- Joined
- 19 October 2005
- Posts
- 4,128
- Reactions
- 6,069
There's the catch but I resent your pointing it out
MIR - Mirrabooka Investments
- Thread starter System
- Start date
@finicky I had another look at the financial statement.
And that is where it starts to make some sense as in respect of the first part dividend income increased to $10.32m from $7.026m pcp.
In regard to the second, when shares are sold the profit is transferred from Revaluation reserve to realised capital gain reserve and it is from that the company is able to identify realised gains from which it can pay an LIC Capital Gain. Note A2 to the accounts has details on these matters.
And surprise, surprise, Retained Profits increased by $6.726m so I can guess where the FY Profit was allocated.
And that is where it starts to make some sense as in respect of the first part dividend income increased to $10.32m from $7.026m pcp.
In regard to the second, when shares are sold the profit is transferred from Revaluation reserve to realised capital gain reserve and it is from that the company is able to identify realised gains from which it can pay an LIC Capital Gain. Note A2 to the accounts has details on these matters.
And surprise, surprise, Retained Profits increased by $6.726m so I can guess where the FY Profit was allocated.
Yes, it can get that way. In the past I was an avid reader of the financial statements. Not so much now but it was a good education.
- Joined
- 6 September 2016
- Posts
- 1,260
- Reactions
- 1,596
One could ask, is comparing MIR to the market index made up of large caps heavily weighted to financials and resources a fair comparison?
They're a small cap fund and have outperformed their passive peers.
EDIT: Oops, I clipped it but that is ISO and VSO.
- Joined
- 20 July 2021
- Posts
- 10,972
- Reactions
- 15,238
aah yes , the comparison index quandary
( what should i compare my LIC to )
i tend to disregard those and look at div. returns ( and divs kept in reserve , for the 'div. smoothers ' )
( what should i compare my LIC to )
i tend to disregard those and look at div. returns ( and divs kept in reserve , for the 'div. smoothers ' )
- Joined
- 6 September 2016
- Posts
- 1,260
- Reactions
- 1,596
It's not a quandry.
One look at the MIR chart compared to Russell 2000, ASX Small Ordinaries, etc shows that the principal component factor is https://www.investopedia.com/terms/s/small_minus_big.asp
Dona Ferentes
A little bit OC⚡DC
- Joined
- 11 January 2016
- Posts
- 15,080
- Reactions
- 20,440
Mr Terry Campbell, the Chairman of the Company has advised that he will not seek re-election at the 2022 Annual General Meeting and will retire at the conclusion of the meeting to be held on 13 October 2022.
Mr Campbell was instrumental in the establishment of Mirrabooka in December 1998. He has been the non-executive Chairman since that date. The Board wishes to record its deepest thanks to Mr Campbell for his invaluable contribution to the Board deliberations over the last 24 years. His very broad industry experience at the highest levels of the Australian corporate world has been of outstanding value to the Board, executives and shareholders of Mirrabooka Investments Limited.
- lovely guy.
Mr Campbell was instrumental in the establishment of Mirrabooka in December 1998. He has been the non-executive Chairman since that date. The Board wishes to record its deepest thanks to Mr Campbell for his invaluable contribution to the Board deliberations over the last 24 years. His very broad industry experience at the highest levels of the Australian corporate world has been of outstanding value to the Board, executives and shareholders of Mirrabooka Investments Limited.
- lovely guy.
- Joined
- 12 October 2007
- Posts
- 462
- Reactions
- 210
who's being groomed to take over that position? Any clues? I reckon it will have an impact on price.
I hear Hamish needs a job.
<ducks> Too soon?
Dona Ferentes
A little bit OC⚡DC
- Joined
- 11 January 2016
- Posts
- 15,080
- Reactions
- 20,440
Not sure if you know much about these things, but
a) the whole idea would not to have an impact on the price
b) your fanciful candidate wouldn't have the proverbial "snowflake's chance in Hades".
If you wish to know more about MIR, visit https://www.mirra.com.au/. Further info is via their ASX announcements, and the Annual Shareholder meetings are worth attending. It is easy to approach the board and management , and ask questions
Last edited:
- Joined
- 20 July 2021
- Posts
- 10,972
- Reactions
- 15,238
would a new chairman , change the investing strategy ( mandate ) and therefore unsettle the current investors ??
now if the new chairman was appointed as an EXECUTIVE chairman , yes i could see the current investors looking with intense scrutiny ( a sudden mandate change would certainly rattle them )
however i suspect MIR will keep with the strategy they have , with maybe a mild tweak or two if needed
No clues needed as the ASX announcement advised of Terry Campbell's successor as @Dona Ferentes hinted at.
