Marlin

[Steve]

Most telling comment from Marlin today is that if it is unlisted, it will lose protection of NZX listing rules!

God helps those who are already in Fishers' unlisted trusts!!!!!!!!

Obviously such a stupid comment wasn't vetted by a PR company! You would like to think that their governance standard wasn't so weak that their standards would slip just because they didn't have to comply with the NZX listing rules...

[OldRider]

http://www.asx.com.au/products/pdf/lmi/ ... 200906.pdf

Discovered this report the other day, and noticed the large variations between prices and NAV's in a number of shares.
PMC @ 13% over nav
TGG @ 25% under nav for example.

MLN @ about 20% under NAV is within the variation shown by similar ASX listed funds.

I have the thought that good growth potential exists in many of these LIC's , at a lower risk than other choices, so have been collecting a few on lower price days, growth over the last month or two has been encouraging, amd hopefully will continue.

[OldRider]

http://www.asx.com.au/products/pdf/l...nta_200906.pdf

link in previous post didn't seem to copy properly so trying again.

[COLIN]

http://www.asx.com.au/products/pdf/lmi/ ... 200906.pdf

Discovered this report the other day, and noticed the large variations between prices and NAV's in a number of shares.
PMC @ 13% over nav
TGG @ 25% under nav for example.

MLN @ about 20% under NAV is within the variation shown by similar ASX listed funds.

I have the thought that good growth potential exists in many of these LIC's , at a lower risk than other choices, so have been collecting a few on lower price days, growth over the last month or two has been encouraging, amd hopefully will continue.

OR: I reckon that the Marlin warrants (MLNWA) are the way to go, in this uptrending market. The exercise date is not until October 2010 and you can still get them for around 6c. I bought 100k a couple of months back.
(Latest nta for MLN was $1.04 - before last night's offshore upsurge.)

[OldRider]

Colin:
The warrants are an idea. I look after ASX & NZX shares myself, but use investment companies for the foreign portion of our investments.

It has been a point of interest for me how, for example RCP in UK, and others are similar, have maintained their share prices, RCP today has NAV 944p share price 963.5p.

Yet MLN locally, and a number on ASX have SP well below NAV.

INE for example at half NAV and TGG as mentioned before @ 25% discount, AGF @ 20% lower than NAV, with few shares selling over NAV.

I realise size, liquidity and dividend payments, need to be taken into account, but can't help having the view that these Australasian companies are well oversold. I have bitten the bullet and reduced amounts in British Trusts and reinvested in ASX International Lic's.

Pondering at the moment whether to go further in the direction. Have any thoughts?

[COLIN]

Colin:
The warrants are an idea. I look after ASX & NZX shares myself, but use investment companies for the foreign portion of our investments.

It has been a point of interest for me how, for example RCP in UK, and others are similar, have maintained their share prices, RCP today has NAV 944p share price 963.5p.

Yet MLN locally, and a number on ASX have SP well below NAV.

INE for example at half NAV and TGG as mentioned before @ 25% discount, AGF @ 20% lower than NAV, with few shares selling over NAV.

I realise size, liquidity and dividend payments, need to be taken into account, but can't help having the view that these Australasian companies are well oversold. I have bitten the bullet and reduced amounts in British Trusts and reinvested in ASX International Lic's.

Pondering at the moment whether to go further in the direction. Have any thoughts?

OR: Interested to see you mention INE. I had been seeking some exposure to the India growth story and decided that the most practical way was to buy into INE which I did, a couple of weeks ago, at 52c,and within a few days they had announced a 1:3 renouncable rights issue at 40c. Consequently the share price is now 20% above what I paid for them.

My view as regards these portfolio investment entities which are selling at significant discounts, is that the discount is much more likely to narrow than to widen, particularly in a rising market, so you stand to gain on both scores. As the young ones say these days, "its a no-brainer!".

Like you, I prefer to invest directly in the NZ & Aus markets, but generally use fund managers for other markets where it is not practicable to gain sufficient knowledge oneself of all the opportunities and pitfalls and methods of operation. The Bombay Stock Exchange could be a scary place!

One has to carefully research and select the right fund manager, of course.

[ratkin]

Marlin having much more luck than kingfisher or barramndi.
Actually seems to have invested in some decent companies, another one of them is subject to takeover
at a whopping 50% above current shareprice.

[Voltaire]

Marlin having much more luck than kingfisher or barramndi.
Actually seems to have invested in some decent companies, another one of them is subject to takeover
at a whopping 50% above current shareprice.

True, though there's a bit of hoopla involved in their press release - it's a whopping 50% above the shareprice for a company that made up less than 1% of the Marlin portfolio (as at portfolio summary date of 31/12/09 - listed in the recent interim report).

Disc. hold MLNWA

[p2r]

From 53c to 93 is OK and it is the NZ dollar weakening will help. Buy back occuring. NTV was up a couple of c last week to $1.15.
Yes I think the stock picking is OK and the WAs may be worth cashing in Oct. Worth it at 3 c anyway.

They certainly struggled at the start dropping to 70c ntv in 2008 but they can move up fast.

[OldRider]

I see 37,780 warrants were converted into shares today @ 1.00 each,
I wonder why this was done when the shares could be bought at
92 cents each on market and saved $3,000.00 ?

Must be something I don't know !