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Thread: Marlin

  1. #21
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    Default Fisher's global fund offer a big hit

    From the NZ Herald:

    2:07PM Wednesday October 31, 2007

    Marlin Global's $70 million initial public offering has been oversubscribed by $33 million.

    Marlin, a listed investment company managed by Fisher Funds, has elected not to scale investors.

    The fund was established to invest in smaller growth companies outside New Zealand and Australia.

    Managing director of Fisher Funds, Carmel Fisher, said Marlin would focus on just 30 to 40 international growth stories.

    She said the oversubscription showed clear support "for our long term investment approach, our focus on picking individual stocks, and the appealing nature of growth opportunities that lie outside our local markets".

    Investors in the IPO will receive one Marlin warrant for every two Marlin shares, having paid $1 per share.

    Fisher Funds also manages Kingfish, a fund for New Zealand shares, and Barramundi , for Australian shares, as well as non-listed managed funds.

    It currently manages around $680m in New Zealand funds and $430m in Australian funds.

    Marlin shares and warrants are expected to be listed on the NZSX on November 1.

    - NZPA

  2. #22
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    Fisher Funds has raised $103 million for its soon-to-be listed international share fund Marlin.
    The company sought $70 million in its IPO but had the option to accept a further $70 million in oversubscriptions.
    Fisher Funds managing director Carmel Fisher says the offer won't be scaled. Its earlier IPO, Barramundi was scaled.
    Marlin will invest in smaller growth companies from around the world (not based or listed in New Zealand or Australia). It aims to hold between 30 and 40 stocks. Investors in the IPO will receive one Marlin warrant for every two Marlin shares.
    The shares and warrants are expected to be listed on the NZSX tomorrow.

  3. #23
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    Those who followed Fisher into Australia are well behind the performance of that market. Market is up 25% (med cap) and currency movement makes that 31% in NZ$ terms.

    Barramundi is only up 2% plus 12.2% if you include the warrant.

    Tells the story, doesn't it?

  4. #24
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    Whats the code ofthe heads and warrants?

  5. #25
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    MLN and MLNWA.

    Long term investor.

  6. #26
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    Marlin will underperform the markets just as Barramundi (already 17% behind the ASX in one year). Fisher Funds have no competitive advantage in international markets just as in ASX.

  7. #27
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    Quote by Balance...

    "Those who followed Fisher into Australia are well behind the performance of that market. Market is up 25% (med cap) and currency movement makes that 31% in NZ$ terms.

    Barramundi is only up 2% plus 12.2% if you include the warrant.

    Tells the story, doesn't it?"



    What value are you using for performance?

    The NTA is 1.2295 as at the 24/10/07. Vastly different from what the the market wishes to pay for them, 1.03.

  8. #28
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    Quote Originally Posted by 777 View Post
    Quote by Balance...

    "Those who followed Fisher into Australia are well behind the performance of that market. Market is up 25% (med cap) and currency movement makes that 31% in NZ$ terms.

    Barramundi is only up 2% plus 12.2% if you include the warrant.

    Tells the story, doesn't it?"



    What value are you using for performance?

    The NTA is 1.2295 as at the 24/10/07. Vastly different from what the the market wishes to pay for them, 1.03.
    Not really. Fully diluted NTA is $1.15 and that's the number you have to use. The market is pretty good, isn't it?

    Whichever way you cut it, 17% underperformance in a year is staggering bad.

  9. #29
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    Heads at 91, warrants at 23 = 102.5 equivalent. Not great but would expect it to slowly move up from here. 3 year options have significant time value and there is about 99 cents of cash per head and option.

  10. #30
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    Quote Originally Posted by ratkin View Post

    .....Given a choice between Merlin at a premium or the aussie ones at a discount i know which i would invest in
    ..... bur MERLIN might be able to weave some magic ..... some real magic at that

  11. #31
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    Default Pie

    The advantage over the Aussie ones may be that Marlin will be a pie..The under performance of Barrimundi compared with the index may be that the Index funds are commodity based and most would include the big companies. Fishers are small company long term investors. Again with Barrimundi the advantage is that it is a PIE exempt from the Foreign Investor limitations.
    (Hold all Fisher products also AFI now outperforming in Aussie)

  12. #32
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    This has been a classic case of "When the DUCKS are quacking, feed them"!!! all the cash taken off punters for what, just like the listing/launching of Platinum Capital in the 90's took a long time before the heads & the warrants regained the issue price IMHO..

  13. #33
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    Look at KFL in NZ - ran out of puff. But Fisher was clever enough to use that to launch BRM.

    BRM has underperformed (and it is not the ASX only but the mid-cap index as well) by 17%. BRM has gone from trading at a premium to trading at a discount.

    Now Marlin has opened with a whimper and those playing the warrants are keeping the overall situation at level. But against a head share trading at 90 cents.

    Underperformance and so typical of NZ investors.

  14. #34
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    Options coming off a little still over priced dispited the long term exercise date

  15. #35
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    Trading lower. Now why would people put money into a managed fund (yes, managed fund) and sell out a few days later at a loss?

    Maybe waking up to the fact that KFL is underperforming badly. BRM is performing poorly. And Marlin is going deep sea diving?

  16. #36
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    Anyone know when we can expect to hear about how they're spending the money & on what?

  17. #37
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    Talking

    I go along with what you say RATKIN though topped up with BRWA instead.A bit more of the known at this stage to diversify away from the NZ market.NZ market investment options are becoming rather limited.
    living2

  18. #38
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    Spent all day yesterday trying to find a new zealand company to invest in (that didnt already hold). Couldnt find anything , gave up and bought marlin instead

  19. #39
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    I'm not sure about Marlin, but DO agree that there are very slim pickings on NZX right now. I don't see anything that I'd think is undervalued..
    Stocks- ADY, AED, BMN, BURO, GBG, GGP, MON, NWE, RAUO, ROY, TNG, TZL

  20. #40
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    Quote Originally Posted by strayda View Post
    I'm not sure about Marlin, but DO agree that there are very slim pickings on NZX right now. I don't see anything that I'd think is undervalued..
    I'm waiting for PPL to bottom out.

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