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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Acencia | ACD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.615 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.615 | 1.615 |
| Top Posts |
|---|
Posted at 01/4/2014 16:42 by seekerofvalue AcenciA Debt Strategies NAV up again. Debt markets remains strong.Investors Breathe Life Into European Banks' Bad Loans Lack of Restructuring in U.S. Has Driven Up Demand |
Posted at 02/3/2014 17:39 by skyship redhill - don't worry - but read Clause4 of the Portfolio Update on 29th January; and some comment earlier on this thread. The point is, of course we will have our cash exit at NAV; but a Continuation is also to our benefit as IMO it would require perhaps minimal portfolio liquidation, ergo no asset sales at unnecessary discounts:==================== 4. Proposed Return of Capital and Potential Successor Vehicle As required by the Company's articles of incorporation, the Board will hold an Extraordinary General Meeting by no later than September in this year at which a resolution will be put forward proposing that the Company be wound up. As discussed above, the Investment Adviser and the Investment Manager are working towards the realisation of the Company's direct and indirect liquidating holdings with a view to providing shareholders with the opportunity for a full cash exit in early 2015. A number of shareholders have expressed an interest in the possibility of a successor vehicle being provided as part of the winding-up proposals. The Board is actively considering this possibility and will ask its advisers to gauge investor appetite to see if there is sufficient demand to give such a vehicle critical mass. The launch of such a vehicle would only be contemplated provided it would have no negative impact on those shareholders who wish to elect for a full cash exit. |
Posted at 21/1/2014 14:35 by seekerofvalue With 29.7% of its portfolio in 'Developed Europe' ACD could be further rewarded by increased transactions in non-performing bank loans in Europe.Investors pile into European distressed debt |
Posted at 08/12/2013 16:55 by skyship Langbarb further to your above:# Firstly see this from the Cerberus website: Cerberus Capital Management, L.P. is one of the world's leading private investment firms. Founded in 1992, Cerberus has been dedicated to distressed investing since its inception. The Firm has over US $20 billion under management invested in four primary strategies: · Distressed securities and assets (mortgage-based securities, corporate debt, non-performing loans, structured loans) · Control and non-control private equity · Commercial mid-market lending · Real estate-related investments # Secondly, this is what ACD has to say about those liquidating assets: "The balance of the portfolio (10.9% vs 12.9% at 31 December 2012 and more than 20% two to three years ago) is in liquidating assets. These are investments in funds where ACD has submitted a redemption request but where the manager is unable to raise enough liquidity from the underlying fund holdings to honour the request in full, in a timely manner. As the pool of liquidating assets continues to shrink, the manager anticipates that by year-end 2013, substantially all of these investments will have gone. We do not believe these less liquid assets pose any material threat to shareholders being able to realise substantially all of the NAV in cash upon liquidation of all or part of the fund. By way of illustration, should there be, for example, 5% of the portfolio invested in liquidating assets at the end of 2014, and should it require a 25% discount to shift this in the secondary market, then the overall impact on realisable NAV would be relatively small (5% x 25% or 1.25%). Hence, we do not see the liquidating assets as an obstacle to the gradual unwinding of the remaining c 11% discount to NAV over the next two years." Personally I have no concerns whatsoever that Cerberus will redeem/liquidate on time # Below is what ACD say about the ACD liquidation "Since the 2011 EGM, ACD has been managed in the anticipation that the fund will be wound up at the end of 2014. It is expected that it will be possible to liquidate and distribute substantially all of the assets during the first quarter of 2015. Given the ongoing opportunities identified by ACD and its underlying managers, and the fact that many of those managers are closed to new investment in their funds, we continue to think it is possible that some shareholders may request that some form of continuation share class be made available when it comes to the 2014 continuation vote, perhaps continuing the investment horizon to 2016. This would allow those current investors who wish to liquidate the opportunity to do so, while giving investors the option to maintain the current underlying manager exposure." I am sure Saltus would love ACD to continue; and I strongly suspect they will be successful in convincing many institutional holders to do so. That would not prevent we PIs receiving our payout should we elect to do so. Personally I will elect for the payout when it comes as I am wedded to stocks trading at a discount to current NAV. # Finally - for easy reference I have added the link to that Edison research to the Header above |
Posted at 05/3/2013 10:54 by atholl91 Have a look at OAK - Oaktree listed on NYSE & run by Howard Marks one of the greatest Distressed Debt investors - DY 4% & he is up 50% since listing 1 yr ago. |
Posted at 04/3/2013 15:10 by seekerofvalue SKYSHIP,When I first brought this stock to your attention. I never thought it would garner so much interest or perform so strongly. Capital preservation and capital gain means that this now my largest investment. Related news: Distressed debt remains on the agenda for investors and hedge funds. Energy group in talks to tackle $46bn debt February 26 Babson Capital Europe Starts Its First Distressed Fund in Region February 25 |
Posted at 26/2/2013 16:52 by gary1966 Picked up quite a few today as it looks like I won't be buying a house in the near future and so don't get excited about all the buys. Totally uninformed investor clinging on to Skyships coat tails for this one and the feedback from Tilts when he met them in January.GLA |
Posted at 13/11/2012 12:20 by praipus If you cant beat them join them:-)Just in case anyone here doesnt know I track Weiss and other arbitrage type investors activities on the WAM thread |
Posted at 09/11/2012 12:59 by seekerofvalue ACD holding up well under present market conditions. Related news: Reformers Eye Distressed-Debt Investors November 8th Do hedge funds and other buyers of the securities of failed companies adversely affect the bankruptcy process? CFO.com ( Oaktree Posts $368M Profit, Holds Final Close on Distressed Debt Fund November 6th |
Posted at 25/10/2012 15:06 by seekerofvalue Distressed debt appears to be back on the agenda for investors and hedge funds.Related news: Carey Olsen advises Insight on distressed consumer debt fund Oct 25 Oaktree Seeks Money for Emerging Markets Distressed Debt Oct 24 Hedge Funds Hot for Ailing Greece's Debt Oct 23 |
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