GC1 - Glennon Small Companies

[System]

Glennon Small Companies Limited (GC1) is an investment company that will predominantly invest in securities of small and micro cap businesses, with the aim to provide investors, over the medium to long term, capital growth in excess of the S&P/ASX Small Ordinaries Accumulation Index. It is GC1's objective to provide investors with exposure to a portfolio of smaller companies and to do this through a dedicated specialist small companies investment manager. GC1 will offer investors a diversified portfolio of smaller companies that are different to portfolios constructed from S&P/ASX 100 companies.

It is anticipated that GC1 will list on the ASX during August 2015.

http://www.glennon.com.au

 

[So_Cynical]

Glennon Capital Quarterly Webinar October 2019.
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[Dona Ferentes]

NTA (before tax)* .... $0.95
NTA (after tax)** .... $0.92
Share price (31/03/21) .. $0.77
Cash Weighting ...... 4.15%
Number of Holdings ... 33
* As required by the ASX listing rules, this is the theoretical NTA before providing for the estimated tax on unrealised income and gains, and includes ($0.05) per share deferred tax asset (comprised of prior years’ tax losses and current year tax losses/profits)
** Includes all tax balances and selling costs The NTA numbers above include the effect of the dividends paid 31 March 2021

There is still a 20% discount to the end-March NTA. With a market cap of $35million, it could be a target for an agglomerator such as WAM

Top holdings, in alphabetical order, are as follows:

• Adairs (ADH) is a leading specialty retailer of home furnishings in Australia and New Zealand with a national footprint of stores across a number of formats and a large and growing online channel. Their strategy is to present customers with a differentiated proposition, which combines on-trend fashion products, quality staples, strong value and superior customer service.
• Frontier Digital Ventures (FDV) is a leading owner and operator of online marketplace businesses in fast growing emerging markets.
• Healthia Limited (HLA) is an integrated group of health-based companies whose mission is to enrich the lives of people through worldclass health services. Services include podiatry services, physiotherapy services, hand and upper limb rehabilitation, orthotic manufacturing, and podiatry and foot care products distribution.
• Johns Lyng Group Limited (JLG) is an integrated building services group delivering building and restoration services across Australia. JLG's core business is built on its ability to rebuild and restore a variety of properties and contents after damage by insured events including impact, weather, and fire events.
• Lovisa Holdings Limited (LOV) is a fast fashion jewellery retailer in a number of international markets. Lovisa provides fashion with different earrings, hair bands, necklace, wrist and ring and body fashion.
• Pacific Smiles Group Limited (PSQ) operates dental centers at which independent dentists practice and provide clinical treatments and services to patients. Revenues and profits are primarily derived from fees charged to dentists for the provision of these fully serviced dental facilities.
• Resimac Group Ltd (RMC) is a leading nonbank residential mortgage lender and multichannel distribution business. It operates under a fully integrated business model comprising origination, servicing and funding prime and nonconforming residential mortgages in Australia and New Zealand.
• Viva Leisure (VVA) operates health clubs (gymnasiums) within the health and leisure industry. Viva Leisure offers customers several different membership options and a range of different types of facilities from big-box fitness facilities to boutique fitness facilities. The Company currently operates 102 health clubs with the master franchise for the Plus Fitness group of approximately 200 clubs.
• WPP AUNZ (WPP) is a group of 60 marketing & advertisement companies in the field of communication, experience, commerce & technology that collaborate to create worldclass customer experience and drive growth for clients.

 

[Dona Ferentes]

difference from 5 months ago (31/03/21) and now

NTA (before tax)* ....... $0.95 .... now $1.23
NTA (after tax)** ....... $0.92 .... now $1.05
Share price .................. $0.77 .... now $0.89

intends to pay at least 2.2 cents fully franked dividend for the full year ended 30 June 2021. This dividend will be paid in September 2021.

So as a LIC with a $42 million market cap, the gap to NTA has actually widened.

(DNH)