Liquidation Stocks

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  • Liquidations Newsletter #15

    This newsletter was originally published on substack on January 04, 2025.

    Happy New Year. I hope everyone had a great Christmas.

    There’s been a slight name change to “Liquidations Newsletter”. The newsletter will come out monthly and follows the same format as the Liquidation Watchlist. I will be keeping some situations exclusively to the Master Watchlist- Pro Access subscribers (more info at the end).

    On to this month’s edition…

    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

    WeCap Plc (AQUIS:WCAP, ISIN:GB00BKTRF404)

    WCAP’s main asset is a 11.8% stake in WeShop Holdings (NASDAQ:WSHP). WeShop is an ecommerce website based on social networking and rewards. When you make a purchase on the site or refer people, you earn shares in the company. In November they IPO’d on the NASDAQ via a direct listing. WCAP’s shares are under a 1 year lock up. The board has said “once the WeShop lock up is over, then the Company would seek to either distribute the WeShop shares to WeCap shareholders, via an in-specie distribution, or sell the WeShop shares and distribute the cash received to shareholders WCAP”. The company has a £6.965m discounted capital bond due in May 2026. They don’t have the capital to repay it, so they’re negotiating with the bond holder to find a solution. At current prices net of the bond, WCAPs stake is worth £89m/£0.202 p/s, 10x higher than WCAPs share price. Considering the potential payout is above current price I’ve put this down as a partial liquidation. Update January 4: NAV £0.202 (net value of WSHP stake before taxes, will fluctuate). Timeframe 1.5 years

    Bigblu Broadband PLC (LON:BBB, ISIN:GB00BD5JMP10)

    BBB owns assets in the broadband and wireless space. They sold their main subsidiary Skymesh (SKM) last year. They still hold a 25% stake in this company (valued at £6.5m at time of sale). Other assets are a Starlink distribution business and a 2.8% stake in Quickline, an alternative UK broadband provider along with a £4m loan note. Lastly they own 2 other immaterial assets. The company announced they will delist, sell remaining assets and return cash to shareholders. The company is still owed £3.5m in consideration for the SKM sale due in December 2025. There is also performance consideration netted out by the amount recovered from a £1.4m customer debt plus costs. BBB are in discussions with the purchaser regarding the performance consideration and if they owe money in conjunction with the customer debt. So, there’s a bit of uncertainty to what return shareholders will get in a liquidation. If you value the assets at book value less liabilities and running costs you get to about £0.25. If you start to impair the assets, e.g. write off the Quickline loan note (they lost £38m on £3.8m revenue last year), you come up with figures in the range of £0.05-£0.08. These numbers are speculative. Shares have delisted but are tradable on JP Jenkins. NAV £0.39 (book value- high uncertainty). Timeframe 3 years.

    Potential Liquidations

    Guard Therapeutics Intrntnl AB (STO:GUARD, ISIN:SE0021181559)

    GUARD is a clinical-stage biotechnology company focused on kidney diseases. Their main program was recently discontinued and current cash position is insufficient to advance its other programs. The board has decided to commence a strategic review to identify a potential merger or RTO candidate. If this is not successful within a reasonable timeframe they will delist and liquidate the business. The key driver here is if they can find a target and what the cash burn will be if they liquidate. Current cash is 3.46 SEK p/s. NAV 2.76 SEK (book value).

    Taylor Maritime Ltd (LON:TMIP, ISIN:GG00BP2NJT37)

    TMIP owns 8 bulk transport ships. This year they have been selling vessels. Until now, there hasn’t been any indication as to the future of the company. They have now announced a £106m (£0.32 p/s) return of capital via a partial compulsory redemption. The CEO said in the announcement “We will retain sufficient cash to ensure smooth operations as we evaluate our strategic options during the first half of 2026. We will continue to focus on reducing costs while maintaining a close dialogue with shareholders on capital allocation and strategic direction. We will review our dividend policy going forward given the substantial return of capital and our reduced operating platform”. The company is debt free and this capital return will be about 52% of assets. I’ve got this down as a potential liquidation and will follow the strategic review. NAV £0.74 (NAV).

    Stratus Properties Inc (NASDAQ:STRS, ISIN:US8631672016)

    A developer and operator of multi and single family residential and retail properties in Texas, USA. They’ve announced a strategic review with the options of a sale, liquidation, buy backs or other financial transactions. About 40% of their total assets (at cost) are stabilised. They also announced the sale of one of their properties at a premium to FY24 NAV. It would be no surprise to see this liquidate considering its small size and the general theme of smaller REIT liquidations this year. One of the main risks is how hard the development land is to sell if they liquidate. NAV $43.80 (FY24 NAV).

    Updates on Previously Mentioned

    Harbor Diversified Inc (OTCMKTS:HRBR, ISIN:US41150R1023)

    I profiled HRBR in Watchlist #12. Since then they’ve announced the sale of the Air Wisconsin assets in three separate transactions for $113m. Post transaction the company should have around $200m +/- 10-20% ($3.40 p/s) in cash and marketable securities. Still no indication on what they will do with the proceeds and recent accounts are way overdue. I figure the transactions close by the end of Q1 2026. NAV $2.67 (book value September 2024).

    Next Science Ltd (ASX:NXS, ISIN:AU0000041329)

    I profiled NXS as a potential liquidation in Watchlist #9. Since then the board has called an EGM in January to vote on an initial return of capital of $0.145 p/s. The intention is to wind up the company and liquidate. A final distribution will be made by the liquidator (from residue amount left over). This has now gone from a potential to confirmed liquidation. NAV $0.155 (estimated distribution to shareholders). Timeframe 1 year.

    Chrysalis Investments Ltd (LON:CHRY, ISIN:GG00BGJYPP46)

    CHRY was profiled as a potential liquidation in Watchlist #7. The board has recently announced a revised investment policy. This will be voted on in February 2026. The new policy will be an orderly liquidation over 3 years, with no new investments made. Capital will be returned to shareholders as assets are realised. It sounds like a compromise between half of the institutional shareholders wanting a quicker liquidation and the other half happy to have them realised over a longer period. NAV £1.72 (reported). Timeframe 4 years.

    abrdn European Logistics Income PLC (LON:ASLI, GB00BD9PXH49)

    ASLI was last mentioned in Watchlist #10, where I mentioned it had been “a good liquidation so far”. Since then the company released some poor disclosures around NAV and a capital gains tax liability. There’s also been a Polish investor, DL Invest Group (DL) acquiring an 18% stake and trying to stop the wind down. They want to reposition the trust as a European logistics and data centre platform. The board is not having a bar of it and said no one else supports DL. They said the remaining disposals are to be complete in Q1 2026 and will return capital shortly after this. I’ve reduced my timeframe down to 9 months. NAV £0.301 (reported, adj for capital returns & potential £.02 CGT hit). Timeframe 9 months.

    Master Watchlist- Pro Access

    Until now the Master Watchlist has been free. Going forward, access to it will be available to paid subscribers to support the time and research that goes into it.

    To find liquidations it can take over 4 hours a day reading company filings, turning over rocks and checking news sources.

    That’s over 20 hours per week and or 43 days per year.

    I built the Master Watchlist to save you time. I use it everyday in my liquidations investing.

    The google sheet has over 120 liquidation or potential liquidation situations across USA, UK, Canada, Europe, Australia, South Africa and New Zealand. It’s updated daily.

    With Pro Access, you also get a growing list of unlisted liquidations and discount with a catalyst situations (coming soon).

    You can check out a limited free preview here.

    ​The annual subscription of $1,000 USD is suitable for the busy liquidations investor who wants to save over 20 hours per week.

    The price works out to a fraction of the hourly rate you would value your time at or what it would cost to hire someone to do this everyday.

    ​Access is limited and the number of users is capped.

    Click here to Get Pro Access now.

    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 LON:ASLI, LON:WCAP, LON:BBB and could potentially hold shares in any of the mentioned companies in the future.

  • Liquidations Watchlist #14

    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.

  • Liquidations Watchlist #13

    This newsletter was originally published on substack on October 12, 2025.

    I’m still plugging away in our little corner of the market. It will interesting to see if this strong equity market and lower interest rates increases liquidity in the private markets – PE, Real Estate, VC etc. If it does, that liquidity will help liquidations that are selling assets.

    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

    The PRS REIT (LON:PRSR, ISIN:GB00BF01NH51) is a private rental sector (housing) investment fund in the UK. They have been in a strategic review and formal sale process since October 2024. On the 17th September they announced Waypoint would acquire the holding company that owns the assets. This means that the sale proceeds will be distributed via a liquidating dividend and not a share sale of the REIT entity. The REIT will then wind up. Net proceeds are c£1.15. They aim to complete the sale by November 2025. Key drivers of the situation is the shareholder vote to approve the sale and confirmatory DD by the buyers. NAV £1.15 (net proceeds of sale). Timeframe 6 months.

