Green shoots of spring appear at Wyndham Press PLC

It looks like a closed end fund - listed in the UK managed by Progressive Asset Management. Third Advance Value Realisation Fund looks like a way of offering large fund managers a way of off loading shares in illiquid companies in exchange for shares in the closed end fund. Allows the fund managers to reduce their stock specific risk and not have to worry about trading out of illiquid positions over long periods of time.

So overall this may not look as good as it seems. This fund is basically soaking up stock on behalf an institution that wants to off load. Details on the fund below for those interested. Website:

Regarding the company, full year results look to be positive but the last interims noted that cap ex would be greater than the £12.5m planned. This would eat up most if not all the cash generated for the year and could in increase gearing further (on top of that created by recent acquisitions). I'm a holder and am hoping that the strong cash generation more than compensates the higher level of gearing.

Peach


"The Progressive work out team focuses on the smaller end of the UK equity market. The small cap element of the UK market is significant by number but small by value. Liquidity can be poor with holdings often sold at depressed levels.

Whilst institutions are able, if they desire, to dedicate time and resource to this area the potential impact on performance is such that it may not be an efficient use of their time. Via an innovative stock swap and limited life fund, Progressive is able to offer institutions a logical and cost effective service whereby we manage an orderly realisation of assets, enhancing value and saving management time.

Key features

• Specialists in realising value from small and illiquid UK listed securities
• Proven investment process with award winning fund
• Highly experienced and successful management team
• Recycle money from non-core holdings and rationalise portfolios
• Focus management resources on performance
• Innovative, unique approach to save management time

Fund Name: Third Advance Value Realisation (TAVR)
Description: Limited life, closed-ended, London listed, launched 2005 "