This newsletter was originally published on substack on November 17, 2025.
I’m writing about 14 situations in this edition. 6 liquidations (including 1 partial liquidation), 5 potential liquidations and updating you on 3 previously mentioned.
These include cash shells, a biotech, a mining company, a special share class, a REIT, operating companies and a green energy situation.
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
Aivita Group Inc (OTCMKTS:EUSP, ISIN:US29881X1000)
Their main subsidiary was a UK utility solutions business that was sold in March 2025. The board has since been assessing the future of the company. One of the options was to find a RTO target. Now they have announced this was not successful. They will wind up and pay out the cash. I believe a Delaware corporation has to hold back funds for 3 years (due to contingency) and they will keep a small reserve but the majority of the cash will be paid out. Key drivers are wind down costs and when you get the main distribution. This is an interesting situation if you can get a fill. NAV $0.08 (book value- all cash). Timeframe 1 year (est main distribution).
Rescap Liquidating Units (OTCMKTS:RESCU, ISIN:DE0009802306)
The trust was formed out of the bankruptcy of Residential Capital,LLC in 2013. The trust has an appeal pending in the Second Circuit v underwriters at Lloyd’s. The total claims exceed $150m excluding attorney fees. The oral arguments for the appeal are scheduled for 15th January 2026. My understanding is if the appeal fails, then the only option is to appeal to the Supreme Court with a low probability of the court accepting a hearing. No potential gain is recorded in the financial statements. The estimated costs to operate the trust (mostly legal fees) through December 2026 have been accrued and accounted for in NAV. I figure if the appeal fails then there’s no other option than to finally liquidate the trust. I’d be interested in other people’s views here. NAV $0.35 (reported). Timeframe 2 years.
Asiamet Resources Ltd (LON:ARS, ISIN:BM04521V1038)
Asiamet owns copper projects in Indonesia. They have announced the sale of their interest in the KSK Project to Norin Mining for c£81m (£0.025 p/s). The company has indicated net proceeds will be substantially returned to shareholders via a cash dividend. This is a partial liquidation trading below potential payout. Shareholders representing 53% of the company intend to approve the sale. Key drivers of this are completion risks and regulatory approvals. The buyers are supposedly a well capitalised international mining group with over $1.1b in revenue. The deal completes in 9 months (a recent interview with the chairman suggests it might complete much sooner). The company currently has £1.12m in cash and has indicated they may raise working capital in the near term. So, potential small dilution risk. Post sale their main asset is another copper project in Indonesia. NAV £0.025 (KSK Project sale consideration). Timeframe 1 year.
River Global Ord B Shs (LON:RVRB, ISIN:GB00BTDR2S27)
RVRB is the B class share of River Global plc. They hold the equivalent of a 30% shareholding in Parmenion. The B Shares have “limited voting rights and are limited to receiving the economic benefits of the Parmenion holding”. Parmenion is an investment platform designed for financial advisers. Last FY revenue was £50.2m and £17.5m profit. Investment bankers Evercore have recently been called in to prepare the company for sale (the other majority owners are PE). RVRB have said their stake is worth £75m-£90m (£0.52 – £0.63 p/s) before management equity dilution. It’s likely if a sale proceeds then the share class is dissolved with net proceeds returned to shareholders. Key drivers of this situation are the sale price of Parmenion, the realisation costs and equity dilution. Parmenion looks to be a high margin business with profit growing 12% last year. This should find a buyer. NAV £0.52-£0.63 (mgmt estimate value of stake before any costs & dilution). Timeframe 2 years.
Kasei Digital Assets Plc (AQUIS:KASH, ISIN:GB00BN950D98)
A digital asset and blockchain investment company. They floated in 2021 to give investors access to digital assets. In January 2025 they initiated a strategic review. In April they announced they would liquidate the company and move the listing to the Aquis Exchange. In September they said they had sold their digital assets and had £3.5m in cash. They also said “the Board has received expressions of interest from a number of parties. The Board is currently finalising its review of these proposals to determine the course of action that is in the best interest of all shareholders with a return of capital being prioritised.” So this still looks like a liquidation with possibility of it continuing as a going concern. NAV £0.105 (net cash as of September less total liabilities at 31 January. Likely leakage from running costs etc). Timeframe 1 year.
Hookipa Pharma Inc (OTCMKTS:HOOK, ISIN:US43906K2096)
A biotechnology company that went through a failed merger and then decided to sell assets and liquidate. Due to Delaware law the company has to hold back funds for 3 years from the Certificate of Dissolution. The company has estimated a liquidation distribution of between $1.28-$1.72. Writser has written short write up on the situation which explains the risk/reward well. If you are happy to wait 3+ years this is an interesting situation. Key drivers are obviously if any liabilities or claims come up within the next 3 years. NAV $1.28-$1.72 (company est liquidation distribution. Timeframe 3.5 years.
Potential Liquidations
Fortis Frontier PLC (LON:FORF, ISIN:GB00BN7K5L93)
Formerly MyHealthChecked PLC. They owned a home-testing healthcare business called Concepta. They recently announced the sale of it to Boots UK for £2.375m. Post transaction the company will be a cash shell. Directors have said they will seek out a RTO and consider a return of cash to shareholders. They have 6 months to do this. If they don’t find a target they might end up liquidating. Directors estimate there will be unaudited £5.7m in cash post sale expenses. NAV £0.11 (estimate cash balance post sale).