    2020 Bulkers Ltd (OS:2020, ISIN:BMG9156K1018) owns 6 dry bulk ships. The company was set up to take advantage of the dry bulk market with the goal to eventually sell the ships and liquidate the company. They have recently announced the sale of 3 of their remaining 6 ships for USD $209m, $89m above book value. This transaction settles in Q1 2026. With only 3 ships remaining I’d say odds are high they sell and liquidate in the next year. Key drivers of this is how the dry bulk market performs over the next year. Shipping markets can be volatile both on the upside and downside. NAV 128 NOK (HF estimated NAV). Timeframe 1 year.

    StandardCoin AS (OS:SCOIN, ISIN:NO0013384651) was originally set up to own platform supply vessels. They sold these assets and distributed the cash to shareholders in 2024. This year they pivoted to a crypto company and raised capital. In August the company said “Euronext Growth Oslo has imposed obligations on the Company equivalent to those required for a new listing process”. The company said they would liquidate and return capital to shareholders by Q4 2025. Key drivers of this situation are when they sold their crypto holdings and USDNOK FX rate. I’ve come up with an adjusted NAV based on balance sheet values as of 30 June. Thanks to a reader who mentioned this situation to me. NAV 21.78 NOK (HF adjusted book value for dividend and placement). Timeframe 3 months.

    Centaur Media (LON:CAU, ISIN:GB0034291418) had a portfolio of brands that provided business intelligence, learning and consultancy to the marketing and legal industries. On 12th December 2024 they announced a strategic review within a board change announcement. This has led to sales of multiple divisions and in hindsight should have been flagged as a potential liquidation. I’ve categorised this as a liquidation as in their recent interim results the directors said “the Directors understand that at the end of the year a basis other than going concern may need to be adopted depending on the execution of the Group’s current strategy.” This leads me to believe they will likely liquidate and return cash to shareholders. A return of capital has already been flagged. Two businesses remain left to sell. Dalius – Special Sits on twitter has covered the situation well from earlier this year. Key drivers of this situation is if they fully liquidate or keep a cash shell. NAV £0.48 (company indicated net cash). Timeframe 1 year.

    WH Ireland (LON:WHI, ISIN:GB0009241885) is a UK financial services business. Last year they sold the Capital Markets division and have recently announced the sale of the Wealth Management division. However the vote to sell was strongly opposed by shareholders. Media reports suggest shareholders are not happy with the sale process and the price. The company indicated a £0.005 return to shareholders from the sale and then liquidation. Key drivers of this situation are if they can get a higher price and the ultimate wind up costs. NAV £0.005 (estimated distribution). Timeframe 1.5 years.

    Leo Lithium (ASX:LLL, ISIN:AU0000221251 ) owned a Lithium project in Mali. In November 2024 they sold their remaining 40% interest. Shares have been suspended from trading since September 2023 due to various listing rule compliance issues. In January 2025 they returned $0.174 p/s to shareholders. Since then, they have been looking to acquire another asset and get the shares trading again. In September 2025 they announced they would not acquire another asset and would return cash to shareholders, sell their remaining royalty asset and wind up. First distribution of $0.22 will come on 14 October and another distribution of $0.054 by year end. They will make a third distribution when the royalty asset is sold. Although this is not trading on an exchange, you can still trade shares off market. This situation would likely suit an institutional or sophisticated investor. The company has also received a requisition notice from 17% shareholder Firefinch to remove current directors and replace them with their own. Key drivers of this situation is what the value of the royalty asset is (I still need to do some work on this) and if the requisition notice amounts to anything. NAV $0.274 (1st and 2nd distribution). Timeframe 1 year.

    Potential Liquidations

    SDCL Efficiency Income Trust (LON:SEIT, ISIN:GB00BGHVZM47) is an energy efficiency focused investment fund. They own assets in North America, UK and Europe. They consist of industrial solar and storage, cogeneration, regulated gas distribution networks and on-site energy recycling assets. On 23rd June the board announced they are considering strategic options. On 3rd of September activist Saba disclosed a 5% position. They have a continuation vote in a year. This is trading at a 30%+ discount to NAV so pressure could be on a wind up. Key drivers of the situation is other shareholder appetite to wind up and if the discount persists over the next year. The board has said they will sell some assets and reduce debt to deleverage the equity. NAV £0.91 (reported).

    Dp Aircraft Ltd (LON:DPA, ISIN:GG00BBP6HP33 ) owns two 787s leased to Thai Airways till October & December 2026. They have recently entered into a new 12 year lease agreement with Lot Polish Airline to commence when the Thai leases expire. The company was heavily exposed to Thai Airways when they entered debt structuring in 2020. At one point the company’s share price was down 98%. The company had to do highly dilutive capital raises in 2022 & 2024. They have debt refinancing due when the Thai leases expire in 2026. The company has said its investment policy is to sell assets when appropriate. I suspect with only 2 aircraft they will liquidate at some point in the future. Key drivers of this is the demand/supply for the 787 aircraft, which appear to be favourable and debt restructure outcomes. NAV $0.176 (company adjusted reported).

    Sunstone Hotel Investors (NYSE:SHO, ISIN:US8678921011) owns 14 full service hotels in the USA. Some of their brands include; Four Seasons, Hilton, Marriott and Hyatt. In September, Tarsadia Capital who own 3.4% of the REIT sent an open letter to the board calling for a strategic review with a full sale or liquidation as options. They said the REIT is subscale and is trading at a 30% discount to Green Street’s estimated NAV. Key drivers of this is the hotel market which has had a slow recovery since COVID and appetite to wind up by other shareholders. There is definitely a trend of small REITs in the US liquidating this year. NAV $13.36 (Green Street NAV).

    Wilmington Capital Management (TSE:WCM.A, ISIN:CA9715581018) is an investment company that invested in real estate and private equity. In 2023 they decided to realise the value of these investments and simplify the business. They returned $2.75 in cash to shareholders in 2024. The company is now basically a cash shell with a small residue holding in a property development partnership. The company has said “the Corporation continues to review a range of alternatives aimed at providing liquidity to shareholders and maximizing the value of its public platform”. This suggests to me they will sell the last asset and liquidate or seek a RTO. Thanks to another reader who mentioned this situation to me. NAV $2.86 (book value). Timeframe 1 year.

    ENX Group (JSE:ENX, ISIN:ZAE000222253 ) is a manufacturer and distributor of power equipment and distributor of chemicals. They have recently sold a lubricants division and have paid out two special dividends this year totalling R285 p/s. The company’s strategy is to “Continue to follow our strategy of increasing shareholder value by growing the underlying businesses, and if the opportunities available are right, to make strategic disposals of those businesses”. So this could wind up eventually and one to put on your watchlist. NAV R580 (reported, adjusted for special dividends).

    Smithson Investment Trust (LON:SSON, ISIN:GB00BGJWTR88 ) invests in international small/mid cap equities. Run by well known UK fund manager Terry Smith. Saba has recently disclosed a 14% stake in the fund. They will have a continuation vote in April 2026 if the discount averages over 10% in the preceding year. The trailing 12 month average has been 11%. A continuation vote was held this year with only 9% voting in favour of a wind up. I believe Terry Smith owns just over 1.5%. Key drivers of this situation is if the discount persists to hold a vote and if more shareholder holders decide to wind up. NAV £16.70 (reported).

    Updates on previously mentioned

    Life Science REIT PLC (LON:LABS, ISIN:GB00BP5X4Q29) is a life science and commercial office owner. This was profiled in Watchlist #3 as a potential liquidation. I’ve changed this from a potential to a confirmed liquidation. They recently announced the results of a strategic review. They couldn’t get an offer close to NAV so have decided to implement a managed wind down over the next 12-18 months. Cash flow is tight with this REIT, as they need to fit out lab space and complete developments. All their buildings are in the “Golden Triangle” and the market is oversupplied. Sentiment is quite poor around LABs but could present an opportunity in the future. NAV £0.663. Timeframe 2.5 years.

    Conclusion

    That’s all for this watchlist. Let me know if you have any interesting ideas.

    Please like, comment and share this article.

    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, LON:LABS and could potentially hold shares in any of the mentioned companies in the future.

  • Liquidations Watchlist #12

    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.

  • Liquidations Watchlist #11

    This newsletter was originally published on substack on August 17, 2025.

    There’s quite a bit happening in the North American REIT space. NYSE:SITC, NYSE:AIV, NYSE:NLOP and TSE:ERE.UN have all announced capital returns or special dividends. You also have NYSE:ELME selling assets and liquidating. It’s always nice to get some cash back to reinvest into that same situation or a new opportunity.

    Important Note: These watchlists are not buy signals, buy pitches or recommendations to purchase shares. The purpose is to inform you of opportunities and to give you a paragraph profile of the situation. Some of these opportunities might be actionable now, in the future or never. Please do your own research.

