We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Assetco Plc | ASTO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 33.00 | 08:00:09 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 33.00 | 33.00 | 33.00 | 33.00 | 33.00 |
| Industry Sector |
|---|
| SUPPORT SERVICES |
| Top Posts |
|---|
Posted at 30/11/2023 13:15 by strollingmolby Thanks, eeza. I assume it is this article? below is what can be seen before the paywall kicks-in:Target recovery upside from a deep value asset manager This heavily punished stock has the hallmarks of a Ben Graham value play. November 30, 2023 by Simon Thompson - Business has a top asset management team. - Net cash backs up a third of market capitalisation. - Discount to sum-of-the-parts valuation. It’s sensible to build a ‘margin of safety’ into the price you are willing to pay for any investment. Risk can be mitigated further when the company is sitting on a cash pile to cushion potential downside. In the case of one asset manager, balance sheet cash backs up a third of its market capitalisation. Moreover, the group’s 30 per cent stake in a profitable investment platform is worth 50 per cent more than its own market capitalisation. Investors also get a free ride on an asset management business with around £3bn of client mandates which is being right sized and could hit run rate profitability in 2024. |
Posted at 16/10/2023 06:55 by brummy_git I was having a rummage through Christopher Mills’ latest holdings at Harwood Capital - & specialist fund manager AssetCo came up as an interesting GARP stock for long term, risk tolerant investors.All the details here |
Posted at 29/6/2022 16:29 by topvest I must admit to being a bit confused on Christopher Mills re. Assetco. He is a fantastic investor that's for sure. I wasn't sure the valuation is silly and that's why I sold out. Maybe I have missed the skilled lens of the master!What confused me was mentioning £90m for Parmenion Capital Partners LLP.... seemed a bit odd as they only own 30% purchased for £22m less than a year ago! That would mean the Assetco stake is worth like £30m not £90m. Anyone any thoughts? |
Posted at 15/6/2022 12:44 by monet This should help the shares price, and plans to pay a dividendWe intend to write to shareholders shortly with proposals to instigate a sub-division of the Company's ordinary shares of 10p each ("Ordinary Shares") on a basis to be determined. Such a sub-division would increase the number of Ordinary Shares in issue and the Board believes this would reduce the Company's share price to a level where smaller sized dealings in Ordinary Shares would be more efficient. It should also improve the liquidity, spread and marketability of the Ordinary Shares to a wider group of investors. The Board recognises the importance some investors attach to receiving a regular income from their shareholdings. It is, therefore, expected that the Company declares a 13.0p interim dividend in Q4 2022. Thereafter, the Company intends to adopt a progressive dividend policy. "Campbell Fleming, Chief Executive Officer of AssetCo plc, commented: "We have made good progress in developing AssetCo's listed equity platform, private markets capability and thematic ETF business. At the same time, Parmenion, which provides investment solutions to advisers and their clients, has expanded. The current market environment, alongside the structural shifts taking place within the asset and wealth management sector, supports a strategy of building an agile asset and wealth manager, uninhibited by legacy issues, to meet the needs of investors." "There is still much to do, but we have the people, products and the financial strength to deliver for clients and shareholders alike. We will continue to invest in our existing businesses, assess strategic opportunities that will add value to our capabilities, and focus on generating organic growth." |
Posted at 01/9/2021 11:50 by tole https://citywire.co. |
Posted at 29/6/2021 05:23 by brummy_git Just in case you missed it yesterday.Marvellous insights from Christopher Mills of Harwood Capital - a world class investor - talking about top quality stocks, such as AssetCo. Heaven personified www.linkedin.com/pos |
Posted at 04/10/2020 13:19 by topvest Actually he's such a genius that he hasn't lost money on AssetCo. I can't quite remember now, but part of the original investment wasn't in ordinary shares. Page 14 of NASCIT annual report for 31 Jan 2020 year-end. Cost £10,162k Valuation £12,238k + the share price is up significantly since then. I would go as far as to say that Chris Mills is the best activist small cap investor of his generation. His long-term record is superb. |
