Ann: 2021 AGM Presentation, page-15

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Chris60

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21/12/21

11:52

Post #: 58434158
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Originally posted by WangChung: ↑

On the weekend wasn’t it given a sell rating in the Melb papers viewed overpriced much better off buying the underlying shares.

You could easily apply the same logic to Argo, Australian Foundation and WAM Capital, but they have happily traded above NTA for long periods....so why single SOL out?

And the fact of the matter is (unlike the LICs mentioned above) you really can’t replicate the SOL portfolio; because about 13% of it sits in private equity, structured yield and property. Moreover, this percentage is slated to grow as they partially sell down their large cap portfolio ‘to fund further investments in private markets, global equities, properties, structured yield and real assets’.

And while undertaking this shift, the listed equities will continue to throw off a stack of cash.

The beauty of this strategy (as I see it) is they should be able to sell down their large caps at maybe a 20x to 25x multiple, and funnel proceeds/dividends into private markets at maybe a 5x to 15x multiple. And then you always have the option of spinning out some of the private equity stuff (like they almost did with Round Oak Metals) at public market multiples. Certainly see something along these lines happening with WHSP Agriculture at some stage after they have grown the business...largely out of public view.

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I guess so it's come from $40 to $30.

l have been ignoring it for a while and didn't pay it enough attention, l think it's provably a hold at this price

I have been buying BKW for a while over the last few years and have a fair weighting now - SOL l like, l bought it years ago just never had the chance to add more

SOL Price at posting: $30.85 Sentiment: Hold Disclosure: Held
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(20min delay)
Last $41.78		Change 0.250(0.60%)		Mkt cap ! $15.36B

Open	High	Low	Value	Volume
$41.61	$42.00	$41.41	$15.66M	374.2K

Buyers (Bids)

No.	Vol.	Price($)
1	4117	$41.78

Sellers (Offers)

Price($)	Vol.	No.
$41.90	1300	1

View Market Depth

No.	Vol.	Price($)
1	4117	41.780
1	2214	41.740
1	979	41.710
2	2336	41.690
1	743	41.670

Price($)	Vol.	No.
41.900	1300	1
41.910	149	1
41.960	2452	1
41.980	704	1
42.000	3306	6

Last trade - 16.13pm 26/06/2025 (20 minute delay)

SOL (ASX) Chart

Ann: 2021 AGM Presentation, page-15

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Ann: 2021 AGM Presentation, page-15

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