Ashmore Global Opportuni... Share Discussion Threads

[jaws6] 20/2/2013 13:26

RNS out on agm

[badtime] 19/2/2013 18:03

Some lumpy trades today

[jaws6] 18/2/2013 15:50

RNS out with 780 NAV

[smarm] 17/2/2013 17:56

jaws - emailed you the article.

badtime - LOL!

S

[tomatoma2] 17/2/2013 17:42

the main point for me is how the nav is calculated in the first instance. i am sure the method used is 'prudent' accounting , so there may well be some conservatism in the current nav already.


It all simply shows how opaque structures like this really do not belong in the listed space. that said, i work on the probability that we should make a good return from here over the next 24 months!























































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[badtime] 17/2/2013 16:00

Lol that's her jaws

[jaws6] 17/2/2013 13:58

smarm
tks for link.
very good ,I would be happy with 800, but some going for more in that link.

[badtime] 14/2/2013 16:55

Added yesterday

[jaws6] 14/2/2013 16:08

some good trades going today

[eeza] 12/2/2013 15:46

Made 2 small buys today.

[jaws6] 12/2/2013 15:14

no prob.good luck

[dasv] 12/2/2013 14:58

jaws - considering buying here. thanks for mention.

[edwardt] 12/2/2013 09:13

fair point. the main point for me is how the nav is calculated in the first instance. i am sure the method used is 'prudent' accounting , so there may well be some conservatism in the current nav already. It all simply shows how opaque structures like this really do not belong in the listed space. that said, i work on the probability that we should make a good return from here over the next 24 months!

[rambutan2] 12/2/2013 03:37

Remember that the special sits stuff is in private equity type limited life 7yr partnerships. Ashmore need these to give good returns or they won't be able to raise new money. The pe teams are there for their carry and will do their utmost to earn some ie return well over cost. Ashmore need performance fees to justify the costs of the pe teams. Ashmore consider the pe stuff an important and prestigious part of the business which has opened doors to other opportunities and business relationships for the group. So, all in all, I think $12/£12 not that unreasonable a target.

[edwardt] 11/2/2013 16:13

taken a look at the website. interesting - think the bit about impediment to them raising more funds would have caught their attention. amazing how things happen when it suits a manager to quit because it protects their reputation! i think the $15 nav is pie in the sky but could well happen. however unlike most wind downs, the irr is certainly very attractive here,even if you push back redemptions some way out...

[jaws6] 11/2/2013 14:51

Bought some more today
rambutan
Tks for info.

[rambutan2] 11/2/2013 14:40

Yes, had probs posting yesterday. The piece is from renowned value investor Desmond Kinch. He runs money in a similar style to BTEM.

[eeza] 11/2/2013 12:15

"increase the NAV to $15 per share"

Suggests total return.

[gilston] 11/2/2013 12:02

Good question.

Also, is this anonymous tipster suggesting $12 return on top of the present s.p.of $5.25 [a total return of $17.25] or merely an additional $6.75 over 3-4 years?

[edwardt] 11/2/2013 09:37

can i ask who wrote this?

[rambutan2] 10/2/2013 10:40

I tend to the below view that the nav has growth in it...

In October, the discount to NAV widened to 45%. We bought more of the USD class shares and established a holding in the Sterling class shares. I then wrote to the fund's Board in early November pointing out that "the Company's share price discount to NAV has widened significantly to 45%, making it a significant outlier (in a bad way) in the closed-end fund sector." I added that "this must be a major embarrassment to Ashmore, the manager who are a member of the FTSE 250 index and a leading investment manager in emerging markets" and "a major impediment to Ashmore raising new funds." I suggested to the Board that "in light of the very wide discount to NAV at which the Company's shares are trading, the ineffectiveness of the small share repurchases and dividend, and the disappointing NAV performance, we believe that the Board needs to take drastic action in fairly short order and that the Company should return capital to shareholders through tender offers, dividends or capital distributions in a tax-efficient manner until the original capital raised in the Company's IPO has been returned to shareholders." I am pleased to report that the Board listened and followed my suggestion. They went one step further and on 12th December, they announced a "managed wind down" whereby the Company's assets will be realised for cash over the next few years and returned to shareholders. The share price of the fund bounced as a result of the Board's announcement. We think there is still considerable upside for investors. The current NAV per share is just over $8 per share compared to a share price of $5.25. As recently as September, my main contact at Ashmore suggested that the Company could increase the NAV to $15 per share by the end 2016. We think that is probably too optimistic but if the fund can return $12 per share over 3-4 years during a managed wind down, that will represent an excellent return for shareholders based on the current share price.

[jaws6] 05/2/2013 10:58

no prob, still not seen broker note not.

[edwardt] 04/2/2013 17:33

apologies, irr is based on payment till 2018. i re-read note.

[jaws6] 04/2/2013 16:25

edward
Tks,will try to get that note.
Mileage wise, will motor in next sale news or Mar when first tender comes like HPEQ.NAV was 7.80 on 18/1/13 RNS so for me 7.20 plus will do.
Only thing on this is price feed is wrong
shows 5.8 p rather then 580p
will wait for other notes tomorrow .I like 2 other broker note more and so far no word from any other brokers .