Posted at 31/8/2011 14:01 by treacle32 In march 2011 the investors group committed themselves to take up newly issued shares at 10p for a period of twelve months.A lot has happened since then. Very true. One of them being that the creditors will -as far as we know now- get paid 25 million for the 100 million debt. Sharesholders will benefit from that as equity improves with 75 million. Currently there are 250 million issued shares issued. If the placing price is 10p then the investors group will get 100 million newly issued shares in return for the 10 million equity injection. The investors group will benefit (via the newly issue shares) from the raise in equity of 75 million (due to the creditors agreement) for 100/350 part, being -roughly- 21 million (=75 x 100/350). So for providing 10 million new equity at a 10p price (which they committed themselves to only a couple of months ago) they'll get rewarded with a raise in equity of 21 million. Instantly turning 10 million into 21 million does look like a rather good deal. Mind you, the investors group will only take up the newly issued shares if (when?) an agreement with the creditors has been reached. Besides that as the investor group currently allready hold at least 160 million shares out of the 250 million (didn't bother to look that up), there's very little need to dillute the hell out of it all as there's not that much to gain for them. (That would be very different if they were currently holding 10 million share or so). Is a 10p placing possible? I think so. If the preference shareholds are being asked to convert their £15m of preference shares at 10p per ordinary share, there will be another 150m shares issued. I also cannot see that the preference shareholders will agree to convert their shares at 10p if the investor group is injecting capital at less than 10p. Therefore there will be 250m shares issued and the company will reduce their liabilities by £15m and increase capital by £10m |
Posted at 26/8/2011 16:33 by treacle32 Judge aids rescue package for " bust " privatised London fire firmA High Court judge came to the potential rescue of AssetCo, the near insolvent owner of London and Lincolnshire's fire engines, by granting the company another month to negotiate an extraordinary deal with its creditors to wipe out debts of over £100m. Mr Justice Floyd, sitting at the Royal Courts of Justice in London, granted applications to adjourn moves until September 28 to wind up the firm in favour of allowing the company to open negotiations with its creditors on a deal that will recover some of their lost investments. Mr Lloyd Tamlyn, for AssetCo, explained that if the company went bust now, the banks and other investors would be lucky to get 0.5 per cent of their money back. But if they agreed to negotiate with the company on a deal they could walk away with 23.5 per cent. In return they would have drop any further demands for cash, wiping out the £100m plus owed by the firm. In effect investors in AssetCo look set to lose some £77m. Since the judge was aware that this case was being reported, AssetCo were careful not to ( as at other hearings) list who is owed what. But from the previous hearing ( where the registrar was not aware he was being reported) the creditors named included state-owned Halifax Bank of Scotland which is owed £12m and energy company, EDF, which suggests AssetCo may not have paid fuel bills for premises they run in London. Others include FD Direct, the Inland Revenue. They will still be big losers. The difference the deal would make is shown by Northern Bank who are owed £1.3m and have been very active in opposing moves by AssetCo to give preferential pay outs to its lawyers and accountants. Adam Goodison, for Northern Bank, who had pressed for the company to be wound up, explained to the court why the firm is now " content" for the deal to go ahead. This followed negotiations that changed the creditor status of Northern Bank, so it could benefit from the proposed pay out. If AssetCo went bust the bank would be lucky to get £10,000 back from the £1.3m they put into the company. Under the revised deal the bank would get back nearer £300,000. The same would apply to other creditors. The question dealt in passing during the hearing is where has AssetCo got the cash to even finance this deal? It appears to have come from money raised from international financiers who have given another £10m cash to the company on top of money raised earlier this year which severely diluted its share price to near junk status. At the last court hearing the financiers were named as North Atlantic Value LLP, a part of the J O Hambro Capital Management Group, Utilico Investments Limited and Henderson, which incorporates the interests of Gartmore Investments Limited. A hint came from Northern Bank's lawyer after the hearing when he told me that the deal could be "good news" because it could rescue the company and remove most of its debts. He thought investors were " taking a punt" on the firm's future. The majority of the investors will still have to agree before the deal can go ahead and it will need final approval of the court on September 28 but the judge's move means that it could get Brian Coleman, Tory chair of the London Fire Brigade, off the hook from seeing London's fire engines owned by administrators. Once the debt is cleared it then makes the company more attractive