Shires Smaller Companies Share Discussion Threads

[davebowler] 25/11/2010 14:26

Shires Smaller Companies NAV Including Income 145.10p

[plasybryn] 24/11/2010 07:33

Out of interest the income/growth stock Telecom Plus (TEP) had some very encouraging results yesterday and are maintaining their 22p annual dividend (SP £4) with interim div. payable 8th Jan at 8p. Sorry to go off topic

[aleman] 22/11/2010 18:41

NAV 19/11/10 146.21p (inc. 0.97p acc. income)
Close 123.5p
Discount 15.5%
Yield 4.9%

[davebowler] 22/11/2010 11:59

From the monthly fact sheet;

Shires Smaller Companies plc

* NAV rose 7.1% versus a rise of 3.4% in
the Index
* Continue to trim Weir due to the absolute size of holding in the fund rather than concern over
the valuation
* Also trimmed TT Electronics
* Other reductions of note have been Oxford Instruments and Robert Walters
* Introduced Halfords
* In the bond portfolio exited the Deutsche Telecom 7.125% 2012 holding and switched this into Stagecoach 5.75% 2016 for a pick up in yield

[aleman] 16/11/2010 12:19

Following the market back down now. Didn't like 150p!

NAV 12/11/10 145.34p (inc. 0.97p acc. income)
Close 124.0p
Discount 14.7%
Yield 4.8%

[aleman] 09/11/2010 16:23

Not recently. Might look again. Thanks.

About time the shares showed some movement. It looks like NAV will finally break 150p today after bumping up against it for a while.

[davebowler] 09/11/2010 12:04

Have you looked at AIF -its at a similar discount to NAV but could be wound up next year?

[aleman] 08/11/2010 16:50

NAV 05/10/10 149.74p (inc. 0.54p acc. income)
Close 123p
DIscount 17.9%
Yield 4.9%

[aleman] 02/11/2010 15:55

IMS out. Holdings copied into header. Discount creeping up again. With market up and SHD shares down today, should be about 18%.

[aleman] 25/10/2010 19:31

NAV 22/10/10 149.36p (inc. 0.34p acc. income.)
Close 123.75p
Discount 17.1%
Yield 4.8%

[aleman] 21/10/2010 14:30

Recovered the dividend and hit another new high at 148p+.

[davebowler] 07/10/2010 12:53

Impressive graph.

[aleman] 07/10/2010 12:42

Fell to 145.57p yesterday but just noticed they went ex-dividend by 1.5p so underlying NAV rose 1.03p. I'd forgotten yesterday's share price should have fallen for the ex-dividend so it was a good showing.

[aleman] 06/10/2010 14:12

Still flying - 146.04p.

[aleman] 04/10/2010 14:20

NAV 01/10/10 143.84p (inc. 1.63p acc. income)
CLose 120.75p
Discount 16.1%
Yield 5.0%

[plasybryn] 30/9/2010 14:52

Aleman: Thanks for your very comprehensive reply.

[aleman] 30/9/2010 14:39

It is the 3rd 1.5p dividend. From MArch 1st:

Earnings and Dividends
In the past, the Company's high dividend yield was enhanced by the Company's
geared structure. As explained above, the banking crisis caused our
counterparties to impose conditions which rendered this type of financing
uneconomic. At the same time, the recession forced many UK companies to reduce
or pass dividends making it a very difficult environment for high yielding
investment trusts such as your Company.

Last year, after careful consideration of the Company's revenue projections and
the impact of lower gearing, the Board anticipated that the dividend would have
to be rebased from 15.1p to 7p per share (inclusive of 1p per share relating to
the VAT rebate). The forecast proved to be accurate and in the year to 31
December 2009, the revenue return per share was 7.27p. The total dividend paid
in the period covered by this annual report was 7p per share, paid in four
interim distributions of 1.75p each. As announced in December 2009, the fourth
and final interim was paid to shareholders on 29 January 2010.

During this period, the Manager has successfully de-geared the Company, without
recourse to shareholders and improved the liquidity and quality of the equity
portfolio. Going forward, the Board intend using only bank debt to gear the
balance sheet up to a maximum of GBP10m or 40% of net assets. On the basis of
GBP10m bank debt, the Board anticipates that it should be possible to pay a
dividend of 6p per share in the year to end December 2010. Over the years, the
Company has prudently built up substantial revenue reserves of GBP1.65m,
equivalent to 7.48p per share. The Board are aware of how important income is to
shareholders and would use these revenue reserves to underpin distributions.

[plasybryn] 30/9/2010 14:12

Aleman: Do you know of any reason why it is slightly lower (1.5p versus 1.75p)?

[davebowler] 30/9/2010 13:29

Acorn is similar with a 4.3% divi and a possibility of wind up next year I think
- in which case the discount to NAV of 19% makes it very attractive . On the other hand the gearing is quite high.

[aleman] 30/9/2010 13:25

The Board of Shires Smaller Companies plc has declared a third interim dividend of 1.50p per share in respect of the year to 31 December 2010 (third interim 2009: 1.75p) payable on 29 October 2010 to shareholders on the register at close of business on 8 October 2010. The ex dividend date is 6 October 2010.

[davebowler] 28/9/2010 14:21

Shires Smaller Companies with | Including | 142.03p | Ordinary |
| debt at Fair Value | Income | |

[aleman] 28/9/2010 14:21

Yes. Sister company SHRS has just announced theirs.

[plasybryn] 28/9/2010 14:06

So we should be due details of the next dividend for payment at the end of October very soon.