BRM - New Warrant Issue for Barramundi

[snapiti]

thanks beagle I appreciate your efforts......NAV bounced back nicely

[snapiti]

Beagle do you know why they report 2 sets of numbers in thier weekly reports
2 NAV numbers
2 close prices
2 discount to NAV prices

[snapiti]

just worked it out......last weeks is along side this week

[Basil]

BRM 78.61 cps
KFL $1.4207

[Toddy]

Very much looking forward to breaking through the 80 cents.

[Dolcile]

Another questions for those more knowledgeable than me, why is the total share holder return so much lower than the Adjusted NAV return?

Either way the return for the 12 months has been lower than a total world index fund, so I'm still struggling to see why these funds are attractive.

https://api.nzx.com/public/announcement/436388/attachment/425019/436388-425019.pdf

Highlights
• Net profit after tax for the year ended 30 June 2024 $28.1m
• Total Shareholder return + 7.1%
• Adjusted NAV return +14.5%
• Dividend return + 8.2%

[Toddy]

I'm just in for the ride on the warrants. However, the exit strategy may require me to purchase the heads which I'm more than happy to do.

They do have a number of high performing   stocks within their portfolio. However the gains have been offset by some under performers.

You are correct in thinking that they 'should have' done better given the amount of time spent analysing the stocks and trips to Australia for investor days.

[Basil]

Another questions for those more knowledgeable than me, why is the total share holder return so much lower than the Adjusted NAV return?

Either way the return for the 12 months has been lower than a total world index fund, so I'm still struggling to see why these funds are attractive.

https://api.nzx.com/public/announcement/436388/attachment/425019/436388-425019.pdf

Sometimes the shares trade at a premium and other times at a discount to NAV.
Total shareholder return measures the total return to shareholders from one balance date to another and that will be a function of the underlying NAV performance plus what premium or discount to NAV the shares were trading at, at each respective balance date.  You are much better to focus on adjusted NAV return for the year which reflects the underlying NAV performance adjusted for dividends and the benefits, when they occur, of the warrants.  Note, they assume when calculating adjusted NAV return that people take advantage of the 3% discount to share price, (i.e. people are fully subscribed to the dividend reinvestment scheme)
Hope that helps but if you need further clarification, please feel free to ask.

[Toddy]

Can't keep up with the results today. They are coming thick and fast. Lots of positive news.

[Basil]

Market certainly seems to like the Wisetech result and outlook!  Seems like a very "wise" move to have a large holding in that...sorry, couldn't resist lol

[Toddy]

We must be knocking on the 80s door.

[keerti]

BRM undiluted NAV as at 21/8/24 - $0.7914
22/08/2024, 14:35 NZST, MKTUPDTE
BRM undiluted NAV as at 21/8/24 - $0.7914

Date 21/8/2024 14/8/2024
BRM undiluted NAV $0.7914 $0.7639
Share price close $0.72 $0.72
Discount 9% 6%

The above net asset value (NAV) is unaudited and net of fees and tax.

The NAV per share is calculated after deducting treasury stock of 926,974 shares (acquired under the Barramundi buyback programme).

* The undiluted NAV excludes any impact on the NAV of the future exercise of warrants (BRMWH). At 21 August 2024, 69,484,210 warrants are on issue and may be exercised on 25 October 2024. The actual exercise price of each warrant is $0.69 less the dividends per share declared by the company with a record date between 26 October 2023 and the announcement of the 25 October 2024 exercise price. Dividends totalling 5.97 cents per share have been declared to date and there are no more dividends expected to be declared in the remaining period up to the announcement of the 25 October 2024 exercise price.

The five largest portfolio holdings at 21 August 2024 are approximately as follows:

CSL 11%
WiseTech 9%
Seek 6%
Xero 6%
AUB Group 6%

[keerti]

NAV - $0.7914
BRM Price: $0.72 - Discount of 9%
Total dividends:  $0.0597
Exercise Price:  $0.6303
Warrant Price: 0.058  -  Big discount to Exercise Price and even more to NAV

[Basil]

Welcome to the forum keerti.  The warrant excursive price will be 63 cents, (its rounded up or down to the nearest whole cent).

[keerti]

Thanks Basil, member since long time and started this thread
Appreciate your and others inputs, benefits a lot to amateurs like us.