Share Name Share Symbol Market Type Share ISIN Share Description
Aberforth Geared Cap & Inc Tst LSE:AFHC London Ordinary Share GB0031100141 CAP SHS 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 527.50p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 4.2 -0.1 12.8 41.3 129.21

Aberforth Geared Cap Share Discussion Threads

Showing 51 to 75 of 75 messages
Chat Pages: 3  2  1
DateSubjectAuthorDiscuss
03/10/2008
16:07
From the JDT BB erstwhile2 - 3 Oct'08 - 15:56 - 100 of 101 AFHI properly interesting, tons of cover + low risk to div stream unlike JDT and JSE which have plenty in banks subject to cuts. JDT is call option on FTSE but isnt cheap - buy a call option on FTSE instead! No credit risk on AFHI too, in a way (ignoring market risk) - for your 12% yield you dont have to worry about the entity being there in 2011 like you would for, say, a bank preference share...
praipus
03/10/2008
13:11
AFHC trending down, do they pose any threat to the AFHI which seem to be yielding over 11% according to http://www.splitsonline.co.uk
praipus
20/12/2007
09:16
From http://www.citywire.co.uk/News/NewsArticlePrint.aspx?VersionID=99709 The Morning Interview: Cazenove's Pegrum warns that miners look 'very extended' Published: 07:00 Thursday 20 December 2007 By Nicholas Paler, Investment Reporter The bull run on mining stocks is set to end soon as the impact of the credit crunch seeps into new sectors, Cazenove Capital Management’s Neil Pegrum has said. The manager (http://www.citywire.co.uk/CFI/FundManagerFactsheet.aspx?CitywireClassID=9&ManagerID=107) of the firm’s UK Dynamic fund (http://factsheets.financialexpress.net/cazi/KR51.pdf) , who is currently underweight basic materials, said the mining sector would soon suffer as the contagion which is currently affecting consumer stocks spreads into other areas. ‘Mining looks very extended to me at present and we are close to the end of that bull run,’ he said. Many analysts have argued that emerging markets are now less reliant on western economies, but Pegrum said it was risky to assume that de-coupling would protect emerging markets – and miners - from issues created by the as yet unresolved credit crisis. ‘It’s dangerous to think there’s a decoupling of western and emerging markets as what’s happening to consumer stocks is feeding into other areas, and that will affect commodity prices pretty quickly and then hit miners,’ he said. Pegrum runs his fund using a stock specific approach, and having maintained an overweight position in smaller companies for some time he has recently been hit hard by the horrific performance of the stocks. He said that although a pullback in the price of small cap companies was expected, the recent fall in share prices had been unexpectedly severe as hedge funds switched to go short of markets and exacerbated the problem. Pegrum said the drop in valuations in November had therefore been particularly bad as liquidity had dried up, and he said the period was in line with some of the worst months on record for smaller companies. ‘Although we thought smaller companies would underperform at some point we believed we could still find opportunities, but November was exceptionally bad and the only months that match it are September 2001 and October 1987’ he said. However going forward he said now was not the time to pull out of small cap stocks, as that opportunity had passed. ‘There was a switch to defensive stocks which we missed, and to aggressively sell out of small caps now is the wrong thing to do,’ he said. ‘Unless a manager is very bearish, they shouldn’t rush headlong into defensive FTSE stocks.’ Pegrum instead argued that managers now needed to rely on their stockpicking ability in order to outperform, and given that small caps cannot just recoil back to previous highs he said it would be vital to tread more carefully. ‘I don’t think small caps can just bounce back now as we are going into a period where there is a weaker economic background, so we will look at the market and if we don’t have full conviction in a stock now we will move out,’ he said. Despite the setback Pegrum remains one of the top performers in the IMA UK All Companies sector. Over the last year to the end of November he returned 10.2% compared to the sector average of 4.66%.
david77
03/12/2007
12:20
Sold the pilot AFHC holding's I had some time ago, glad I did looking at the graph, but watch with interest as they will just faithfully follow the index in a geared fashion and will in time ascend once more. Read at the weekend a report that J M Keynes wrote to his Insurance Companies board arguing that inspite of a market downturn it was porbably better to hold as in their current mind set they would not be likely to buy back in again until it was too late! The art or otherwise of investment has never been easy. As for Ecofin you are not wrong and there seems to be surprisingly few Investment Trusts that can match them and even fewer that out perform them.
