alpal
15 May 2018
Re: Annual performance So much for 'de-risking' the portfolio to give a 16% return; 70% of NAV wiped out.Latest RNS says directors have bought shares. This tells me they knew there was more bad news coming [which info was not given to shareholders]. This is called 'Insider Trading'.
alpal
27 Feb 2017
Annual performance While the annual results are not yet out, it looks to me as though the ONLY big winners [financially] this year are the management company; definitely not shareholders.Quote from 25 Janary 2016 update: "FY16 portfolio provides for an indicative net return of c. 16% on invested capital with a lower risk portfolio versus FY15's portfolio."Based on the latest NAV it seems to me the return for 2016 was only 8%. Since there were no major catastrophes in 2016 I would love a credible explanation as to what happened to the 16% return.At the time of the fundraising, I expressed to the company my concern that it would not be possible to deploy the extra capital without compromising risk and returns. I expressed to them my view that this was just a mechanism to increase fees at the expense of shareholders. Were my concerns justified?Would anyone like to bet that the 2016 management fees are up by 40%?
jonwig1
21 Oct 2016
Re: Hurricane Matthew Each monthly NAV comes after a provision of (I think) 0.15%, so there is an ongoing accounting for this sort of eventuality. Another quoted reinsurer (BCGR) has also not yet made any announcement. The key thing is insured losses, which might not be so great as Haiti will have zero, and the storm affected only part of the Florida coastal area, I think.
alpal
20 Oct 2016
Re: Hurricane Matthew The latest RNS gives the NAV at 30-Sep-16 but makes no reference to potential losses from Matthew which finished 10 days after the month end.Since this was a major storm, surely a competent management would have referred to it even if only to say that no material losses are expected.
alpal
06 Oct 2016
Hurricane Matthew With this storm now approaching Florida we have to hope that Catco's "lower risk" profile is genuine.All I saw from the last results was that management fees were up by 40% with no benefit to shareholders.
alpal
12 Aug 2016
Half-year results Has Catco management moved the goal-posts?From January'16 portfolio update: "FY16 portfolio provides for an indicative net return of c. 16% on invested capital with a lower risk portfolio versus FY15's portfolioFrom today's half-year report: "the Investment Manager continues to target a 2016 net return in excess of LIBOR plus 9 to 12 per cent per annum.Since LIBOR is negligible: What happened to the 16% return and lower risk.
jonwig1
09 Oct 2015
Re: New shares My broker (TDD) tells me I can subscribe for new C shares at $1 each, minimum 5,000. Deadline is 20 October.I'm unlikely to bother, not sure yet.
alpal
30 Sep 2015
Re: New shares Jonwig: Thanks your answer. I regret that it seems your summation may be spot on. i.e. Higher fees to the new management company; riskier investment of funds; lower returns to shareholders.I will hold this until year end results but then it may be time to move on.A distinctly fishy smell to what's going on.
jonwig1
30 Sep 2015
Re: New shares alpal - 1): good point. I suspect change of management group will have decided this. More funds to invest means higher fees. Possibly lower returns for us shareholders of course!2) conversion will be on basis of relative NAVs at conversion date. That's how it usually works. If NAVs are still 1 and 1.24 you'll get 1 new ord for every 1.24 C shares (or alternatively 80.6 new ords for every 100 C shares.From what I've read, ordinary PIs won't get a look in!
alpal
29 Sep 2015
New shares Can anyone clarify:1] For the last two years the company has been returning funds to shareholders as it felt it could not satisfactorily employ the surplus cash. What has changed that it suddenly wants a lot more cash to invest?2] Current NAV $1.24; new C shares issued at $1; On what basis will the C shares be converted into ordinary shares.
traveller5
14 Apr 2015
A Bit Late Sorry to see that the one post per year cycle was broken.I am predicting a very big three year period for this business commencing early 2016.The next poster will be able to congratulate me on my foresight when they post in 2018/19
alpal
13 Dec 2014
Re: Dividend and distribution Last year they announced the return of funds to shareholders on 3rd December; as it's already past that, maybe we will only get an ordinary dividend. Say 6c / 4p per share?
jonwig1
12 Dec 2014
Re: Dividend and distribution I'm expecting 12c - 15c, but of course you'll lose that in the xd drop. However, if you hold these in a USD account, you can reinvest the dividend at the lower price, without too much frictional cost.
alpal
12 Dec 2014
Re: Dividend and distribution Are we likely to see the same type of distribution this year?
