Premium Trust Share Discussion Threads

[praipus] 02/1/2007 17:14

Sold AFHC with regret watching REOA and have some RLU too.

[mangal] 02/1/2007 12:34

Praipus, I've done well out of this one having bought in at 6p & 9p.

ECWC is one of my core holdings + AFHC + REOA. I have a small holding in RLU but looking to top-up - see the JDT thread.

[praipus] 02/1/2007 11:40

Members' entitlements in the liquidation, calculated in accordance with the
above, are:

* 21.13p per Capital Share;

* 48.21p per Income Share; and

* 105.05p per ZDP Share.

It is expected that the liquidators will make payments pursuant to the
entitlements described above in the week commencing 8 January 2007. The
liquidators may make a further distribution to holders of Capital Shares, at the
conclusion of the liquidation, depending on whether there are surplus assets
remaining. This distribution would include any unapplied part of the retention
fund set aside by the liquidators.

This is ace.....where to next ECWC or RLU anyone?

[praipus] 07/12/2006 16:57

NAV rising

Premium Trust Net Asset Value(s)


Martin Currie Investment Management Limited, as company secretary, announces the unaudited net asset values (on the AITC
basis) of the company as at the close of business on 06 December 2006

With debt valued at par: 19.71p per capital share
(break-up basis): 47.72p per income share
104.44p per zero dividend preference share
_________
171.87p per shares (unit)


With debt valued at market: 19.66p per capital share
(break-up basis): 47.72p per income share
104.44p per zero dividend preference share
_________
171.82p per shares (unit)

[praipus] 06/12/2006 13:04

Premium Trust Net Asset Value(s)


Martin Currie Investment Management Limited, as company secretary, announces the unaudited net asset values (on the AITC
basis) of the company as at the close of business on 04 December 2006

With debt valued at par: 18.56p per capital share
(break-up basis): 47.73p per income share
104.39p per zero dividend preference share
_________
170.68p per shares (unit)


With debt valued at market: 18.51p per capital share
(break-up basis): 47.73p per income share
104.39p per zero dividend preference share
_________
170.63p per shares (unit)

[leading] 06/12/2006 11:19

Slogsweep,

Good name, but let's agree not to discuss the Ashes, it's too painful.

With regard to PTTC, I am not sure your cynicism is justified:

PREMIUM TRUST PLC

RECOMMENDED PROPOSALS FOR VOLUNTARY LIQUIDATION

1 DECEMBER 2006


Introduction

Further to the Company's announcement of 28 September 2006 the Board today
announces proposals under which the Company will be placed into members'
voluntary liquidation in accordance with the timetable set out in the Articles.
A circular containing full details of the proposals and convening an
extraordinary general meeting to be held on 29 December 2006 is being published
today and will be posted to members shortly.

Winding Up Requirement

The Directors are required under the Articles to convene the EGM and at the EGM
to propose a resolution pursuant to section 84 of the Insolvency Act 1986 to
wind up the Company.

The Articles provide that those members voting in favour of the resolution to
wind up the Company shall collectively have sufficient votes for the resolution
to be carried notwithstanding the number of shareholders who vote against the
resolution.

Holders of Capital Shares, Income Shares and ZDP Shares (in relation to certain
business) all have the right to attend and vote, in person or by proxy, at the
EGM.

Portfolio Realisation

The Directors have reviewed with the Manager the process by which the Company's
assets are to be realised. Certain major shareholders have also been consulted.
With a view to maximising shareholder value in the winding up while returning
capital as soon as practicable following the appointment of the liquidators on
29 December 2006, it is intended, having regard to the holiday period, that on
the Company's behalf the Manager will place orders, or a single order if
believed appropriate, for the Company's assets to be sold on the London Stock
Exchange on 18 December 2006. The Directors presently intend to acquire a
derivative instrument on 18 December 2006 through which the Company will
maintain exposure to movements in the FTSE 100 Index until as near as
practicable to the commencement of the Company's winding up.

Final Interim Dividend

Under the Articles, the Directors are required to pay a final interim dividend
to the holders of Income Shares. This dividend is to be based on the Directors'
best estimate of the revenue profits (including accumulated revenue reserves)
available for distribution.

As a result of this requirement, the Directors have determined to pay a final
interim dividend of 3.0p per Income Share. The amount of this dividend is
potentially subject to adjustment, in which case the Company will make an
announcement of the change to a Regulatory Information Service. The Income
Shares will be declared "ex" this dividend entitlement on 6 December 2006, the
record date for this dividend will be 8 December 2006, and this dividend will be
paid on 27 December 2006.

Bank Loan

It is expected that the Company's term loan facility with Lloyds TSB will be
repaid in full (together with interest accrued to that date) on 20 December
2006, applying part of the proceeds of the portfolio realisation described
above. It is anticipated that, at 20 December 2006, the principal amount drawn
and outstanding under the loan facility will be £7,000,000. It is not expected
that any breakage costs will be incurred.

Proposed Winding Up Process

Upon the passing of the first resolution to be proposed at the EGM, liquidators
will be appointed and the winding up will commence.

The liquidators will set aside sufficient assets in a liquidation fund to meet
the known and contingent liabilities of the Company, including the costs of the
winding up. In addition, a retention fund will be set aside by the liquidators,
such fund being of an amount considered by them to be sufficient to meet any
unknown liabilities of the Company.

