MIR - Mirrabooka Investments

[Bellcose]

Applied in full for my 1 for 7 entitlement. Didn't apply for additional shares.

Screen shot of a page of MIR's presentation to advisory groups. $72m invested YTD.

https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=02948891

 

[Dona Ferentes]

Applied in full for my 1 for 7 entitlement. Didn't apply for additional shares.

not far behind ... I'll try for a bit extra to round-up ... and see how ot goes..

Screen shot of a page of MIR's presentation to advisory groups. $72m invested YTD.

Good work MIR ,,, I wonder if they'll allocate extra to any new players via a placement ? Seems like they're actively introducing the story to the broad market.

 

[Bellcose]

I'll try for a bit extra to round-up

I was going to do the same so the total holdings ended in x,000 but it would mean the remaining funds would be under the amount I have as a mental "floor."

 

[Bellcose]

I wonder if they'll allocate extra to any new players via a placement ?

This was explicitly ruled out in the Entitlement Offer booklet and other published material. I have held MIR since 2003 and I do not recall the LIC ever making a placement. It does not fit with the management philosophy of shareholders are the priority.

 

[Dona Ferentes]

This was explicitly ruled out in the Entitlement Offer booklet and other published material. I have held MIR since 2003 and I do not recall the LIC ever making a placement. It does not fit with the management philosophy of shareholders are the priority.

View attachment 199569

that's right, it has always been SPPs or Rights issues. I've just never seen mention of taking it around advisory groups. But I guess it is a significant capital issue, and ETFs weren't as much of an issue a while back

 

[Dona Ferentes]

Mirrabooka estimated NTA as of end Friday was $2.97.

with today a 4+ percent wipeout across the market, it is still trading higher ... $3.05 to $3.20

07/04 : when the market swooned, no much happened for MIR
06/05 : with the rights issue announced, not much happened for MIR
19/05 : with a NTA of $3.33 as of Friday, not much happened for MIR

$85 million to be raised in the rights issue - money due by 02 June
Some $72 million employed this FY (post #201) - this is what active management in a closed end fund allows

 

[Ferret]

07/04 : when the market swooned, no much happened for MIR
06/05 : with the rights issue announced, not much happened for MIR
19/05 : with a NTA of $3.33 as of Friday, not much happened for MIR

I'm wondering what will happen after the rights issue closes on 2 June.

Maybe a fall in price as some who took up their rights but don't really want any more MIR sell off their new shares.

 

[Dona Ferentes]

I'm wondering what will happen after the rights issue closes on 2 June.

Maybe a fall in price as some who took up their rights but don't really want any more MIR sell off their new shares.

6.5c ff dividend due to land early July .... I'll wait

 

[Bellcose]

I'm wondering what will happen after the rights issue closes on 2 June.

Maybe a fall in price as some who took up their rights but don't really want any more MIR sell off their new shares.

Probably not much will occur. As you likely know, not all share holders take up these offers. For example for the last Rights issue in 2008, 33% of holders applied for 39% of the shares available. There maybe a few trades following this present issue but I think most stick for the income.

MIR has had relatively few capital raisings over the years with 2003 Rights Issue (Renounceable), 2004 SPP, 2008 Rights Issue, 2010 & 2015 SPP, 2021 SPP and now this issue. I haven't gone back to see what the prices were after these but it was probably immaterial. Economic activity and smaller company prospects are possibly the major driver of MIR's share price. From @Dona Ferentes' post #206, the volume isn't great in comparison with the number of share currently on issue - which is about 195m.

 

[Ferret]

Probably not much will occur. As you likely know, not all share holders take up these offers. For example for the last Rights issue in 2008, 33% of holders applied for 39% of the shares available. There maybe a few trades following this present issue but I think most stick for the income.

You're probably right. I don't think I could be bothered taking up my rights just to sell them for a few cents/share profit.

Still, I'll keep an eye on the share price after 2 June because I would like to add a few more.

 

[Bellcose]

You're probably right. I don't think I could be bothered taking up my rights just to sell them for a few cents/share profit.

Still, I'll keep an eye on the share price after 2 June because I would like to add a few more.

Mate, even I don't know if I am right so better not pin any hopes on what I say! The number of shareholders isn't large at all. Less than 8,000. No idea of the turnover in that but I am just guessing the majority are not holding with a view to trading.

 

[Dona Ferentes]

as they take pains to say, month in month out:

Investment objectives: Mirrabooka aims to provide medium to long term investment gains through holding core investments in selected small and medium sized companies (companies which fall outside the S&P/ASX 50 Leaders Index) and to provide attractive dividend returns to shareholders from these investments.
Benchmark: Combined S&P/ASX Mid 50 and Small Ordinaries Accumulation Indices.
Size of portfolio: $625.3 million at 30 April 2025.
Low Management cost: 0.56 per cent, no additional fees.
Investment style: long-term, fundamental, bottom-up.
Suggested investment period: Five years to 10 years or longer.

 

[Dona Ferentes]

Probably not much will occur. As you likely know, not all share holders take up these offers. For example for the last Rights issue in 2008, 33% of holders applied for 39% of the shares available. There maybe a few trades following this present issue but I think most stick for the income.

I've just tipped my 1/7th rights contribution into the company, plus a few more to round up. Nothing greedy, am happy to maintain a solid position.

Trading of MIR shares is basically as expected, imo. Any holders won't buy more on market when $3.06 is on offer, and some may trim holdings to buy new. I'm pleased to see it around NTA, latest was $3.29

 

[Dona Ferentes]

$85 million to be raised in the rights issue - money due by 02 June

should be announced soon

Some $72 million [already] employed this FY (post #201) - this is what active management in a closed end fund allows

..and, allowing for valuation increases (a rising tide over last few months) this is how the Top 20 have played out:
End of May, with NTA at $3.35

end April

and end March

.

JHX gone , Region and Life 360 are new by the end of May

I guess IEL won't show up at the end of June, otherwise it's a healthy mix

 

[Ferret]

I've just tipped my 1/7th rights contribution into the company, plus a few more to round up. Nothing greedy, am happy to maintain a solid position.

I've been greedy. I might not know until next Tuesday how that played out.

 

[Dona Ferentes]

I've been greedy. I might not know until next Tuesday how that played out.

Issue and allotment of New Shares under the Entitlement Offer and Top-Up Facility
Tuesday, 10 June 2025

Dispatch of holding statements
Wednesday, 11 June 2025

Commencement of trading of New Shares on a normal settlement basis
Wednesday, 11 June 2025

 

[Ferret]

And trading of the new shares on a deferred settlement basis underway today.

I never quite understood how you can trade the new shares before they are officially allotted.

 

[Dona Ferentes]

And trading of the new shares on a deferred settlement basis underway today.

I never quite understood how you can trade the new shares before they are officially allotted.

https://asxonline.com/content/dam/asxonline/public/documents/manuals/chess-asx-settlement-procedure-guidelines/asx015308.pdf

good luck

 

[Bellcose]

MIR reports on 17 July. Dividend payable 19 August.

Noticed in the latest monthly NTA report that cash as a percentage is 0%

 

[finicky]

Not a single resource or gold stock.

Not Held