Liquidations Watchlist #4

8 liquidations and 4 potential opportunities. Operating Companies, REITs and Investment Funds. Covering UK, USA, Canada, Europe, Asia and Australia.

While investors are busy trying to figure out the latest tariff effects, I'm more than happy to keep plugging away with my liquidation stocks.

Will they be effected by the eventual outcome of tariffs and a trade war? I’m not sure. Some will, some won’t. Macro and complex systems are hard to predict.

What I like about liquidations is I’m buying at a discount to liquidation value which gives me a margin of safety. There's also a timeframe to them where I get my capital back and some profits.

Below are some liquidations or potential liquidations I have on my watchlist.

There continues to be REITs and investment trusts. A few more operating companies are winding down and distributing cash to shareholders. A couple of European based opportunities and one Singaporean REIT to watch.

Some of the following stocks are very illiquid and might suit a smaller account size.

Note: NAV is reported NAV, book value or my estimate. Timeframe is based on my estimate. Both could change.

VPC Specialty Lending Investments (LON:VSL) is an investment trust focused on asset backed lending to emerging and established businesses. The trust has been in wind-down since June 2023. The large majority of its investments are debt with some equity like investments which have performed poorly over the last year bringing down NAV. 64% of investments are exposed to the Fintech sector. This has been a bit of a melting ice cube, with dividends propping up the return. They’re debt free from the end of February 2025. NAV £0.53. Timeframe 4 years.

Alternative Liquidity Fund (LON:ALF) is an investment trust that invested in illiquid investments and alternative investments vehicles. As at 31 December 97% of NAV is in 2 legal claims and a loan managed by Vision Brazil Investments. From the December 31 half year report it appears they will seek to sell the investments in the secondary market by June 2025. If by then, they can’t realise the investments, they will appoint a liquidator. NAV £0.062. Timeframe 1 year.

Riverstone Credit Opportunities Income (LON:RCOI) is an energy infrastructure debt fund. A managed wind down was approved in May 2024. Riverstone is debt free and has 25% of market cap in cash through its investments in SPVs. Board has indicated they will be ready for liquidation in the 2nd half of 2026. NAV £0.92. Timeframe 2 years.

Genifi Inc (CVE:GNFI) a tiny illiquid micro cap, was a technology service company that transformed into an intellectual property company. Since 2023 it has sold divisions, IP and licensed its technology. In May 2024 a proposed buyout at $0.0115 per share from controlling shareholder Tom Beckerman was rejected by shareholders. The board then decided to put a vote to shareholders to liquidate the company. This was approved in March 2025. A final distribution on $0.0116 will be paid on 16th April which is substantially all of the assets. NAV $0.0166. Timeframe 1 week.

AMSC ASA (OSL:AMSC) owned 10 Jones Act tankers and a Subsea Construction Vessel (CSV). In 2023 the Jones Act tankers were sold. In 2024 the company closed on the sale of the CSV to Solstad Maritime and received unlisted shares. This year shareholders approved an in-kind distribution of the Solstad shares to shareholders. In May, Solstad is due to list on the Euronext Oslo Børs. I’m not keen on receiving the spin shares so my plan is to wait for the ex date (8th May) and see what sort of price you can get on the remaining stub which will have approx 1.70 NOK in cash per share. NAV 1.70 NOK. Timeframe 1.5 months.

Stainless Tankers (OSL:STST) was formed in 2023 to take advantage of the strong chemical tanker markets. This is a slow liquidation play with upside/downside risk to the chemical tanker cycle. They sell the tankers in the S&P market and pay out free cash flow and capital. LTV is 44% of the market value of the ships. They have recently sold two 2005 tankers near NAV. Management confirmed on Q4 conference call that they intend to realise the investments over the next 2-3 years. NAV 87.40 NOK. Timeframe 2-3 years.

Awilco Drilling (OSL:AWDR) was a offshore drilling rig operator that sold off its assets and received a legal settlement. The company has no operating businesses and after a strategic review the board decided to liquidate the company and pay out remaining cash. They recently paid out the majority of cash. What's left is the last puff of the cigar. I’ve adjusted NAV to account for 31m NOK in cash burn. NAV 1.61 NOK. Timeframe <1 year.