    Liquidations

    Cambria Africa (JPJ:CMB) is an investment company that owns real estate, listed securities and payments businesses in Zimbabwe. They also have cash outside Zimbabwe at the holding level. CMB used to trade on the AIM market but delisted in October 2024. They now trade on JP Jenkins (JPJ) via a matched bargain facility. Here is a list of brokers that allow trading on JPJ. CMB is in the process of realising assets and returning cash to shareholders. In January they returned £0.0042 via a 50% share redemption. Due to the political and economic instability of Zimbabwe the payments businesses have been impaired. The last unaudited NAV at 28 February 2024 was $6.1m USD. Adjusted for the capital return this comes to £0.0082. Management believes realisable NAV could be $7.2m/£0.011. The last traded price on JPJ was £0.0045. So it’s still trading at a hefty discount. The company is selling an office property & listed shares. Using company figures, these could be worth £0.0067 per share. The rest of NAV is legacy debts owed to CMB by the Zimbabwean Reserve Bank and goodwill associated with the payments businesses. This is a high risk but interesting situation. NAV £0.0082 (reported NAV adjusted for cap return). Timeframe 3 years.

    Franklin Street Properties (NYSEAMERICA:FSP) owns urban and CBD office properties. The portfolio consists of 4.8 million sq ft in Dallas, Denver, Houston and Minneapolis. I’ve had FSP on my list for a while. This short write up by Clark Street Value (who also writes about special sits & liquidations) jogged my memory to profile it. In May the company officially announced a strategic review which could include the sale of assets or the company. FSP has been selling off properties since 2020. They have also stopped doing quarterly earnings calls. This could be a sign of a sale or transaction. With a market cap of $165m, it’s a high likelihood that a wind down or transaction occurs in the near to medium term. Key drivers of this situation is the office market in the Sunbelt, which is tied to the Oil & Gas sector. The portfolio is also only 70% leased. The company has said they’re encouraged by prospective leasing activity. Book value is $6.03, however this is likely massively overstated. To get an accurate liquidation value, an asset by asset valuation needs to be done. NAV $6.03 (reported book value). Timeframe 2 years.

    NAXS AB (STO:NAXS) is a Nordic focused investment fund. 65% of assets are in 12 private equity funds. 8 of them are post 2020 vintage. This amounts to 47.4 SEK per share. They also hold 19 SEK in cash, 3.6 SEK in listed securities and 2.4 SEK in private investments. On Wednesday they announced they would put a vote to shareholders to start an orderly liquidation and pay a 16 SEK special dividend. They mentioned not being able to deploy their cash and the discount to NAV as reasons for winding up. Key drivers of this situation are appetite for secondary sales of private equity funds and/or the timing of when those funds wind up. As 8/12 of them are post 2020 vintage, they could be difficult to offload. Pre announcement this was trading at a 26% discount to NAV. I don’t think this was that wide considering the state of the PE market. Now its trading at a 11% discount which is too small considering the timeframe to liquidate and nature of their assets. The company did say they have received expressions of interest for certain assets. NAV 73 SEK (reported). Timeframe 7 years.

    Hydrogen Capital Growth (LON:HGEN) is an investment fund focused on private hydrogen and hydrogen related assets across Western Europe. HGEN was set up in 2021 with the backing of INEOS. 68% of the portfolio is in supply chain assets. Last month the board announced a managed wind down and change of investment adviser. They said there would be an independent reassessment of NAV. The company is also short of cash unless they do a secondary sale of an asset. The key drivers to this are what the hydrogen assets are actually worth, cash flow and timeframe to realise. I think this sector is very speculative and its an unproven industry. I wouldn’t be surprised to see a write down in valuations from the independent reassessment (similar to LON:DGI9). This is trading at a 70% discount to NAV so clearly the market does not believe current portfolio value. NAV £0.89 (reported). Timeframe 5 years.

    Elme Communities (NYSE:ELME) is a value oriented multi-family apartment owner in the Washington, DC and Atlanta metro areas. They own 9,400 residential units and 300k sq ft of commercial space. They recently announced the sale of 19 residential assets for $1.6b. They will sell the remaining 9 assets and their DC commercial complex- Watergate 600. After this they will liquidate. Key drivers of this are the appetite for office and Class B multi-family in DC and Atlanta. DC could be a tricky market with government cuts reducing demand. The board has put a 12 month timeframe on the sell down with estimated distributions of $17.58 to $18.50. At current prices I do not see much value here. However, having this on your watchlist over the next year could present a nice opportunity. NAV $18 (mid range of mgmt est distributions). Timeframe 1.5 years.

    Eaton Vance California Municipal Bond Fund (NYSEAMERICAN:EVM) and Eaton Vance New York Municipal Bond Fund (NYSEAMERICAN:ENX) are municipal bond funds focused on providing income that is exempt from Federal Income Tax. Due to pressure from activist Saba, the board announced they will put a liquidation vote to shareholders in September. Key drivers of this situation are investors appetite to wind up and if you can pick it up at a worthwhile discount. Both funds have <$250m in net assets and so I’d say odds are high these get liquidated. With this type of situation, watch for a widening discount for an entry. EVM NAV $9.16 (reported). ENX NAV $9.60 (reported). Timeframe 3 months.

    VH Global Energy Infrastructure (LON:ENRG) is an investment fund that invests in sustainable energy infrastructure assets. The portfolio consists of solar, onshore wind, hydro facilities, terminal storage, battery storage and gas with carbon capture storage. 30% of the portfolio is in construction and the rest is operational. In May they announced an asset realisation strategy and indicated a 3 year wind up timeframe. Key drivers are the liquidity and market conditions for green energy assets. Also if they can sell the assets at NAV (currently trading at a 32% discount). Compared to quite a few other funds in this space gearing is only 7%. I’ve mentioned previously there seems to be a recovery and more interest in this sector. However the only thing that matters in liquidations is what assets transact at and not what they’re marked at. Personally I’m ambivalent to these situations. I can see opportunity but I’m not confident on valuing the assets. Someone with knowledge in this area might be able to pick out some winners. NAV £1 (reported). Timeframe 4 years.

    Potential Liquidations

    New Zealand Rural Land Company (NZE:NZL) is an investment company that owns rural land in New Zealand. It buys properties and then leases them out to tenants on CPI rents. The portfolio consists of horticulture, forestry and pastoral assets. Earlier this month the board announced a “capital review of its strategic options” which is due by 31 December. The company said “NZL has been listed for up to 5 years. In that time the company has made strong progress in growing its asset and earnings quality and size. That has not been reflected in the share price. The Board considers that the full range of strategic options on the capital structure require review and input from shareholders.”. Since IPO in 2021, the company has consistently traded at a discount to NAV and is currently at a 37% discount. Although I don’t see a liquidation as a high probability, I do consider it an option. In early 2024 they sold 25% of the portfolio to an Australian fund manager and moved the assets into a LP. So there’s a possibility of a similar transaction with a return to shareholders. NAV $1.60 (reported).

    Bellevue Healthcare Trust (LON:BBH) invests in a concentrated portfolio of global healthcare companies. Last week they announced a strategic review due to the continued under performance and size of the company (£162m market cap). This is due to conclude in Q42025 with all options on the table. The aim is to improve performance or otherwise achieve value for shareholders. Saba has a 14% stake in the fund. Due to its small size, a merger or wind up could be an option. NAV £1.18 (reported).

    Previously Mentioned

    Apartment Investment and Management (NYSE:AIV) was first mentioned up in Watchlist #1. They recently announced the sale of 5 properties in Boston for net proceeds of $485m. They also announced a $4.00 – $4.20 per share distribution from proceeds of the Boston and Brickell sale. The dividend represents 51% of market cap. I’ve had AIV down as a potential liquidation but it’s pretty clear they are liquidating without management officially announcing it. I figure this is to avoid having to give the impression of forced sales. The stock is down over 10% since the announcement of the Boston sale. This partially could be due to the 6.5% cap rate on the Boston sale being higher than expected. AIV looks interesting at these levels.

    European Residential REIT (TSE:ERE.UN) was previously mentioned in Watchlist #3. They recently sold two commercial properties and a residential property for gross proceeds of EUR 52.8m. They are paying a special dividend of EUR 0.90 (CAD $1.44) with an ex date of 22nd September. This is 58% of market cap. Like AIV, ERE has sold off recently. Q2 Reported NAV was CAD $2.95. If you discount that by 10%, they wind up in the next year and you pick shares around $2.40, you could get a 10%+ return. If they get closer to NAV you could get a potential 15-20% return from here.

    Site Centers Corp (NYSE:SITC) I recently profiled them in Watchlist #10. They have announced the sale of a shopping centre in Florida and Phoenix for $200m in gross proceeds. They also announced a $3.25 dividend with an ex date of 2nd September. You should check out Brian’s Substack write up on them. It’s a good overview of the situation. He approaches it from a “how do I lose money on this” angle. I think this is the right way to look at liquidations. SITC looks interesting on a pullback.

