Category: Uncategorized

This newsletter was originally published on substack on April 20, 2025.

A longer list this week so I will keep the intro short.

I’ve added a section at the bottom that updates a couple of situations mentioned in previous watchlists.

I think it could be a good period for our liquidations niche. Economic volatility and cyclicality will mean more companies are better off dead than alive.

Below are operating companies, investment trusts and REITs. Some are very illiquid so you will have to be patient and opportunistic if you bid.

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

Centogene (OTCMKTS:CNGF) is a biotech company that helps diagnose rare and brain-related diseases by studying a person’s biological data. In November 2024 they announced the sale of their only subsidiary. The sale and liquidation was approved in December that year. At the time of the sale announcement the company said liquidation distributions could be up to $0.20 or lower. The transaction closed on 12th March 2025. They have not confirmed what the liquidation distribution will be or when. The shares trade on the OTC and will be delisted. NAV $0.18. Timeframe 1 year.

Spectra7 Microsystems (CVE:SEV) creates silicon products that enable copper cables to run at higher performance levels. On 7th March they announced the sale of the company. On April 15, they revised the terms of the liquidating distributions to; total value $0.0104, consisting of a cash payment of USD $0.0039 and 1 non-interest bearing contingent value right (CVR) valued at USD $0.0065. The transaction was approved on 17th April and the deal will close within a week. Shares will delist after completion. They also trade on OTC- SPVNF. NAV USD $0.0104. Timeframe 1 year.

Jarvis Securities plc (LON:JIM) is a small UK financial services firm. On Tuesday, they announced they had sold their retail brokerage business for £11m. The directors said they are reviewing strategic options but at this time don’t intend to make any acquisitions with the cash. They then said they will eventually seek a delisting and return proceeds to shareholders. Chairman/CEO Andrew Grant and relatives own 50%+ of the stock so the odds are high there will be no objection to this sale and liquidation. The company also owns an office/data centre on the balance sheet at book value for £125k. I’m still trying to locate this and to see if there’s any hidden value. NAV £0.20. Timeframe 2 years.

Northgold (STO:NG) is a Swedish gold exploration and development company. They announced on 15th April the sale of the shares in their subsidiaries which include all their gold assets for 34m SEK. The consideration is mostly 70m shares in the acquirer (ASX:NNL) and a small cash proponent. Shareholders will vote on the transaction and later vote on a liquidation. Shareholders representing 62% of the votes in NG have said they will vote in favor. NG shareholders will receive the shares of NNL in the liquidation. I don’t think the stub will have any value after wind down costs. You can short NNL. NAV 1.48 SEK. Timeframe 1 year.

Symphony International Holdings (LON:SILH) is an investment fund that was listed in 2007 to invest in Asian consumer and real estate businesses. About 90% of NAV is in unlisted investments. In 2021, fund manager Asset Value Investors started a campaign to “Save Symphony”. In 2023 SILH announced they would start an orderly realisation period over the medium term. Since then the share price is down over 30% and the discount to NAV is over 57%. There has not been any capital returned to shareholders and it looks like without another activist getting involved it will be a very slow wind down. NAV $0.85. Timeframe 7 years.

Avance Gas (OTCMKTS:AVACF) operated a fleet of very large gas carriers. Over the last year they have been selling vessels and distributing proceeds to shareholders. The stub is cash from the final sale proceeds. What’s strange is the company’s final payout amount is $0.74 but the shares as of Thursday are trading at $0.99. From reading the materials it seems that there are no assets left after this dividend. Anyone have any idea what’s going on? NAV $0.74. Timeframe 6 months.

Aker Carbon Capture (OSL:ACC) specialises in carbon capture technologies. In 2024 it sold its business for cash but kept 20% of a newly formed JV. There are potential performance payments due up to 2027 and put and call options on the remaining stake that expire in 2027. In March they paid out 4.82 NOK in a dividend. A 0.98 NOK dividend is due in May. NAV 3.50- 8.33 NOK. Timeframe 3 years.

