KFL - discount to diluted NAV

[tim23]

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

My memory goes well before that!

[SPC]

" slowly they trying to bring SP closer to NAV"..
Hell well that's really working isn't it..😮.
They can't do a damn thing to influence the market price by buying back piddling amounts of shares.
If they don't run out of cash at some point.
I expect there's some head share sales behind the scenes funding the money go-round.
But the broader issue is how many highly paid Fisher Funds investment analysts does it take to just keep buying more MFT/FPH/IFT plus a couple more?. This strategy warrants a fee scale closer to index funds, not expensive FM fees.
I'm glad the warrant issue failed because the fund manager is not spreading the risk much, all we get is more of the favourite top five or so. This works until something goes bung. And it has. Not too long ago ATM was the golden goose with a massive holding. Then boom up it went in smoke. I'd like the Board - that's the Board who are funded by US holders and not Fishers, to cease the rollover/rollover/rollover relationship with Fishers and seriously look elsewhere for a new FM. Milford have an excellent reputation?. Let's ask for the executive summary of the 'five year reviews' and see how much effort was really made to look around the market for alternatives. Seriously...I mean did the Board really look?
Edit: infact I will even go further and suggest Kingfish internalize it's fund management (like most of the listed property players have), after all how hard can it be to keep buying the same stocks?. No expensive external costs and the same skill set on performance based salaries rather than $uperstar stock picker rates.
Think about it ...yes you Board.

Disc. Big holder (and occasional seller when it makes sense because they only get cheaper if you save your divy cash and wait long enough...). It's just another stock...

[ronaldson]

One interesting thing I learned at the meeting, speaking to a Board member privately after, is that at each Board meeting one regular agenda item is the formal review/consideration of the comments on this thread (and now the KFLWH thread) made over the intervening period since their last meeting. The Order Paper contains a full schedule/print out of the actual posts.

Bet you didn't know that. So the Board is cognisant of what we are saying on a basis other than members perhaps individually reviewing the threads in their personal capacity.

This begs the question how many other Boards of NZX listed entities take posts with regard to their entity into account on a formal basis in their deliberations. Would be good to know.

And if that is the case it would be wise to tone down/reduce the number of posts between members of this forum that are nothing more than gratuitously slagging off another member and keep to more salient tidbits/comments of direct relevance to the particular thread.

SPC - See this post above, directly after the 2023 ASM. No reason to believe that modus operandi has changed in the intervening period so your voice will indeed be heard (even if not acted upon).

[SPC]

Yes I do know that😉
And just by the by I don't personally think that Board members reading social media posts is necessarily indicative of a finger on the pulse of the business. It perhaps tells me something else. Why not a shareholder survey ...if that were the reasons.
Do the Board of MFT/IFT/FPH operate in this way?...maybe they might but actually I reckon they're too busy doing other things.
I've been a holder in KFL and it's listed siblings for most of their lives (two since IPO).
I said repeatedly in the past that you can't treat these like listed funds. You'll end up eating your own savings if you're too passive. They are shares...treat them as you would any other listed security.