City Merch. Share Discussion Threads

[davebowler] 01/4/2010 13:06

Now close to NAV
City Merchants High Yield Note 1 164.97
HDIV is still 7% below NAV

[davebowler] 09/12/2009 19:58

HDIV now at 14% below asset value whereas this is at asset value.

[davebowler] 24/11/2009 16:27

HDIV still on a big discount to NAV whereas this is on a premium.

[eithin] 29/8/2009 09:00

Considers Share Offer

[kiwi2007] 24/7/2009 11:15

Managers Report
The NAV rose by 6.8% between 29 May 2009 and
26 June 2009.
Both investment-grade and high-yield spreads
tightened further as credit markets consolidated
following the strong returns seen in April and May.
According to data from Merrill Lynch, sterling BBB
rated spreads decreased by 86bps, while European
high-yield spreads decreased by 160bps, posting
a 0.7% gain in sterling terms. Subordinated
bank capital saw a further improvement after
strong demand for the £1.25bn sale of Barclays'
subordinated notes attracted bids worth more
than three times the amount on offer. There were
further tender and exchange programmes at levels
in excess of their market prices from a number
of banks and, in the US, ten banks were offi cially
allowed to repay TARP funds. New issuance
remained healthy with further high yield deals
including a €2.7bn from Wind, Italy's third largest
mobile operator.
In the UK, the MPC held the Bank rate at 0.5% and
maintained the Quantitative Easing programme
at £125bn. The MPC also noted that recent data
had been encouraging, but tempered market
expectations by stating that the medium-term
outlook for infl ation had not changed materially
from the dovish outlook presented in the May
Infl ation Report. Economic data was mixed with
consumer confi dence rising to the highest level
since April 2008 and a small increase in house
prices being offset by Q1 GDP growth being revised
down to -2.4%, the largest contraction in 51
years. Nevertheless, sterling gained a further 1.7%
against the US dollar over the month and 2.5%
against the euro.
Despite recent tightening, spreads remain at
elevated levels and the yields available continue to
look attractive, despite the challenging economic
outlook. With a double-digit yield and an average
bond price in the mid 50s, we believe there remains
further upside potential from current levels.
Although we expect that default rates will increase,
especially in high yield, the market is currently
discounting unprecedented levels of default,
even in investment-grade bonds. In our opinion,
these levels are unlikely. We remain bullish over
the medium-term for both relative and absolute
performance while remaining cognisant of the
seriousness of the market background.

[davebowler] 29/6/2009 12:05

Have a look at IPE-75% in Euro High yield ,rest in euro shares and trading below NAV

[bobdouthwaite] 22/4/2009 15:05

Dividend held; ex-divi on 29 April:

[richied] 14/4/2009 14:09

I have held CHY, on and off, for a few years and have done very well from the income. Like everything at the end of last year they plunged. At that time I did consider swapping into NCYF and wish I had.

NCYF seems to be a far better managed fund have been quite resilient over the last few months. Compare the performance with CHY which seemed to be heavily invested in the sectors you did not really want to be in, Banks & Automobiles.

What concerns me though is the number of shares they have issued over the last year. Every other RNS seems to announce another issue sometimes within a week of that last. I'll be looking to move out of these as soon as any recovery comes.

[bobdouthwaite] 10/4/2009 15:53

Washbrook,
I'm interested in why you rate NCYF more highly than CHY? Is it down to Lockwood's reputation? CHY appears to have the higher yield, lower p/e ratio and better dividend cover. For better or for worse, it also invests a proportion of the fund in equities.

[washbrook] 29/11/2008 11:23

Still weakening nav 92.72p
100p

[washbrook] 07/11/2008 04:38

This stock is in a sorry mess, on 5.11.08 the NAV excluding income was 117.5 excluding income before yesterday's drop.
Yet most of the descent preference shares I monitor had a good day.

