BRM - New Warrant Issue for Barramundi

[Basil]

Opps yeah, just noticed that     
Its a pleasure.  Beagles are yappy sorts of dog's so enjoy yapping about just about anything, especially if it involves more money for dog treats lol

[Basil]

Very much looking forward to breaking through the 80 cents.

It's going to be VERY close.  Will update you just after ASX closes, shortly.
KFL $1.4345
BRM...wait for it...its coming,...lights, camera, action and drum roll please....buggar...not quite...79.98 cps.

[snapiti]

what do we make of the head share price versus NAV.
Warrents even lower, currently allowing buyers total purchase price at 65.4 cps.
current NAV 78.5 cps 

[Dolcile]

Jeepers that's nearly a 16% discount to NTA 

[Basil]

Buying opportunity.

[snapiti]

agreed

[Dolcile]

Perhaps it is because the performance has been poor over the last 3 years? 

Taken from the September report, a much better outcome over 5 years.

Time period              1 Month 3 Months 1 Year 3 Years  5 Years

Total Shareholder Return (1.5%)    +1.0%    +4.9%  (4.6%) +13.2%

Benchmark Index^          +0.1%    +6.0%    +15.7% +7.8%  +8.8%

[snapiti]

good run up in the Aussie banks and stronger AUD in the last week could see the NAV over 80cps this week

[Basil]

I calculated the NAV at 79.1 cps about an hour ago.  Warrants at 1.7 cents + 63 cents = 64.7 cps = 18.3% discount to NAV !, (will be a little less with dilution when some of the warrants are exercised).  The imminent exercise date for the warrants is creating a, in my view, temporarily extremely high level of discount   which should normalize at some stage relatively soon after the exercise date (25 October).

I think is quite an opportunity, but you have to be in a position to exercise the warrants and obviously many aren't, hence the selling pressure creating the opportunity.   Disc: Top 20 warrant holder as per annual report.     I have added a lot more from what's shown in there.

[snapiti]

I see you there, I have been on a buying binge and would currently make it to number 8 on the list

[Basil]

You'll have to be quick mate, I'm currently at # 6    I like simple math's when exercising warrants so I might round it up to an even number starting with 1 with a lot of zero's after it       Plenty of cash strapped holders unable or unwilling to exercise their warrants so I reckon let them come to you when bidding for more.  No point bidding it up at this late stage of the game.

[Dolcile]

Basil, out of interest how are you able to estimate the NAV?  Where do I find the number of shares held in each of the portfolio holdings?
Thanks

[Sideshow Bob]

Basil, out of interest how are you able to estimate the NAV?  Where do I find the number of shares held in each of the portfolio holdings?
Thanks

The most detail of their holdings is from their annual repot- https://barramundi.co.nz/assets/Investor-Centre/Barramundi-Annual-Report-2024.pdf

Page 15

[Basil]

Basil, out of interest how are you able to estimate the NAV?  Where do I find the number of shares held in each of the portfolio holdings?
Thanks

Towards the end of the month following each quarter they issue a report containing the fund allocation in terms of percentages to each share.  We're due for an update later this month.  I use those allocations as the basis for creating a spreadsheet that enables me to compare the price of each share and its percentage in the portfolio, as at the last NAV date with the prevailing price at any time I choose to update the spreadsheet with the current spot price. I update the spreadsheet percentage allocations each quarter when new information on allocations comes to hand to ensure its as accurate as possible.  I don't bother with exchange rate variations from week to week because a fair bit of the fund is hedged back to $N.Z, although some might like to incorporate them in any spreadsheet they create.  It may be possible to do all this is share sight or some other online platform that gives a live feed of prices.  I haven't bothered to try and do this.   Their most recently disclosed portfolio allocations are here  https://barramundi.co.nz/assets/Investor-Centre/Barramundi-Newsletter-June-2024.pdf

[Sideshow Bob]

Jeepers after the chat yesterday up 23% 

OK OK that is only 0.4c....