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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Asset Man Inv | AMN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 70.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 70.00 | 70.00 |
| Top Posts |
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Posted at 29/2/2008 11:30 by davebowler MUMBAI (Thomson Financial) - City of London Investment Group PLC said it has facilitated the disposal of one of its major shareholders FMH's total holding of 7.93 mln shares in the company at 320 pence each, through a company buyback, purchases by the company employee share option plan (ESOP), directors and through institutional purchases.The asset management group said it purchased for cancellation 1.42 mln shares, after which the share capital stands at 25.36 mln shares. Chief executive Barry Olliff purchased 625,000 shares taking his total stake to 4.58 mln shares or an 18.0 pct stake, after the buyback. David Cardale, a non-executive director has purchased 156,250 shares, which is a 0.6 pct stake post buyback. The ESOP bought 400,000 shares while the remainder of FMH's holding of 5.33 mln shares was placed with institutional investors. |
Posted at 17/11/2006 11:47 by rambutan2 Fri, 17 Nov 2006New York-based currency manager FX Concepts this week launched its newest fund, seeded by a pension fund operated by UK local authority Bedfordshire County Council. The new Concepts Multi-Strategy Institutional Fund - GBP Shares, is designed for UK local authorities (UKLA) looking to currency as a source of uncorrelated alpha for their portfolios. It is based on the firm's existing USD-based Multi-Strategy Program, which has a 5-year track record and over USD 2.6 billion in assets. The Multi-Strategy Program provides style diversification through allocations to FX Concepts' two flagship programs, the G10-only Developed Markets Currency Program and the 34-currency Global Currency Program. Geoff Reader, Bedfordshire's Head of Pensions and Treasury Management said: 'We are looking to diversify our portfolio by adding new sources of non-correlated alpha. FX Concepts offers a top-flight systematic investment process combined with an investment vehicle that corresponds to our needs'. The new GBP shares will target risk of 15-16% - in line with average FTSE volatility - and a Sharpe ratio in excess of 1.0. This is in line with investor preferences, said Daniel Szor, Managing Director of FX Concepts' new London office. 'Our market research shows a preference by many UKLAs for fully funded investment in limited liability vehicles with an 'equity-like' risk profile, targeting 15-20% returns' he says. The fund, which has a minimum investment of GBP 10 million, features monthly liquidity and a Luxembourg listing. The establishment of FX Concepts' new UK subsidiary, FX Concepts (UK) Ltd, authorized and regulated by the Financial Services Authority (FSA) will allow the company to substantially increase its activities in the UK market as well as in Europe. Through the European Investment Services Directive, FX Concepts (UK) Ltd. is able to conduct its activities on a cross-border basis into all European countries. In the US the firm has been registered as an investment advisor with the SEC since 1986. Background Note: FX Concepts is a global investment management and research firm specializing in foreign exchange and interest rate risk management. The company has USD 12 billion under management in currency overlay and absolute return programs for institutional clients worldwide. FX Concepts has extensive experience trading currencies and derivatives in both the developed and the emerging markets. Established in 1981 by its current Chairman John R. Taylor, FX Concepts is headquartered in New York with offices in London, Singapore and Sydney and representatives in Tokyo. |
Posted at 02/4/2006 17:29 by rambutan2 hi tilton, yes, when it comes to anything to do with investment trusts journos inevitably come a cropper - it's as though they (and non trust investors) have a mental block about its. still, that's what makes for opportunity. i suspect that the city of london float is going to fly to a big premium. do you know how much amn are keeping hold of? re the fx deal, i still strongly believe that it stinks and would be delighted if it got turned down. however, life moves on and that seems most unlikely, especially so as col has emerged so strongly. and folks aren't going to want to upset the applecart and derate their shares due to further board room struggles. as with pdt, im happy to stay out of amn as i dont trust the management. that said, i reserve the right to change my mind! |
