Peregrine Holdings - 500 Beiträge pro Seite

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..ist ein südafrikanischer Finanzkonzern mit ordentlichem track-record:

http://www.valuewalk.com/2015/11/peregrine-capital-up-30-ann…

Peregrine Capital Up 30% Annualized For 17 Years, To Close Soon To New Investments
By VW Staff on November 7, 2015 3:58 am in Business


Peregrine Capital was founded in July 1998 by Clive Nates and David Fraser. Now in its 17th year, it is the oldest hedge fund manager in the South African market and has displayed a consistent investment ethos since inception. Peregrine Capital accounts for around 8% of the South African industry asset base. Management team owns 50% of the management company, while Peregrine Holdings Limited (a JSE listed financial conglomerate) owns the remaining 50%.

The company is predominantly focused on the South African listed equity market through one investment philosophy and style (bottom up, stock picking) but offers four strategies with varying risk levels, including two funds with US-$ classes.

Peregrine Capital’s High Growth Fund has been compounding at 30% annually since inception. Their initial investor enjoyed a 60x return. Over that time period the South African equity markets have also performed strongly, however the team at Peregrine has even outperformed the local market by over 100% year on year, which is a credible demonstration of consistent Alpha. Peregrine Capital can also invest in listed property, bonds and offshore opportunities. All of Peregrine Capital’s Rand based funds will close to new investments at the end of October, and there is only $50m capacity left in the US-$ based funds.


Special skills are needed to successfully run a highly concentrated funds

Peregrine’s top 10 holdings average 75% of exposure, but the team is convinced, and has indeed proven, that the excess risk-adjusted return from a concentrated portfolio outweighs the downside of potential volatility increases. In this Opalesque.TV BACKSTAGE video, partner and co-PM Jacques Conradie explains that conviction is the pre-condition for concentration, and the appropriate conviction can only be developed by deep and independent research. Still, volatility will test your convictions. The investment team is “not afraid of complicated situations” and neither of taking the right positions early while others might “wait until the dust settles”. Peregrine has also developed very efficient approaches and procedures to risk management.

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Investor’s Notebook: Citadel the odd man out in Peregrine

BY STEPHEN CRANSTON , 19 NOVEMBER 2015, 10:08


WE are seeing an asset management bull market. The darling of the sector, Anchor, which still sits in the AltX, is on a p:e of 42, and Alexander Forbes, which derives most of its value from its asset manager Investment Solutions, is on a p:e of 24. But one company that is missing the party is Peregrine, on a multiple of less than 11. Perhaps it is because Peregrine is a bit old hat, even though its CE, Jonathan Hertz, exudes more youthful vigour than, say, Anchor’s Peter Armitage or even the charismatic but mature Edward Kieswetter at Alexander Forbes.

Peregrine has been listed for 15 years. Its main subsidiary, the financial planning group Citadel, operates in an industry going through regulatory change and the pressures of disintermediation — though I doubt that Citadel’s mainly 55-plus clients will be managing their own portfolios online any time soon. Peregrine is perceived to be a business that runs on performance fees, and that would be true of Citadel, Peregrine Capital, the hedge fund business, as well as its UK business Stenham. In the six months to September, with global markets down 10%, performance fees were thin on the ground. But Peregrine has been building up its annuity income, which now accounts for 60% of earnings. Hertz says he is more delighted with these results, with HEPS up 7%, than he is in the years when he reports 30% to 40% leaps.

It proves that Peregrine is not a fair-weather company. It has developed a countercyclical business in its trading and structuring Peregrine Securities, which increased its earnings by 56% to R51m. In volatile markets there is more demand for its prime broking and derivative broking activities than in bull markets. The major acquisition on Hertz’s watch has been Java Capital, the leading independent corporate advisory business, especially to the listed property sector. The demand for property listings has been unaffected by the fluctuations in the market, so Java’s contribution doubled to R12m.

What I like about Peregrine is that most members of management of the subsidiaries have hard equity in their businesses: Peregrine Capital management owns 49,9% of its business, Peregrine Securities. At times the Peregrine CE is not even one of the top 10 earners in the business. This is in contrast to a few of the recently listed asset managers, in which the CEO earns a multiple of what the next employee gets. Co-ownership encourages responsible management, as the co-owners have to chip in their own capital if they propose to expand. Peregrine Capital’s funds are usually closed to new business but over the past six months, as hedge funds have been getting ready to deregulate, assets have increased from R4,8bn to R5,9bn. There was a R10m fall in the asset management section’s profitto R23m, but in October performance fees were exceptionally high and hit R70m.