praipus
01/12/2007
07:55
Yes Praipus - I haven't sold any AFHC recently - high gearing is good on the way up, not so clever on the way down but you can't sell many of these in a falling market, and I'm not very good at selling when shares are flying. Fortunately, our Ecofin shares are holding up in the current turmoil.
david77
30/11/2007
19:22
Looksa a bit nasty here anyone else watching or still in?
praipus
07/2/2007
10:16
AFHC NAV £8.13 undiluted according to the AIC, share price 26.6% discount!
praipus
07/2/2007
10:16
AFHC NAV £8.13 undiluted according to the AIC, share price 26.6% discount!
praipus
06/2/2007
09:44
AFHC NAV £8.11 undiluted according to the AIC, share price 27% discount!
praipus
05/2/2007
10:25
Yeah good start to the day. Know what you mean with British Bulls have used the charting analysis service on the £1 (£1 is the EPIC) FBB thread and was impressed. British bulls seems to look only over the very short term thus missing all the long and medium term indicators.
praipus
05/2/2007
09:07
Thanks Praipus. Broken out nicely. FWIW take British Bulls with a pinch of salt!
capntubs
01/2/2007
15:19
Aberforth Geared Cap Net Asset Value(s) ABERFORTH GEARED CAPITAL & INCOME TRUST plc ("AGCiT")The Net Asset Values ("NAVs") for the above company - calculated using a bid pricing basis for the securities held on the company's portfolio - as at the close of business on 31 January 2007 were: -Capital Share = 791.02pCapital Share (assuming a capital entitlement of 100p per Income Share) = 738.71pIncome Share (Excluding Current Year Revenue) = 81.32p"Notional Package" (Excluding Current Year Revenue) = 294.23pThe "Notional Package" comprises 0.7 of an Income Share and 0.3 of a Capital Share. As at 31 January 2007, AGCiT held 88 investments, the largest of which represented 3.4% of investable assets. The market value of investments was £137.4m less bank debt and net current assets/liabilities (excluding Income Shares) of £34.4m to leave Shareholders' Funds (including Income Shares) of £103.0m. Details of the top 50 holdings, the portfolio's sectoral composition and other general information can be found within Aberforth Partners' website at http://www.aberforth.co.uk. AGCiT employs a significant amount of bank debt to provide gearing in its capital structure. The number of Income Shares of 1p currently in issue is 24,500,000. The number of Capital Shares of 1p currently in issue is 10,500,000. All net income will be attributed to Income Shares which have a capital entitlement of 77.58p each rising to 100p by the Planned Winding Up Date of 31 December 2011, which date will subsist unless an earlier reconstruction is approved. Capital Shares receive no dividends but all capital after repayment of bank debt and capital entitlement of Income Shares. AGCiT's Bank facility is £38.3m (£30.0m of which is at a fixed interest rate of 6.57%). The fair value of AGCiT's interest rate swap agreement based on the bid price at 31 January 2007 was a positive £229,000 and is accounted for within the NAV of the Capital Share. Dividends are paid as interims, semi-annually, to Income Shareholders with the first announced each July and paid in August and the second announced each January and paid in February. Contact - Gary Tait (Tel: 0131 220 0733) Aberforth Partners LLP, Secretaries - 1 February 2007ANNOUNCEMENT ENDS
praipus
31/1/2007
09:01
splitsonline give AFHC NAV as £7.97 undiluted, (sp = 27% discount!!!) and gearing of a mere 160 compared to ECWC's 455!
praipus
30/1/2007
21:30
www.britishbulls.com saying AFHC is a confirmed sell.
praipus
30/1/2007
11:21
Refreshingly balanced outlook statement in the 2006 Annual Report and accounts. Only surprise was that there is no mention of the discount on the capital shares being an issue.