    Conclusion

    That’s all for this week. I’d appreciate any feedback on what I’m doing. Is there anything I could do better or change? What would you like to see?

    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 NYSE:AIV, TSE:ERE.UN, NYSE:SITC and could potentially hold shares in any of the mentioned companies in the future.

    Note: 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 not necessarily the figure you will receive in a liquidation.

  • Liquidations Watchlist #10

    This newsletter was originally published on substack on July 27, 2025.

    With liquidations, I try to focus on the individual company and not get too caught up in what the index is doing. When analysing a situation I ask myself:

    • What sort of liquidation is this?
    • What are the selling conditions for these assets?
    • What do the liabilities look like?
    • How liquid is the corporate entity?
    • What is the liquidation value?
    • When will I get my money back?

    Important Note: These watchlists are not buy signals, buy pitches or recommendations to purchase shares. The purpose is to inform you of opportunities and to give you a paragraph profile of the situation. Some of these opportunities might be actionable now, in the future or never. Please do your own research.

    Liquidations

    INVL Technology (VSE:INC1L) is an investment fund that invests in European IT businesses. They own and manage a cybersecurity company- NRD Cyber Security, a GovTech company- NRD Companies, and a Baltic IT company- Novian. The fund is due to wind down by July 2026, with a possible extension of two years. In March last year they appointed an investment adviser to sell the portfolio companies. Last week they terminated the agreement and will look for a new adviser. In the press release the manager said “the decision to terminate.. was made to provide greater flexibility in exploring alternative strategic options for the sale of the portfolio companies”. Key drivers are the M&A conditions for these types of companies and operating performance. The fund has indicated that selling conditions are less than ideal but they have interested parties. They also said the companies are performing well. This is not currently trading at a bigger enough discount to get me interested, especially if it takes another 3 years to wind up. However the comment on exploring alternative strategic options could mean a full portfolio sale, which would expedite the timeframe and increase IRR. One to follow. NAV 4.27 EUR. Timeframe 3 years.

    Syncona (LON:SYNC) is a life science investment fund. They have 14 portfolio companies at various stages of development. Last month the board announced they would seek to wind down the company over the medium term and return capital to shareholders. They said they might sell some investments at a small premium to current share price (not NAV) to create liquidity. The obvious key drivers here are how successful the portfolio is. Biotech is notoriously high risk and low odds of success. Hence the large discount to NAV. Potentially a play if they were to announce a very successful investment and you’d ride the momentum for short term trade. The timeframe on this is also likely to be long, I estimate 5-7+ years. NAV £1.79. Timeframe 7 years.

    Doric Nimrod Air Three (LON:DNA3) is an aircraft leasing investment fund. In 2013 they purchased 4 Airbus A380s and leased them to Emirates. The company has announced they will sell the aircraft to Emirates and liquidate the company. Key drivers of this situation is USD/GBP rate they convert the sales proceeds at and timeframe. The board has indicated they will return funds in Q1 2026. If you can pick this up on a slightly bigger discount, this could be a low risk short term return. NAV £0.6495 (company estimate -return of capital + dividends). Timeframe < 9 months.

    Philly Shipyard (OS:PHLY) operated a commercial shipyard that built and repaired vessels for the United States Jones Act market and government. The shipyard was sold in December 2024. They paid out the majority of the proceeds in two special dividends. What’s left is cash held in escrow for another 4 years. At least 8.40 NOK has been earmarked for potential distribution once escrow is finished. PHLY will delist on 9th September. Key drivers of this situation are the probability of warranty claims and running costs. From current prices you could get a 4 year IRR of 20-30% p.a. It’s tempting but holding unlisted stock for that long isn’t ideal. NAV NOK 8.40. Timeframe 4 years.

    Site Centers Corp (NYSE:SITC) is an owner of open-air shopping centers located primarily in suburban, high income areas in the USA. In 2024 they spun off 79 convenience properties in a $2.4b transaction. The remain-co was left with 33 properties and c$700m in value. They have since sold 3 properties. Management has not confirmed a liquidation. However they’re selling assets and have recently returned $1.50 in capital. According to a VIC write up, management reaffirmed to the poster they will continue to sell assets. So this looks like a liquidation all but in name. Key drivers will be market conditions for these types of properties, interest rates and capex. Most of the properties are box big centres and are benefitting from low supply. This is an interesting play, some more clarification around liquidation plans would probably see it move towards liquidation value. NAV $14-16.50 (my very rough estimate). Timeframe 2.5 years.

    Potential Liquidations

    Ellen AB (STO:ELN) is a Swedish company that has developed products to improve women’s health. The company announced the sale of the business via an asset sale for 13.3M SEK (asset and liabilities will transfer). They also announced a review of strategic alternatives to explore the potential of a reverse takeover or if no options present, a liquidation. Shareholders who own 38% of the shares have indicated they will approve the asset sale at the EGM. So odds are high this gets approved. Key drivers are if they find a reverse takeover target and if they liquidate, the cash burned in the interim. The gross sales proceeds are c1.20 NOK. The stock is trading at a 28% discount to this price. So a potential opportunity here if they liquidate. NAV 1.20 (gross sales proceeds).

    Gore Street Energy Storage Fund (LON:GSF) is an investment fund that owns a portfolio of utility-scale energy storage projects. RM Funds, who own 6%, have requisitioned a meeting to remove 2 directors and replace them with their own. They want to divest non core assets, return capital and merge with a peer or sell the company. The board is still evaluating the requisition and believes in the strength of the company. Key drivers of this situation are other shareholders and the board’s attitude towards a realisation. The share register looks pretty open with only 1 other institutional investor holding 9%. The green energy fund sector has recovered well this year off a low base. GSF is still trading at a 40% discount so the market is implying the company’s NAV might not be realistic. However, RM Funds said there’s been 25 UK battery energy storage transactions completed this year. This gives me confidence that there is at least liquidity for these types of assets. NAV £1.02.

    Murray Income Trust (LON:MUT) is an investment fund focused on UK equities. Earlier this month they announced a strategic review due to a persistent discount to NAV. With net assets of £930m, a fund this size could be considered “too small” today. The key driver is if shareholders want to wind up and other strategic options the board considers. Apart from Rathbones, who own 10% of the fund, no other inventors own over 2%. I will wait for the outcome of the review. NAV £9.61.

    Schroder BSC Social Impact Trust (LON:SBSI) is an investment fund that invests in private market social impact investments via funds and co investments. Due to the discount to NAV and inability to attract more shareholders, the board has initiated a strategic review with the possibility of a wind down. Over 60% of NAV is committed to funds that mature in over 5 years. Their longest investment is due to mature in 9 years. The board is considering how to create liquidity quicker. At a 30% discount to NAV, this is not currently attractive. However, the move away from ESG type investing and as capital leaves this space, could present an opportunity to buy at a larger discount in the future. NAV £1.02.

    Maven Renovar VCT (LON:MRV) is a VCT that invests in UK AIM companies. The board received a requisition notice from a group of shareholders who own 5.2% of the trust. Paul Jourdan, who was the previous manager (removed 1 May 2025) is part of this group. They want to appoint 4 board members (including Jourdan) and remove the current directors. They were removed at the AGM last month but were automatically reappointed due to the trust not having the minimum number of directors. Only 14% of shares voted at this meeting. The requisitioning shareholders want the company to return capital and only make new investments if the AIM market offers attractive opportunities. Reading back through past announcements the current board indicated that this group of shareholders also want to liquidate the company. The obvious driver here is what % of shares turn up to vote and if shareholders want to appoint the new board. If the same % turns up then the Jourdan group will likely win. The trust has a market cap of £87m so is getting on the small side. If they start to return capital it would likely make the fund uneconomical and you could see a wind down. NAV £0.66.

    Previously Mentioned

    abrdn European Logistics Income (LON:ASLI) I first mentioned ASLI in Watchlist #1 and updated the situation in Watchlist #7. Recently they have announced the sale of two properties in the Netherlands at a 3% discount on Q1 marks and 2 properties in Germany at a 10% premium. They also announced a £0.12 capital return via B shares. Ex date is 29th July. Although taking longer than most people expected, this is turning into a good liquidation so far. NAV £0.71. Timeframe < 2 years.

    Sun Residential REIT (CVE:SRES) I updated this situation in Watchlist #8. They have now announced the closing of the property transactions and a $0.10 dividend. This went ex dividend on 25th July. In the press release they said “ “The First Distribution is for over 90% of the proceeds to be distributed to unitholders, the second distribution will be for the residue. ” As I wrote in the previous update, the total payout might be less than $0.111. This statement gives me further evidence that might be true. Nonetheless, it’s going to be a nice short term return from a $0.09 buy point. NAV $0.006 (adjusted for $0.10 distribution) Timeframe < 6 months.

