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Strategic Equity Cap (SEC)


Friday 10 September, 2021

Strategic Equity Cap

Update research from QuotedData

RNS Number : 4392L
Strategic Equity Capital PLC
10 September 2021

Strategic Equity Capital - Headed in the right direction

10th September 2021


Headed in the right direction


At the end of September 2020, Ken Wotton became the lead manager of Strategic Equity Capital (SEC) and, during the ten months since, SEC has provided NAV and share price returns that are significantly ahead of the MSCI UK Smaller Companies and even the broader MSCI UK Index (see pages 17 and 18). Despite this, and a comprehensive plan to reduce the discount (see pages 4 and 5), which now includes potential tender offers in both 2022 and 2024 (subject to certain triggers - see page 4), the discount to net asset value has reduced but is still material.


We do not think that this will persist and, with the decision to shift the focus of SEC's portfolio towards smaller companies now bearing fruit (see page 9 for more discussion), combined with a UK market that is becoming increasingly investable for overseas institutions and attracting the interests of private equity buyers, now could prove to be a very good entry point.


SEC's managers use a private equity style approach to managing public equity. SEC holdings, Equiniti and Proactis have recently succumbed to takeover bids and the managers think that there could be much more to go for in this regard.

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NB: Marten & Co was paid to produce this note on Strategic Equity Capital Plc and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the FCA. Marten & Co is not permitted to provide investment advice to individual investors.

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