KFL - discount to diluted NAV

[winner69]

Did Mr Peek get a standing ovation?

[Rawz]

Did anyone ask why they are not invested in TWR? Thought they were into growth stocks? lol

[winner69]

Did anyone ask why they are not invested in TWR? Thought they were into growth stocks? lol

No way Rawz ….. they need to keep topping up Vulcan

Vulcan one of their stars in F24

[SPC]

They had a holding in TWR years back.
There's no moat in insurance.

[alokdhir]

https://www.nzx.com/announcements/435861

12% and $ 1.38 ...in comparison BRM at 2% discount only !!!

PS : Notice the discount move from 6% to 12% while NAV almost same over the week . AGM syndrome ?

[mike2020]

Too busy to buy their own shares yesterday? I wonder if that is what they are doing with the warrant money?

[winner69]

Out of curiosity I had a look at Kingfish financial statements for FY24. Quite interesting.

Basically this is what happened over the year -

Sold $74m of investments and bought $53m

Received $7m of divies and interest

So net ‘trading activity’ was a net income of $28m

Cash expenses were $5m (mainly to Fisher HQ)

Paid out $23m in cash as divies (another $13m paid by DRP) and spent best part of $1m buying their own shares

So that’s the Kingfish money go round

And at the end of the year the investment portfolio was $453m which was the same as the beginning of year ….even though they recorded a change in fair value of $16m

Can’t help thinking that The Style Council were very perceptive -

Watch your money-go-round; watch your money-go-round
But I just can't help being cynical
Watch your money-go-round; watch your money-go-round
Do like I say, make me wonderful

[kiora]

So 8%, less tax, return?