This newsletter was originally published on substack on September 14, 2025.
Some interesting potential liquidations in this watchlist. Companies selling assets, distributing a portion of capital to shareholders and looking for a RTO.
I’ve also come across a few liquidations listed on obscure exchanges. Eurovestech PLC (JPJ:EVT) is one of them. Its a “semi private” company listed on JP Jenkins. If you have any experience buying these types of liquidations or fully private ones, it would be good to hear from you.
Important Note: These watchlists are not buy signals, buy pitches or recommendations to purchase shares. The purpose is to inform you of potential opportunities and to give you a profile of the situation. Some of these opportunities might be actionable now, in the future or never. Please do your own research and analysis.
NAV is reported NAV, book value, my estimate or another disclosed value. Timeframe is based on management or my estimate. Both could change. NAV is unlikely to be the figure you will receive in a liquidation and you should not base your investment decisions on these figures.
Liquidations
Eurovestech PLC (JPJ:EVT) was an early stage investor in software companies. Incorporated over 25 years ago, they started trading on JP Jenkins earlier this year. In June 2024 (FY23 report) the chairman said they would look to realise their remaining investments and return proceeds to shareholders over the next 18 months. In March 2025 (FY24 report) the chairman said they were progressing with the realisation and are targeting a substantial return of capital during 2025. 55% of asset value is in a 10% shareholding of Toluna, a market research provider (similar to YouGov). Toluna has been poorly run for over a decade but that appears to be changing with Tokyo listed Macromill now owning 17%. PE players CVC have recently tendered for a majority stake in Macromill. This could provide the catalyst for change. After years of trying to engage with the major shareholder of Toluna, EVT now has a board seat. Key drivers of this situation is PE liquidity for the 6 remaining assets. Macromill could also make a full takeover offer for Toluna. They’re trading at 75% discount to reported NAV. NAV £0.05 (reported). Timeframe 4 years.
Cordoba Minerals Corp (CVE:CDB) has a 50% interest in a gold/silver/copper mine in Columbia. In May they announced the sale of its interest to their 50% partner. The sale is subject to the approval of a Environmental Impact Assessment. This is expected in Q4 2025. The company will distribute between $0.96-$1.03 as a return of capital. The company will then continue as a going concern. I’ve put this down as a partial liquidation as its trading below the capital return value. You will be left with the stub that will hold cash & interest in a copper project in the United States. Key drivers of this is obviously the EIA approval. I have no real insight into this process & outcome so best to DYOR. NAV $0.96-$1.03 (capital return). Timeframe 1 year.
Safeguard Scientifics (OTCMKTS:SFES) is a technology investor. SFES have been winding down since 2018. The company has stakes left in 3 health tech companies. They own 30% of meQuilibrium (revenue between $20m-50m), 19% of Moxe Health (revenue between $10m-20m) and 19% of Prognos Health (revenue between $10m-20m). These are currently valued on the books at $3m and they appear to be losing money. The company has $7.3m in cash. Key drivers is the struggling VC market which has low liquidity outside of AI. The cash balance is getting burned up with $2.6m p.a of G&A. This is currently trading at a 37% premium to book value so the market is suggesting the remaining assets are worth more than what’s on the books. NAV $0.61 (book value). Timeframe 4 years.
Home REIT Plc (LON:HOME) owns a portfolio of social housing in the UK. It’s a scandal plagued company. They were suspended from trading in December 2022 (although you can trade shares privately). The company is defending lawsuits against shareholders for misappropriation of funds and HOME are suing the former investor adviser. The company has written down assets by over 60% in the last few years. They anticipate a portfolio sale will conclude by Q4 2025. After this, they want to return capital to shareholders. However this might be constrained due to the shareholder lawsuits. Key drivers are selling portfolio and sorting out its legal issues. This is a high risk play. Some shares have recently traded at £0.13. NAV £0.17-£0.23 (rough estimate excluding potential lawsuit costs). Timeframe 2 years.
Horisont Energi AS (OS:HRGI) is a clean energy company targeting the ammonia and carbon storage space. The company has said that market conditions for green transition projects have been difficult. They are winding down operations and will try to monetise any assets/IP. A return of capital is targeted for Q4 2025. The balance sheet shows the only asset is an option agreement to acquire acreage for a C02 Hub in Gismarvik. This expires at the end of this year with an option to extend till 2026. The company has indicated they will have 0.80 NOK cash by the end of the year. This does not include any asset sales. Key drivers will be monetisation of any on/off balance sheet assets. This is one of those strange Northern European liquidations that trades above likely liquidation value. NAV 0.80 NOK (est cash at end of 2025). Timeframe 1 year.