Hertz acknowledges that Peregrine overpaid for Stenham, but says it is proving an invaluable contributor as the rand weakens. Peregrine’s share of the profits of this business increased by 111% to R44m. This includes the stable, annuity-rich Stenham Trustees, which it is integrating with Cannon Trustees. One of Peregrine’s strengths is that it is virtually ungeared and has some strong proprietary investments — R500m in its hedge funds and a further R430m in shares of Stenprop, the listed property trust that took over the bulk of Stenham’s properties. I always think of Citadel as the odd man out in Peregrine. It is not a trading business, and the pace of life is just a tad slower. But it is a business with integrity in a sector with more than its fair share of ethically challenged practitioners.

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habe mal in den Apfel gebissen und mir als letzte Order 2015 eine Posi in JNX gekauft...

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Antwort auf Beitrag Nr.: 51.397.080 von R-BgO am 02.01.16 11:58:32

effektiver Einstand: 1,78

[R-BgO]

Zahlen kamen vor kurzem,

Gewinn etwas runter, Divi minimal rauf;

inzwischen knapp unter Einstand

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Antwort auf Beitrag Nr.: 52.589.582 von R-BgO am 10.06.16 16:46:44

warte

sehnsüchtig

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POSTING OF UNBUNDLING CIRCULAR AND FINALISATION ANNOUNCEMENT


In the company´s results for the year ended 31 March 2017, released on SENS on 14 June 2017, Peregrine announced
its intention to restructure the Peregrine group and unbundle Sandown Capital Limited ("Sandown Capital"). To this
end, all surplus non-operating investments within the Peregrine group (comprising excess cash, hedge fund and other
proprietary investments) have with effect from early October 2017 been transferred to Sandown Capital.

Peregrine is pleased to announce that Sandown Capital will be listed in the "Equity Investments" sector on the Main
Board of the JSE with effect from the commencement of trade on Wednesday, 29 November 2017. Peregrine will
unbundle, by way of a distribution in specie, the 226 065 696 Sandown Capital shares held by Peregrine (being 100%
of the issued share capital of Sandown Capital) to shareholders, in the ratio of one Sandown Capital share for every
one Peregrine share held at close of trade on Friday, 1 December 2017 (the "unbundling").

Shareholders are advised that Peregrine has, on Tuesday, 14 November 2017, issued a circular (the "circular")
relating to the unbundling and the manner in which it will be implemented. In addition, the Sandown Capital pre-
listing statement, which provides further information in respect of Sandown Capital, was issued to all Peregrine
shareholders on Tuesday, 14 November 2017. The Sandown Capital abridged pre-listing statement has been released
on SENS under JSE share code SDC and ISIN: ZAE000249645.

Copies of the circular are available on the company´s website www.peregrine.co.za and may also be obtained from the
offices of Peregrine, 6A Sandown Valley Crescent, Sandown, Sandton, during normal office hours from Tuesday,
14 November 2017 up to and including Friday, 1 December 2017.

Salient dates and times

Record date to receive the circular Friday, 3 November

Circular issued to Peregrine shareholders, together with Sandown Capital pre-listing
statement Tuesday, 14 November

Announcement relating to the issue of the circular and finalisation information in
respect of the unbundling and abridged Sandown Capital pre-listing statement released
on SENS Tuesday, 14 November

Announcement relating to the issue of the circular and finalisation information in
respect of the unbundling and abridged Sandown Capital pre-listing statement
published in the press Wednesday, 15 November

Last day to trade in Peregrine shares in order to participate in the unbundling Tuesday, 28 November

Trading in Peregrine shares `ex´ the entitlement to participate in the unbundling
commences Wednesday, 29 November

Listing date - Sandown Capital shares listed and commence trading on the JSE (at
09:00) Wednesday, 29 November

The ratio apportionment of expenditure and market value in respect of the unbundling
released on SENS (by 11:00) Thursday, 30 November

Unbundling record date (at close of trade) Friday, 1 December

Sandown Capital shares credited to the accounts of Peregrine shareholders at their
CSDP or broker (at 09:00) Monday, 4 December


Notes
1. The above dates and times are South African dates and times.
2. Peregrine shares may not be dematerialised or rematerialised between Wednesday, 29 November 2017 and
Friday, 1 December 2017, both days inclusive.

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Antwort auf Beitrag Nr.: 56.385.466 von R-BgO am 07.12.17 09:04:21

Stücke wurden heute eingebucht

Thread: Sandown Capital

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heute kamen die 2017/18er-Zahlen;

bin mir nicht ganz sicher, inwieweit die durch noch enthaltene Sandown-Gewinne "geschönt" sind, glaube aber sie sind richtig gut;

aktuelles KGV von 9 und Divi 8,9%


=> in JNX aufgestockt

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Peregrine Holdings Limited - Proposed Disposal Of The Peregrine Securities Business And Withdrawal Of Cautionary Announcement

Release Date: 13/06/2018 07:06:00 Code(s): PGR
PEREGRINE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/006026/06)
Share code: PGR ISIN: ZAE000078127
("Peregrine" or "the company")


PROPOSED DISPOSAL OF THE PEREGRINE SECURITIES BUSINESS AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

Further to the cautionary announcement published on 6 June 2018, the board of Peregrine has received a non-binding proposal from Legae Holdings Proprietary Limited, an entity representing certain management of Legae Securities and Peregrine Securities and a Black Economic Empowerment consortium, ("the Consortium" or "the Purchaser") to
acquire, as one indivisible transaction -

- from Peregrine SA Holdings Proprietary Limited ("Peregrine SA") its 65% shareholding in both Peregrine
Securities Proprietary Limited and in Peregrine Fund Platform Proprietary Limited (collectively "Peregrine
Securities"); and

- from Peregrine International Holdings Limited ("PIH") its 65% shareholding in Peresec International Limited
("Peregrine Securities International"),

(collectively, the "Proposed Transaction").