to a take over. Nothing more was said in court about a bidder known to be Arcapita Bank in Bahrain which suggests they have gone cold on the idea. The situation is far from satisfactory and does not rule out a slow death of the company,reflected in its low 2.2p share price, valuing it at £5.52m today. FBU general secretary Matt Wrack said: "Privatising emergency services is stupid and dangerous. The long, slow death of AssetCo is a perfect illustration of this. We still do not know what is going to happen to London and Lincolnshire's fire engines. They are, we believe, going to be the property of AssetCo's creditors when AssetCo finally goes under. I call on the London Fire Brigade and the government to bring the fleet and their maintenance back into public ownership." This blog was trying to contact Tudor Davies, head of AssetCo, for a comment. |
Posted at 21/3/2011 07:08 by yoyoy 21 March 2011 AssetCo plc Arrangement for the provision of additional working capital and Appointment of Executive Chairman In its recent announcements made on 14(th) and 18(th) March 2011, the Company stated that it was in continuing discussions concerning its future working capital requirements. The Company now confirms that it expects to require a working capital facility of GBP3-4 million after the receipt of the GBP16 million gross proceeds from the equity placing which is the subject of today's general meeting and that the board's preference to meet this requirement is to arrange suitable new bank facilities, but that this has not been possible prior to the placing. As a contingency to ensure that adequate working capital is available in the future, the Company has received indications of financial support from funds advised by North Atlantic Value LLP (a part of J O Hambro Capital Management Group) ("NAV"), Gartmore Investment Limited and Utilico Investments Limited ("Utilico") (the "Investors") that they would be prepared to provide additional funding of up to GBP3.33 million each, GBP10 million in total, in consideration for a further issue of ordinary shares at a price of 10 pence per share. This support would be available at the Company's request until the earlier of the Company notifying the Investors that the support is no longer required and 12 months from the date of this announcement (the "Support Period"). In addition, the Investors and the Company intend to allow other shareholders to participate in such issue as far as reasonably practicable. In the event that the Company seeks this financial support from the Investors, the Investors have agreed amongst themselves that they may seek from the Company that the GBP15 million of preference shares of GBP1 each in AssetCo Abu Dhabi Limited be redeemed in exchange for an issue of ordinary shares at10 pence per share and cancellation of the warrants issued at the time of the issue of such preference shares. Both of the potential share issues would be subject to shareholder and all other requisite approvals at the relevant time. As a condition of these arrangements, the Company has agreed to appoint Tudor Davies as an executive chairman of the Company. In addition, each of NAV and Utilico has the right during the Support Period to appoint an additional non-executive director of the Company provided that there is an equal number of independent non-executive directors. Tudor Davies will replace Tim Wightman who will step down as Chairman and a Director as soon as practical after the conclusion of the Placing announced on 3 March 2011. Tudor Davies is an experienced Chairman, executive and non-executive director with a track record of delivering shareholder value in the UK and on an international basis, through business development, repositioning businesses, and turning them around. Tudor is currently Non-executive Chairman of Zytronic Plc a touchscreen and electronic displays manufacturer and was Chairman of Dowding and Mills Plc the international electromechanical repair services business and also Chief Executive of its subsequent owner Castle Support Services Plc until its successful sale to Sulzer Ag in June 2010 for GBP128million; Chairman of Stratagem Plc the diversified industrial group from 2000 until 2002; and from 1990 Chief Executive and subsequently Chairman of Hicking Pentecost Plc the world leader in technical threads until its successful sale to Coats Viyella in 1999. He was also a Corporate Recovery partner with Arthur Young (now Ernst & Young) and qualified as an accountant. The Company received a claim late last night from its chief executive, John Shannon, asserting that he is not bound by his irrevocable undertaking to vote in favour of the resolutions to be proposed at this morning's general meeting. The Company has been advised that this claim is without merit. In the event that Mr Shannon seeks to breach his undertaking, the Company will take appropriate action. For further information please contact: AssetCo plc +44 (0)20 7614 5917 Tim Wightman, Chairman |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
