Afh Fin Grp 24 Discussion Threads

[targatarga] 06/2/2005 16:17

looks like theres more mileage in these yet. regards

[david77] 19/1/2005 20:15

Aberforth know what they are doing. They concentrate on smaller companies, and clearly, they can pick winners.

[badtime] 19/1/2005 19:27

Happy with the results david?..recently going up each day a couple of pence

[badtime] 17/1/2005 09:18

True...but in time a narrowing of the disc :)

[david77] 14/1/2005 20:39

When I first looked at these the gross assets were £88.1m (3 Nov). They are now £96.6m - an increase of almost 10% which is about 1%/week. The capital shares have benefited from the gearing provided by the debt and income shares. The net assets have increased from £53.6m to £61m - an increase of 11.4%. Knock £24.5m off each of those for the incs wind-up value of £1/share, then the sum attributed to the caps has risen from £29.1m to £36.5m - an increase of 25.4% or 2.54%/week.

Unfortunately, we can't expect them to keep that up!

[david77] 14/1/2005 20:25

They give asset figures every week on

Net assets now £61m. If that remains the same when the fund winds up then less £24.5m for incs leaves £36.5m for 10.5m caps = 347.62p - but that is not quite the same as which is on the Stock Exchange but not on ukwire.co.uk:


Company Aberforth Geared Cap
TIDM AFHC
Headline Net Asset Value(s)
Released 15:05 13-Jan-05
Number 2198

ABERFORTH GEARED CAPITAL & INCOME TRUST plc ('AGCiT')

The Net Asset Values ('NAVs') for the above company - calculated using a mid-
market pricing basis for the securities held on the company's portfolio - as
at the close of business on 12 January 2005 were:-

Income Share (Excluding Current Year Revenue) = 68.65p

Capital Share = 407.63p

Capital Share (assuming a capital entitlement of 100p per Income Share) =
329.54p

'Notional Package' (Excluding Current Year Revenue) = 170.35p

The 'Notional Package' comprises 0.7 of an Income Share and 0.3 of a Capital
Share.


As at 12 January 2005, AGCiT held 93 investments, the largest of which
represented 2.7% of investable assets. The market value of investments was
£96.6m less bank debt and net current assets/liabilities of £35.6m to leave
Shareholders' Funds of £61.0m. Details of the top 50 holdings, the
portfolio's sectoral composition and other general information can be found
within Aberforth Partners' website at

AGCiT 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 66.53p 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 as at
12 January 2005, was a negative £1,097,000 and the book value was £Nil.

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.

[badtime] 14/1/2005 19:07

O my that a buy there i c? 100k?

David77..i bought these on the back of yur mention on the jdt2005 thread...only in since 210..but hey ho..

[david77] 11/1/2005 09:43

This is my biggest holding - pleased with progress so far.

[badtime] 11/1/2005 08:49

Nice 10k MM buy this morning at full.

[rbryant] 30/3/2004 18:01

Hi all, a bit of a drop here, any reasons or just general sentiment? Buying opportunity I think.

[rbryant] 01/3/2004 21:28

Thanks Mangal, will have a look. And if they achieve 10% compound I get 28% compound by my calculations. On the other hand if they go down 40% or so I lose 100%. You pays your money ....

Will look at JDT

[mangal] 01/3/2004 19:04

I think doubling of assets by 2011 is quite feasible but don't forget this requires a growth rate of some 10% pa after servicing the debt & paying income shares' divs at 8%pa.
[edit: rbryant, have you checked out the JDT thread? It's got some very useful info on splits & I think AFHC is also mentioned there a number of times ]

[rbryant] 01/3/2004 18:20

Hello, there is intelligent (I hope) life looking here. I started the thread then something went a bit pear shaped and as no-one was watching, who cares.

On the subject of Aberforth, tumbleweeds ae blowing down the street, nothing happens for ages, then .... price goes up a penny or so, then back to sleep. Anyone got an opinion on how good at their job these boys are in terms of picking investments?

A little sum for you

79.6 m assets at present, lets say they double by the redemption date 2011

then

160m
- 31m debt
- 24.5m income shares
------------
104.5m for us, divided by 10.5m shares = £9.94 per share

[mangal] 13/2/2004 10:47

They are all hiding on the JDT thread; Check it out - it's one of the best !

[mangal] 09/2/2004 19:06

Jan 1970 - thread start date?