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PALACE CAPITAL look anomalously cheap after Prelims...

SKYSHIP
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PALACE CAPITAL look anomalously cheap after Prelims...

#324231

Postby SKYSHIP » July 7th, 2020, 8:17 am

Today's Prelims from Palace Capital (PCA) certainly should exceed most expectations. Does make one wonder, other than the unpopularity of CEO Sinclair, just why they alone in the secondary/regional sector should be standing at a vast 52% NAV discount.

Looks like an anomaly; and anomalies present opportunities.

Sp moving slightly better this morning (180p), but would expect an early move up to the 200p level; aided by the chart breakout from the recent base.

https://uk.advfn.com/stock-market/londo ... e/82803115

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Re: PALACE CAPITAL look anomalously cheap after Prelims...

#326844

Postby UncleEbenezer » July 17th, 2020, 1:08 pm

199p.

When you tipped them here before, they were 355p. And that's far from (just) a covid effect.

And they just awarded themselves a stonking bonus for that splendid performance.

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Re: PALACE CAPITAL look anomalously cheap after Prelims...

#327499

Postby SKYSHIP » July 20th, 2020, 2:09 pm

Ebenezer - a bizarre reminder from over 3yrs ago!!! Are you by any chance one of those investors who BUY & FORGET.

If so, I strongly suggest you update your strategy as Markets these day require a rather more active approach!

Back then, as Jackdaww posted the same day: "Thanks for that info. I'm watching palace , it is tipped by simon thompson and jonas crossland in IC , also jim slater."

So that was then; but if you scroll down your link to Sept.24th'17 you can see I exited in high dudgeon at the appalling pre-emptive deal to finance a crazy acquisition. Things change: "If the facts change, I change my mind".....possibly Maynard Keynes, though some debate over attribution.

So I hate the fact that Sinclair is still CEO. But sometimes stocks present anomalous valuations. Anomalies present opportunities.

PCA was an anomaly a few days ago - hence my post. However, in the markets I am apt to snipe at profits, so took the 10% turn on Friday at 195.65p

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Re: PALACE CAPITAL look anomalously cheap after Prelims...

#328772

Postby Bubblesofearth » July 26th, 2020, 11:03 am

SKYSHIP wrote:
So that was then; but if you scroll down your link to Sept.24th'17 you can see I exited in high dudgeon at the appalling pre-emptive deal to finance a crazy acquisition. Things change: "If the facts change, I change my mind".....possibly Maynard Keynes, though some debate over attribution.



I can't see anything in that link that says you exited.

BoE

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Re: PALACE CAPITAL look anomalously cheap after Prelims...

#328782

Postby SKYSHIP » July 26th, 2020, 12:48 pm

Boe - I wrote as below - I think you can infer pretty easily that I was no longer a happy holder. No, I cut my position as soon as I saw the appalling "deal":
====================

A week ago PCA were at 385p having recently paid a 9.5p dividend - so frankly all looked pretty good with a yield of 4.9% and still trading at a 13% NAV discount.

Then came Tuesday's acquisition and funding statement!

I think Sinclair is guilty of self-aggrandisement in pursuit of his wish for a full listing rather than the current AIM listing. In pursuing his wish he has done a bad deal and destroyed shareholder value.

1. He overpaid for a portfolio which in normal circumstances should have come for at the very least a 5% discount
2. He allowed The City to talk him into issuing stock down at 340p versus the 360p which just might have been acceptable
3. The 1:20 shareholder participation is a disingenuous joke
4. The 9.5p Interim dividend covers the period to 30th September, so there is NO WAY the new shareholders should receive the benefit of that 9.5p - in effect the placing is actually being conducted at 330.5p
5. He has slashed the NAV from 443p to c388p; and in doing so hammered my investment by c10%

It will take a long time for Sinclair to recover his reputation from this blatant hubris; and I sincerely hope Simon Thompson (Investors Chronicle) and others make it abundantly clear that he has perpetrated an enormous dis-service to his private shareholders.

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Re: PALACE CAPITAL look anomalously cheap after Prelims...

#328784

Postby Bubblesofearth » July 26th, 2020, 1:09 pm

[quote="SKYSHIP"]Boe - I wrote as below - I think you can infer pretty easily that I was no longer a happy holder. No, I cut my position as soon as I saw the appalling "deal":
====================

I never infer or assume anything on here that is not actually stated.

You said;

So that was then; but if you scroll down your link to Sept.24th'17 you can see I exited in high dudgeon at the appalling pre-emptive deal to finance a crazy acquisition.


Whereas what you are now claiming you meant was 'you can infer that I exited.' Would we have been asked to infer that if the SP had risen since then?

Complaining about management actions is not the same as selling out. I'm often unhappy with corporate decisions but that doesn't mean I always exit my position if I have one.

BoE

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Re: PALACE CAPITAL look anomalously cheap after Prelims...

#328798

Postby SKYSHIP » July 26th, 2020, 2:19 pm

Sorry boE - but if you want to be pedantic go ahead. Just about the only thing I didn't say was I'M OUT. Perhaps the lack of further posts may also have been an indication. What the hell.....but what does it matter in any event.

Did you perhaps hold on all this time because you thought SKYSHIP was a holder? No of course not; but if you really need to know what's going on - ASK!!! Or go over to the ADVFN thread & ASK!!! Best place - go to the ADVFN commercial property thread (CP+) - & ASK!!!

Strewth...

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Re: PALACE CAPITAL look anomalously cheap after Prelims...

#328812

Postby Bubblesofearth » July 26th, 2020, 3:41 pm

SKYSHIP wrote:Sorry boE - but if you want to be pedantic go ahead. Just about the only thing I didn't say was I'M OUT. Perhaps the lack of further posts may also have been an indication. What the hell.....but what does it matter in any event.



It matters only because of the perception of your ability with timing. If you had successfully timed an entry and exit in the past (maybe you did but we can't know for sure) then that might go some way to convincing other investors that you have a good feel for the companies fortunes. This, in turn, could induce some to invest on the basis of your latest recommendation.

You reinforced this message to trade with your claim that this is not a market for buy and hold. Shades of 'a stock-pickers market' that brokers, for example, would love all investors to believe as often as possible as that's what lines their pockets. To the detriment of the majority of investors of course.

BoE

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Re: PALACE CAPITAL look anomalously cheap after Prelims...

#328888

Postby SKYSHIP » July 27th, 2020, 7:37 am

Boe - go look at the DJAN thread if you want a lesson in timing........though of course I admit that was sheer luck; though the analysis was spot on!

Anyway - enough - good luck with your portfolio.


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