Kflwh

[percy]

I no longer hold any EBO,FPH,MFT,IFT,DGL,CEN or MEL...
To have an interest in the above shares I bought 25,000 KFLWHs this morning at 6.9 cents. 6.9 cents [$1,755] seems to be a good price to control $1.41 of nta [$35,250].
If those excellent shares continue to perform and KFL share price reflects their performance I will hopefully be well in the money.

The reason I bought these options remains intact.

[Toddy]

Maybe it's because I ran and did accounting of derivatives for years.
The models have their place, especially as the banks loved to s rew everyone.

Debate away.

However, economics 101 and the laws of supply and demand are centuries old and always will drive the market.

[alokdhir]

SPC, only if you are buying the same number of head shares as warrants you sold.

Not the same as the $ value worth of warrants you sold

No need to make those wiser who already think they better then Einstein ...lol

[alokdhir]

Discount to NAV today mainly the NPV of future fees …of course that discount varies from time to day but a fair proportion of it is fees related

Mate I am sure u dont think market thinks Fisher funds charges around 10% per annum for managing KFL portfolio ....discount today is mainly due to equity negativity and demand supply mismatch ...fund charges are less then 1% of NAV ...

[winner69]

Mate I am sure u dont think market thinks Fisher funds charges around 10% per annum for managing KFL portfolio ....discount today is mainly due to equity negativity and demand supply mismatch ...fund charges are less then 1% of NAV ...

.....all future fees ......this year's fee plus next years fee etc etc etc

[alokdhir]

.....all future fees ......this year's fee plus next years fee etc etc etc

Why one need to account for so many years of fund charges ...then one should account for many many years of growth ahead also ...no ...u not making sense to me mate ...current year fund charges discounting I understand but many future years charges discounted today while many future years growth not accounted is little too much to digest ...and its not very hot as yet ...so I can still think straight ....I guess

[Rawz]

Can’t be the fees as BRM, KFL and MLN all have different nav discounts. (I’m assuming FF charge the same fee for each listed entity).. me thinks it’s more to do with past performance and then interest rates

[ronaldson]

I capitulated this morning at an average $0.0234. Worst trade ever, since acquired the large parcel at $0.105 soon after trading in these warrants began.

Hope that was the right decision since the original purchase clearly wasn't from the brightest bulb in the room!

Looks like the warrants are/will be completely busted.

Curious in a way because NTA of the head shares is quite a bit above the assumed exercise price of $1.26/$1.27. But no point in exercising if KFL trades on market at such a significant discount that the manager is conducting daily buy back operations. Of course the June dividend will further reduce the current NTA before the exercise date and may halt the buyback as a result.

Non exercise will be good for existing KFL holders because it doesn't give rise to any further NTA dilution.

[ronaldson]

The exercise date for the 83m+ warrants on issue is approaching, being 26 July. We know now that the exercise price is $1.26 but the head shares are trading on market at $1.17 currently despite an underlying NAV just over $1.31 presently.

A few more warrants bought on market today at $0.001. I don't know why really as all 83m+ seem destined to expire worthless on the basis anyone can buy the existing shares far more cheaply than the warrant exercise price.

My purchase of 200 thousand warrants at $0.105 early on still stings as my worst trade ever despite divesting months ago now at a little over 2c when I thought the writing was on the wall. I wonder who is holding the bag currently as the original 83m+ are still out there in some folks pockets.

If I recall correctly this will be the second consecutive warrant issue to expire substantially unexercised so the size of the Kingfish investment fund will again not have been augmented. This will not be what the Manager desires as the base upon which the performance fee (if any) is calculated doesn't grow.

Hopefully the next warrant issue, no doubt to be tickered as KFLWI, will follow promptly so we can all get excited again. However I am likely to be more circumspect on that occasion!

[bull....]

The exercise date for the 83m+ warrants on issue is approaching, being 26 July. We know now that the exercise price is $1.26 but the head shares are trading on market at $1.17 currently despite an underlying NAV just over $1.31 presently.

A few more warrants bought on market today at $0.001. I don't know why really as all 83m+ seem destined to expire worthless on the basis anyone can buy the existing shares far more cheaply than the warrant exercise price.

My purchase of 200 thousand warrants at $0.105 early on still stings as my worst trade ever despite divesting months ago now at a little over 2c when I thought the writing was on the wall. I wonder who is holding the bag currently as the original 83m+ are still out there in some folks pockets.

If I recall correctly this will be the second consecutive warrant issue to expire substantially unexercised so the size of the Kingfish investment fund will again not have been augmented. This will not be what the Manager desires as the base upon which the performance fee (if any) is calculated doesn't grow.

Hopefully the next warrant issue, no doubt to be tickered as KFLWI, will follow promptly so we can all get excited again. However I am likely to be more circumspect on that occasion!

hence why the head shares are at 1.17 , discounting the future.