    Pioneer Funds (NYSE:MHI, NYSE:MAV, NYSE:MIO) I first wrote about the funds in Watchlist #7. MHI, MAV and MIO liquidation meetings were approved. PHD, PHT, HNW were adjourned to allow shareholders more time to vote. MHI, MAV, MIO will stop trading on 22nd August and should expect the primary distribution on 27th August. Keep an eye out for a short term trade here. NAV- MHI $9.05, MAV $8.21, $11.60. Timeframe < 1.5 months.

    Conclusion

    That’s all for this edition.

    Let me know what you think?

    I’m always interested to hear other people’s views.

    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 LON:ASLI, CVE:SRES and could potentially hold shares in any of the mentioned companies in the future.

    Note: NAV is reported NAV, book value or my estimate. Timeframe is based on my estimate. Both could change.

  • Liquidations Watchlist #9

    This newsletter was originally published on substack on July 06, 2025.

    Although markets are at all time highs, I continue to find new potential liquidations and confirmed liquidations. It just goes to show how bifurcated the market is.

    In this watchlist I’ve profiled investment funds, REITs, holding companies, a royalty trust and operating companies. Among them are 3 South African listed companies. H/T to Urquhart Partners who put me onto them.

    Liquidations

    NB Distressed Debt Investment Fund (LON:NBDD, LON:NBDG, LON:NBDX) is an investment fund with exposure to distressed and special situation credit-related investments. They have 3 classes of shares. Their investments are across 4 sectors; commercial property, hotel and casino, surface transport and containers and packaging. The fund has been in “harvest” mode for many years now. In the recent AGM results notice the company said they would discuss bringing forward liquidation proposals due to 3 of the 4 remaining assets being in negotiations for sale. I believe these will be done via secondary sales and at a discount to carrying value. Key drivers are what they get for the assets and timeframe to liquidate. This is an illiquid although interesting situation. However some more work is needed on asset values. NAV- NBDD $0.71, NBDG £0.491, NBDX $0.87. Timeframe 2 years.

    Starlight U.S. Multi-Family (No. 2) Core Plus Fund (CVE:SCPT-A & CVE:SCPT-U) was set up to acquire and operate multi-family properties in the USA. They acquired 3 properties between 2021-2023. The fund has a maturity date of March 2026. On Friday 27th June they announced the sale of 1 building and a special dividend for the A and U units. This was at a multiple of the pre ann traded prices. The two remaining properties have non-recourse debt that is due. The company is working on extending this. One of the remaining properties’ asset value is below the value of the debt owed. Key driver here is if they can extend the loans and then sell the properties for above debt value. My analysis suggests they will struggle to sell above debt value, so I would only play this for the distributions. It goes ex-dividend on 16th July. NAV- SCPT-A C$2.75, SCPT-U US$2.52 (distribution amounts). Timeframe 1 year.

    The China Fund (NYSE:CHN) invests in companies with exposure to China. The board recently announced they will put to shareholders a liquidation vote. They will release a proxy statement shortly. The discount to NAV has narrowed significantly from 15% pre announcement. The holdings are liquid and it shouldn’t be hard to liquidate. This could present a good short term opportunity closer to liquidation date. NAV $15.35. Timeframe 6 months.

    Brait plc (JSE:BAT) is an investment holding company. They own 3 assets; Virgin Active- a global premium health club operator (62% of assets), Premier- a JSE listed FMCG manufacturer (32% of assets) and New Look- a fashion retailer in the UK & Ireland (3% of assets). Brait has been winding down since 2019, with the pandemic delaying the process. Last year they did a highly dilutive capital raise at a 73% discount to NAV to pay back debt. BAT is looking to float Virgin Active on the LSE in the 2nd half of 2026. PMR is up 123% since it was floated in 2023 and the stake can be sold when needed. With New Look, they’re waiting for retail conditions to improve in the UK. They have targeted 2027 to finish the wind up. Key drivers of this are valuation and timing of the Virgin Active float. The UK market is currently not very attractive. NAV R290-320 (NAV is adjusted for PMR share price. Low end NAV is adjusted for dilution if EIH bonds are exchanged for shares and high end NAV has no dilution). Timeframe 3 years.

    RMB Holdings (JSE:RMH) is a holding company. They have investments in South African retail, office, industrial and residential property assets. In 2020 they announced a monetisation strategy. Since then they have returned 1.5x their starting market cap in dividends. The wind up is due to be finished by 2027. Key drivers of this situation is the monetisation of Atterbury (88% of NAV). Atterbury is a property development company. They develop the property and then sell it. They have been able to sell at an average of 1% below book value. I’m inclined to think it takes a year or two longer to wind up but the discount to NAV looks attractive. NAV R65.80. Timeframe 3 years.

    EPE Capital Partners (JSE:EPE) has investments in funds and co-investments in private equity type investments. EPE announced a wind-down in late 2023. About 50% of NAV is an investment in Optasia, which is a rapidly growing fintech company. Its valuation increased 41% from June 24 to December 24. Optasia is currently being prepared for an IPO. Key drivers of the situation is the liquidity of private markets and if they can sell assets at valuation marks. They want to exit all investments by FY29. EPE is up 22% in the last two months and the discount isn’t attractive here. A positive is, NAV is growing. NAV R810. Timeframe 5 years.

    BP Prudhoe Bay Royalty Trust (OTCMKTS:BPPTU) – owns a royalty interest in the Prudhoe Bay oil field in Alaska. The trustee has recently put up the for sale sign. It currently earns no income as it needs a minimum oil price of $100+ WTI. The current operator Hilcorp North Slope (HNS) had a purchase option at $0.544 per unit but did not take it up and said it will make an offer substantially below this price. BPPTU currently burns $1.3m a year and as of last quarter has $3m left in net cash ($0.144). There is potentially a trading opportunity here if oil spikes or if it falls below cash value. Otherwise it’s hard to see anyone bidding on this except HNS. NAV $0.144 (before ongoing burn). Timeframe 1 year.

    Potential Liquidations

    Next Science (ASX:NXS) is an Australian medical company that sells products designed to fight infections caused by bacteria from the use of biofilms. On Tuesday 1st July the company announced a sale of substantially all of its assets. Estimated net proceeds of USD $30m (AUD $0.155) are to be distributed to shareholders. The stub will be the assets related to the DME business and they will “assess their options as a going concern”. Key drivers of this situation are probability of asset sale closing (high) and value of the stub. DME appears to be a distribution business setup so NXS could sell its products to a wider client base in the US. There’s not much public info on DME. However, the expert report released in conjunction with the asset sale could provide more insight. NAV $0.155 (est distribution to shareholders).

    KCR Residential REIT (LON:KCR) owns residential apartment and retirement portfolios in the UK. A general meeting was requisitioned by shareholders who have a 20% stake in the company. The resolutions are to remove the current board, replace them with their own and initiate a full strategic review. A 55% shareholder has said they will vote against all resolutions. This is a £4.5m market cap company trading at 58% discount to NAV. They have recently rolled onto higher interest rate debt and are not cash flow positive. Although the resolutions are likely to fail, with such a small market cap and poor cash flow I’d say odds are high they liquidate or sell assets in the next year. One to follow. NAV £0.30.

    Fidelity Japan Trust (LON:FJV) invests in Japanese equities with a “growth at a reasonable price” strategy. In April the board initiated a strategic review after shareholders indicated they would not support the continuation vote. They then received proposals from other funds to merge in exchange for shares. At the May AGM the continuation vote failed. At a meeting in June, the timeframe to put proposals to shareholders was extended to 6 months. They have until November to come up with a deal or they will have to liquidate. Key drivers of this situation are shareholders’ appetite to wind up or merge into another fund. The board favours a merger. Japan is still an attractive investment market, so shareholders might want to merge with a better performing fund. This is weighed up against shareholders rejecting the continuation. They could give shareholders a cash out option at NAV. NAV $2.07.

    Updates on Previously Mentioned

    Jarvis Securities (LON:JIM) was profiled in Watchlist #5. In their recent interim update they mentioned certain conditions have not been met but still expect the deal to complete in early July. The stock is up 40% from the post announcement sell off. This type of situation is not something I typically get involved in until I have a better idea of wind up costs or a liquidation value is announced. There’s still quite a bit of uncertainty around what those numbers could look like. I’ve conservatively adjusted my NAV to £0.10-£0.20, from £0.20.

    Zytronic (LON:ZYT) was profiled in Watchlist #2 & #5. They recently had their first auction on Asset Match with a small parcel trading at £0.48. The stock delisted at £0.44. The company gave a £0.44-£0.60 liquidation range. No update from the company on the liquidation process so far. I expect another year for this to liquidate.

    Mongolia Growth Group (CVE:YAK) was profiled in Watchlist #4. They reiterated in their year end release that they have to buy 25% of a company or they have to liquidate. The CEO and major shareholder said that with private asset values too high, it’s unlikely they will find a target. This has a hidden asset of the KEDM subscription business and some Russian assets valued at zero.

    Conclusion

    That’s all for this edition.