[owen999] 28/3/2008 17:21

9.1.2008= 165.8
16.1.2008= 163.11
23.1.2008=158.13
13.3.2008=149.2 (share price 152.75p)
27.3.2008=147.61(share price 148p)
NOTE THE NAV seems to have stablished.
annual 12p dividend , the
yield is 8.1%

[owen999] 16/3/2008 11:45

Net asset value continues to drop now 149.2
9.1.2008= 165.8
16.1.2008= 163.11
23.1.2008=158.13
13.3.2008=149.2 (share price 152.75p)
on 12p dividend the
yield is 7.855%

[owen999] 16/3/2008 11:44

Net asset value continues to drop now 149.2
9.1.2008= 165.8
16.1.2008= 163.11
23.1.2008=158.13
13.3.2008=149.2 (share price 152.75p)
on 12p dividend the
yield is 7.855%

[owen999] 10/3/2008 23:53

This year if you are an investor now the 10th of March and the volatility has outstripped 2007 easily with 9 months to go.
Looking at my portfoilio of stocks 14 out of 24 stocks are more volatile than FTSE.
This is a high yielding portfolio.
yielding 6.47%
PLEASE CLICK TO ENLARGE
-------------------------------------
--------------------------------

[owen999] 04/3/2008 10:41

CLICK TO ENLARGE
---------------------------




This year if you are an investor now the 4th of March and the volatility has outstripped 2007 easily with 9 months to go.
Looking at my portfoilio of stocks 10 out of 21 stocks are more volatile than FTSE.
This is a high yielding portfolio.
yielding 5.83%

[washbrook] 28/1/2008 16:08

AT 21.2.2008 NAV 153.9p v share price =154.5p

[ashtongray] 27/1/2008 19:35

Based on prior years the next dividend declaration must be imminent?

[washbrook] 26/1/2008 23:42

Asset value have been dropping in recent weeks.
9.1.2008= 165.8
16.1.2008= 163.11
23.1.2008=158.13
no wonder the share price is falling if dividends are maintained at 12p the
yield on the stock is 7.488%

[washbrook] 21/1/2008 16:49

kigelfresser

The info you required:-

Investor Services
Telephone [phone]
[e-mail]
www.Invescoperpetual.co.uk/investmenttrusts

The fact sheet can be found

[kigelfresser] 28/12/2007 12:44

Washbrook

Many thanks for your help.
Any idea of a contact number where I could find out exact amount of shares held? and their value?

