|Gartmore Absolute Gwth&inc Tst
||PFD INC SHS 1P
||EPS - Basic
||Market Cap (m)
Gartmore Absolute Gwth&inc Share Discussion Threads
Showing 301 to 325 of 325 messages
|How can the price be circa 20p when Net Asset Value is circa 7p??|
Many thanks for your info.
I have taken some Zero's off the table since the announcement. There appeared to be a ready buyer.
I think you are spot on with some of your assumptions. I spoke to Mike O'Shea at Premier earlier, and I expressed my concerns as a Zero holder.
I think we may have to wait some time before we see anything; the board have been given 90 days to come up with some proposals.
If there is a change in the terms of the Zero's we will get a vote.
If I get any further info I will let you know.
Thanks for your comments.
I do see the zeroes at serious risk as they are held in a separate company (GAGIT) which is controlled by Gartmore Absolute where the voting power is in the Ordinary/Preferred shares with Premier having 23% after the BFS takeover and Brookdale with 36%. I suspect the most likely outcome is to pay off the Zeroes at slightly more than NAV (say 160p) and to restructure the Ords/Prefs to maintain the income to the Prefs and provide some value to the Ords. The Bank will also probably be paid off with subsequent cost to the NAV.
IMHO,I am surprised that the old board were defeated as they were pretty heavyweight including Andrew Barker.I suspect Premier/Brookdale looked at the possible Gartmore Management sale as an opportunity to change the manager towards their aims.The old board were keen to keep cash in the kitty against the bank debt and to protect the NAV for the benefit of the Zeroes. Gervais Williams has not done any favours to the Trust. The investment policy was changed in Spring 2005 at the AGM to give him more flexability to grow the assets which has miserably failed in the last twelve months in a rising market.
Unfortunately I missed the Gartmore Absolute AGM a few weeks ago but
I am going to the Dual Return meeting on Monday, so I hope to make some enquiries then.
|They say they are trying to improve the prospects for ALL classes. It will be interesting to see how they do it.
I will be speaking to Premier this morning and will report back.
|Hello, nice to see someone commenting on this. My take on the news is that they're trying to make GTMP stronger at the expense of the zeroes. Is that how you read it?|
Massive change looks imminent as Premier managers take over. Looks like this is a fall out from Premier taking over BFS which increased their shareholding to 23.3% and they have got Brookdale to agree to the change.
As a large holder of GAGIT zeros this looks exceedingly bad news. As the proposed recontruction proposals are to benefit "all classes of shares" I cannot see how that can be without dilution of the zeros.There is not enough in the pot.
Would welcome any thoughts
|i think they must have some magical income stream!|
|A further dividend on the prefs, but confirmation that the RR has now been exhausted. It will be interesting to see what level of dividends will be payable hence forward!!
A wise decision, and well done.
|sold out during oct/nov. must admit that was rather staggered was able to do so in the mid/low 20ps, but someone was still buying then. had lost confidence that gw knew what to do with gtmp. still, it was a great ride while it lasted! with 17p in divs over the last two years and multibags on the capital since the 2003 lows.|
|I've got a feeling that GW may have blotted his copybook a little.
The NAV took a decent sized hit in mid October, at roughly the time LGB were suspended. Given that Gartmore took about £7m worth of LGB it looks as if some of it has found it's way into GAGIT.
The net assets are now just about enough to pay the Zero's in two years time, leaving the prefs as a dividend/call option play only.
The price is completely wrong, but the MM's aren't bidding for much stock, so you can't sell many.
|GTMP NAV heading south as GAGZ plods north. But GTMP share price is unchanged.
I am only interested as a GAGZ holder and BSOI holder, but I think something has to give soon on the GTMP share price. Its true value must be largely down to the expected dividends.
|agree tilton. the maths doesnt add up. makes the recent buying pressure all the more mysterious.|
The revenue account will also be under pressure, which does not bode well for the pref holders.
|seems to have sold all the splits during the summer? so a bit of zip gone from the port. got 28.8% languishing in cash related bits, and another 5% in corp bonds. hmmm.
Gartmore Absolute Growth & Income Trust PLC announces that at 30th September
2005 the ten largest investments held were as follows:
Company £'000 Percentage of
Marylebone Warwick 9.75% Loan Stock 30/06/12 1,055 4.7
CPL Resources 529 2.4
Van Dieman Mines 422 1.9
Wensum Company 331 1.5
SCI Entertainment Group 298 1.3
Marylebone Warwick Balfour 287 1.3
BATM Adv Comms Ord ILS0.01 282 1.3
Viridian Group 277 1.2
Firestone Diamonds 277 1.2
Tomkins 267 1.2
and at the same date gross assets were £22.5 million comprising:-
Gross Assets Percentage of
Corporate Bonds 5.3
Treasury Bills 17.7
Investment Companies 0.0
Cash and other net current assets 11.1
Total Gross Assets 100.0
Gartmore Investment Limited
4th October 2005|
|GAGZ is up sharply today. But has a large spread.
It is trading around the current NAV, but will grow at 9% pa. Perhaps it is being revalued like REOZ appears to have been.
Gartmore Growth Opportunities plc
The Company has an investment objective to generate high capital returns in
rising markets whilst also seeking to preserve assets at times of market
The Company has delivered substantial returns for Shareholders in recent months
and years, through the active management of a fully invested portfolio of
quoted equities, enhanced by the use of borrowings at times of strong equity
markets. With the scale of recent gains in mind, the Board and the Managers
believe that it is appropriate to protect these gains, whilst still offering
Shareholders further potential upside if the buoyant market trend continues.
The Company has therefore purchased an equity market Put option, to cover one
half of the portfolio value. At a cost of approximately 1.6% of the total
assets, the capital value of the portfolio will be protected to a degree in the
event of a market setback, if it occurs in the coming twelve months. Meanwhile
the portfolio will continue to invest in an attractive range of equities that
offer further scope for capital gain.
For further enquiries
Gervais Williams 020 7782 2916|
|yes, am sure that theyve never sold.
some of the splits now being wound up ie brittanic etc would prob have held a few gtmp, but not many. lack of supply explains price rise, but not why a buyer at these prices.|
|BTW, Trafalgar used to hold a big chunk- nearly a fifth, I think. Wonder whether they are still holders.|
|and that was excluding the divs as cant remember what they add up to.
3 bagger is also a great result though. prob sensible to sell some.
i see that gartmore are prob going to be floated, which should at least tie in gervais as our manager.|
|Well done to both of you. As I only really played Zero's I didn't get involved with this one.
Just have to be happy with my REOZ.
|10 bagger - Lucky you, Ram; I sold most of my ISA holdings today - 3-bagger for me, not bad! Holding onto a few just in case there is some hidden value that is not obviuos.|
|hi tilton, well stupid old me sold 10k at 25p when the div was announced as i figured that was as high as it was going to go and i was happy to take the capital rather than the inc/div. doh!
luckily ive still got a bunch in my isa. they are now a 10 bagger in capital terms!|