Keep pulling the thread on Vas Piperoglou.
Collins Street Value has sold three-quarters of its gold-related holdings after the price of gold reached a target of $5,000, which was derived from a 5x multiple on its cycle low of approximately $1,000.
AIH ultimately agreed to a $0.40 per share all-cash bid for Matrix after Vas Piperoglou of Collins Street Value negotiated the price and agreed to an options deal to lock in his fund's shares.
Vas Piperoglou believes there is a significant underinvestment in global oil supply, partly because the best oil from the US shale revolution has already been extracted.
Collins Street Value is engaged in an activist campaign at Humm Group and has called a general meeting to force management changes.
Kaspi's earnings have been compounding at 15% to 20% per annum, and the company is trading at 6 times earnings with a 10% dividend yield.
Collins Street Value has taken significant profits in its gold fund, reducing its exposure after a parabolic move in silver prices.
Vas Piperoglou believes that institutional investors are still historically underweight in the gold sector despite recent price increases.
Vas Piperoglou asserts that gold mining equities have underperformed the price movement of the underlying commodity during the recent bull market.
Vas Piperoglou believes that sell-side analysts' forward forecasts for gold mining companies do not yet reflect the current, higher gold price.
Vas Piperoglou predicts that M&A activity in the gold sector will continue to play out, as the rapid pace of the bull market has not yet allowed enough time for consolidation.
The merger of Volaris and Transocean, and the acquisition of Matrix by AIH, are recent examples of consolidation in the oil services industry.
Collins Street Value plans to close its Offshore Oil Services Fund and sell its remaining four holdings after the takeover of Matrix is completed, which is expected by the end of July.