year with Covid and with interest rates at 100 year lows, that retired folks are flocking to the 8% tax free PIE dividends of this group as a way to increase their income. Classic set and forget and get 2% tax free dividend every quarter is extremely attractive !
    Maybe people need to be considering the warrants as the only way into these excellent funds without paying a premium ?

    Believe me I would LOVE to buy some BRM and MLN at a discount to NTA or even at NTA.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

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