Probably a good thing that this is being put out of its misery, and the managers deserve sacking. Terrible decision not to elect to be included in the Klarna sale and get locked up. Longer term a 1.13x TVPI over 7 years is obviously no good.
I have a few of these and am resigned to wait for realisation over the next few years, given the large discount to NAV. Not sure I fancy buying any more though. The thing is that funds/vehicles put into run off tend to go to large (or larger) discounts because of lack of buying interest etc. With Starling being 46% of NAV, anyone buying has to have a positive view of this line (and I’ve never done any work on this asset, although fin tecchie stuff tends to go for high values).
Are you a buy post the run off decision by the board and what’s the thesis?
Any update on Avation? What's your view?
I still believe Kerosene is nothing but perfume (https://theoakbloke.substack.com/p/avap-kerosene-is-nothing-but-perfume), and am excited for the 1H26 results which will demonstrate progress. The pan Asian build out of airports is just incredible.
I have Aviation twinned with similar but bigger brother FTAI. Hopefully A will eventually reach the level of F
What do you think about the Chrysalis (CHRY) share price decline? Time to chry or buy?
Buy.
See:
https://theoakbloke.substack.com/i/187123052/uk-doom-and-boom
Probably a good thing that this is being put out of its misery, and the managers deserve sacking. Terrible decision not to elect to be included in the Klarna sale and get locked up. Longer term a 1.13x TVPI over 7 years is obviously no good.
I have a few of these and am resigned to wait for realisation over the next few years, given the large discount to NAV. Not sure I fancy buying any more though. The thing is that funds/vehicles put into run off tend to go to large (or larger) discounts because of lack of buying interest etc. With Starling being 46% of NAV, anyone buying has to have a positive view of this line (and I’ve never done any work on this asset, although fin tecchie stuff tends to go for high values).
Are you a buy post the run off decision by the board and what’s the thesis?