||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
Real-Time news about City Merch. (London Stock Exchange): 0 recent articles
|pvb: Share price should remain the same but dividend can now be paid gross
Gross in what sense? How is this different from before?|
|tiger20: Shares de listed from LSE today and will run from Jersey and reapply to LSE for next monday.
Share price should remain the same but dividend can now be paid gross|
|ddavenport: Saw somewhere that shareholders should vote on the move to Jersey: does anyone know how, where, and until when?
Damanko - why should the move lead you to think that CHY might do less well with a Jersey registration? Is there another hi-income trust that does as well as CHY? You have given me food for thought. At today's price yield is 6.5% - a wee bit better than be building society and the share price has risen 14% since 1st Jan 2012. I bought years ago at a price of £1.71 and have had my moments, espec when it fell to less than £1 (2008), but have hung on and collected the dividends throughout. I don't see why a Jersey registration should change things - indeed if it is to reduce tax we might see an improvement|
|owen999: 9.1.2008= 165.8
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: Net asset value continues to drop now 149.2
13.3.2008=149.2 (share price 152.75p)
on 12p dividend the
yield is 7.855%|
|washbrook: Asset value have been dropping in recent weeks.
no wonder the share price is falling if dividends are maintained at 12p the
yield on the stock is 7.488%|
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.|
|washbrook: Now they have gone xd I should think we will have weakness in the share price till mid January.|
|washbrook: The NAV on 14.6.06 = 171.55 share price 174.75
The NAV on the 8.6.06= 173.6 share price 181.0|
|ashtongray: It will be interesting to see whether there is any more pre-xd rise to come on top of today's performance. Have you done any research on whether the xd share price effect for CHY is typically more/less than the dividend?|
City Merch. share price data is direct from the London Stock Exchange