Evercel (OTCMKTS:EVRC) was an investment holding company. Dave Waters wrote about them here. In 2021 they participated in the take private of ZAGG with a 20% stake. EVRC then decided to liquidate the rest of the company. It’s now basically a shell with supposedly no value. However, it’s trading at a market cap of $10m. That’s because EVRC distributed the ZAGG stake into a liquidating trust. The company claimed if you held EVRC on the record date (26th February 2024) you would have the rights to the ZAGG stake which could be worth $30million. However shareholders dispute that the transfer was legitimate because it wasn’t reported to FINRA. Tim Erikson has also written about EVRC. This is a binary situation and could be worth a punt. NAV $0-$1. Timeframe 2 years.

abrdn Diversified Income and Growth plc (LON:ADIG) is an investment fund that invests in private markets, alternatives, listed equity and fixed income and credit. A wind-down strategy was approved in February 2024. In July 2024 they returned the proceeds from their publicly listed assets. The private market assets are expected to mature between 2025-2033. This long timeframe is why I have ignored ADIG up to this point. However after a failed portfolio sale earlier this year, last week the company announced they would commence a secondary sales process. This would involve sales to multiple parties and quicker returns to shareholders. The board said if the sales were done, it would be at a material discount to carrying values. I want to see a bigger discount than is currently on offer and quick sales to get me interested. NAV £0.675. Timeframe 4 years.

XLM Media (LON:XLM) is an AIM listed gambling company. Last year they sold off multiple divisions and decided to liquidate the company. 46% of shares were tendered in January 2025. What’s left is the last few puffs of the cigar which is performance related cash received from the divestments. There is an upcoming tender for 70.90% of shares at £0.11. A record date of 28th April and payment 9th May. The final puff will be £0.10 +/-, the residual cash after paying tax and wind down costs. During the sell off I was trying to pick these up for £0.09 but couldn’t get a fill. NAV £0.107. Timeframe 1 year. Shares will delist on 14th May.

Two potential liquidations to watch.

German High Street Properties A/S (CPH:GERHSP) as the name suggests, they have 13 prime high street properties across 11 cities in Germany. Two shareholders who collectively own 26% of the company have put forward proposals at the general meeting for the board to start a managed wind down and liquidation. The chairman is associated with the controlling shareholders who own 54% of the company. The board does not recommend the proposals. The meeting is on 30 April. Low odds this one will pass but it’s trading at 42% discount to NAV and one to watch. NAV 128 DKK.

Pacific Current Group (ASX:PAC) is a boutique asset manager that owns stakes in 8 other asset managers across US, Europe and Australia. It’s been an ongoing situation since mid 2023. Special situations investor Jeremy Raper has covered it on his twitter. After two failed takeovers in 2023 they have been selling off their investments. They recently bought back over $265m of stock in an off market buyback at $12. The company appears to be in slow liquidation without announcing it’s going to wind up. You also have an CEO calling himself “Acting CEO” and the CFO publicly looking for other opportunities. They have been cagey on plans to reinvest cash. NAV $15.50.

Previously mentioned opportunities that should be given an update.

Zytronic plc (LON:ZYT) a manufacturer of touch based sensors. I profiled this in Watchlist #2. A couple of days later the company came out with a £0.44-£0.60 liquidation value range and 9 month timeframe. Shortly after I was able to pick up shares at £0.38. I thought this was very good risk/reward- even at the low end and pushing the timeframe out to 1-1 ½ years. ZYT is now delisted and the outcome of the property sale and cash burn will determine how much we get back in liquidation.