Inspecs Group PLC (LON:SPEC, ISIN:GB00BK6JPP03)
A global designer, manufacturer and distributor of sunglasses, optical frames and low vision products. On 23rd October the directors confirmed they had received two offers from PE firms for the company. They also received another offer from a trade player to acquire two of the firm’s subsidiaries – Eschenbach Group and BoDe. On the 24th October 5.5% shareholder – First Seagull sent a letter to the board encouraging a sum of the parts divestment instead of a full sale. They believe a divestment of the 5 operating subsidiaries could yield net proceeds of £0.90-£1.10 p/s. They’re also concerned with the independence of some of the directors and that the process is open and proactive. If First Seagull gets their way, then this would lead to a potential liquidation. Founder and Executive Chairman owns 18.1%, so First Seagull might not have the strongest hand. The board has set up a transaction committee to assess all options. NAV £0.90-£1.10 (First Seagull est breakup value).
Sensei Biotherapeutics Inc (NASDAQ:SNSE, ISIN:US81728A2078)
A clinical-stage biotechnology company focused on the discovery of next-generation therapeutics for cancer patients. The company recently announced they’re exploring a range of strategic alternatives that “may include, among other options, a sale of assets, licensing arrangements, collaborations, a sale of the Company, a business combination, a merger, or an orderly wind-down of operations”. The company is implementing workforce reduction to preserve cash. I’m not sure as to the value of any assets/IP here. They’re burning c$12m p.a in G&A (this will obviously reduce) and have c$28.5m in cash. NAV $21.7 (book value).
HF Company SA (EPA:ALHF, ISIN:FR0000038531)
They owned a broadband business with subsidiaries in France, USA and Hong Kong. In March 2025 they completed the sale of these assets. In July they paid out €2 p/s as a dividend. The company has said “HF Company is now well-positioned to explore new investment opportunities or consider other forms of shareholder returns.” So this is basically a cash shell that is a potential liquidation if they don’t find an investment opportunity. Filings are in French so I’ve used google translate to get up to speed. Key drivers here are cash burn and timeframe. H/T to a reader for pointing this situation out. NAV €5.60 (book value).
Bluefield Solar Income Fund Ltd (LON:BSIF, ISIN:GG00BB0RDB98)
Acquires and manages renewable energy and storage assets in the UK focusing on solar energy. The board had been considering changing the structure of the fund to internal management and retaining more cash for growth. After consultation with shareholders it became clear this was not a direction they wanted to go in. The company said “a majority of shareholders expressed a clear preference for alternative value-maximising options, such as the potential sale of the Company or its assets. This feedback has directly informed the Board’s decision to initiate a coordinated Strategic Review and Formal Sale Process”. As I’ve said previously, the green energy sector is tough to invest in. I don’t have any knowledge of these types of assets but for someone who understands this industry, maybe there is opportunity. I will follow this for a liquidation. NAV £1.16 (reported).
Updates on previously mentioned
Apartment Investment and Management (NYSE:AIV, ISIN:US03748R7474)
I updated this situation in Watchlist #11. They announced the conclusion of their strategic review and have decided they will sell off remaining assets (still open to a buyout) and then liquidate the company. They have given an estimated liquidation range of $5.75-$7.10. This is below my and a lot of other investors expectations. They own a mixture of development assets and completed/near fully stabilised buildings, so some assets are more liquid and should sell quicker, while the development assets might take longer. NAV $5.75-$7.10 (est liquidation distributions). Timeframe 1.5 years.
Crystal Amber Fund Limited (LON:CRS, ISIN:GG00B1Z2SL48)
Profiled in Watchlist #6. After consulting with shareholders on the future of the company they have decided to change investment managers and continue as a going concern. The company also announced the MMI position would be sold when FDA approval was granted, which is expected to be in 2028 or 2029. This is longer than I had in mind. They will keep the cash on hand c£0.32 p/s and buy undervalued listed and private companies. All signs pointed towards a liquidation so the change of position is slightly unexpected. NAV £1.80 (reported).
WH Ireland Group PLC (LON:WHI, ISIN:GB0009241885)
Profiled in Watchlist #13. Subsequent to this, the vote to sell the business was strongly opposed by shareholders. They were not happy with the price or the sales process. Last week they announced they received a non-binding possible offer from LON:TEAM for script. The deal is valued at £0.055 per WHI share. The board is considering the offer. This offer is 11x (1,100%) higher than the previous liquidation estimate (£0.005) and just proves how bad the previous deal was. Even at WHIs Friday close (£0.0276) this has produced a nice return if you picked it up under liquidation value. NAV £0.055 (estimated offer value per WHI share). Timeframe 1 year.
Conclusion
That’s all for this edition. Let me know if you have any interesting ideas.
If you enjoyed this article, I would appreciate any likes, comments, or shares.
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, LON:ARS, LON:LABS, LON:RVRB and could potentially hold shares in any of the mentioned companies in the future.
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