Thanks for the analysis. I have been in 4 years and wish they weren't winding up. In that case, more would be playing out, and I believe the discount would be much narrower. At least half of this is the widning up effect. In fact, so many are happening there may be good winding-up arbitrages to do. Even TENT is still purchable sub 77p, with almost certainly 2.74p of divs before getting paid out at 80p in March. 7% in 6 months not great, but very straightforward.
Thanks for the analysis. I have been in 4 years and wish they weren't winding up. In that case, more would be playing out, and I believe the discount would be much narrower. At least half of this is the widning up effect. In fact, so many are happening there may be good winding-up arbitrages to do. Even TENT is still purchable sub 77p, with almost certainly 2.74p of divs before getting paid out at 80p in March. 7% in 6 months not great, but very straightforward.
Still looks like really good value at now 30p.
In Septembers quarterly report the approximate chart data on page 10:
Quarter Q2 2024 Q3 2024
Q4 2024 0 2
Q1 2025 0 0
Q2 2025 0 0
Q3 2025 12 5
Q4 2025 50 25
Q1 2026 0 1
Q2 2026 0 17
Q3 2026 0 1
Q4 2026 0 13
Q1 2027 0 0
Q2 2027 0 1
Q3 2027 0 0
Q4 2027 0 1
Q1 2028 0 0
Q2 2028 0 0
Q3 2028 40 29
Q4 2028 14 13
I don't disagree. I will do a deep dive on this again at some point.