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HHV, HUNTER HALL GLOBAL VALUE LIMITED
lgrif
post Posted: Jan 19 2017, 04:36 PM
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In Reply To: nipper's post @ Jan 19 2017, 10:55 AM

Mr. Wilson may not be schooled in....diplomacy, but past performance shows he is one smart dude.

 
nipper
post Posted: Jan 19 2017, 10:55 AM
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Mr Wilson not schooled in the subtle art of diplomacy
QUOTE
It is only fair and equitable that all HHV shareholders are given the opportunity that all other investors in Hunter Hall funds are given and that is to exit their investment at full value, NTA. As previously discussed, we propose this opportunity is structured as an equal access share buyback.

Please provide your response as soon as possible and at least before close of business on Monday, 23 January 2017. Should you decide not to treat all HHV shareholders fairly then we have no choice than to look to install a board that will.
- significant shareholder Wilson Asset Mgmt letter to HHV



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jan 3 2017, 09:24 PM
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In Reply To: nipper's post @ Jan 3 2017, 11:29 AM

QUOTE
Hunter Hall International Ltd [HHL] announced to the ASX on the 30 December 2016 that Peter Hall had resigned as its Chief Investment Officer and also the CIO of its wholly-owned subsidiary, Hunter Hall Investment Management Ltd. Hall has resigned for personal and family reasons. Hall has indicated that he will serve out a six month notice period. Hall will continue on as the CEO of HHL as well as a Director of both HHL and Hunter Hall Global Value Limited (HHV). As a response to the announcement, the Board of Directors of HHV announced the introduction of an on-market share buy-back facility of up to 10% of the total shares on issue (up to 24.2m shares).

ASX-listed entity Washington H Soul Pattinson and Company Limited also announced on the same day that it had agreed to acquire 19.9% of Hall's equity stake in HHL for $1.00 per security. WHSP has also made an offer for Hall's remaining 24.05% stake in HHL at the same price with Hall indicating to WHSP that he would accept the offer in the absence of a superior offer being received.

Lonsec notes that Hall's resignation as CIO will not affect the day-to-day management of Hunter Hall's retail unit trusts or HHV. These will continue to be managed by the existing HHIML portfolio management team which will continue to include Hall until a replacement CIO is found. Lonsec considers these changes to be significant and will be meeting with HHL's executive team early next week to discuss in greater detail. Further guidance on the potential ratings implications (if any) will be provided by Lonsec at this time

Funds / Company affected are:


· HHA0002AU Hunter Hall Global Equities
· HHA0001AU Hunter Hall Australian Value Trust
· HOW0002AU Hunter Hall Value Growth Trust
· HHV Hunter Hall Global Value Limited Trust



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jan 3 2017, 11:29 AM
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Peter Hall is selling out of Hunter Hall management (HHL) - to spend "more time with his family" - and this has set the cat among the pigeons. HHL manages 5 unlisted funds and one listed one HHV - these have the label of ethical, though could be thought of as just black and white: avoid anything involved in "armaments, tobacco, gambling, factory farming, logging of old growth forests, uranium mining and fossil fuel"
QUOTE
Mr Hall, 56, said his decision to quit was the culmination of fatigue after 24 years running funds, frustration at the failure to find a buyer through previous sale processes, concern about the direction of markets and anxiety over the power granted to fellow fund manager Geoff Wilson via a placement of shares in a listed investment company [HHV] managed by Hunter Hall.

...In a rapid-fire series of surprising developments, Mr Hall first announced his plans to leave Hunter Hall International on December 27, prompting directors to solicit bids for the company at the end of last week. Just hours later Mr Hall announced he had sold a 20 per cent stake to Soul Patts at $1 a share — less than a third of its market value — and undertook to sell the remaining 23.95 per cent for the same price via a takeover bid.
http://www.theaustralian.com.au/business/m...8cdd39a02361616

Much of the commentary out there seems to be aligned with the crowd that seem to know "the price of everything but the value of nothing . Basically, the HHL shareprice has embedded value and thus key man risk from Mr Hall's presence (which can be queried as he made many a misstep, and too many conviction ideas). Hall said he "no longer wanted to run the business and had lost his bearings in the market rally since the election of Donald Trump as US president in November, with his funds' position in defensive cash and gold stocks". The portfolio fell 7 per cent on the result while markets rallied 12 per cent, leaving Hunter Hall funds underperforming by nearly 20 per cent. Having large holdings in Sirtex and Vocus also dragged it down.

