Marlin

[winner69]

Discount to NAV shrinking

You guys could be on to something here.

[Beagle]

Bizarre that the shares have been trading ay 95 cents and the warrants at 10 cents. Exercise price is 81 cps so warrant price should be 14 cps. Pretty good delta there for anyone who wants the leverage and optionality that these confer thrown in to the bargain for free.

[winner69]

Bizarre that the shares have been trading ay 95 cents and the warrants at 10 cents. Exercise price is 81 cps so warrant price should be 14 cps. Pretty good delta there for anyone who wants the leverage and optionality that these confer thrown in to the bargain for free.

Share price falling back to somewhere near where the warrants say it should be.

Weird eh

[Beagle]

Overseas markets on fire, still a great delta on the warrants at 12 cps. 95c head share price plus gains to come today from very strong international markets, say 96 cents, less 81 cent exercise price = 15 cent theoretical warrant price, (excluding the value of the leverage and optionality which I would still argue is worth something).

Opportunity knocks with the offer at 12.5 cps ?...you folks decide.

[tim23]

Shame about the suspended trade today was tracking nicely - getting closer to NTA...

[Beagle]

http://nzx-prod-s7fsd7f98s.s3-websit...821/286679.pdf
Marlin team doing very well and significantly exceeding their benchmark.
Worth noting for those that don't know that this is a PIE fund so 8% distributions are tax free, effective rate for shareholders with a top marginal tax rate of 33% is
therefore 8 / 0.67 = 11.94% gross.
I like the fact that the majority of their fund is invested in North American companies. Warrants theoretical value with shares at 93 cents, (exercise price is now 83 cents less 4 cents dividends paid = 79 cents) is 93-79 = 14 cents per warrant.
Disc: Holding warrants and planning on exercising them when they mature in April 2019.

[winner69]

I see the discount to NAV last count was below 10%

Wonder what’s happened to NAV this week

[Beagle]

Dow 2% to $1.02 as at 9/10/18. Would be under $1.00 now for sure. Sold most of my warrants today.

[winner69]

OMG ...the discount gap to NAV has shrunk dramatically and down to 3%

Good call king ......hope it doesn’t expand again

[winner69]

MLN trading at a premium to NAV according to last announcement

That’s some turn around from the 15% plus discount to NAV a few months ago

You guys called this right in thatbit didn’t deserve to be discounted soo much