Asset Management Investment Share Discussion Threads

[ianbrewster] 07/1/2011 19:02

Net asset value (cum current year income) per ordinary share is 83.41 pence, so 92% would give 76.72p less termination costs, fees etc.

I think I'll wait for the money rather than sell for 67.5p

[tiltonboy] 25/12/2010 05:51

You can knock a further 4p off for advisor fees and for termination of Directors contracts etc.

[tel5] 24/12/2010 14:36

what other costs are involved thought it would be nav less 8% is what you would be paid on a 1for1 basis

[oniabsta] 24/12/2010 10:32

No divi will be paid.
Don't forget there will be other costs to take into account.
I'm banking (hopefully conservatively) on a min of 70p on a NAV + inc of 79p

NAV now 81.46p so there should be some upside if same level on the calc. day

[tel5] 24/12/2010 09:16

will there be a dividend payable or will the offer be on the price of dividend included less 8% on current prices that would mean about 74p a share

[asmodeus] 01/11/2010 12:17

Thanks, Tilton. So this just means that Numis were the market-makers who handled last Friday's purchase of 31,680, and sale of 5817 shares. It's never too late to learn!

[tiltonboy] 01/11/2010 11:19

asmo,

Numis acting as a MM in the stock.

[asmodeus] 01/11/2010 11:15

Grateful if somebody would please explain the implications of the "Form 8.5" just announced. Does it mean somebody has bought more shares in AMN than have been sold? Sorry to be so ignorant.

[tiltonboy] 28/10/2010 13:04

Share alternative now worth nearer 74p.

[asmodeus] 28/10/2010 12:29

I am looking at the 71p you quoted in 482, Tilton

[tiltonboy] 28/10/2010 11:37

With GLIF trading better this morning, the share alternative is suddenly worth an extra 3p. Perhaps the cash option isn't going to be a certainty.

[tiltonboy] 28/10/2010 10:13

asmo,

You are looking at the wrong NAV figure.

[asmodeus] 28/10/2010 10:00

That's what I was wondering about, Tilton. As I understand the RNS, the offer will be at a discount of 8% from NAV, so if this was to be unchanged, it will amount to 65.32, whereas current bid is 66.5. So, unless you are selling now, you must be reckoning on an increased NAV? Edit - or an improved offer?

[tiltonboy] 28/10/2010 09:00

asmo,

Very silly question!!!

Very much depends on what the NAV is on the calculation date. Could be higher or lower. It is currently around 71p.

[asmodeus] 28/10/2010 08:34

Tilton if opting for cash them, do you think the amount offered will defintely be higher than that available if selling for the current bid price ? (Silly question, I suppose).

[tiltonboy] 27/10/2010 11:50

jimbo,

No, I'm going to take the cash. After investing in RIG, I saw what happens when a leveraged bond portfolio becomes illiquid in a falling market. On paper they look interesting, but if the high yield market suddenly turned south, the NAV can disappear very quickly, together with it the dividend.

[jimbo3352] 27/10/2010 11:43

tiltonboy

Agreed. I'm happy for the discount to nav to be reduced and for potential pressure to sell IFDC at any price to be delayed. I hadn't realised Geoff Miller had been with AMN for 5 years. Presumably, he has detailed knowledge of IFDC. I always found IFDC a bit hard to follow: Japanese asset manager publishes unconsolidated accounts in euros out of Lichtenstein with a UK sub used as a cash shell only for the investment in AMN's accounts to be reported in US$?

Are you going to remain invested in GLIF when this all goes through?

[tiltonboy] 27/10/2010 10:33

jimbo,

The issue is whether IFDC has the inclination to take out the AMIC shareholding, and what price it might offer. To me this offers an ideal opportunity to exit the investment, as post the IFX repayment, I wouldn't want my major shareholding to be an unquoted asset manager where I was one of only three shareholders. The shares would stand at a sizeable discount if that were to be the case.

[jimbo3352] 27/10/2010 10:25

I can't see the logic of this offer from GLIF's point of view. AMN currently is in run off and has just 3 main investments, shares in CLIG having been sold off:

IFDC SA The book value of AMN's 17.25% equity stake slashed to £3.3m in 2009 in anticipation of reduced dividends. IFDC has more than adequate cash to buy out the AMN stake. see my AMN posting in April

International Foreign Exchange Concepts, IFX has already bought out AMN's equity stake and the conversion rights of a 10% 2011 loan note valued at £4.1 which also carries a revenue sharing top up.

Lombardia Capital Partners AMN has a 8% convertible note 2010 and small equity stake currently written down to £0.8m.

Less than 1% of GLIF's investments are equity based. Fair enough if the loan notes had some years to run: IFX had resources to buy out AMN's equity interest and every incentive to repay an onerous but short dated note, which just leaves Lombardia. Am I missing something?

[aleman] 26/10/2010 15:32

The offer is by scheme of arrangement (these only require a 75% vote rather than the usual 90% needed for a complete takeover) and the CISX listing is to take place upon completion of the scheme. I take it that means the listing occurs as the takover completes but don't claim to be an expert. Anybody else more familiar with such things?

[oniabsta] 26/10/2010 13:47

Well researched Aleman, but that still leaves the delay between the take over completion and the listing on cisx? Unless it's simultaneous I'll still have to sell.

[aleman] 26/10/2010 11:09

GLIF will qualify for ISAs through the Channel Islands listing. See 3.1.1.

[asmodeus] 26/10/2010 10:59

Have checked with my Broker, who confirms that if my shares, held in my ISA, are taken over by an AIM company, the GLIF shares would have to be withdrawn from the ISA, which I wouldn't want to do, so will be obliged to sell AMN before that point.

[oniabsta] 26/10/2010 09:28

Thought about offloading a few but decided against it. Although may have to because half of my holding is in an ISA. I realise GLIF is to move to the main mkt but not sure of the timing and if I'll be able to keep them.Glif currently paying 4p divi equating to 14% at the price quoted

Edit
Oop's just re read and now I realise they are staying on Aim but also listing in the chan Isles