Asset Plus Ltd (NZE:APL) a single asset debt free REIT in Auckland. I briefly mentioned this in Watchlist #1 and also did a quick write up on it. On 9th April they announced a 8% decrease in the value of their only property, a new office building- 8 Munroe Lane. This reduced NTA to $0.322. I initially underwrote a 20% decline in valuation where I’d still make an acceptable return over 1-2 years. This is a decent asset in a slow and oversupplied leasing environment. As New Zealand comes out of its recession, leasing activity should pick up and they can eventually sell & liquidate. I expect another special dividend or ongoing dividend to be announced in FY25 results at the end of May,

Firm Capital Apartment REIT (TSE:FCA.UN) predominantly owns B/C grade multi-family in the USA directly and via JVs. 80% of their exposure is in the Sunbelt. Mentioned in Watchlist #1 as a potential liquidation. This is a very illiquid stock and is down 30% in April on no news. Last reported NAV was USD $6.59 and it closed on Thursday at $2.50. A 62% discount. Leverage is 36% down from 60% in 2023. Even if some of their assets are impaired, a 62% discount seems excessive. I wouldn’t be surprised if it was indiscriminate selling from someone having to liquidate due to what’s been happening over the last few weeks. Q4 results should be out within a month and we will get an update on the strategic review. This increasing discount will put more pressure on board to formally announce a complete liquidation.

Universal Security Instruments (NYSEAMERICAN:UUU) is a manufacturer of smoke and carbon monoxide alarms. Mentioned in the Watchlist #4 as a potential liquidation. The vote took place on the 15th April. The resolution for the asset sale passed but the resolution for the liquidation failed by a margin of 2,122 shares (0.13% of votes needed!). Also on the 15th the company entered into a MOU with Milton Ault, the activist investor who was previously against the sale & liquidation, who agreed to vote in favour. The MOU also means he’ll get his way with keeping the public shell and will look for a new investment. Shareholders will receive a comparable liquidation amount via a dividend.

Conclusion

Let me know what you think about these names?

Do you have any other interesting liquidations you own or on your watchlist?

I’m looking everyday for liquidations and wind downs. I will post another watchlist soon.

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

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

While investors are busy trying to figure out the latest tariff effects, I’m more than happy to keep plugging away with my liquidation stocks.

Will they be effected by the eventual outcome of tariffs and a trade war? I’m not sure. Some will, some won’t. Macro and complex systems are hard to predict.

What I like about liquidations is I’m buying at a discount to liquidation value which gives me a margin of safety. There’s also a timeframe to them where I get my capital back and some profits.

Below are some liquidations or potential liquidations I have on my watchlist.

There continues to be REITs and investment trusts. A few more operating companies are winding down and distributing cash to shareholders. A couple of European based opportunities and one Singaporean REIT to watch.

Some of the following stocks are very illiquid and might suit a smaller account size.

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

VPC Specialty Lending Investments (LON:VSL) is an investment trust focused on asset backed lending to emerging and established businesses. The trust has been in wind-down since June 2023. The large majority of its investments are debt with some equity like investments which have performed poorly over the last year bringing down NAV. 64% of investments are exposed to the Fintech sector. This has been a bit of a melting ice cube, with dividends propping up the return. They’re debt free from the end of February 2025. NAV £0.53. Timeframe 4 years.

Alternative Liquidity Fund (LON:ALF) is an investment trust that invested in illiquid investments and alternative investments vehicles. As at 31 December 97% of NAV is in 2 legal claims and a loan managed by Vision Brazil Investments. From the December 31 half year report it appears they will seek to sell the investments in the secondary market by June 2025. If by then, they can’t realise the investments, they will appoint a liquidator. NAV £0.062. Timeframe 1 year.

Riverstone Credit Opportunities Income (LON:RCOI) is an energy infrastructure debt fund. A managed wind down was approved in May 2024. Riverstone is debt free and has 25% of market cap in cash through its investments in SPVs. Board has indicated they will be ready for liquidation in the 2nd half of 2026. NAV £0.92. Timeframe 2 years.

Genifi Inc (CVE:GNFI) a tiny illiquid micro cap, was a technology service company that transformed into an intellectual property company. Since 2023 it has sold divisions, IP and licensed its technology. In May 2024 a proposed buyout at $0.0115 per share from controlling shareholder Tom Beckerman was rejected by shareholders. The board then decided to put a vote to shareholders to liquidate the company. This was approved in March 2025. A final distribution on $0.0116 will be paid on 16th April which is substantially all of the assets. NAV $0.0166. Timeframe 1 week.

