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MIR - Mirrabooka Investments

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Nope. Resources and gold do not fit with the long term objective.

"Mirrabooka invests in 50 to 70 companies outside of the S&P/ASX 50 Leaders Index and across a range of industries, that are selected for their ability to perform through economic cycles and generate returns over the long term."
 
Bellcose said:
"Mirrabooka invests in 50 to 70 companies outside of the S&P/ASX 50 Leaders Index and across a range of industries, that are selected for their ability to perform through economic cycles and generate returns over the long term."
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and seems to achieve something along those lines
 
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finicky said:
Might be a good counter-weight for me as I'm overweight so to speak in the other direction.
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An investor can get some resource exposure through the other LICs in the corral such as AFI, DJW and AMH I understand.

If interested, here is a link to Mirrabooka's approach which is on its website.

Behind Mirrabooka's investment approach - answering shareholder questions that matter most to you today

Find the latest news and updates from AFIC. Read now.
www.mirra.com.au
 
Got curious and had a peak at the half-year accounts (31 Dec 2024.)

For the last few years MIR's net profit has been transferred to Retained Profits. At the moment that is $59.6m.

I suspect the 6.5c ff to be paid will come from the Realised Capital Gain reserve which stands at $60.3m.

Dividends paid from Realised CG in the last half was $17.2m. So even on the expanded number of shares, it should be well covered. Probably no special dividend though but I wouldn't dismiss the possibility entirely.
 
one held asset just got taken over ... DropSuite DSE ... so, a bit more for the realised CG account
 
Bellcose said:
First time I can recall this happening. Oversubscribed. Total take up at 119%. Scale back will apply.

View attachment 201007
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over-subscribed happens more often than you would think in ( relatively ) conservative LICs , it seems happy long-term holders are very content to soak up any excess , interesting that management decided to scale-back the applications ( not completely rare either )

it looks like they are trying to right-size their investing capacity

it might be worthwhile to watch where they deploy the funds raised ( if you are a longer term investor )
 
divs4ever said:
over-subscribed happens more often than you would think in ( relatively ) conservative LICs
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Provide the evidence to back up your claim.

I have held MIR since 2003 and have participated in every SPP and Rights Issue since then. None have been oversubscribed to my recollection. Happy to be proved wrong.
 
Ferret said:
Mea culpa. I was rather greedy with my application.
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it will be interesting to see how they allocate. I've seen many a variation over the years; some rewarded for being on the books longterm , sometimes a proportional allocation, sometimes a flat number across the board.

@Ferret is the outlier?
 
As a result of the excess demand under the Top-Up Facility and the resulting oversubscription,
to ensure a fair and equitable allocation outcome, the Mirrabooka Board has determined to
scale back some applications under the Top-Up Facility having regard to their existing
shareholding. Refunds in respect of scaled-back applications under the Top-Up Facility will be
dispatched from 10 June 2025

posted after closing yesterday.
 
The numbers when they are announced could make for interesting reading @monkton. In round terms, initially 28m shares (14m 1 for 7 Entitlement/14m Top-up shares).

The shares for those who did not apply or partially applied under the 1 for 7, would have been added to the top-up.

Obviously I have no idea how the scale back will be applied but I'll guess some preference could be given to smaller shareholders who applied for their full allocation and a bit more to round out the numbers. Usually, somewhere between 30% to 35% of all shareholders apply under these offers.

I only applied for my entitlement as I hold a lot of MIR and it would have meant any additional funds would have been even a greater call into my mental floor for funds on hand.
 
monkton said:
scale back some applications under the Top-Up Facility
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Yes, noting they said SOME would be scaled back, I wasn't too greedy (Ihope)
 
A few rough calcs:

On 31 May MIR had 194.709M shares on issue and a NTA of $3.35.
The rights and top up have added 27.82M shares at $3.06
Total shares on issue now 222.529M
New NTA = (194.709x3.35 + 27.82x3.06)/222.529 = $3.314

So diluted just over 1%. No big deal and still trading at a discount to this.

Of course, the NTA will probably have changed during this week, but it will be interesting to see what the official NTA is next Tuesday.
 
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