KFL - discount to diluted NAV

[alokdhir]

If one compare from largest holdings of 2023 and 2024 Annual reports ....only one account via ASB Nominees holdings have come down substantially ...appox 5 million shares less

I assume its of Carmel Fisher ...holdings down from 9.4 million to 4.8 million ...still some left to dispose if aim is to fully cash out !!!

[alokdhir]

The way KFL is buying back soon they will have. more shares then most ....their name can come in Top 20 holdings list soon ...lol

But Good on them ...its best. value with 11.2% discount to NAV ...today's shud be around $ 1.3150 !!!

[Rawz]

The way KFL is buying back soon they will have. more shares then most ....their name can come in Top 20 holdings list soon ...lol

But Good on them ...its best. value with 11.2% discount to NAV ...today's shud be around $ 1.3150 !!!

They should buy as many of their shares as they can while the underlying holdings are near their lows and there is a huge discount to NAV.

Like buy enough for 5 years dividend reinvestment program. That way they won’t need to sell holdings on the way back up the cycle

[ronaldson]

The 2m buy order for warrants at $0.001 has now been completely mopped up. Allowed a few larger holders to exit for a little more than the cost of brokerage, but a circumstance that will not be seen again IMO.

I still can't figure out why the buyer would literally throw money away, but then again the next opportunity comes when the warrants are available to be exercised. We will all be able to see how many are taken up on that occasion and wonder at the mindlessness of it. I suppose the only possible saving grace would be that taking up warrants at $1.26 will still be acquisition at less than NTA. Certainly the KFL managers are busy in the market every day buying at the current on-market price, which surely is a better return on investment than adding to any of the current holdings that make the KFL "basket".

[Ferg]

I still can't figure out why the buyer would literally throw money away, but then again the next opportunity comes when the warrants are available to be exercised. We will all be able to see how many are taken up on that occasion and wonder at the mindlessness of it.

I have seen this sort of behaviour previously with posters on reddit's 'wall street bets' where punters throw money at short dated options that are out of the money. It's gambling in the hope of outrageous returns with a small % chance of success. I don't think you will see the warrants exercised - the punter is hoping for a miracle. That said there have been some unusual price movements in a couple of investments in the KFL basket lately but I suspect it is not enough to have a meaningful impact on KFL NTA.

[winner69]

Market likes sound of Orr’s speech today

Lower rates and NZD giving FPH and MFT a big boost

Go Kingfish

[alokdhir]

Market likes sound of Orr’s speech today

Lower rates and NZD giving FPH and MFT a big boost

Go Kingfish

Needs more whole hearted encouragement ...NAV is close to $ 1.33 and discount widest we have seen recently ...12 % ...looks like enemies of the fund making sure warrants go dud ...lol ...friends need wake up ...

[tim23]

Needs more whole hearted encouragement ...NAV is close to $ 1.33 and discount widest we have seen recently ...12 % ...looks like enemies of the fund making sure warrants go dud ...lol ...friends need wake up ...

Historically the discount has been around 10% likewise for MLN and BRM but oddly for a window of euphoria they traded at a premium- back to normal now.

[alokdhir]

Historically the discount has been around 10% likewise for MLN and BRM but oddly for a window of euphoria they traded at a premium- back to normal now.

https://kingfish.co.nz/documents/nav...978-315660.pdf

Just a random day before covid ...historically it's around 2-3 % and not 10% ....coming from a holder since 2010 ....yes premium was one off and wont happen again ....imho

PS : Buybacks levels was 10% then 8% and now 6% ...slowly slowly they trying to bring SP closer to NAV

[mike2020]

My question is how much more can they afford to buy? At such a discount is it viable for them to buy the fund and sell head shares proportionally?
I find it odd SUM and RYM reacted so quickly.