AMSC ASA (OSL:AMSC) owned 10 Jones Act tankers and a Subsea Construction Vessel (CSV). In 2023 the Jones Act tankers were sold. In 2024 the company closed on the sale of the CSV to Solstad Maritime and received unlisted shares. This year shareholders approved an in-kind distribution of the Solstad shares to shareholders. In May, Solstad is due to list on the Euronext Oslo Børs. I’m not keen on receiving the spin shares so my plan is to wait for the ex date (8th May) and see what sort of price you can get on the remaining stub which will have approx 1.70 NOK in cash per share. NAV 1.70 NOK. Timeframe 1.5 months.

Stainless Tankers (OSL:STST) was formed in 2023 to take advantage of the strong chemical tanker markets. This is a slow liquidation play with upside/downside risk to the chemical tanker cycle. They sell the tankers in the S&P market and pay out free cash flow and capital. LTV is 44% of the market value of the ships. They have recently sold two 2005 tankers near NAV. Management confirmed on Q4 conference call that they intend to realise the investments over the next 2-3 years. NAV 87.40 NOK. Timeframe 2-3 years.

Awilco Drilling (OSL:AWDR) was a offshore drilling rig operator that sold off its assets and received a legal settlement. The company has no operating businesses and after a strategic review the board decided to liquidate the company and pay out remaining cash. They recently paid out the majority of cash. What’s left is the last puff of the cigar. I’ve adjusted NAV to account for 31m NOK in cash burn. NAV 1.61 NOK. Timeframe <1 year.

Sun Residential REIT (CVE:SRES) owns two multi-family properties in the Sunbelt, USA. This was previously written up by Just a Value Investor. On 1st April they entered agreements to sell their interests in their remaining properties. They also announced they would wind down the REIT and distribute net proceeds to shareholders. A meeting will be held in May to vote on the sale and termination. Considering its <$20m market cap and no other strategic alternatives I’d say the odds are high this gets the votes and liquidates. NAV $0.10-0.11. Timeframe 1 year.

The following are potential liquidations to watch for a wind down announcement or progress on strategic reviews.

Mongolian Growth Group (CVE:YAK) is run by hedge fund manager Harris Kupperman. YAK previously owned properties in Mongolia however they have wound that down and pivoted to a special situations subscription business (KEDM) and investing in listed securities. For tax and regulatory reasons they have to acquire over 25% of an operating business in the near future. They are struggling to find a suitable opportunity and have indicated if they fail to do so, they will liquidate the company. Some of their marketable securities are in offshore energy service companies and uranium equities. So there’s a bit of upside/downside torque in the NAV. With 48% of the market cap in cash this is an interesting situation to follow. What’s also interesting is that KEDM is not accounted for on the balance sheet and looks to be a hidden asset. KEDM is a mature CAD $2.6m Revenue, $1.3m estimate EBITDA business. NAV $1.57.

Sabana Industrial REIT (SGX:M1GU) owns 18 industrial properties in Singapore with a value of $900m. They are currently going through a management internalisation process. On 26th February, a group of unitholders who own more than 20.7% of the units, including a director of the previous external manager, requested an EGM so shareholders could vote on a “price discovery process”, with the view of achieving a sale of all or a majority of Sabana’s assets. The meeting will be held on 22nd April and if passed the review should take up to 3-4 months. The directors-elect of its internalised manager oppose the resolutions as once the internalisation is complete they will conduct their own strategic review, with a possible sale on the cards. NAV $0.50.

Universal Security Instruments (NYSEAMERICAN:UUU) is a manufacturer of smoke and carbon monoxide alarms. On October 29th the company announced it had signed an agreement to sell all their assets to Feit Electric Company. When complete it would allow them to pay a liquidating distribution of between $2.51-2.58 per share. On 23rd December activist investor Milton Ault filed a 13D stating; he owned 9.9% of UUU, the liquidating distributions undervalued the listed shell and he would be voting against the resolutions for the sale and liquidation. At the special meeting on 23rd January the meeting was adjourned to solicit more votes. Another special meeting is convened for 15 April. NAV $2.26.