Posted at 08/2/2006 10:24 by tiltonboy On the face of it, this is a disappointing outcome. The opportunity to repay debt plus Zero's, would almost certainly have seen a re-rating in the AMN price. However, the medium term implications make this share attractive.On the basis that the deal goes through; shareholders need to vote, there is likely to be a modest shortfall in the amount needed to repay the Zero entitlement. I would not be surprised, however, to see further corporate action that will meet, and surpass, that shortfall. The beauty of this deal is that the company are being paid for the loss of conversion rights, yet retain the principal amount of loan, together with it's attractive income stream. The revenue override will rise to $0.95m this year which is the maximum payable over the life of the note. This is a substantial increase from the previous year. Together with the $0.5m in interest, this will bring in $1.45m in interest this year. If FX only achieve the same revenues(it is still growing strongly)over the coming years, AMN will receive $1.45m per annum until 2011. At the AGM yesterday, the Chairman made a couple of supplementary comments on the portfolio. In respect of the holding in City of London, it appears that the dividend payout in the current financial year is likely to be over three times the previous year's payout. IFDC have also substantially increased their funds under management, and whilst there is no indication as to the level of dividend they will pay this year, it is hoped that this will be increased. It will be interesting to see how the company approach the repayment, or renegotiation of the current banking facilities. On the basis that the company continues with it's current debt position, it is likely that interest payments will increase in the following finacial year. This is due to the fact that the interest received will no longer be applicable as the cash position will have been used to pay out Zero's. Notwithstanding this, the net revenue to the company should still increase significantly, which should enable an increased dividend in the year to OCT 2007. As each tranche of deferred consideration gets paid, bank debt should be paid down accordingly, with the possibility of further dividend increases. I would be disappointed if dividends were not to increase by an extra penny each year, over the next few years. The document will not be out until early April, and I expect the company to give clear guidance on the future of the company if and when the proposals go through. There is obviously a longer timeframe now, but for those that can wait the story still stacks up, but in a different way. In addition, the likely longer timeframe should make this stock attractive to income shareholders. Potential investors must remember that this is still a highly geared investment, and that the majority of the risks will be borne by Ord shareholders. I will also be posting this on the JDT thread. tiltonboy |
Posted at 26/5/2005 22:39 by ntv Fundamentally sound6 May 2005 ABERDEEN ASSET MANAGEMENT (ADN) 6 May 2005 ABERDEEN ASSET MANAGEMENT (ADN) 14 January 2005 When value becomes vapid 27 May 2005 Provident Financial faces trading pressure 27 May 2005 THUS (THUS) 27 May 2005 Have a look at our latest events diary - Click here to register 27 May 2005 INVESTMENT TRUST NEWS - Robb sparks boardroom battle Investors face crucial vote after ousted manager calls for AMIC overhaul Investors in split-capital trust Asset Management Investment Company (AMIC) will vote on the trust's future at an extraordinary general meeting on 8 June. Former manager George Robb, ousted last year, has tabled a motion that would replace the existing board with himself and members of his company, International Foreign Exchange Concepts (IFEC), which owns 25 per cent of AMIC. Simon Moore of independent financial adviser Bestinvest, says: "It's going to be messy and, it seems, to the detriment of shareholders because this infighting means there's no clear direction. I've personally got more confidence in George Robb - he set up Aberdeen Asset Management before being ousted by Martin Gilbert." AMIC's ordinary shares have lost 27 per cent of their value over the past three years, and now trade on a 39 per cent discount. The trust's zero dividend preference shares are fully covered, though, and are due to pay out their redemption price next year. AMIC originally invested in small UK fund managers and in specialist financial companies. Later, aided by US-based advisers, it diversified into the US, only to produce disappointing results. So Mr Moore thinks Mr Robb will want to refocus on the UK - ironically, the current board's strategy in recent months. |
