Note: this is an extremely illiquid situation. I purchased a few hundred shares over the week following the announcement, but have been unable to acquire any more at a price I consider safe. Therefore, this may not be an overly actionable idea, but is still interesting nonetheless. Business overview Friends Bank (FRIE) is an … Continue reading Friends Bank (OTC:FRIE)
Realm Therapeutics (AIM:RLM)
Disclosure - my firm and I have a substantial investment in Realm Therapeutics. The following should not be viewed as financial advice or a recommendation. Summary Realm Therapeutics, is a broken bio-tech, currently trading at a substantial discount to our estimated cash backing of 16p per share. We believe this opportunity exists for two … Continue reading Realm Therapeutics (AIM:RLM)
The Local Shopping REIT – Part 2
Recap Last month I posted a short summary describing why I thought LSR represented an interesting short term, arbitrage bet. The short version was: LSR traded at a substantial discount to its NAV and the largest shareholder had announced they may make a bid for the remaining shares. At the time, the stock was trading around 27p … Continue reading The Local Shopping REIT – Part 2
The Local Shopping REIT (LSE:LSR)
Overview The Local Shopping REIT (LSR) has been on my watch list for some time now as the company has been pursuing an orderly liquidation. I never built a position because the potential upside was never enough to justify the uncertain timing of the returns or the final realisable value. The situation changed last Wednesday … Continue reading The Local Shopping REIT (LSE:LSR)
Radisson Hospitality AB (OM:RADH)
This is going to be a brief post summarising my recent decision to purchase Radission Hospitality (RADH). Full disclosure, I own a material stake in RADH purchased ~2-3 months ago, however, I will base all number on today's price of ~SEK 36.00 The timeline In August of this year, HNA Group (a Chinese consortium) … Continue reading Radisson Hospitality AB (OM:RADH)
Retail Holdings NV (OTC:RHDGF)
Summary This is going to be a rather brief post because the underlying thesis is quite simple and Dave Waters has already written about it on multiple occasions via his terrific (albeit quieter than it used to be...) blog otcadventures.com Retail Holdings (ReHo) has been an extremely slow moving liquidation story. The short investment pitch is that … Continue reading Retail Holdings NV (OTC:RHDGF)
Parks! America (OTC:PRKA)
Summary Despite its tiny market capitalisation, Parks America is a surprisingly high quality, albeit niche, business. The combination of a high performing park and a loss making one, together with an unusually large number of "rainy weekends" has created an interesting investment setup. On a normalised basis (excluding the loss making site) the group should … Continue reading Parks! America (OTC:PRKA)
Countplus Ltd (ASX:CUP)
Last week I posted my latest investment idea on SumZero and I thought it may be of interest to anyone who follows my blog that doesn't have access to the site. Firstly, a hat tip to @CapitalHInvest who recently wrote a great piece on CountPlus (ASX:CUP) as I was in the process of acquiring stock/developing my thesis. It can … Continue reading Countplus Ltd (ASX:CUP)
2018 fiscal year review
Given most of the money I manage is via my family account and subject to the Australian tax year (30 June year end) I thought I would use the work I was already doing in preparing the accounts as an opportunity to record a review of the year gone by. the numbers 2018 proved … Continue reading 2018 fiscal year review
Mitula Group (ASX:MUA)
Earlier this week, ASX listed Mitula Group (ASX:MUA) announced that the board had received (and was unanimously recommending) a takeover offer from TSE listed group, LIFULL Co (TSE:2120). Mitula is a logical acquisition for LIFULL given they acquired its main competitor, Trovit, in 2014. Combining the groups will create one of the largest online classifieds … Continue reading Mitula Group (ASX:MUA)
