Share Name Share Symbol Market Type Share ISIN Share Description
Aberdeen Prv LSE:APEF London Ordinary Share GG00B1XCHB94 STERLING PART SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.125p +0.11% 112.875p 111.50p 114.25p - - - 4,760.00 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.1 5.0 3.2 31.7 123.18

Aberdeen Prv Share Discussion Threads

Showing 151 to 173 of 175 messages
Chat Pages: 7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
27/10/2016
07:10
Thanks for reply Skyship. Although sitting on a large cash ratio, i'm holding off buying all but the most obvious bargains at the mo. I have an aversion to buying when the markets have risen. I'm most comfortable buying after a market panic when the tide has gone out for all stocks. I am therefore hoping for a Trump victory come November 9 :)
spob
26/10/2016
09:56
Hi spob - no, no particular target, though interesting to note that at the current NAV the discount falls to just over 20% at 115p. Still, I expect that NAV to improve further if the $ holds its strength. I have a problem with portfolio concentration. Difficult to find other things to buy outside the PE sector, so slightly regret taking profits in HVPE & ICGT recently...I would like to get the latter back!
skyship
26/10/2016
09:05
Do you have a target price in mind Skyship ? If the discount narrowed to under 20% (not far away now) would you be looking to pull out ?
spob
24/10/2016
16:40
An interesting and detailed research article in the 22nd Oct. Economist magazine – a Briefing on Private Equity which reveals the importance and size of the PE sector. In 1980 there were just 24 PE firms; there are now 6628, of which 620 were founded in 2015! One of the many statistics is the uninvested dry powder figure looking for a home - $1.3trn – ungeared. Small wonder that the option of buying up the few listed players is now on the table; though after PEQ & SVI the opportunities are extremely limited. Altamir (40% discount) might be a good play; but personally I wouldn’t now want to buy a Euro-listed trust at the current exchange rate… Based upon practical MCap stats (not too small) & accessibility (precludes HVPE & NBPE which are effectively controlled by their Managers), the possible candidates to follow PEQ & SVI might be: EPIC……….Sp…̷0;….NAV…....Discount ICGT…….658……R30;.798……;…..17.5% (NAV at July) HGT……1430… ….1580………….9.5% (NAV at Sept.) JPEL…… .110….……143…R30;……23.1% (NAV at Aug.) PEY……..830……R30;…999……….16.9% (NAV at Aug.) PIN…….1640……R30;1956……;….16.2% (NAV at Aug.) SEP……230;276……;…..339……….18.6% (NAV at Sept.) I traded out of ICGT @ 660p just recently, so mentally not willing to buy back in there just yet. So Best Bet IMO has to be JPEL. A difficult one for me as I already have a very profitable 10% allocation! Still, very tempted to buy more… An excellent buy for those not already in there. Best Buy elsewhere – ie beyond the above plays and beyond the rather specialist 30%+ discount plays (LMS, MVI & OCL) – has to be APEF. At 107p they are on a 25.0% discount to an August NAV of 142.74p. They have a young portfolio. They also provide a yield of 3.74%.
skyship
14/9/2016
06:09
Yes - really great news. A dividend of a MINIMUM 4p, so a yield now at 104p of 3.9% and a discount of c28%. =================== At the Annual General Meeting held today, 13 September, the Board of Aberdeen Private Equity Fund Limited announced the following: -- Going forward, in the absence of unforeseen circumstances, the Company expects to pay minimum total dividends of 4p per share per annum (2016 - 2.2p), commencing with 2 dividends of 2p per share relating to the financial year to 31 March 2017 -- An annual continuation resolution to be put to each AGM, commencing with the AGM in 2017 -- A substantially reduced, and simplified, management fee* The Board also noted that the good NAV performance referred to in the Report and Accounts, had continued since the year end, with a further rise of 7.5% in NAV per share to 29 July 2016 (143.32p per share). The Board continues to remain optimistic on the investment portfolio's ability to deliver long term investment performance, and believes that, when combined with the increased focus on co-investments, the changes announced above should enhance the appeal of the Company to all Shareholders, both current and prospective.
skyship
13/9/2016
19:58
Looks like they have had to increase the dividend to prevent some level of rebellion re the continuation vote. Also agreed to reduce fees, balance is still in favour of the investment manager but perhaps time to invest in view of the substantial discount.
strathroyal
06/9/2016
07:02
Sure, plenty of PE cash looking for a home. APEF using the pretty standard and usless verbage for Continuation. They should be doing a lot more to provide and release shareholder value; something along the lines of a 3.5% of NAV annual distribution as a minimum - as NBPE introduced 3yrs ago.
skyship
05/9/2016
17:22
I meant the Private Equity Industry ( secondary buyouts)
atholl91
05/9/2016
16:06
"Plenty of money in PEQ looking to buy" ! Don't quite understand that last bit. PEQ, as I'm sure you know, is the object of a takeover to put it out of its misery...
skyship
05/9/2016
11:38
Voting against continuation but likely to fail as fees more important to managers. Absolute nonsense that voting for would reduce sale prices. Business's are worth what they fetch. Plenty of money in PEQ looking to buy.
atholl91
03/9/2016
14:06
I voted against Continuation.
skyship
03/9/2016
11:10
Good to know in advance I guess. But would be helpful if they said something like "..But by 2019 the company may be in a position to make returns to shareholders".