Posted at 06/5/2004 19:08 by double6 Cash shell companies storm back into business (SUNDAY TELEGRAPH)(Filed: 02/05/2004) They've been beyond the pale since the dotcom bust but shells are suddenly all the rage and queueing to float. Richard Fletcher and Grant Ringshaw report To those outside the Square Mile the concept must seem bizarre: companies with a stock market quote but no actual operating business that are worth millions of pounds. But in the coming weeks a string of these businesses, known as cash shells, will float on Aim, the lightly regulated stock market. They include companies such as Urban Dining, a shell company backed by John Metcalf, the Pizza Express founder, that is looking to acquire restaurant chains. Then there's Alltrue Investments, which hopes to buy financial services businesses including small stockbrokers and boutique investment banks. Another is Aurum Mining, which believes gold mines in the former Soviet Union are undervalued. They are the latest in a wave of shell companies which have floated in recent months. And they are all hoping to zoom like Roshni Investments. It is looking to invest in the telecoms sector and has seen its shares soar by 310 per cent since it was listed in March, despite not having made a single acquisition. Shell companies are not a new phenomenon, just one that's back in fashion. They were often the skeleton of a failed business, valuable mainly because they provided a shortcut to a stock exchange listing. A real business looking for a stock market quote could bypass the costly and time-consuming process of floating and simply buy the shell - a process known as a reverse takeover. In some cases there was the added benefit of a pile of cash already in the shell, as well as unutilised tax losses. At the height of the dotcom boom, cash shells were all the rage, as fledgling companies with little more than an idea rushed to the stock market. Back then a string of entrepreneurs - including Mike Edelson, the Manchester United director, and Nigel Robertson, the Monaco-based entrepreneur - recognised there was a tidy sum to be made. They exploited the Aim listing rules, which - unlike those of the main Stock Exchange market - do not oblige member companies to have a trading history. By the end of that boom, Robertson had added to his estimated £50m fortune and Edelson had been dubbed the "Shellmeister" after bringing a string of shells to the market - including Knutsford, which soared by more than 1,000 per cent before crashing back to earth. But Robertson now concedes that the structure of the Aim-listed cash shells was the brainchild of Andrew Regan, the colourful entrepreneur best known for his controversial, but unsuccessful, attempt to buy the Co-op. It was Chris Akers, a former City analyst and a friend of Regan, who bought Charriol - one of the first Aim-listed cash shells - to the market in October 1998. Within months Charriol bought Virtual Internet, whose business was registering company names on the internet. In recent months Robertson has brought a string of new shell companies to the market. He is the chairman of Roshni Investments, in which he owns a 60 per cent stake, and Reflexion Cosmetics, a shell company which hopes to build an international cosmetics business. He is also an investor in Aurum Mining, the cash shell that is looking to invest in gold mines in the former Soviet Union. "The City is an intimidating place for entrepreneurs. They get a lot of comfort from using a shell. We hold their hand," says Robertson. Leo Knifton, the chairman of Alltrue and a City veteran, argues that the renewed interest in cash shells has been driven by the "pick-up in stock markets over the past 15 months" and an increase in trading in smaller company shares by fund managers. Edelson has also been cashing in on the rising demand, bringing a number of shells to the market in recent months, including Enition, Felix and Nadlan. But, unlike at the peak of the dotcom boom, these days investors in Edelson's shells know exactly what the shell company is planning to acquire before they invest. Metcalf also believes that it is important that investors know what they are getting involved in. "There is an institutional appetite for a clear proposition with the proper management team," he says. Last week Simon Fry, the former head of Nomura's international markets division, reversed his Hong Kong-based investment banking business into Skiddaw Capital, another cash shell. So why did such an experienced financier opt to reverse into a shell? "Going for a new listing can be slow and onerous. It was a way of getting a listing easily and quickly in a clean vehicle," he says. Cash shells are back with a vengeance. But as those who invested in Knutsford - which soared from 2p to 270p before crashing back to earth - know too well, they are not a one-way bet. |
