# SNC - Sandon Capital Investments



## System (21 December 2013)

Sandon Capital Investments Limited (SNC) will primarily invest in Securities listed on ASX with an initial focus on small to medium sized entities that have an intrinsic value comprised largely of tangible assets, for example, cash, liquid Securities and other assets for which a value can be obtained or derived. 

The Company currently expects that its Portfolio will typically comprise no more than approximately 
20-25 Securities and cash (or similar investments). The number of Securities, and the levels of 
cash, within the Portfolio will vary from time to time. 

http://www.sandoncapital.com.au


----------



## finicky (24 March 2021)

Getting more interested in this. Pity I didn't feel that way during the CCP Wuhan China Virus (CWCV) Covid panic - in March 2020 SNC pinged .40. Has profits and franking credits in reserve to underpin yield for at least a year and of course those should continue to accumulate. A 90c share price for net tangible assets after tax of 94c as reported end of Feb 2021. Activist LIC that has a pretty good (10%) average annual return since inception. Slight concern that at end of Feb they were holding only 1% cash. Good chance that their March report will show a boost from their conviction IDT investment.


----------



## Dona Ferentes (18 April 2021)

finicky said:


> Has profits and franking credits in reserve to underpin yield for at least a year and of course those should continue to accumulate. A 90c share price for net tangible assets after tax of 94c as reported end of Feb 2021. Activist LIC that has a pretty good (10%) average annual return since inception. Slight concern that at end of Feb they were holding only 1% cash. Good chance that their March report will show a boost from their conviction IDT investment.



Key contributors to the month’s returns included IDT Australia Ltd ... +4.3%, and a few others helped Portfolio [to be] _up 7.0% for the month, on a gross basis, after investment management fees and brokerage but before performance fees and corporate expenses, compared to an increase of 1.8% for the All Ordinaries Accumulation Index.     _

At end of March 2021 
Listed Australian Equities 74% 
Listed International Equities 11% 
Unlisted investments 14% 
Cash or Cash Equivalents 1% 

_And the discount to NTA reduced slightly._


----------



## Dona Ferentes (18 June 2021)

and Sandon is another (small at $107 million) LIC that is selling below NTA (around 13%) and trying to narrow that discount

SNC announces intention to pay increased dividends 
_ 
The Directors of Sandon Capital Investments Limited (ASX:SNC) are pleased to announce their intention to pay a 2.75 cents per share fully franked final dividend in respect of the financial year ending 30 June 2021. This will represent a meaningful increase of 10% on the previous final dividend.   

Furthermore, the Board anticipates paying an interim dividend for FY22 of a similar amount, provided the Company has sufficient profit reserves, franking credits and it is within prudent business practice to do so.  On this basis, the new annual dividend rate is anticipated to be 5.5 cents per share.   

SNC currently has a profits reserve equivalent to 28.1 cents per share and has franking credits of 9.4 cents per share, representing the potential for payment of more than 26 cents per share in future fully franked dividends at the 26% corporate tax rate.  This equates to nearly 5 years of fully franked dividends, assuming an annualised dividend of 5.5 cents per share_.


----------



## Dona Ferentes (26 August 2021)

SNC announces record investment returns and Net Profit :

_• Record gross investment returns of $56.5 million, an increase of 837% on the pcp 
• Net Profit of $37.3 million, an increase of 531% on the pcp 
• Gross investment returns of 68.3%, beating the All Ords Accum. Index by more than 38% 
• Fully franked final dividend of 2.75 cents per share, an increase of 10% 
• Fully franked special dividend of 1.00 cent per share _


SNC Gross performance to 30 June : 1yr .. 68.3% ; 2 yrs .. 21.8% ; 3 yrs .. 15.8%pa ; since inception ..  12.5% pa
 All Ordinaries Accumulation Index : 1 yr ..30.2% ;  2 yrs .. 9%pa ; 3 yrs .. 10.3%pa ; equivalent .......... 9.7%pa
 outperformance ..... +38.1%  ..... +11.9%  .......... +5.5% .........  +2.8% 



> _ Several stocks where Sandon has agitated for change over long periods had transformative years, including Boral (taken out by Seven Group and up 96 per cent during FY21), Iluka (which rose 90 per cent and demerged the Deterra Royalties business  after a long Sandon campaign) and Fleetwood Group (up 36 per cent after a  number of operational changes)._






> _Pharmaceutical  manufacturer IDT, which Sandon bought for 9¢ a few years ago based on the value of property, plant and equipment, has also rocketed after moving into the frame as a manufacturer of local COVID19 vaccines. The  stock has almost doubled since June 30, showing how patience can be rewarded in unlikely ways when you are in the right place. The Sandon  annual report shows two small holdings that might require equal amounts  of patience: taxi group A2B Australia and beaten up software firm Nuix.  _


----------