    Have you got any insights into the stocks I mentioned? Any oil royalty experts or multi family investors reading?

    I’m always interested to hear other people’s views.

    Let me know- thanks for reading.

    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 ASX:NXS, LON:ZYT and could potentially hold shares in any of the mentioned companies in the future.

    Note: NAV is reported NAV, book value or my estimate. Timeframe is based on my estimate. Both could change.

  • Liquidations Watchlist #8

    This newsletter was originally published on substack on June 15, 2025.

    With the geopolitical situation flaring up over the last few days, it’s a good time to focus on the watchlists and look for tactical buys in our liquidation stocks.

    The pullback in April produced some good entry points. Since then, I think the spreads on many interesting situations have gotten too narrow.

    Liquidations

    Premier Miton Global Renewables (LON:PMGR) invests in listed companies operating in the renewable energy and related infrastructure sectors. The companies ZDP shares (LON:PMGRZ) will be redeemed in November. The ZDP liability (£17.5m) is accumulative and is currently 50% of total assets. As redemption draws closer, the managers have said they will start liquidating assets and move to cash. Additionally the board has said they are considering options- a wind down or option to roll over. Key driver of this situation is the performance of the green energy space, which has been recovering from a multi year bear market. The current NAV is £21.5m, so odds are high this gets fully liquidated in November. I think this is an interesting situation. It gets less risky as they move to cash and redeem the ZDP. You also get upside to the green energy space and a hard time exit on getting your money back. NAV £1.20. Timeframe < 9 months.

    JP Morgan Global Core Real Assets (LON:JARA) is a vehicle that invests in JP Morgan’s private funds across transportation, infrastructure, real estate equity and debt. They are geographically exposed to North America 56%, Asia Pacific 26%, Europe 17%, UK 2%. In December a managed wind down was approved. In February this year, 16% of issued capital was returned. Another 35% is estimated to come back in Q3 and 30% in Q4 2025. The board indicated that Q4 2026 would be when everything is wound up. Key drivers of this situation are the performance of the underlying assets, the ability for the board to redeem investments in the funds and at what discount/timeframe. Trading at a 14% discount it’s hard to get excited about this considering a potential 2 year timeframe. One to put on the list for a bigger discount. NAV £0.887. Timeframe 2 years.

    Ground Rents Income Fund (LON:GRIO) owns a portfolio of residential and commercial freeholds and head leases. They own 386 individual assets in the UK. In 2023 they approved an asset realisation strategy. 96% of the portfolio is under a “Material Valuation Uncertainty Clause” due to leasehold reforms. In January, Victoria Property Holdings went public with a non-binding indicative offer at £0.34. They subsequently increased the price to £0.40. The board of GRIO rejected these offers because it undervalues the company. The key drivers of this situation are the UK government’s approach to leasehold reform and how it effects assets value. If they were to liquidate asset by asset I think it will take a long time and costs will eat into your return. GRIO has been on my list for a while but I felt it was too risky with the valuation uncertainty. Now with Victoria’s bid there’s at least someone willing to put a value on the assets. Price is down over 18% since the offer- maybe Victoria will come back with a higher offer? It’s now trading at a 50% discount to NAV. I would have taken the offer at £0.40. NAV £0.527. Timeframe 4 years.

    Copper Property CTL Pass Through Trust (OTCMKTS:CPPTL) is a pass through trust created out of the CH11 reorganization of JC Penney’s. They hold 121 retail properties leased to the new owners of JC Penny stores. The trust will terminate and possibly convert to a REIT on 10 December 2025. In December the whole portfolio was put up for sale with indications it’s worth over $1billion. It’s debt free and you’re currently getting a 9.2% annualised yield. As it’s a liquidating trust, the dividends are tax free at the Federal level. This will change if it converts to a REIT. Key drivers of this situation are interest rates, demand for retail assets and the performance of JC Penny. Good news is that shopping centres are having a bit of a resurgence after a decade long bear market. The $1 billion price target comes out at a 8.75% cap rate. This is a 330 bps spread over the 10 year. On a high level analysis the valuation seems reasonable. NAV $13.75. Timeframe 2 years.

    Marin Software (NASDAQ:MRIN) a loss making advertising software company. They announced in April they will liquidate the company and the liquidation distribution would be between $0.00 – $0.10. On 9 June they entered into a non-binding LOI with a PE buyer to acquire the assets. No value was given on the deal. Key driver of this situation is if the software IP has any value above the current estimates. This currently trades at $0.90, way above the original liquidation value. You should get more info on the outcome of the LOI at the end of June. I’m going to wait till then. NAV $0.00 – $0.10. Timeframe < 6 months.

    Starwood European Real Estate Finance (LON:SWEF) invested in a portfolio of real estate loans in the UK, Spain and Ireland. They have 6 investments left. The loans were to office, light industrial, healthcare, hospitality and life sciences properties. 78% of the portfolio is floating rate (downside capped) and benefits from inflation/interest rate increases. Key drivers to the situation is the realisation timeframe, which is expected to be 2-3 years and the recovery amount of the loans. They are paying a fully covered dividend at a 6.4% yield. I’ve had this on my list for a while but the discount was <10%. It’s currently at 15% and recently got out to 18%. If it moves past 20% then it starts to look interesting. NAV $1.00. Timeframe 2-3 years.

    Potential Liquidations

    Cannovum Cannabis AG (ETR:27N0) was a company setup to take advantage of the German recreational cannabis market. In February, due to the newly elected government, they announced they would liquidate the subsidiary “Anbau-Allianz” and sell their partial stake in “Cannovum Health eG” (Health eG), a drop shipping company. They also said in August they would vote to remove cannabis from their name. This suggests they might not liquidate. At 500K EUR market cap I don’t see many options for them. Key drivers of this situation is what they sell the partial stake for and what they do with the cash (if there is any). The accounts are in German and it has been difficult to get information (thanks to one of my German readers for the help). Interestingly, they previously owned 100% of Health eG and it was on the books for 9.8M EUR but was then quickly written off. NAV €0.41.

    CQS Natural Resources Growth and Income (LON:CYN) invests in a portfolio of mining and natural resource equities and fixed interest securities. On 28 May they announced a proposed tender offer for 100% of issued capital. If over 60% is tendered then the offer will be withdrawn and the company will liquidate. Results of the tender will be announced on 1st July. Saba, who own 29% of the fund have said they will vote to tender their shares. A recent requisition meeting failed with 98% of the votes (excluding Saba’s) voting against the resolutions, so a liquidation is not certain. Key driver of this situation is non Saba shareholders’ appetite to exit or continue. The board has offered shareholders who don’t tender a 20 bps reduction in management fee and an increased dividend to 8% of NAV. This is a big jump up from the current c3% dividend yield and potential 8.7% yield at current prices. I will wait for the outcome of this. If it liquidates, you might be able to pick up a quick short term trade like LON:LFI and ASX:FPP this year. NAV £2.24.

    Henderson European Trust (LON:HET) owns a portfolio of listed European “Global Champions”- pioneering companies that are leaders in there field. In February they announced a strategic review due to the resignation of the two co portfolio managers. In a recent update they said they would provide a substantial update at the HY results release at the end of June. Another one that could provide a nice short term opportunity. NAV £2.10.

    Polar Capital Global Financials (LON:PCFT) invests in a global portfolio of listed securities in the financial sector. They are currently offering a 100% tender. If 67% of the issued capital tenders then they will liquidate the trust. Key driver here is dissatisfaction of shareholders. Management has sweetened the prospects for continuation by lowering management fees and increasing dividend to 4% of NAV. It currently pays a 2.3% dividend yield. There doesn’t seem to be any pressure from an activist to wind this up. Its last 2 years share price has returned 24% & 28% p.a. It last traded on a 10%+ discount in 2023. They will announce the preliminary assessment on shares tendered on the 17th June. Keep an eye out for a surprise. NAV £2.11.

    Tejon Ranch (NYSE:TRC) is a diversified real estate development and agribusiness company in California. Since 2000 the share price has declined 29%. Waterboy Investing did a write up on his substack last year. In recent years there has been a growing list of activist who want the discount to NAV closed. In May, well known activist Bulldog Investors got two nominees elected to the board. Key driver is how much influence Bulldog has and are they able to convince current insiders to give up their pay packages and liquidate. Bulldog are typically CEF activists so will be interesting to see if they are successful here. NAV $25.

    Updates on Previously Mentioned

    Sun Residential REIT (CVE:SRES) owned two multi-family properties in the Sunbelt, USA. On 28th May unit holders approved the sale of the properties and termination of the trust. The estimated distribution in the circular was $0.0782 USD or $0.111 CAD. Since then USDCAD is down 4.5%. The completion is supposed to be around May 29 with a hard stop of 1st August. The company will announce completion along with distribution details. 90% of the liquidation amount is supposed to come back shortly after that. Key drivers of the final payout will be the actual wind up costs and when the money is transferred to CAD. Using the company’s estimates in the circular and a USDCAD rate at 14th June, the payout is reduced to $0.106 CAD. If you can pick this up <$0.10 CAD then this could be nice trade with most of your capital coming back soon after completion. NAV $0.106. Timeframe <6 months.