praipus
29/1/2007
18:46
ADVFN does not seem to hold the HGSC smaller companies index the nearest I can find is the FTSE small cap index SMXX. Makes an interesting bench mark for AFHC although the gearing distorts things they do seem to trend together:)
praipus
29/1/2007
16:04
Fascinating report from the LSE and ABN AMRO concerning the Hoar Govett Smaller Companies Index http://forum.london.edu/lbspress.nsf/AllDocs/6A88257F3EA0DE8180257267003905F8/$File/HGSC07_PressRelease_Final.pdf
praipus
29/1/2007
09:43
Had no reply to the above request so I have started another thread http://www.advfn.com/cmn/fbb/thread.php3?id=13656850 for the purposes of adding them.
praipus
28/1/2007
21:34
http://www.aberforth.co.uk/ http://www.splitsonline.co.uk http://www.theaic.co.uk http://www.trustnet.com http://www.investegate.co.uk/index.aspx?company=afhc News http://www.theaic.co.uk/find_compare/trustprofile/split/performance.asp?id=AFHC HGSC Index infomation http://forum.london.edu/lbspress.nsf/AllDocs/6A88257F3EA0DE8180257267003905F8/$File/HGSC07_PressRelease_Final.pdf Holding Capital shares with conservative and or sensible themed investment can seriously outperform the market even if trading at a discount to NAV. Recent examples include in Ecofin's ECWC and Utilico's and its predecessor SUIT. The income shares are AFHI.
praipus
26/1/2007
16:18
rbryant - any chance of adding http://www.aberforth.co.uk/gearedcap/ http://www.splitsonline.co.uk http://www.trustnet.com http://www.trustnet.com/it/funds/default.asp?fund=67789 http://www.theaic.co.uk NAV http://www.investegate.co.uk/index.aspx?company=afhc News to the header?
praipus
25/1/2007
17:10
Aberforth NAVs today: http://www.londonstockexchange.co.uk/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1391867&source=RNS ABERFORTH GEARED CAPITAL & INCOME TRUST plc ('AGCiT') The Net Asset Values ('NAVs') for the above company - calculated using a bid pricing basis for the securities held on the company's portfolio - as at the close of business on 24 January 2007 were: - Capital Share = 801.00p Capital Share (assuming a capital entitlement of 100p per Income Share) = 748.45p Income Share (Excluding Current Year Revenue) = 80.07p 'Notional Package' (Excluding Current Year Revenue) = 296.35p The 'Notional Package' comprises 0.7 of an Income Share and 0.3 of a Capital Share. As at 24 January 2007, AGCiT held 89 investments, the largest of which represented 3.4% of investable assets. The market value of investments was £137.9m less bank debt and net current assets/liabilities (excluding Income Shares) of £32.4m to leave Shareholders' Funds (including Income Shares) of £105.5m. Details of the top 50 holdings, the portfolio's sectoral composition and other general information can be found within Aberforth Partners' website at www.aberforth.co.uk. AGCiT invests only in small UK quoted companies and does not invest in any unquoted securities, AIM listed securities or securities issued by investment trusts or investment companies. AGCiT employs a significant amount of bank debt to provide gearing in its capital structure. The number of Income Shares of 1p currently in issue is 24,500,000. The number of Capital Shares of 1p currently in issue is 10,500,000. All net income will be attributed to Income Shares which have a capital entitlement of 77.48p each rising to 100p by the Planned Winding Up Date of 31 December 2011, which date will subsist unless an earlier reconstruction is approved. Capital Shares receive no dividends but all capital after repayment of bank debt and capital entitlement of Income Shares. AGCiT's Bank facility is £38.3m (£30.0m of which is at a fixed interest rate of 6.57%). The fair value of AGCiT's interest rate swap agreement based on the bid price at 24 January 2007 was a positive £165,000 and is accounted for within the NAV of the Capital Share. Dividends are paid as interims, semi-annually, to Income Shareholders with the first announced each July and paid in August and the second announced each January and paid in February.
david77
25/1/2007
16:51
Thank you david77.
praipus
25/1/2007
11:49
The incs get 100p when the fund winds up on 31 March 2011
david77
25/1/2007
10:33
Very enviable situation david77. To save hours of research what are the final entitlements to the AFHI? The 4% interim payment seems rather attractive although the discount on the AFHC seems compelling.
praipus
25/1/2007
09:07
and Net Asset Value of Capital Shares + 54.8% AFHC are my biggest holding by far and in an ISA so all tax free :-)
david77
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