Tuesday, May 15, 2007
Allco Equity Partners
This evening I am buying 4000 shares of Allco Equity Partners. They are trading for $A3.87 per share so that is an allocation of about 3% of net worth. This is a listed private equity fund. It was involved in the failed bid to take over Qantas Airlines and its price has fallen precipitously since. It now is trading at a substantial discount to book value as well as to net tangible assets, and actually to the cash the company holds. The IPO investors paid $A6.00 in installments for their shares. Tim Boreham of the Australian newspaper alerted me to this investment back in April.
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A broker in commodity based derivatives working mainly with financial counterparty will have less issues implementing the directive. Their business is basically a Los Angeles business investment business and some of the principles behind the details of MiFID and CRD clearly apply to them.
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