Acencia Share Discussion Threads

[envirovision] 30/4/2014 21:07

300k taken at 103.75

[envirovision] 30/4/2014 00:02

Ahh same thing then ;)

[badtime] 29/4/2014 23:19

buying shares in the market

[envirovision] 29/4/2014 22:51

Is resolution 5 changing the toilet roll?

[badtime] 29/4/2014 22:15

I assume the EGM is to deal with resolution 5

[boadicea] 29/4/2014 21:03

Another of those RNS's that seem to have been written by the office cleaner.
On the votes figures quoted, resolutions 1 and 4 were soundly defeated.

Assuming the 'against' and 'per cent' figures are correct, the 'for' figures should be in the region of 35,080,000, not 57,829!

[seekerofvalue] 17/4/2014 16:21

Distressed debt markets pausing.

Hedge Fund Gains on Distressed Debt Decline to Seven-Month Low 15/04/14

[skyship] 17/4/2014 12:03

Pyemckay - sorry, don't like AGOL, always viewed it as a value trap - as their Brazilian write-downs subsequently confirmed. I have it on the SL thread; but not one for me. That said, every dog has its day......but with that one, will one know when!

Redhill - also a bit wary of ERET, though good chum AlanJI is a bull. The portfolio meits a good discount IMO. Out of both APT & GHE; but would like to be back into APT at some stage. Like you, nothing to sell at the moment.

LSR and DSC are quite likely to see good short-term rises if the overall Market holds. You will have read my views on the short-term prospects for DSC on that particular thread.

Choices, choices!

[pyemckay] 17/4/2014 11:33

o.t. but AGOL looks an interesting play too as management currently realising their investments with intentions to pay 50% of NAV by dec 2014. currently 28% disc to nav.

[redhill9] 17/4/2014 11:28

Thanks Skyship, I haven't looked at CCSL but will do so - I know from experience anything you suggest is worth a look!

At the moment I feel spoiled for choice - I'd like to hold more of LSR (exciting prospect of imminent block sale of half portfolio), APT (encouraged by recent cash distributions), ACD (very safe looking and attractive return in short time scale), ERET (looking cheap after recent share price drift), and (even though it's done nothing for months but finals due any day now) GHE. Also, thinking of buying back into DSC having sold completely last November for above the current share price

The problem is - what to sell to fund the purchases.

[skyship] 17/4/2014 10:34

redhill - Ahh - of course; and as you indicate, further upside is a free roll of the dice.

Have you looked at CCSL as a possible replacement for ACD - now or when the time comes to cash-in here? They are suggesting a 12%pa return in their prospectus. Early days, but they have started well enough, especially when saddled with the difficult Year 1 problem of getting their raised funds into play.

I hate paying a premium, however, I get a feeling these will continually trade like that - hopefully deservedly so!

[redhill9] 16/4/2014 16:09

Hi Skyship, I was including a further dividend in my 112p conservative distribution value (i.e. very modest total growth of 2p between now and Feb 2015 to give 10.50% return for current holders). Anything beyond that is a bonus.

[skyship] 16/4/2014 14:46

redhill - agreed that 103.5p to 112p on 28th Feb'15 would provide a GRY of 9.5%pa - HOWEVER, to that you need to add the 2nd dividend of likely 1.93p, so still with that final liquidation price of a conservative 112p, the GRY rises to 11.43%pa.

As you say - a STRONG HOLD for us.....still a BUY for anyone new!

[redhill9] 16/4/2014 10:15

Just added a few at 103.502p with some spare cash. Assuming distribution date of 28/02/15 and that the NAV increases from 110p to 112p by then (a reasonable assumption?) then I calculate buying now should give around 9.5% annualised. That ignores dealing charges, but only broker fees to pay (as no stamp duty on ACD, which is useful).

For current holders, a payout of 112p would equate to almost 10.50%. Looks to me as strong a "hold" as you could want.

[skyship] 16/4/2014 08:11

Erhh - no. The Current NAV is 110p; but we holders have a 1.92p dividend arriving shortly.

[envirovision] 15/4/2014 21:26

So in other words the nav is 111.92 if one was buying tomorrow or say 113.84 if ones is awaiting divo

[skyship] 15/4/2014 17:54

NAV now at 110p ex the divi:
============================

15 April 2014

As at the close of business on 31 March 2014 the Company's Estimated Net Asset Value per share was as follows:

Ordinary shares - 111.92p

This reflects an increase of 0.7% versus the Net Asset Value per share on 28 February 2014.

Please note that this net asset value per share does not take account of the interim dividend of 1.92p per share payable on 2 May 2014. The shares were marked ex-dividend on 2 April 2014.

[wirralowl] 02/4/2014 12:59

Ex-divi today - share price fall slightly bigger than the 1.92p payment due.

[seekerofvalue] 01/4/2014 16:42

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

[tiltonboy] 27/3/2014 18:17

I think you will find Sandalwood will take on the positions. Vote due in September, but they may bring it forward.

[skyship] 27/3/2014 17:29

TT - that pretty well summarises the position & I agree that we should emerge happy with the final return from dividends and capital gain; but I would suggest sooner than the 13months you suggest. I think past RNSs would indicate even end Feb'15 might be conservative, so just 11 months to run for those electing for the cash.

I also continue to believe that a roll-over of ACD for consenting institutional holders may prove a possibility - so no need to wind-up the whole shooting match just to satisfy a minority of early bathers...

[the terminater] 27/3/2014 16:31

The way that reads to me is that they have to position themselves to liquidate the whole portfolio and ACD ceases to exist. A new vehicle then gets set up and current holders who want to continue backing the management can re-invest the proceeds of the liquidation with the new vehicle. Probably does mean that a lot of the funds are on notice to liquidate and that proceeds will be distributed at various times throughout the year, thus reducing the total payout over the next 13 months. Still very happy with what we should get on that timeframe.

Only caveat to that is that the EGM is in September and that would still give them over 6 months to wind up time. Are any of the funds on more than 6 months notice? It would also give them time to find out who wants to cash out before serving notice.

[seekerofvalue] 20/3/2014 11:37

An assured performance by ACD and it should continue.

Junk Bonds at $2 Trillion as Gundlach Pulls Back: Credit Markets


Martinsa Seeking Relief on $9.3 Billion Burden: Distressed Debt

[skyship] 17/3/2014 16:43

As you say - pretty darned impressive:
======================================

17 March 2014 - As at the close of business on 28 February 2014 the Company's Estimated Net Asset Value per share was as follows:

Ordinary shares - 112.01p

This reflects an increase of 1.3% versus the NAV/share on 31 January 2014.