Amedeo Air Four Plus (LON:AA4) is an aircraft leasing company. The company owns and leases out 6xA380s, 4xA350s and 2xB777s. They appear to be in a slow liquidation. They’ve returned over £450m to shareholders since listing over a decade ago. The first A380 leased to Emirates ends around August 2026 with the rest over the following 2 years. The chairman has said they are formulating an exit strategy to give shareholders a return. You could see a similar transaction to LON:DNA3 where Emirates purchase the A380s. Key drivers of this situation are the health of the travel industry and demand for leases. There is also currently a shortage of long haul aircraft. AA4 pays a 12% dividend yield and is trading at a 40% discount to NAV. NAV £1.12 (reported). Timeframe 5 years.
Potential Liquidations
MPR Australia (formerly MPower Group) (ASX:MPR) is a renewable energy and battery storage business. In June they announced the sale of their remaining assets for $19m. Last week they announced completion and said NAV would be $0.01 post payment of liabilities. NAV includes $2m ($0.006) of conditional deferred consideration due in March 2026. The company has said they will either liquidate after March 2026, find a RTO candidate or a combination of both. Key drivers of this is if they find a RTO candidate and appetite to liquidate from MD and 20% shareholder (Wise Family). This is an interesting situation and could be a play at some point. NAV $0.01 (reported post completion including deferred consideration, before ongoing costs).
Utilico Emerging Markets Trust (LON:UEM) invests in emerging market infrastructure & utility equities. They recently announced they would bring forward a continuation vote which will take place on 16th September. If it fails they will wind up. The key driver is the appetite to wind up from shareholders. UEM has out performed its benchmark over a 3 and 5 year period. However with a market cap at £450m this is considered “too small” in today’s environment. There’s no activist on the register except possibly the City of London Investment Mgmt Co who own 15%. This is trading at a 11% discount to NAV so possible short term opportunity if they liquidate. NAV £2.74 (reported).
Harbor Diversified (OTCMKTS:HRBR) is a non operating holding company that owns Air Wisconsin (AW) and has $96m in listed securities. On 3rd September they announced the sale of AW for consideration of cash and notes (amount not disclosed). The company has said they will “continue to pursue opportunities in the sales and leasing of aircraft, engines, and parts”. The company is a late filer, with their most recent accounts not out yet. With its large discount to book value it has also been a liquidation candidate for years. Key drivers are if the major shareholders will decide to liquidate. The AW sale could be the catalyst. NAV $2.67 (book value).
McChip Resources (CVE:MCS) main assets are cash, 4.28m shares in CVE:MCM.A (34.4% of MCM.A) and other listed securities in the mining sector. In February they announced a strategic review. Last week they announced they would return $0.91 in cash to shareholders and will evaluate opportunities for a merger or similar transaction. They might make more distributions in the future. Key drivers are if they can find a suitable company to merge with and an appetite to wind up. This is an interesting situation. NAV $2.17 (est NAV with MCM stake at market value).
Matachewan Consolidated Mines (CVE:MCM.A) main assets are cash, 510,700 shares in CVE:MCS (8.94% of MCS), other listed securities in the mining sector and interests & royalties in 8 mining leases. MCM and MCH have the same major shareholder, Richard McCloskey, who is also the CEO. In February they announced a strategic review. Last week they announced they would return $0.225 in cash to shareholders and will evaluate opportunities for a merger or similar transaction. They might make more distributions in the future. Key drivers are if they can find a suitable company to merge with and an appetite to wind up. This is also an interesting situation. NAV $0.91 (est NAV with MCS stake at market value).
Updates on Previously Mentioned
Zytronic PLC (LON:ZYT) was most recently mentioned in Watchlist #9. Henry Spain, who are 19% shareholders, want to stop the wind down and turn the entity into a permanent capital vehicle. It’s unlikely we will see any return of cash if this happens. The good news is we could get £0.48-£0.58 in a liquidation. A GM has been called to vote in Henry Spain directors. I encourage you to vote against them and vote for the current directors at the AGM, who will continue with the wind down. If you’re a shareholder please reach out to me via twitter, DM here or reply to this email.
Sun Residential Real Estate (CVE:SRES) was most recently mentioned in Watchlist #10. They announced a final distribution of $0.0045. This brings the total distributions to $0.1045. This is less than the $0.11 original target. I previously mentioned that reading the comments from management the full target seemed unlikely. However, a $0.09 buy price produced a 16% gross return in 6 months. SRES will now be delisted and the entity will dissolve.
Conclusion
That’s all for this watchlist. Let me know what you think. Please share and comment.
You can find this watchlist and over 100 other liquidation situations in the Master Watchlist – Live. This is a readable google sheet with sortable discount to NAV, timeframe, situation type, country and market cap columns etc.
Thanks.
Disclaimer: The content in this write-up is for informational purposes only and should not be construed as financial or investment advice All opinions expressed are my own. Please do your own research or consult with a professional before making any investment decisions.
Disclosure: I, or members of my family, hold shares in NZE:APL, TSE:FCA.U, LON:ZYT, NYSE:AIV, LON:ASLI, TSE:ERE.UN, ASX:NXS and could potentially hold shares in any of the mentioned companies in the future.
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