Wellard Ltd (ASX:WLD) owned and operated vessels in the livestock shipping business. With animal safety issues and live export bans it’s been a terrible decade for the sector. In January WLD announced they had sold their last remaining vessel and would put the sale and a capital return of $0.15 to shareholders to approve. This meeting will take place on 15 April. The vessel transaction should complete by July and the stock will go ex return of capital basis on 5th August. Post capital return stub will mainly consist of cash and possible future compensation from Brett Cattle Company Class Action.

As to the future of the company post capital return. Management have stated “It is possible that the Company may identify some opportunities which may bring value to shareholders, and the Board will actively pursue such opportunities if they present and are realistic….it may include delisting from ASX, returning to further cash to shareholders and continuing as an unlisted public company. This decision has not yet been made and should not be assumed.” NAV $0.185

Conclusion

Let me know what you think about these names?

Do you have any other interesting liquidations you own or on your watchlist?

I’m looking everyday for liquidations and wind downs. I will post another watchlist soon.

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.

This newsletter was originally published on substack on March 23, 2025.

With the big underperformance of the UK market in recent years, its become a fertile hunting ground for liquidations and wind-downs. This presents an opportunity for relatively low risk and high single digit to high teens IRRs. You can also be tactical and trade around liquidations.

Canadian REITs have come up on the list, with their 10 year moving from 3.5% to 3% this year, real estate is starting to look like an attractive asset class and you can start to see money flowing into this market.

Some of the following stocks are very illiquid and might suit a smaller account size.

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

Palace Capital (LON:PCA) owns UK real estate. It’s been winding-down since 2022. They have 8 properties left to sell, a mix of office, leisure and residential. Activist investor Peter Gyllenhammar owns 16%. NAV £2.52. Timeframe 1 ½ years.

Real Estate Investors (LON:RLE) a Midlands, UK REIT. They own mixed-use commercial property aimed at private investors or owner occupiers. It’s been in wind-down since January 2024. They’re open to a sale of the whole portfolio. Individual assets have been sold at an average of 7% above book value in 2024. NAV £0.52. Timeframe 3 years.

Miton UK Microcap Trust (LON:MINI) is an investment trust that invests in listed UK micro caps. After a significant increase in the annual redemptions in 2024, the board has decided to wind up the fund and offer shareholders a cash out or roll their shares into Premier Miton UK Smaller Companies Fund. This is quite an interesting short term play if you can get a fill and be bothered doing the paperwork with your broker to cash out. NAV is £0.489. Timeframe <3 months.

European Residential REIT (TSE:ERE.UN) is a European focused multi-family residential REIT. Majority of assets are residential units in the Netherlands. Vote passed in January giving board authority to sell all assets of the REIT and distribute proceeds. Paid a large distribution in January this year. NAV is $3.09. Timeframe 1 year.

London Finance & Investment Group (LON:LFI) is a UK investment company that liquidated all of its assets on 4th November 2024. It is now proposing a return of capital and wind up of the company. They have irrevocable undertakings from 20% of shareholders to vote in favour. I own a small position. This is an interesting short term trade if you can get a fill. NAV £0.71. Timeframe <3 months.

Schroders Capital Global Innovation Trust (LON:INOV) is a closed end fund that invests in early stage and growth private and public companies in the UK. Following shareholder consultation, the board put a vote to wind up the trust which passed in February. Araris Biotech, a portfolio company, recently announced it had been acquired, increasing NAV by 10%. This will be a long wind down due to the illiquid nature of some investments. Will return £0.035 in capital via a tender when Araris Biotech transaction settles by H1 2025. NAV £0.221. Timeframe 7 years.

Aberdeen Property Income Trust (LON:API) is a diversified UK REIT which has sold most of its assets and paid out over £0.52 in capital returns. What’s remaining is the last few puffs of the cigar- cash (£0.063), forestry grants (£0.007) and forestry land (£0.026). The land is proving difficult to sell. You can read this article for a bearish view. NAV £0.096. Timeframe 1 year.