QUOTE
...Hall said he had disagreed with the board of the LIC when it decided early in 2015 to take advantage of a "gold rush" in raisings for international LICs and placed shares to investors including Wilson Asset Management.

"When the board of the listed investment company decided to do a placement at a 17 per cent discount they basically let the tiger into the castle,''. "We had a secure base but once Geoff Wilson got on the board (WAM director Paul Jensen joined the board and became chairman) the economic position of Hunter Hall was hanging by a thread because Geoff had the power to requisition (an extraordinary general meeting), spill the board and do buybacks at net tangible asset backing.

"Hunter Hall was getting $5m a year from that (LIC), so I became extremely nervous about the future of that company and decided that, among other things, (meant it) was time for me to go and find a successor organisation.''

WAM has successfully moved on a number of LICs, taking advantage of discounts between their net asset backing and the market price to buy shares and initiate shareholder-friendly policies such as fully franked dividends and share buybacks at NTA to close that gap.

"I decided, 'Lets work together with Geoff rather than having a war with him', so the prudent thing is 'Geoff, you tell us what you would like to do — obviously with the interest of shareholders in place'.''..
a bit of tosh there, but it shows the tensions



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: May 21 2016, 09:23 AM
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doubled



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: May 21 2016, 09:23 AM
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Posts: 6,650
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QUOTE
One of Australia's leading experts on ethical investing says his experiences with renewable energy have turned him off the industry, comparing the sector to a Wild West populated with crooks and cowboys.

Hunter Hall founder Peter Hall has recounted how a foray into a North American wind power company Catch the Wind cost the fund manager in both performance and reputation when the company's promises were revealed to be nothing more than fiction.

"This is a frontier area of investments. There are frauds and bankrupts" he said.

It's a case of once-bitten twice-shy for Hall who says there are simply too many variables in this small part of the emerging technology sector to accurately gauge the risks for investors.

"We've have some fantastic wins on the medical side but renewables are very difficult. They are often highly valued and subject to complex and changing regulation. We definitely won't invest in bio fuels for example" he said.

Hall's views highlights a discord within the $US24 trillion ethical investment sector, where fund managers disagree not just on where to find the best risk-adjusted return but what constitutes an ethical investment in the first place.






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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 

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Brendan
post Posted: Apr 30 2010, 03:25 PM
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A friend suggested I have a look...... anyone know anything of interest ??

 
danger
post Posted: Jan 12 2006, 01:05 PM
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HHV up again as NAV rises to $1.17.
The NAV is up 13c in the last month, whilst the stock is only up 10c, and the options (HHVO's) are lagging behind up only 3c.
These options still look well undervalued to me. Currently they are 9c.
Yes i do hold so I would say that, but I cant help thinking I should buy more.

 
danger
post Posted: Jan 6 2006, 01:55 PM
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Anyone notice how the options appear to have decoupled from the stock on this one?

This seems to have happened back in Sep05, and the oppies have underperformed the stock ever since.

There doesnt seem to be any real reason for this as far as I can see.

Stock has an NAV of $1.15 at the moment, and so is trading at a 15% discount at $1 currently.

Last time the stock was here the oppies were around 14c.

Current option price is 7.1c.

They look pretty cheap to me.

 
Edward I
post Posted: Oct 6 2005, 11:23 AM
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HHV went ex dividend the other day and yet the stock has pretty much held up well under the weight of the falling market.

This one started out as a dividend play for me, but I think I'll now be putting this one in my 'slow and steady' folder.

Regards

Ed


 
 


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