The last post can be found here.
So, the capital raising at 6c has now been completed and the price has held steady while the market has sold-off (after a big rally). The capital raising was not fully subscribed, which I actually think is okay given it reduces the NTA dilution. The NTA as at 31 May has been stated as 11.6c. Debt at the corporate level has now been fully re-paid, which as previously noted introduces the potential for the recommencement of distributions. Clearly a unit price at 7c and NTA at 11.6c is either a massive bargain or something else is going on. I think the proposal to use the bulk of the funds to recapitalise one of its underlying investments smells, and is potentially a catalyst to wipe out some of the current NTA. However, with such a big discount I am happy to continue holding and take the risk.
Kristian
Disclosure: own MPS
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