Sun Residential REIT (CVE:SRES) owns two multi-family properties in the Sunbelt, USA. This was previously written up by Just a Value Investor. On 1st April they entered agreements to sell their interests in their remaining properties. They also announced they would wind down the REIT and distribute net proceeds to shareholders. A meeting will be held in May to vote on the sale and termination. Considering its <$20m market cap and no other strategic alternatives I’d say the odds are high this gets the votes and liquidates. NAV $0.10-0.11. Timeframe 1 year.

The following are potential liquidations to watch for a wind down announcement or progress on strategic reviews.

Mongolian Growth Group (CVE:YAK) is run by hedge fund manager Harris Kupperman. YAK previously owned properties in Mongolia however they have wound that down and pivoted to a special situations subscription business (KEDM) and investing in listed securities. For tax and regulatory reasons they have to acquire over 25% of an operating business in the near future. They are struggling to find a suitable opportunity and have indicated if they fail to do so, they will liquidate the company. Some of their marketable securities are in offshore energy service companies and uranium equities. So there's a bit of upside/downside torque in the NAV. With 48% of the market cap in cash this is an interesting situation to follow. What's also interesting is that KEDM is not accounted for on the balance sheet and looks to be a hidden asset. KEDM is a mature CAD $2.6m Revenue, $1.3m estimate EBITDA business. NAV $1.57.

Sabana Industrial REIT (SGX:M1GU) owns 18 industrial properties in Singapore with a value of $900m. They are currently going through a management internalisation process. On 26th February, a group of unitholders who own more than 20.7% of the units, including a director of the previous external manager, requested an EGM so shareholders could vote on a “price discovery process”, with the view of achieving a sale of all or a majority of Sabana’s assets. The meeting will be held on 22nd April and if passed the review should take up to 3-4 months. The directors-elect of its internalised manager oppose the resolutions as once the internalisation is complete they will conduct their own strategic review, with a possible sale on the cards. NAV $0.50.

Universal Security Instruments (NYSEAMERICAN:UUU) is a manufacturer of smoke and carbon monoxide alarms. On October 29th the company announced it had signed an agreement to sell all their assets to Feit Electric Company. When complete it would allow them to pay a liquidating distribution of between $2.51-2.58 per share. On 23rd December activist investor Milton Ault filed a 13D stating; he owned 9.9% of UUU, the liquidating distributions undervalued the listed shell and he would be voting against the resolutions for the sale and liquidation. At the special meeting on 23rd January the meeting was adjourned to solicit more votes. Another special meeting is convened for 15 April. NAV $2.26.

Wellard Ltd (ASX:WLD) owned and operated vessels in the livestock shipping business. With animal safety issues and live export bans it's been a terrible decade for the sector. In January WLD announced they had sold their last remaining vessel and would put the sale and a capital return of $0.15 to shareholders to approve. This meeting will take place on 15 April. The vessel transaction should complete by July and the stock will go ex return of capital basis on 5th August. Post capital return stub will mainly consist of cash and possible future compensation from Brett Cattle Company Class Action.

As to the future of the company post capital return. Management have stated “It is possible that the Company may identify some opportunities which may bring value to shareholders, and the Board will actively pursue such opportunities if they present and are realistic….it may include delisting from ASX, returning to further cash to shareholders and continuing as an unlisted public company. This decision has not yet been made and should not be assumed.” NAV $0.185

Conclusion

Let me know what you think about these names?

Do you have any other interesting liquidations you own or on your watchlist?

I’m looking everyday for liquidations and wind downs. I will post another watchlist soon.

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Disclaimer: The content in this write-up is for informational purposes only and should not be construed as financial or investment advice All opinions expressed are my own. Please do your own research or consult with a professional before making any investment decisions.

Disclosure: I, or members of my family, hold shares in CVE:SRES and could potentially hold shares in any of the mentioned companies in the future.