    Conclusion

    What do you think of these? Please comment below.

    Thank you for reading.

    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 CVE:SRES and could potentially hold shares in any of the mentioned companies in the future.

  • Liquidations Watchlist #7

    This newsletter was originally published on substack on June 01, 2025.

    Its business as usual in the liquidation space. Some situations will work out better than expected, some will do worse.

    I continue to believe the next 5-10 years will be a good period for liquidations due to political, economic and market factors. There will be volatility and cyclicality. M&A and liquidity cycles to navigate. But if you can buy at a decent spread and pick the right stocks then liquidations will be a good strategy.

    It’s important to remember to use these watchlists as an idea generation tool and to keep track of the ideas via the Master Watchlist or your own watchlist. Some of the names listed below might not be actionable right now but could present an opportunity in the future.

    One recent example is LON:ASLI. If you had it on your watchlist during the recent pullback, assuming they liquidate near current NAV and it takes 2 years from here, you could have picked it up at an estimated 15-25% p.a forward return. This improves if they liquidate before then or above NAV. If they liquidate below NAV or it takes longer to wind up then your downside is less than if you had purchased before the pullback.

    I want to highlight a couple of recent shorter term liquidations plays that have finished.

    ASX:FPP– results from the meeting were released on 29th January, you could have purchased at the following close for $0.86 and received back $0.9272 in April with a small payment coming in June. On the April payment this is a nice 7.8% return in a couple of months.

    LON:LFI– you could have picked this up from 6th November after they announced they had moved to 100% cash. From 18th December you could have picked up shares after they announced they would return proceeds to shareholders. Although the stock was illiquid, you could have bought during this time for between £0.60-0.65. This would have resulted in a 10-20% return in less than 6 months.

    LON:MINI– after they announced in November to liquidate, if you were tactical in your buying you could have picked this up for between £0.43 and £0.44 and received a 6-9% return in 6 months.

    Today’s list contains a mix of operating companies, REITs, energy funds, private equity funds and closed end funds.

    Liquidations

    Trencor (JSE:TRE) owned container leasing and logistic businesses. In 2017 they started selling assets and returning proceeds to shareholders. On Thursday they announced a special dividend of R0,90 from cash that was held back for indemnity purposes. They also announced they will hold a meeting to wind up and liquidate the company. A further final dividend will be paid on what’s left over after costs. In the circular they disclosed R1,20 in cash. After the special dividend you’re left with R0,30. The company has said there would be R0,09 in wind up costs. This will leave about R0,21 for a final dividend assuming the wind up costs are accurate. I’ve contacted the company to confirm this figure as the wording in the circular is slightly confusing. TRE will delist on the 15th July and this is the last day you can trade and receive both dividends. As of Friday it’s not trading at a big discount, but one to put on your watchlist for a pullback. NAV R1,11. Timeframe 9 months. Update 02/06/2025- I spoke to the company and there will be more liquidation costs than the R0,09 figure given in the circular.

    Invesque (TSE:IVQ) owns 28 aged care assets across North America. The board recently announced they are asking shareholders to approve the sale or lease of all assets in one or more transactions. They are also asking for approval for a capital reduction so they can return cash to shareholders. The share price is down over 95% since IPO in 2016. They have been highly geared since COVID (70%+ debt/assets) and late last year they increased the share count by 16x in a debt for equity swap. I would not trust the management or board of this company. With a book value of $0.17 you might want a bigger MOS to get involved. A lower risk/return play would be to buy the 9.75% Dec-27 bonds at <98% of par. NAV $0.17. Timeframe 2 years.

    Pioneer Funds (NYSE:MAV, NYSE:MHI, NYSE:MIO, NYSE:PHD, NYSE:PHT, NYSEAMERICAN:HNW) are 6 closed end funds run by Amundi Asset Management. Amundi merged with a new adviser and the board put to shareholders a vote on a new investment agreement. After an activist campaign by Saba, the fund did not receive enough proxies to approve the agreement. The board then decided to call a meeting to liquidate the funds. Considering the new agreement wasn’t approved by shareholders and Saba’s involvement I’d say odds are high these get liquidated. The current average discount to NAV is 2-3% . However at one point it widened out to 4%. Keep an eye on these, as you get closer to liquidation, you might be able to pick up a nice low risk short term return. You can get NAV info on each ticker here. Timeframe 3 months.

    Aseana Properties (LON:ASPL) owns a hotel, mall and resort development land in Malaysia. It has been winding down since 2015. It’s what I call a “melting ice cube”- high debt, low/no positive cash flow and illiquid assets. This leads to a constant decline in NAV and high discount. Throw in legal claims against former directors and you have quite the basket case. Good news is the new directors raised $6.5m in capital this year. With $88m in liabilities on $129m of assets, this will be tough to turn around but one to watch. NAV $0.24. Timeframe 5 years.

    Digital 9 Infrastructure (LON:DGI9) an investment fund that owns subsea cables, terrestrial fibre, data centres and wireless networks. Shareholders voted to wind down the company in March 2024. A new board and investment manager was voted in October 2024. FY23 to F24 NAV declined by 56%, with one asset written down by 85%. A lot of this has to do with the previous manager not valuing assets properly (due to getting paid on NAV based on their own projections of future performance!!). This caught quite a few investor out who were attracted to the big discount it was trading at. One positive is recent buying from the new board. Another one to watch to see if they can turn it around. You will miss out on some upside, but will be a lower risk play. NAV $0.34. Timeframe 3 years.

    Riverstone Energy (LON:RSE) is an energy investment company. They have public and private assets in decarbonisation, oil and gas, renewable energy and power. Recently they announced they will seek approval in August for a wind down. 75% of NAV is in cash ($73m) and public securities ($202m). The public securities are mostly liquid so that part of the portfolio shouldn’t take more than 6 months to sell. The private assets might take a while. Outside of AI the whole private equity/VC space has frozen up and if they want a quick liquidation, they will need to sell at a discount. NAV is before wind up costs and a 5 year termination fee. I estimate this could come out to c10% of current market cap or 7.5% of NAV. NAV £11.35. Timeframe 3 years.

    Aquila European Renewables (LON:AERI) invested in a portfolio of renewable energy infrastructure investments. In September 2024 shareholders approved a managed wind-down. Most of their assets are in solar farms, windmills and hydropower stations in Europe. The company recently entered into a S&P agreement for its interest in a Portuguese hydropower asset at book value. Recently they have also entered into a non binding heads of terms with a preferred bidder for the majority of the portfolio. There will be an update on this transaction in June. They have said previously there’s no guarantee that they will be able to sell the portfolio at current valuation. It’s interesting to note there seems to be an increase in corporate activity returning to the green energy sector. This should give the market confidence in valuations for these types of companies. NAV £0.71. Timeframe 2 years.

    Potential Liquidations

    Chrysalis Investments (LON:CHRY) is a pre IPO growth capital investment company. 15% of their NAV is in Klarna, which has recently made headlines for a delayed IPO. There has been recent pressure from Asset Value Investors (AVI) and other investors who own a combined 27%. AVI wants the company to hold another continuation vote in 2026. Naturally the board is not keen so they are hiring Rothschild & Co to consult with shareholders on its capital allocation policy. Findings will be shared in Q4 2025. This is trading at a 35% discount to NAV, so if this doesn’t start to close soon, pressure will build on a wind down. NAV £1.52.

    Saker Aviation Services (OTCMKTS:SKAS) used to operate the Downtown Manhattan Heliport. Their concession ended on 29 March 2025. They are effectively a shell with c$8.50 in cash and equivalents. Micro cap investor Tim Erikson owns 10% of the company and recently spoke to the CEO who said “they were looking for a good deal or would liquidate”. The CEO owns over 30%. They’re likely in a cash burn position so book value will decrease over time. One to put on the watchlist. NAV $9.

    Updates on Previously Mentioned

    Asset Plus (NZE:APL) a single office asset debt free REIT in Auckland, NZ. I wrote about them in Watchlist #1 and #5. In the full year results they announced a non-binding heads of agreement with an occupier that would take occupancy from 65% to 74%. Considering the market is still over supplied, this is positive. They announced a $0.002 quarterly dividend subject to quarterly review. An annualised 4.1% yield while you wait for the cycle to turn. I estimate the annualised dividend ($0.008) is approx the free cashflow level. They’ve kept $10m in cash for tenant incentives. Interestingly, the building valuation cap rate has tightened by 10 bps, the fall in valuation ($0.02) comes, not surprisingly from market rents dropping 15%. NAV $0.324, excluding c$0.015 wind up costs. Even if you get back $0.28 in a few years- not a bad return here.

    abrdn European Logistics Income (LON:ASLI) a European logistics REIT. I profiled them in Watchlist #1. In the quarterly update they announced 120,000 sqm was under offer with possible contracts exchanged in the coming weeks. 90,000 sqm is in due diligence/negotiations. They’re hopeful of a mid-Q3 return of capital via B shares. Some assets are still not on the market. I was expecting all of them to be on the market by now. However, the 2 year liquidation is on track. NAV £0.71. Timeframe < 2 years.

