Afh Fin Grp 24 Discussion Threads

[davebowler] 25/1/2021 11:07

Extract ......In addition, the holders of the AFH CULS will be contacted regarding the effect of the Acquisition on their loan notes under the AFH CULS and an appropriate proposal will be made to such holders in due course.

Further details on the terms of such proposals will be contained in the Scheme Document.

[davebowler] 16/3/2020 16:02

Not quite.The drop in these is peanuts compared to the AFHP and other shares whose prices have plunged.

[horndean eagle] 11/2/2020 09:17

Yes but its pointless holding these. The only way you get an exit is if you convert them. At which point you are giving away all time value away. Complete waste of time.

[davebowler] 10/2/2020 17:22

Mathematically, in future,I think they ought to trace the movement above the convertible price or people would arbitrage it.

[davebowler] 07/2/2020 15:17

We're in the money ........
Conversion rights apply at £4.20.

[davebowler] 20/1/2020 09:33

Liberum have upped their target price of AFHP to 569p (from 484p).

[davebowler] 17/1/2020 09:06

Wow, now that AFHP shares are today at £3.87 the conversion price is within reach.

[davebowler] 18/12/2019 10:40

AFHP is now perking up nicely so hopefully this will follow.

[davebowler] 31/7/2019 10:46

!FOLLOWFEED
Newly launched 31/7/19. They give conversion rights to swap to the ordinaries at £4.20

[praipus] 03/10/2008 17:07

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 14:11

AFHC trending down, do they pose any threat to the AFHI which seem to be yielding over 11% according to

[david77] 20/12/2007 09:16

From

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 ( of the firm’s UK Dynamic fund ( , 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%.

[praipus] 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.

[david77] 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.

[praipus] 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.

[capntubs] 05/2/2007 09:07

Thanks Praipus.

Broken out nicely.

FWIW take British Bulls with a pinch of salt!

[praipus] 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
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: [phone])
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.