As for a poster's wild thoughts on a change of strategy for MIR a basic understanding of Terry Campbell's background and that of his successor.............. well, I guess a bit of research would have helped.
- Joined
- 20 July 2021
- Posts
- 10,972
- Reactions
- 15,238
well a non-executive Chairman , normally gives guidance and advice ( not makes decisions ) so one would expect only minor ( or no ) changes if replaced by a non-executive chairman and any changes would be needed to be voted on by the board as an entity
HOWEVER the new chairman MIGHT attract a new tranche of investors , and those new investors might agitate for a change ( i assume the current holders are quite happy with the LIC )
for example an ' above-named ' unemployed manager might attract new money but those new investors might favour more activity in the portfolio
since the retiring chairman had/has a big influence on 'the brand ' , his impending retirement should be seen as something to observe and ponder
now i am uneasy about major changes in strategy/mandate ( unless necessary ) but have been in other LICs that have disastrously messed with the existing strategy to the joy of activist investors ( which i hope doesn't happen here )
HOWEVER the new chairman MIGHT attract a new tranche of investors , and those new investors might agitate for a change ( i assume the current holders are quite happy with the LIC )
for example an ' above-named ' unemployed manager might attract new money but those new investors might favour more activity in the portfolio
since the retiring chairman had/has a big influence on 'the brand ' , his impending retirement should be seen as something to observe and ponder
now i am uneasy about major changes in strategy/mandate ( unless necessary ) but have been in other LICs that have disastrously messed with the existing strategy to the joy of activist investors ( which i hope doesn't happen here )
Still no research, eh? You just don't get it.
Maybe this will give some a clue
www.financeasia.com
Oh, and the other name in the article may be familiar to some.
Maybe this will give some a clue
New boss at Goldman Sachs JBWere | goldman, gsjbw, goldman sachs jbwere, terry campbell, t3 | FinanceAsia
After 10 years as CEO of the Australian investment bank, Terry Campbell hands over the reins to Craig Drummond.
www.financeasia.com
Oh, and the other name in the article may be familiar to some.
MIR released its Annual Report yesterday. The list of its shareholdings is interesting. Although it didn't make the list of "New companies added to the portfolio" I note at some point in the FY it took a position in AMP with 5.7m shares (list of holdings starts at page 83.)
Dona Ferentes
A little bit OC⚡DC
- Joined
- 11 January 2016
- Posts
- 15,080
- Reactions
- 20,440
Looking at what is new to the portfolio, it seems to be a tilt back towards medium- rather than small-caps.
For a LIC with just under $500M in AUM; new additions to the portfolio include (valuations at 30 June)
CPU ... $9.7M
JBH .... $8.9M
WOR ... $8.0M
AMP ... $5.7M
STO ... $5.5M
IPG .... $4.4M
BMT ... $4.1M
C79 .... $3.3M
GTK ... $2.6M
EGL ... $1.7M
BAP ... $1.2M
There are quite a few where the holding has increased significantly
NAN ... ~$5.0M
PPC ... ~$5.0M
CWN .. ~$3.0M
SPL ... ~$2.8M
Of course, these have to be paid for; from proceeds of the SPP plus numerous trimmings of existing positions and full sale/ takeover of others
I also noticed from the NTA released around the time MIR declared a dividend, it has Macquarie Telecom at its second major holding. I understand it has been in the portfolio for some time and there has been some discussion here on that particular company.
I see from the accounts, MIR has $27.396m at end of 2022 which compares with $27.826m at 2021 so not much of a change there and its trading portfio has increased by close to $2m.
I see from the accounts, MIR has $27.396m at end of 2022 which compares with $27.826m at 2021 so not much of a change there and its trading portfio has increased by close to $2m.
Last edited:
Dona Ferentes
A little bit OC⚡DC
- Joined
- 11 January 2016
- Posts
- 15,080
- Reactions
- 20,440
Mirrabooka has been around for 20+ years. At the AGM today, there was a bit of navel gazing about their aims and outcomes. And well worth a look for those interested.
Essentially a small cap LIC, and buy/hold for the long-term at that, there was a bit of a review of how they've come along. Not holding any Top-50 stocks now, but they did take positions in quite a few, over the years, that have grown . Folks may recognise some.
Essentially a small cap LIC, and buy/hold for the long-term at that, there was a bit of a review of how they've come along. Not holding any Top-50 stocks now, but they did take positions in quite a few, over the years, that have grown . Folks may recognise some.