    ICG-Longbow Senior Secured UK Property Debt Investments (LON:LBOW) predominantly invested in a portfolio of UK real estate debt investments, comprising loans secured by first ranking fixed charges against commercial property investments. I profiled them in Watchlist #2. This week they announced the sale of the property securing the Affinity loan. They will receive in excess of £10m. This is 5% above book value. The remaining loans are on a Southport hotel and residential park homes. They also announced a return of capital. If they distribute the proceeds from the Affinity loan, that could be c30% of market cap at Fridays close. NAV £0.28. Timeframe < 2 years.

    Conclusion

    What do you think of these? Let me know. Comment below.

    I’m searching and looking at liquidations everyday.

    Thank you for reading.

    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, LON:ASLI and could potentially hold shares in any of the mentioned companies in the future.

  • Liquidations Watchlist #6

    This newsletter was originally published on substack on May 07, 2025.

    Today’s list includes a few UK investment funds that have been liquidating for a while but are still offering a decent spread to liquidation value.

    If the spread of a situation isn’t attractive, I’ve learned to always keep an eye on it. Market volatility might offer a better entry point. LON:MCT and ASX:AOF are examples to watch.

    The 3 potential liquidations I’ve profiled I think are quite interesting. One of them has initiated the quickest strategic review since a spin off that I have seen – 2 months. Put them on your watchlist.

    I’ve updated 3 situations that I’ve previously mentioned. CVE:SRES looks like it’s going to be a nice 20%+ return in less than 6 months.

    Crystal Amber Fund (LON:CRS) is a UK small cap investment fund. The fund has been in wind down for the last 3 years. It came on my radar in December 2023 when it was trading at £0.63 (painful). I still think there’s some juice left in this one. 90% of NAV is in 2 assets. Its largest is Morphic Medical Inc (MMI), a privately held company in the USA. They have developed a device that is meant to help people who have type 2 diabetes and are overweight or obese. It’s non revenue generating and is looking to gain CE certification so it can commercialise. How this stake gets realised is key to the wind down. An IPO, private sale or scrip dividend could be on the cards. The other main asset is UK listed banknote producer and authenticator De La Rue. After selling the authenticator division, directors recently agreed to a bid for the RemainCo. This will provide a c£40m in gross proceeds which is 50% of market cap. NAV £1.87. Timeframe 2 years.

    Weiss Korea Opportunity Fund (LON:WKOF) invests in South Korean preference shares. On 14th April shareholders approved a change of investment policy and wind down strategy. They have long touted the “discount to NAV” (currently 43%) which is the discount NAV would be at if the preference shares were converted to common equity of the same issuer. However I can’t see any evidence of them indicating they will do this. Board has said a first return of capital in June. They also said the liquid portfolio can be realised by June 2027. I’ve estimated about 80% of the portfolio can be liquidated by then. I don’t see the upside here if it takes 3 years to liquidate. Maybe one to watch for a pullback. NAV £1.51. Timeframe 3 years.

    Australian Unity Office Fund (ASX:AOF) is an Australian office REIT that has been liquidating and returning funds to shareholders. They recently returned $0.40. Estimated remaining distributions are $0.51. September this year $0.48 comes back and then the final $0.03 after October. This currently trades with a 6% upside, one to put on watchlist if you want a higher return. NAV $0.51. Timeframe 6 months.

    Seritage Growth Properties (NYSE:SRG) Sears real estate portfolio spin off. I have mentioned the preferreds in Watchlist 2. In the Master PDF I mentioned I would take a stab at liquidation value for the common equity. I’ve adjusted NAV for 2 years of G&A cash burn and preferred dividends. I don’t see why the preferreds don’t get redeemed in the next year. The company recently mentioned all assets will be on the market in 2025. This has been a graveyard for many value and special situation investors. NAV $3.95 Timeframe 2 years.

    Middlefield Canadian Income (LON:MCT) a UK investment fund that invests in Canadian large caps. Last week, pressure from activist investor Saba has led to the company announcing they will convert to an ETF. Shareholders can roll over into the new vehicle, partially roll or take a full cash exit at close to NAV. Circular to be sent to shareholders relating to the transaction in August 2025. Currently pays at 4.5% dividend yield. NAV £1.255. Timeframe 6 months to 1 year.

    GCP Asset Backed Income Fund (LON:GABI) is a UK investment fund that provides asset backed loans secured against long term cash flows or physical assets. Wind down approved in May 2024. Majority of loans are to residential housing, care homes and social housing. It appears the UK property market is stabilising. About 23% of the portfolio are “problem loans” which have been written down. It’s paying a 9% dividend yield which will reduce as loans are paid back. The board indicated 2027 will be when last assets are realised and capital returned to shareholders. NAV £0.818. Time frame 3 years.

    RM Infrastructure Income (LON:RMII) is a UK investment fund that invests in secured debt backed by assets, real estate, plant and machinery and accounts receivables. They have been winding down since December 2023. Debt free with 28% of market cap in cash. The board has indicated they will do a material capital return soon. They’re targeting the end of 2027 for the complete liquidation with the majority of capital return by end of this year. The dividend will be reduced as the portfolio unwinds. NAV £0.843. Timeframe 3 years.

    Potential Liquidations

    Euroholdings Ltd (NASDAQ:EHLD) owns 2 late 1990s feeder container vessels (box ships). The company was spun off from its parent in March this year. The plan was to act as a consolidator of vintage tonnage which other companies didn’t want (like their parent). After the spin, the stock has dropped from $17 to $5. This has led to the company initiating a strategic review. The review could include a full or partial sale or another corporate transaction. If they were to sell the ships as an asset sale and liquidate, you would receive a liquidation distribution. The company has $13m of cash (87% of market cap) and is debt free. My conservative assumptions are that on the confirmed charters the ships can produce about $3million in EBITDA in the next 18 months. The carrying value of the ships could also be 2-3x higher than book value ($3.3m). This is an interesting play to watch. But be aware of Greek ship owners and shareholder unfriendly practices. NAV $6.05.

    abrdn Asia-Pacific Income Fund (TSE:FAP) invests in bonds in the Asia-Pacific region to produce income for investors. Activist investors Almitas hold 17% and Saba have 13% of the company. 50% of units requested redemption at the annual redemption in March. Also in March, shareholders approved a change in the constitution to remove the 10% annual redemption cap which would allow shareholders to tender 100% of their shares. The board has said that if there is a large redemption at the 2026 annual redemption that makes the company no longer viable, they will wind it up. I’d say odds are high this gets liquidated in 2026. NAV $3.14.

    Altai Resources (CVE:ATI) is a small Canadian resource company. They own: a oil royalty asset, an interest in a early stage gold development property, cash and marketable securities. Long standing Chairman and major shareholder passed away late last year. His son was then elected as a director and owns 20% of the shares. On 1st May they announced a strategic review with one of the options to liquidate. With a market cap of $3.5m it’s hard to see what else they can do. They’re profitable with $4m in cash and marketable securities. One to watch for the strategic review outcome. NAV $0.085.

    Previously Mentioned

    Sun Residential Real Estate (CVE:SRES) I mentioned them in Watchlist #4. Last week the company confirmed a $0.111 payout in two parts. Majority of proceeds to be paid in June and a final distribution in September. This should turn out to be a nice return since the announcement to liquidate on 1st April.

    abrdn Property Income Trust (LON:API) released its AR last week. They were downbeat about what the final distribution would be due to taking longer than expected to sell the final asset- Far Ralia (FR). FR is a difficult asset to sell. The mood around climate change/carbon credits is not as positive as it was a few years ago. The directors said they hope it will be sold by the end of 2025. They have £0.048 in cash which will provide interest income. Concern for me is the reluctance to return some of this cash and how much they will burn while waiting for the sale. NAV £0.08.

    Firm Capital Apartment Real Estate (TSE:FCA.UN) released its Q4 report. I’ve mentioned previously management has not given much away in terms of confirming liquidation or progress on the strategic review and nothing has changed in the Q4 report. $20m of debt held against the 2 wholly owned properties is due in February 2026. Both these properties are for sale. I think they should just confirm a liquidation which should reduce the discount to NAV. Since I mentioned it, the stock is up 20% on one of the exchanges it trades on but it’s very illiquid. NAV $6.57.

    Conclusion

    Let me know what you think?

    I’m looking for opportunities everyday. It’s good fun.

    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 CVE:SRES, TSE:FCA, LON:API and could potentially hold shares in any of the mentioned companies in the future.