Peregrine Securities houses the Peregrine Group's equity broking, derivative broking and prime broking entities.

The Consortium will include Fatima Vawda, Paul Baloyi, Tshepo Maseko, Lester Bailey, James Stewart, Warren
Chapman, all the black Staff of both Legae Securities and Peregrine Securities and funders. If the Proposed
Transaction is concluded, Peregrine Securities will be majority black owned and controlled with meaningful women
ownership.

In considering the proposal the Peregrine board took account of the increasingly higher capital requirements and the
attendant risk profile of Peregrine Securities and Peregrine Securities International (collectively "Securities
business"). With both these considerations being out of kilter with the other core Peregrine businesses, and with the
offer being appropriately priced, the Peregrine board, at its board meeting held on 12 June 2018, decided to dispose of
the Securities business.

The effective date of the Proposed Transaction will be 1 October 2018 (the "Effective Date") and, if consummated,
the Proposed Transaction will be implemented on the fifth business day after the Proposed Transaction becomes
unconditional (the "Implementation Date").

The purchase price values ?

- Peregrine SA's shareholding in Peregrine Securities at R760 million, and

- PIH's shareholding's in Peregrine Securities International at the ZAR equivalent of R150 million,

as may be adjusted upwards depending on the profits after tax earned by Peregrine Securities and Peregrine Securities
International for the period from 1 April 2018 up until 30 September 2018.

The purchase price, which will be adjusted upwards by an amount referenced to an agreed interest rate calculated from
the Effective Date up until the Implementation Date, will be settled in cash on the Implementation Date.

The Proposed Transaction price of R910 million translates to a PE ratio in excess of 9 times the Group's 65% share
(before accounting for Nala PGR SA Holdings Proprietary Limited's shareholding in Peregrine SA) of the Securities
business' profit after tax for the current reported financial year ended 31 March 2018.
The Proposed Transaction is subject to the execution of formal written agreements (the "Formal Agreements"). Prior
to executing the Formal Agreements the Consortium will be required to satisfy Peregrine SA that the Consortium has
secured funding (or guarantees in respect thereof) in order to be in a position to discharge the full purchase price
payable by the Consortium on implementation of the Proposed Transaction.

The Formal Agreements will only be conditional on the Purchaser securing required regulatory, administrative or
governmental authorities and material licences and/or permits necessary for the continued operation of the business.

The only representation and warranties (or indemnities) that Peregrine SA and PIH (the "Sellers") will furnish to the
Purchaser will be that the Sellers will be the registered and beneficial owners of the shares / interest which is / are
being sold to the Purchaser and will, on the Implementation Date, be able to give free and unencumbered title to such
shares / interest to the Consortium.

The Purchaser (and the Securities business) shall cease to and shall not use the name "Peregrine" or any derivative or
combination thereof within an agreed time period post the Implementation Date.

Peregrine has agreed to deal exclusively with the Consortium in connection with the Proposed Transaction up until
15 July 2018.

The Group's attributable share of the net asset value of the Securities business as at 31 March 2018 was R637 million
and the Group's attributable share of the net profit after tax for the year ended 31 March 2018 was R88.5 million. This
information is based on the reviewed condensed provisional financial statements of the Group for the year ended
31 March 2018, prepared in accordance with IFRS.

Shareholders will be updated on the Proposed Transaction (which remains subject to, inter alia, entering into of the
Formal Agreements and regulatory approvals) in due course.

If the Formal Agreements are executed, the resultant transaction will constitute a Category 2 transaction for the
purposes of the JSE Listings Requirements. This will necessitate the publication of a Category 2 transaction
announcement (in compliance with JSE Listings Requirements) but the implementation of the Proposed Transaction
will not require Peregrine shareholder approval.

As all material information known to Peregrine in respect of the Proposed Transaction has been set out in this
announcement, the Board is satisfied that any potentially price sensitive information relating to the Proposed
Transaction has (through this announcement) been disseminated in the market and as such shareholders are advised
that they no longer need to exercise caution when trading in their Peregrine shares. The cautionary announcement
issued on Wednesday, 6 June 2018 is withdrawn.


13 June 2018

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Zahlen sind für übermorgen angekündigt