Posted at 14/1/2002 13:22 by energyi KOREA ONLINE, 40% affliate: Private Company??KoreaOnline owns: 73% Regent Securities and 60% Ileun Securities (According to the 9/01 report): - Restructured with focus on securities business - Tang. NAV: $196 mn, up 10%... rising further - Group Net Profit: $4.3 mn - Cash equal to 47% NAV "The balance sheets of RSC and ISC are very strong: debts are minimal and the two companies have combined cash balances of US$156 million, equivalent to 49% of the KOL Group's net assets... Both RSC and ISC have been operating profitably... On 7 Dec.2001, the boards of the two companies agreed to merge... The merged company will be called Bridge Securities Co. Ltd. (BSC)... KOL will own 66% of BSC... will result in an uplift of at least US$15 million in the tangible NAV of KOL." "KOL will end up owning 63.1 million out of 95.4 million shares of BSC." IRegent's share of the $15mn uplift would be: US$6mn / 32% of Mkt.Cap! From Aug.2000 article: KoreaOnline is 46% owned by Hong Kong-listed iRegent.com and has a Western management team headed up by CEO Robin Willi, fomerly managing director of Bear Stearns Asia. It is positioning itself as a ‘bricks and clicks’ operator, bringing together its traditional insurance, securities, asset management and banking companies with an integrated call centre and internet distribution channel. Its growth has been mainly through the acquisition of small Korean financial institutions, although it is growing its Regent Asset Management subsidiary from scratch. It had previously acquired Haedong Insurance and Kyun Su merchant bank and will be adding the retail oriented Ileun Securities to its existing Regent Securities, which up until now has had more of an institutional focus. “We buy these assets at maybe one-to-two times price earnings ratio (PE) and turn them around by using 21st century distribution channels,” says KoreaOnline COO Andrew Ashworth. “They’re quite small so we can turn them around quickly.” SOURCE: From May 2000 article: Q: What are the figures? A: KOL is now worth $507 million. iRegent's market capitalization is around $240 million. We've invested about $45 million in KOL and it is making about $100 million in profit a year. Q: How did it all happen? A: Two years ago we started investing in a securities company called Daeyu in Korea. The business was losing $15 million a year when we bought it. Now it makes between $5 million and $15 million profit a month. So we bought more and more - it's a public company. We now own 71% of it. And then we thought we can do the same thing in other areas, so we bought a bank, an insurance company, we've built an asset management company, and we put them all together on an online platform for the distribution of our products and services. We call it KoreaOnline. Q: Who are the other investors in KOL? A: State of Wisconsin, a pension fund, owns 15%. Then Chinadotcom, Rothschild Group, Sir John Templeton and an investment group in Japan. It's still a private company and is going to go public on Nasdaq in the second half of this year. Source: LINKS: Korea Stock Exch.: Korea Stocks: AsiaCo, Korea: |
Posted at 14/1/2002 10:52 by energyi HK and China Indices: 42.97 -16.36 19.98 11,209.43 +0.38% 1,791.41 -0.90% 1,258.73 +1.61% Hong Kong quoted, iRegent is an asset management group with potential for a big turnaround. Watch it, don't miss it!Chart:iRegent's main areas of business are its Asian asset management (assets under management: US$600 million), corporate finance and direct technology based investments. In Asian asset management, iRegent manages both listed Asian equity funds and private equity funds. The combination of managing listed equities, private equity and direct investments means iRegent has a unique 360° view of Asian investment opportunities.The Group was listed on the Hong Kong Stock Exchange in May 1997. Shareholders include a number of leading international institutions from the USA, Europe and Japan. Management and staff are the largest shareholder group.iRegent and its associated companies presently operate in four main areas:- Technology Investments- Asset Management- Corporate FinanceiRegent manages US$600 million of funds for international institutional investors. We focus on Asia and on direct investments in particular. We have an established track record of investing in Asian technology companies and believe that technology will be the dominant force in the growth of Asian economies in the future. The Group has a specialist fund management team in Hong Kong covering both listed and unlisted technology companies. Our associated company, Regent Europe Limited, headquartered in London, specialises in Eastern European investments. Regent Europe manages US$400 million on behalf of clients through listed and private equity investments.Historic |
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