LMS Capital (LON:LMS) mentioned in Liquidations Watchlist #2 as a potential liquidation, has announced they will put a vote to shareholders to start a managed wind down. 35% of NAV is in cash and they’re exploring an initial distribution. The portfolio is mostly private, illiquid and some assets look to be impaired so liquidation could take a few years. NAV £0.448. Timeframe 3 years.

The following two are not liquidations but redemption on preference shares. These can be good low risk, high IRR trades if you pick them up at the right time.

EJF Investments (EJFI) Zero Dividend Preference Shares 2025 (LON:EJF0) the preference shares are due to mature on 18th June 2025 at £1.40. EJFI hold a diversified portfolio of debt issued by smaller US banks and insurance companies. Very illiquid but if you can pick up some with a cheeky bid you will make a nice IRR.

Aviva (LON:AV.B) is an insurance company offering to tender or cancel the 8.375% preference shares. You can make a nice return if you vote on the proposals. Offering up to £1.472 per share with payment end of May.

Potential Liquidations

Life Science REIT (LON:LABS) is a UK based REIT that was floated in 2021 to convert regional office space and lease to the life science sector. So far only 55% of rent is derived from the life sciences, so you could say it has not been successful. 14th March they announced a strategic review which may include a full sale or managed wind down. NAV £0.744.

Dream Residential Real Estate Investment (TSE:DRR.U) owns multi-family residential apartments in the Sunbelt and Midwest regions in the USA. They announced on 19th February they were initiating a strategic review and on 12th March they appointed a financial advisor. NAV $13.39.

First Property Group (LON:FPO) I wrote this up as a activist play. Trading at a 55% discount to adjusted NAV, if management and the board can be rolled, this might be a liquidation or a bid by activist investor Peter Gyllenhammar. NAV £0.318.

Conclusion

Let me know what you think about these names?

Do you have any other interesting liquidations you own or on your watchlist?

I’m looking everyday for liquidations and wind downs. I will post another watchlist next month.

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

This newsletter was originally published on substack on February 23, 2025.

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.

Below are current and potential real estate, trading company, private equity and investment trust liquidations.

They all have different risks, timeframes and return potential. This is not a recommendation to buy any.

Some of them are very illiquid and might suit a smaller account size.

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

DCI Advisors (LON:DCI)- interests in development land in Croatia, Greece and Cyprus. It’s been a long wind-down that should liquidate in next 2-3 years. Current management took over in 2023 and the share registry has a few well known investors on it. On Friday they announced a sale of their Cyprus interests at a c30% discount to carrying value. Pre Cyprus sale NAV £0.113. Timeframe 2-3 years.

Zytronic plc (LON:ZYT)– a manufacture of touch based sensors. Outcome of strategic review in November 2024 was to either sell the business or wind it down. Update on 19 February 2025 said they did not receive suitable offers so will wind down. Adjusting for a write down in inventory and accounts receivable, a small discount on property value and using the current cash balances (£3.3m) for wind down costs, I get a NAV of c£0.50. Final payout could be higher or lower. Timeframe 1-2 years.

SVM UK Emerging Fund (LON:SVM)– investment trust investing in smaller listed UK companies. General meeting to vote on liquidation is on 4th March. Irrevocable undertakings to vote in favour of c40% from insiders and major shareholders. NAV £0.998. Timeframe 2 months.

ICG-Longbow Senior Secured UK Property Debt Investments (LON:LBOW)– as the name suggests, they predominantly invested in a portfolio of UK real estate debt investments, comprising loans secured by first ranking fixed charges against commercial property investments. They have been in wind down since 2021. Last 3 remaining are loans on a regional office, a Southport hotel and residential park homes. NAV $0.283. Timeframe within 2 years.

Seritage Growth Properties 7% Series A Cumulative Redeemable Preferred Shares (NYSE:SRG/PA)– the equity has been a value trap and melting ice cube for many value investors. With estimated sales proceeds of c$670m and net debt as of Dec 24 of c$170m, I believe the preferred’s look secure here. You can pick up 7.8% dividend yield while you wait to be liquidated at $25. Timeframe 1-2years.