On the winding up, members' entitlements will be determined by reference to the
Articles, which provide as follows:

(i) first, holders of Income Shares have the right to be paid an amount equal
to the amount standing to the credit of the Company's revenue reserves (as
reduced by the final interim dividend referred to above), including the
amount of the undistributed revenue profits for the current year of the
Company as at the date of the commencement of winding up;

(ii) second, holders of ZDP Shares have the right to receive a final capital
entitlement of 105.05p per ZDP Share;

(iii) third, after the payments of capital to holders of ZDP Shares
described in paragraph (ii) above, holders of Income Shares have the right
to receive a final capital entitlement of 47.7p per Income Share; and

(iv) fourth, holders of Capital Shares have the right to receive the surplus
assets of the Company available for distribution.

It is expected that the liquidators will make payments pursuant to the
entitlements described in paragraphs (i) to (iv) above in the week commencing 8
January 2007. It is expected that the value of the Company's assets, after
allowing for payment of the known liabilities of the Company, including the
costs of the winding up, and the retention fund to be set aside by the
liquidators, will permit the payment of the entitlements referred to in
paragraphs (i), (ii) and (iii) above in full by the liquidators. However given
the exposure of the Company's assets to stock market movements there can be no
absolute certainty that this will be the case.

The liquidators may make a further distribution to holders of Capital Shares, at
the conclusion of the winding up of the Company, depending on whether there are
surplus assets remaining. This distribution would include any unapplied part of
the retention fund set aside by the liquidators.

Expenses

The costs incurred in relation to the proposed liquidation, including financial
advice, other professional advice and the liquidators' charges, are estimated to
amount to approximately £178,000, inclusive of VAT.

Management and Secretarial Services Agreement

The Company and the Manager have agreed that the management and secretarial
services agreement between them will terminate with effect from the passing of
the resolution to wind up the Company. No compensation will be payable by the
Company other than accrued fees and other payments due under the agreement up to
and including the date of termination.

[mangal] 06/12/2006 11:14

The problem of selling out the Caps now is that, because of the wide spread, you have to sell at discount of almost 14% to NAV(published value).

[slogsweep] 06/12/2006 10:46

Windup meeting 29/12, payout on 8/1/7 suspect most of assets already sold or promised to another trust but ,at what price ? Dare say shareholders interests are are not uppermost in the minds

[praipus] 29/11/2006 16:51

With 475,000 on the buy side looks like all bets are on again for an end of year rally.

[praipus] 24/11/2006 10:35

Oh dear...

[praipus] 17/11/2006 09:44

GF - Thank you. BCV,ICH and USPI I'll take a look. The closer to wind up the better say maximum of a year no minimum. Of course not the same approach where ECWC, UIL, UEM etc are concerned.
regards Praipus

[glynnef] 17/11/2006 09:03

Praipus,

Depends how close to windup you want to get, but I hold BCV, ICH and USPI and think these all still offer good value, either in terms of discount, divi, or both. Well done on ECWC by the way.

regards,
GF.

[praipus] 16/11/2006 10:16

Thanks Mangal - I've been utilising splitsonline and comparing with those noted on the JDT...the data seems a bit variable and inconsistent in places so just wondered if there are any dedicated to the cause.

[mangal] 15/11/2006 23:42

Praipus, there are lots near-term splits that are currently trading at 10-20% discount to their "NAV". Over the last 2-3 years the JDT thread had been used to discuss and highlight these disrepancies/opportunites in the splits sector generally but somehow the postings there have kind of petered out. Pity !

[praipus] 15/11/2006 17:21

mangal and slogsweep are you in anything else with a near redemption date and share price NAV discrepency?

[mangal] 15/11/2006 16:40

31 Dec 06; I am in for the free ride now as I sold half my holdings when they doubled from my 6-8p buy range.

[slogsweep] 15/11/2006 16:27

Does anyone know when the end(redemption) is? Hold mine in a pep so don't get info

[leading] 24/10/2006 09:58

GlynneF

Yes still holding on to the rollercoaster. I'll probably hold to the end, but we are reaching nervous territory.

Longer term, I like MEQC. Have you had a look at those?

Regards

[glynnef] 24/10/2006 09:25

Leading,

Re your post 58, I hope you acted and bought / held. Up about 75% since then, in only 4 weeks !

I would be taking some profits now if I held PTTC. My main interest now is what divis I shall see from PTTI and the revenue reserve, and will clearly hold until windup.

regards,
GF.

[praipus] 29/9/2006 16:00

GF,
Good move for the investment club, nice when that happens rather than the other way round!

Risk: We are back to good money management. Benjamin Graham author of "Intelligent Investor" says you should put no more than 10% of your portfolio in to anything speculative.

The question is how do you define or measure risk? Were can a private investor go to get a view on such things?

I hold my PTTC in certificated format so could use the loss if that were the outcome.

P

[glynnef] 29/9/2006 15:45

Praipus, OT.

Have also been in and out of ECWC twice, making good profits both times. Still hold as the second biggest share in an investment club where I recommended it.

Am quite cautious about the market currently and am looking for safe havens to protect gains. As most is in a stocks & shares ISA, it needs to be invested though. PTTC does not fit that safety requirement !

GF.

[praipus] 29/9/2006 14:36

Thank you GF

Made 100% on a batch bought earlier in the year. And am nursing a small loss on the remaining but like Leading I'm optimistic for year end and do not have too many so can sleep at night. ECWC is a different matter....do take a look if you have a moment.

[glynnef] 29/9/2006 13:59

Praipus,

No I sold it at a small profit earlier this year, and then watched it soar. Too dangerous for me !

I made good money out of PTTZ a few years back and will do nicely out of PTTI.

Good luck to the brave.

regards,
GF.

[praipus] 29/9/2006 12:41

GF do you still hold PTTC?

[glynnef] 29/9/2006 09:52

Leading,

i think we are in total agreement. I weould not buy PTTI today - mine were 44p less than a year ago, and there have been nice divis since. PTTC marked up again slightly today. Good luck!

GF.