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APEF Aberdeen Prv

2.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Aberdeen Prv APEF London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 2.00 00:00:00
Open Price Low Price High Price Close Price Previous Close
2.00 2.00
more quote information »

Aberdeen Prv APEF Dividends History

No dividends issued between 29 Mar 2014 and 29 Mar 2024

Top Dividend Posts

Top Posts
Posted at 06/4/2018 17:52 by skyship
All rather puzzling. 50% of 272p would be c. the possible NAV/redemption price of 136p. Sorry, don't understand it at all, so don't know whether the cheap offer at c118p earlier was a deal or not!#~?

PS: I no longer have a position in APEF
Posted at 02/2/2018 16:46 by skyship
If the Market continues to shake out then sure good to have some dry powder as value opportunities arise...

Also APEF has c60% in $investments; so that has to have a bearing; positive or otherwise.
Posted at 15/9/2017 13:58 by rambutan2
Agm votes, BTEM having a shake:
Posted at 13/6/2017 12:01 by rambutan2
BTEM buys another 700k at 123p to take it to 14.38%.
Posted at 25/4/2017 06:33 by skyship
RAM - thnx for that - missed yesterday's Trades announcements.

Big question is why no RNS for the other 10m buyer; also interesting to see yesterday's 4.7m trade at 117p. Deck chairs certainly being shuffled!

A merger with SLPE seems rather intuitive. APEF is certainly too small at a MCap of just £128m. If BTEM are of similar mind, then a £11.5m trade isn't a bad idea; and a 1.2% commitment not too small, especially as they may be looking to buy more.

I sold 2/3rds of my holding recently (cash went into ICGT) - may well need to re-consider and look for a cheap offer. I'll see what their NAV performance was for March.
Posted at 23/12/2016 11:02 by skyship
A predictably disappointing NAV return for November, though at -2.6% more than I would have expected. US$ declined just 2.2% in the month.

Still, at 111p the discount of 25.4% and the 3.6% yield makes APEF standout value in a still strengthening sector. I'll be posting the sector comparisons on the PE thread later today...
Posted at 15/12/2016 09:05 by skyship
Added a few this AM as Sp slightly lower. On offer for 112.3p, so the discount up to 26.5%. This is a relevant extract from the Interim statement of 9th Dec’16:
===============================================================================

Discount

As at 30 September 2016 the share price discount to NAV stood at 29.0%. Since the period end the NAV has increased to 152.8p per Share (based upon 31 October 2016 figures and the discount has narrowed to 27.4%, based on the Share price as at that date.

Discounts (to NAV) have prevailed for most listed private equity funds in the years following the onset of the global financial crisis in 2007. In my recent Full Year review I made the point that NAV growth for the sector had been strong and this sector had avoided many of the cyclical industries which otherwise might have given some justification for continuing discounts. This argument remains as valid now as it did then, particularly as our rolling five year NAV total returns continue to improve (currently 9.4% per annum).

In the period following the Half Year end, there has been high-profile corporate activity in the sector , which combined with the marked weakness in Sterling vs. the US Dollar has seen NAVs rise (for Sterling priced, US asset biased Companies) and also share prices rally.

It remains to be seen whether a general sector re-rating can be achieved, but your Board believes that the extent of this Company's current discount is unjustified. We believe that the value in the sector is becoming more widely recognised and we will continue to engage with the Manager on reducing the discount level.
Posted at 24/10/2016 16:40 by skyship
An interesting and detailed research article in the 22nd Oct. Economist magazine – a Briefing on Private Equity which reveals the importance and size of the PE sector. In 1980 there were just 24 PE firms; there are now 6628, of which 620 were founded in 2015!

One of the many statistics is the uninvested dry powder figure looking for a home - $1.3trn – ungeared. Small wonder that the option of buying up the few listed players is now on the table; though after PEQ & SVI the opportunities are extremely limited. Altamir (40% discount) might be a good play; but personally I wouldn’t now want to buy a Euro-listed trust at the current exchange rate…

Based upon practical MCap stats (not too small) & accessibility (precludes HVPE & NBPE which are effectively controlled by their Managers), the possible candidates to follow PEQ & SVI might be:

EPIC……….Sp…̷0;….NAV…....Discount
ICGT…….658……R30;.798……;…..17.5% (NAV at July)
HGT……1430… ….1580………….9.5% (NAV at Sept.)
JPEL…… .110….……143…R30;……23.1% (NAV at Aug.)
PEY……..830……R30;…999……….16.9% (NAV at Aug.)
PIN…….1640……R30;1956……;….16.2% (NAV at Aug.)
SEP……230;276……;…..339……….18.6% (NAV at Sept.)

