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Thorney Opportunities Ltd. ( (AU:TOP) ) has shared an update.
Thorney Opportunities Ltd reported a sharp fall in its net tangible asset backing in March, with after-tax NTA dropping to 78.8 cents per share from 87.4 cents a month earlier, as heightened geopolitical tensions in the Middle East and associated volatility in global equity markets weighed on its portfolio. The ASX-listed investment company, which paid a fully franked interim dividend of 1.10 cents per share and continues to trade at a significant discount to NTA, is leaning on a strong balance sheet with $23.6 million in cash and an active on-market buyback extended to March 2027 to take advantage of market dislocations and support shareholder value.
Chairman Alex Waislitz said the portfolio has been hurt by inflationary pressures, higher oil prices and rising risks in global shipping lanes, while the carrying value of key holding 20 Cashews Pty Ltd was marked down to reflect weaker positions in Southern Cross Media and View Media Group. Despite underperformance versus the S&P/ASX Small Ordinaries Index over one and three years, the manager remains confident in the portfolio’s resilience and sees the current environment as an opportunity to deploy capital into undervalued companies, particularly given deployable cash and an investment philosophy geared towards active engagement and value creation.
More about Thorney Opportunities Ltd.
Thorney Opportunities Ltd is an ASX-listed investment company that invests in listed and unlisted equities and financial assets across sectors including media, automotive, energy, engineering and mining services, and financial services. Managed by the privately owned Thorney Investment Group, the firm focuses on identifying mispriced or undervalued companies and using constructive advocacy with boards and management to unlock value over the medium to long term.
Average Trading Volume: 80,604
Technical Sentiment Signal: Hold
Find detailed analytics on TOP stock on TipRanks’ Stock Analysis page.