SIV - SIV Capital

[The Triangle]

SIV has been an epic fail and the board have been silent and generally atrocious at forecasting to the market. At least they slashed their fees...

The ASIC issues are now behind them and they are currently sitting with essentially a shell company with NTA of 22 cents vs 25 cent SP. They still have a business to run down and after that I can't see how the ASX will allow them to stay listed without operations.

They have $56 million in tax losses + $23 million in franking credits for an enterprise value of about 3 million.... I'm not a tax specialist - but surely there is some major value there in buying SIV for it's tax assets?

 

[The Triangle]

$8 million cash balance @ march 31st (up 200k)
$8.5 million market cap.
$0 debt

Given how shaky the market is looking right now I'd definitely like to be a business with a pile of cash in the bank and very few outgoings.

Not sure the plan once they finish up remaining accounts - I can't imagine the ASX is going to allow them to stay listed if they don't have a business?

 

[The Triangle]

For all the money I made on this dog nearly 10 years ago, it serves me right to lose a little since reinvesting last year!

Annual report out. Nothing interesting at all. Still $8.2 million cash, no debts, barely any business operations left for a market cap of $9 million... As far as I'm concerned this is the cheapest stock listed on the ASX. The EV is about $800k.... Ridiculous. May as well get some leases and call themselves a junior explorer and the SP will double tomorrow. I don't see a dividend announcement but I see a dividend mentioned in the annual report... Not sure what the go is there! Don't think anyone is actually going to notice this before it goes ex-divi in a few days. Anyways, i'll keep holding on. Only have to get back to 28 cents.

The Board has declared a 6 cent fully franked dividend. The dividend reinvestment plan will be operational for shareholders and Board members advise that they will participate for the majority of their holdings.

The GoGetta book continues to generate positive cash flows each month. The Company continues to pursue its insurers and expects to receive an amount in excess of $2 million in respect of an insurance claim dating back to events pre 2020 (which has not been recognised in the accounts as a receivable). As previously advised, there are uncertainties in respect to this, including the timing and extent of recovery of the claim

For completeness, as at 30 June 2022 the Company has carry forward revenue tax losses of $66.3 million and capital losses of $24.5 million. No deferred tax asset is carried on the balance sheet in respect to these tax losses. The franking account balance is $22.4 million.