Interesting week. Learnt a lot about convertible notes and how they're used, being in Nano capper land I feel like I'm seeing all sorts of weird capital structures that I'm starting to recognise can pose a lot of perverse incentives and questions that need to be answered properly in order to effectively manage risk.
I mentioned my sell on GLH a few weeks ago, as I didn't see how a turn around could occur effectively and in the time frame I was looking for, with my primary hypothesis being that I would be able to secure a better price over the coming months. Well, out of all the companies I'm watching or holding, it is the one I would have least bet money on running (obviously, I sold) but the market continues to provide surprises as well as valuations that I'm not sure I will ever understand.
Holding buy line on WSI. Minor improvements on UBI, which I am fully expecting to see fall back especially given I suspect the most recent action was based off the director buying of CDIs. And N1H I'm holding at a non statistically significant loss whilst waiting for the AR, and I don't see anything moving it until then, and even past that I don't suspect that willl move it, but I'll accumulate more and derisk/average up on unaudited numbers which I'm not expecting any surprises on
Outside of that, watching EMD, DEL, GTI and a few others that have started to escape me after beer number 3.