TIA

[washbrook] 27/12/2007 16:41

kigelfresser
INFO YOU REQUIRED


26.08.05 :-0.5, (43) the boards of City Merchants High Yield Trust and Exeter Selective Assets Investment Trust announce that they have reached agreement on recommended proposals for the merger of City Merchants and ESAIT to be effected by means of a scheme of arrangement of City Merchants. Based on the most recently published Net Asset Values of both companies the Enlarged Company would have net assets of some £82.2m immediately following the Merger. The Scheme will be conditional on, amongst other things, the approval of the shareholders of both companies and the approval of the Court. The boards of both companies will be writing to their shareholders shortly with full details of the proposals and convening the necessary shareholder meetings. The Merger will be conducted by reference to the respective Formula Asset Values of City Merchants and ESAIT, with the costs of undertaking the transaction being borne by the Enlarged Company. ESAIT will act as the continuing company following the Merger, with its name being changed to City Merchants High Yield Trust and with INVESCO being appointed as its investment manager. The Enlarged Company will adopt the same investment objective and dividend policy as City Merchants. Following the Merger, City Merchants proposes to transfer substantially all of its assets to the Enlarged Company and then enter into liquidation. The boards of directors of both City Merchants and ESAIT believe that the Merger proposals are in the best interests of their shareholders and intend to recommend them to vote in favour of the Merger. The board of City Merchants believes that the Merger is in the interests of City Merchants Shareholders because: The Enlarged Company should be able to set off the surplus management and other expenses referred to above against taxable income during its current and subsequent financial periods. This is expected to reduce future liability to corporation tax, enabling the current level of City Merchants' dividends to be at least maintained by the Enlarged Company following the Merger and enhancing flexibility in terms of investment strategy; The Merger represents an opportunity to increase the effective size of City Merchants without any depletion to Net Asset Value per share (taking into account the value proposed to be attributed to the Enlarged Company's deferred tax asset as indicated below). The longer-term ambition is to increase the size of the Enlarged Company by a combination of growth in underlying asset values and the issue of additional equity capital, so that the market capitalisation exceeds £100 million. The Merger will go some way towards achieving this, increasing net assets from approximately £68.0 million to approximately £82.2 million, based on current valuations; If the market capitalisation of the Enlarged Company increases above £100 million, it should be able to attract a wider range of investors with a concomitant effect on liquidity in its own shares. In addition, the proportion which the annual fixed expenses of running the Enlarged Company will represent as a proportion of the net assets should reduce as the Enlarged Company grows in size; The revenue reserves of the Enlarged Company immediately following the Merger would amount to approximately £2.6 million, representing approximately 5.7p per New Share of the Enlarged Company whereas the revenue reserves of City Merchants as at 30 June 2005 (after deducting an amount equal to the interim dividend declared on 3 August 2005) were £1.26 million, or approximately 3.3p per City Merchants Share. Again, this should assist the Enlarged Company at least to maintain the current level of City Merchants' dividends. The board of ESAIT believes that the Merger is in the interests of ESAIT Shareholders because: It will substantially increase the size of ESAIT and, by adopting City Merchants' investment objective and policy and appointing City Merchants' investment manager, the Enlarged Company will benefit from City Merchants' highly-creditable long-term track record, strong share price rating and relatively high yield. This should result in additional demand for, improved liquidity in and a significantly stronger rating of the New Shares; It should enable the surplus management and other expenses to be recognised as a deferred tax asset as indicated above and this is expected to enhance the net assets of ESAIT by an amount greater than ESAIT's proportionate share of the transaction costs; It should provide those ESAIT Shareholders who do not wish to continue with an investment in the Enlarged Company with an opportunity to realise their investment through the market at a price representing a premium to the current market price and to the value of the aggregate distributions they would be likely to receive on a liquidation of ESAIT; and the Merger is a constructive and cost-effective alternative to liquidation. A City Merchants Shareholder will receive 1 New Share for every 1 City Merchants Share held. Accordingly, based on the existing issued share capital of City Merchants, the number of shares in the Enlarged Company which will be received in aggregate by City Merchants Shareholders will be 37,831,453. All of the directors of City Merchants will join the board of the Enlarged Company on completion of the Merger on terms that are substantially the same as the terms under which they currently serve as directors of City Merchants. Peter O'Connor, currently Chairman of City Merchants, will become Chairman of the Enlarged Company. Peregrine Banbury, currently Chairman of ESAIT, has agreed to remain as a director of the Enlarged Company until next year's Annual General Meeting. The other directors of ESAIT will resign from the board of the Enlarged Company on completion of the Merger. Under the Scheme, all of City Merchants' existing issued share capital will be cancelled. Following this, New City Merchants Shares will be issued, credited as fully paid, to ESAIT. City Merchants will therefore become a wholly-owned subsidiary of ESAIT. At the same time, ESAIT will issue New Shares to the former City Merchants Shareholders on the register of members of City Merchants at the Scheme Record Time. It is proposed that, immediately prior to the Merger becoming effective, ESAIT will consolidate its share capital into New Shares on a basis which results in each New Share having an FAV equal, as nearly as practicable, to that of a City Merchants Share as at the FAV Calculation Date. It is expected that (save for the costs of the transaction) the FAV of each company will be approximately equal to its NAV as at the FAV Calculation Date. The costs of the transaction will be borne by the Enlarged Company. A City Merchants Shareholder, therefore, will receive 1 New Share for every 1 City Merchants Share held. Accordingly, based on the existing issued share capital of City Merchants, the number of shares in the Enlarged Company which will be received in aggregate by City Merchants Shareholders will be 37,831,453. The precise number of shares in the Enlarged Company attributable to ESAIT Shareholders will only be determined as at the FAV Calculation Date. For illustrative purposes only, had the FAV Calculation Date been 24 August 2005 (the latest practicable date prior to this announcement) it is estimated that the Merger would have resulted in ESAIT Shareholders receiving 263 New Shares for every 1,000 existing ESAIT Shares held, or 7.3 million New Shares in aggregate, representing approximately 16.2 per cent. of the Enlarged Company. At the close of business on 24 August 2005 (the latest practicable date prior to this announcement) City Merchants' unaudited net asset value was approximately £68.0 million and ESAIT's unaudited net asset value was approximately £13.2 million. Based on these figures, and taking into account the expenses of the Merger and the value expected to be ascribed to the deferred tax asset, the net assets of the Enlarged Company would be approximately £82.2 million.

[kigelfresser] 23/12/2007 20:10

Did this used to be Exeter Selective assets?

My dad has shares in those and has asked me to try to find out some info.

My research so far has led me here. Any ideas or help?

TIA