JZ Capital Partners (LON:JZCP)– private equity and real estate investment company. Exposure to small US & European companies and US real estate. Announced wind down in August 2020. These private equity wind downs take time due their illiquid nature and further capital draws from portfolio companies. A capital return announced by Q2 2025 of £0.30. 38% of NAV is cash. NAV £3.23. Timeframe 3-4 years.

Potential Liquidations:

LMS Capital (LON:LMS)– a UK investment company with investments predominantly in UK retirement living real estate, Romanian oil and gas, a US venture capital fund and a US micro cap fund. 35% of NAV is cash. Recently announced they have started a strategic review which could lead to asset realisations and return of capital to shareholders. NAV £0.448.

Excelsior Capital (ASX:ECL)– a Australia investment company. Activist and major shareholder London City Equities (ASX:LCE) filed a lawsuit against company to wind it up. ECL has 68% of investment portfolio in cash and 25% in alternative investment funds. Company Director owns c50% so its a uphill battle for LCE. NAV $3.99.

I would be interest to hear anyone’s thoughts on these? I’m always looking for new liquidations and will do another post soon.

This newsletter was originally published on substack on January 20, 2025.

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.

With equity markets near all time highs and meme coins going to the moon I’m more focused than ever on the downside.

Liquidations are a good place to invest cash that can earn low to high teen annual returns with a low correlation to the market.

I’ve been focused on real estate liquidations the last year. I enjoy analysing real estate and the interest rate hiking cycle caused a sell off in the listed space. This has lead to a lot of companies trading below net asset value (NAV).

Questions to ask when analysing a liquidation:

what are the assets really worth?

how much debt is there?

what is the cash burn?

how long will the liquidation take?

what is the timing of cash flows back to shareholders?

is the potential return worth the risk and what is my IRR?

Below is a list of liquidations that I find interesting. These all have different risks, timeframes and return potential. This is not a recommendation to buy any.

I’ve also included a couple of potential liquidations that have not confirmed they will liquidate but might in the future.

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

NASDAQ:GYRO– New York industrial and healthcare property owner. Trying to sell both properties for development. In legal disputes and applying for entitlements. 2-3 year timeframe. NAV $13.88.

ASX:URF– New York based residential property owner. Liquidating portfolio. 3-4 year timeframe. NAV $0.59.

LON:RESI– shared ownership and independent living in UK. 2 year timeframe. NAV £0.767.

LON:PSDL– owns residential rentals and condominiums in Berlin. Converting portfolio to condominiums to get higher sale price. 4-5 year timeframe. NAV £2.87.

NYSE:NLOP– selling off B/C grade offices across USA. 3 year timeframe. NAV $42.06.

NASDAQ:STHO– previous spin off .Owns 13.5m NYSE:STAR. Is a residential/mixed use developer. 3 year time frame. NAV $20.

LON:ASLI– European logistic properties with inflation linked leases. Market reports suggest cap rates are firming across EU. Capital return early 2025. 2 year timeframe. NAV £0.732.

LON:MPO– Macau residential real estate. Could be close to a turn in the real estate cycle. 2 year time frame up. NAV £0.83.

NZE:APL– single asset debt free REIT in Auckland. See my write up here. NAV $0.346.

Potential Liquidations:

TSE:FCA.UN– mostly owns multifamily in USA directly and via JVs. Selling assets but have not formally announced they will liquidate. A former director and fund manager who owns stock has said they will liquidate. NAV $8.90.

NYSE:AIV– apartment owner and developer. Found this via Trying to learn. New language in recent announcement suggest they might liquidate. “acceleration of asset sales, or a sale or merger of the company as a whole”. NAV $13-14.

ASX:FPP– investment trust that owns REITs. A shareholder has called an EGM to vote on a wind up. NAV $0.95.

I would be interest to hear anyone’s thoughts on these? I have quite a few more I’m tracking and will do another post soon.

Disclosure: I, or members of my family, hold shares in NZE:APL and LON:ASLI. I could potentially hold shares in any of the mentioned companies in the future.