spectoacc
03/9/2016
10:51
The Continuation Vote is on the 13th September. The article below was taken from the latest report (results 31st March 2016) and seems to suggest that the board have the backing of the larger shareholders to continue the trust. Continuation Vote In 2011 the Company’s Articles of Incorporation were amended to introduce a three-yearly continuation vote with the first vote being in 2013. This was passed on 25 September 2013, with support from 99.9% of the voting shareholders with 74.7% of all shareholders having voted. At the Annual General Meeting convened for 13 September 2016 Resolution 7 proposes that the Company continue as an Investment Company in accordance with Article 126. In view of the investment returns now being delivered following the renewal of the investment programme in 2010, the premia to book value being achieved by our investee funds on exits from underlying portfolio companies, and the resulting distributions being received from our portfolio, your Board believes that it is in the shareholders’ interests that the Company continue. Having taken soundings from our larger shareholders, the Board believes that the majority of shareholders would not support a discontinuation at this time because this would lead to a portfolio run off, a process which is likely to be protracted and where values ultimately realised may be adversely affected as a result of the Company being known to be a forced seller of its assets. Accordingly, your Board recommends that shareholders vote in favour of the Company’s continuation. A further continuation vote will be held at the Company’s AGM in 2019.
killing_time
28/6/2016
18:33
The Dollar rising against the Pound has had a big effect on the NAV. I'm now using Morning Star as Hargreaves Lansdown is a bit of a mess at the moment. Today they show APEF's NAV at 144.84p which = a discount of -40.28%.
killing_time
04/4/2016
07:19
30thMar - Non Exec Dir David Copperwaite bought 22.7k @ 87.9p, taking his holding up to 40k.
skyship
24/3/2016
21:01
34.7% NAV discount @ 87.5p: =========================== 24 March 2016 Net Asset Value, February 2016 Ordinary Shares As at the close of business on 29 February 2016, the Net Asset Value of Aberdeen Private Equity Fund Limited was as follows:- Share class Net Asset Net Asset Performance Value Value 29(th) February 29(th) January 2016 2016 ------------- ------------------ ----------------- ------------ GBP Shares 134.06 pence 131.78 pence 1.73% ------------- ------------------ ----------------- ------------
skyship
18/3/2016
09:51
Thnx for that
skyship
17/3/2016
19:15
Hi SKYSHIP, Today the estimated NAV is 132.64p which = a discount of -34.60%.
killing_time
17/3/2016
11:22
KT - could you post where we now stand on HL's NAV estimate?
skyship
07/3/2016
16:44
I may get back in.
elmfield
07/3/2016
13:58
WELCOME PROFITS FROM LIQUIDATING PRIVATE EQUITY TRUSTS ======================================================= Due to insufficient size (a lack of critical mass to compete), HPEQ was the first PE Trust to enter Voluntary Liquidation – now finished and delisted. CDI, LMS, MTH & NRI all followed; and all are in various stages of the liquidation process, with the last three all providing shareholders with profitable Tenders at full NAV. DNE are the latest to declare liquidation, just two weeks ago. After the brief initial announcement (link below) we should see more detail with the Prelims due on 18th March; thereafter a full Circular will be issued in May. After an initial jump to 355p, the shares have drifted back to 340p; and IMO represent a great buy ahead of those Prelims. http://uk.advfn.com/stock-market/london/dunedin-ent-it-DNE/share-news/Dunedin-Enterprise-Inv-Trust-PLC-Dunedin-Enterpris/70447761 With AUM of just £144m, APEF surely should be next in line on the liquidation route. Of course there is a Continuation Vote coming up this September; so if APEF prefer not to go that route then they’ve got to start making a very good case as to why shareholders should ignore the fact that, at 87p, APEF trade at a 34% NAV discount to the 131.8p NAV and offer a mere 2.5% Yield. So with a degree of Marketing surely required; and the possibility that Aberdeen will decide to do the right thing (though being Aberdeen – don’t hold your breath!); and the possibility of the CV being triggered, it is worth running some numbers. Over the past 4yrs APEF has clocked an annual NAV growth of 7.7%, well below most of their peers; so past performance won’t help their defence. However, let’s for the sake of it project a 4yr liquidation programme from October 2016. Let’s be conservative and start the NAV at today’s level of 131.8p. Project forward 4yrs @ a lower growth rate of 5%pa and we get to a final liquidation level of 160p. Drop that all into a spreadsheet and we see a Gross Redemption Yield of 13.95%pa (ignoring any continuing 2.5% dividend yield). So, this is all early conjecture; but when I see a return of anything over 10%, I’m interested. When I see a possible return of 14%, then I’ll follow this one further, especially as there is so much profitable precedent from these PE trust liquidation plays. Only CDI has let the side down. We’ll see where we go from here…in the meantime start your research from this excellent EDISON Research report: EDISON Report on APEF – Nov’15 http://www.edisoninvestmentresearch.com/research/report/aberdeen-private-equity-fund1/preview/
skyship
24/2/2016
19:00
So the NAV for Jan is 131.78p which shows that the Hargreaves Lansdown figure is quite accurate as it showed 131.19p last month. Todays figure shows an estimated NAV of 132.96p which = a discount of -36.82%. I still believe that most of this movement is because of sterling weakness. Don't really see the share price going too high until there is a change in sentiment for PE companies or we get the autumn continuation vote. KT.
killing_time
26/1/2016
18:58
Its a good start. I think we will have to wait until next months NAV declaration as this covers the period from Dec to Jan when sterling dropped off. Hargreaves Lansdown is showing todays estimated NAV at 131.19p which = a -33.30% discount. It will be interesting to see how accurate this estimate is. KT.
killing_time
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