I traded out of ICGT @ 660p just recently, so mentally not willing to buy back in there just yet. So Best Bet IMO has to be JPEL. A difficult one for me as I already have a very profitable 10% allocation! Still, very tempted to buy more… An excellent buy for those not already in there.

Best Buy elsewhere – ie beyond the above plays and beyond the rather specialist 30%+ discount plays (LMS, MVI & OCL) – has to be APEF. At 107p they are on a 25.0% discount to an August NAV of 142.74p. They have a young portfolio. They also provide a yield of 3.74%.
Posted at 14/9/2016 06:09 by skyship
Yes - really great news. A dividend of a MINIMUM 4p, so a yield now at 104p of 3.9% and a discount of c28%.
===================

At the Annual General Meeting held today, 13 September, the Board of Aberdeen Private Equity Fund Limited announced the following:

-- Going forward, in the absence of unforeseen circumstances, the Company expects to pay minimum total dividends of 4p per share per annum (2016 - 2.2p), commencing with 2 dividends of 2p per share relating to the financial year to 31 March 2017

-- An annual continuation resolution to be put to each AGM, commencing with the AGM in 2017

-- A substantially reduced, and simplified, management fee*

The Board also noted that the good NAV performance referred to in the Report and Accounts, had continued since the year end, with a further rise of 7.5% in NAV per share to 29 July 2016 (143.32p per share). The Board continues to remain optimistic on the investment portfolio's ability to deliver long term investment performance, and believes that, when combined with the increased focus on co-investments, the changes announced above should enhance the appeal of the Company to all Shareholders, both current and prospective.
Posted at 07/3/2016 13:58 by skyship
WELCOME PROFITS FROM LIQUIDATING PRIVATE EQUITY TRUSTS
=======================================================

Due to insufficient size (a lack of critical mass to compete), HPEQ was the first PE Trust to enter Voluntary Liquidation – now finished and delisted.

CDI, LMS, MTH & NRI all followed; and all are in various stages of the liquidation process, with the last three all providing shareholders with profitable Tenders at full NAV.

DNE are the latest to declare liquidation, just two weeks ago. After the brief initial announcement (link below) we should see more detail with the Prelims due on 18th March; thereafter a full Circular will be issued in May. After an initial jump to 355p, the shares have drifted back to 340p; and IMO represent a great buy ahead of those Prelims.



With AUM of just £144m, APEF surely should be next in line on the liquidation route. Of course there is a Continuation Vote coming up this September; so if APEF prefer not to go that route then they’ve got to start making a very good case as to why shareholders should ignore the fact that, at 87p, APEF trade at a 34% NAV discount to the 131.8p NAV and offer a mere 2.5% Yield.

So with a degree of Marketing surely required; and the possibility that Aberdeen will decide to do the right thing (though being Aberdeen – don’t hold your breath!); and the possibility of the CV being triggered, it is worth running some numbers.

Over the past 4yrs APEF has clocked an annual NAV growth of 7.7%, well below most of their peers; so past performance won’t help their defence. However, let’s for the sake of it project a 4yr liquidation programme from October 2016. Let’s be conservative and start the NAV at today’s level of 131.8p. Project forward 4yrs @ a lower growth rate of 5%pa and we get to a final liquidation level of 160p.

Drop that all into a spreadsheet and we see a Gross Redemption Yield of 13.95%pa (ignoring any continuing 2.5% dividend yield).

So, this is all early conjecture; but when I see a return of anything over 10%, I’m interested. When I see a possible return of 14%, then I’ll follow this one further, especially as there is so much profitable precedent from these PE trust liquidation plays. Only CDI has let the side down.

We’ll see where we go from here…in the meantime start your research from this excellent EDISON Research report:

EDISON Report on APEF – Nov’15

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