Afh Fin Grp 24 Discussion Threads

[praipus] 30/1/2007 11:21

Refreshingly balanced outlook statement in the 2006 Annual Report and accounts.

Only surprise was that there is no mention of the discount on the capital shares being an issue.

[praipus] 29/1/2007 18:46

ADVFN does not seem to hold the HGSC smaller companies index the nearest I can find is the FTSE small cap index SMXX. Makes an interesting bench mark for AFHC although the gearing distorts things they do seem to trend together:)

[praipus] 29/1/2007 16:04

Fascinating report from the LSE and ABN AMRO concerning the Hoar Govett Smaller Companies Index

[praipus] 29/1/2007 09:43

Had no reply to the above request so I have started another thread



for the purposes of adding them.

[praipus] 28/1/2007 21:34

News

http://www.theaic.co.uk/find_compare/trustprofile/split/performance.asp?id=AFHC

HGSC Index infomation


Holding Capital shares with conservative and or sensible themed investment can seriously outperform the market even if trading at a discount to NAV.

Recent examples include in Ecofin's ECWC and Utilico's and its predecessor SUIT.

The income shares are AFHI.

[praipus] 26/1/2007 16:18

rbryant - any chance of adding




NAV
News

to the header?

[david77] 25/1/2007 17:10

Aberforth NAVs today:

ABERFORTH GEARED CAPITAL & INCOME TRUST plc ('AGCiT')

The Net Asset Values ('NAVs') for the above company - calculated using a bid
pricing basis for the securities held on the company's portfolio - as at the
close of business on 24 January 2007 were: -

Capital Share = 801.00p

Capital Share (assuming a capital entitlement of 100p per Income Share) =
748.45p

Income Share (Excluding Current Year Revenue) = 80.07p

'Notional Package' (Excluding Current Year Revenue) = 296.35p

The 'Notional Package' comprises 0.7 of an Income Share and 0.3 of a Capital
Share.

As at 24 January 2007, AGCiT held 89 investments, the largest of which
represented 3.4% of investable assets. The market value of investments was
£137.9m less bank debt and net current assets/liabilities (excluding Income
Shares) of £32.4m to leave Shareholders' Funds (including Income Shares) of
£105.5m. Details of the top 50 holdings, the portfolio's sectoral
composition and other general information can be found within Aberforth
Partners' website at www.aberforth.co.uk.

AGCiT invests only in small UK quoted companies and does not invest in any
unquoted securities, AIM listed securities or securities issued by investment
trusts or investment companies. AGCiT employs a significant amount of bank
debt to provide gearing in its capital structure.

The number of Income Shares of 1p currently in issue is 24,500,000. The number
of Capital Shares of 1p currently in issue is 10,500,000. All net income will
be attributed to Income Shares which have a capital entitlement of 77.48p each
rising to 100p by the Planned Winding Up Date of 31 December 2011, which date
will subsist unless an earlier reconstruction is approved. Capital Shares
receive no dividends but all capital after repayment of bank debt and capital
entitlement of Income Shares. AGCiT's Bank facility is £38.3m (£30.0m of which
is at a fixed interest rate of 6.57%). The fair value of AGCiT's interest rate
swap agreement based on the bid price at 24 January 2007 was a positive £165,000
and is accounted for within the NAV of the Capital Share.

Dividends are paid as interims, semi-annually, to Income Shareholders with
the first announced each July and paid in August and the second announced
each January and paid in February.

[praipus] 25/1/2007 16:51

Thank you david77.

[david77] 25/1/2007 11:49

The incs get 100p when the fund winds up on 31 March 2011

[praipus] 25/1/2007 10:33

Very enviable situation david77. To save hours of research what are the final entitlements to the AFHI?

The 4% interim payment seems rather attractive although the discount on the AFHC seems compelling.

[david77] 25/1/2007 09:07

and Net Asset Value of Capital Shares + 54.8%

AFHC are my biggest holding by far and in an ISA so all tax free :-)

[m.t.glass] 25/1/2007 08:49

11 months later...


"..AGCiT's total assets generated a total return of 28.6% in 2006 ..."

Taken from yesterday's Results statement, in which they announce a much bigger interim dividend this time, of 5.9p (xd date next Wednesday, 31 Jan)

See full report at

[nockybalboa] 08/4/2006 08:29

Those boys over at www.fairshare.biz seem to be in the know as usual

[david77] 09/2/2006 13:55

Same as 4 Jan - still plenty in my ISA - but Biofuels has now overtaken AFHC - but after a pretty rough and hare-raising ride.

[elgrazer2] 09/2/2006 12:48

Why the huge discount on this, is this purely due to gearing? I bought in 2 weeks ago, since then the price has fallen against an increase in the NAV of about 5%?

[praipus] 05/1/2006 13:26

I'm in, like the discount, like the gearing, like the asset growth and like the share price growth.

[david77] 04/1/2006 13:22

I still have a some in my ISA but I sold those outside to buy Biofuels (BFC) and that has bombed :-(

[targatarga] 04/1/2006 12:59

n ice, real nice. regards

[targatarga] 20/5/2005 16:06

david77 - oh gracious one. unfortunately I only hold a few from 240p. have a nice break though. regards

[david77] 20/5/2005 15:40

There was a tip that Prelude Trust may be 'encouraged' to return some cash to shareholders so I sold some AFHC at 260p and bt PDT at 115p. PDT went up a bit and down again. As AFHC fell I sold my PDT at 115p and bt AFHC at 209p.

AFHC fell some more and there was a negative view on recruitment companies so I sold Northern Recruitment NRG just before that price fell 7% and bt more AFHC at 205.35p.

I don't often get it right but the moves look good at the mo. I am away next week so I am relying on you to keep this share price up!

[targatarga] 20/5/2005 14:40

looks like recent fall was overdone. maybe back to 250p soon. regards

[david77] 09/2/2005 16:33

I reckon that market makers have been desperately short of stock recently - they have been trying to get someone to sell - but they will make sure that they sell it for more than they pay.

[purse] 09/2/2005 16:06

What happened today, price rising too quick or something.
There seem to be far more buys and the ?Trade must have been a buy as well.
So why the rise and fall in oe day.

[david77] 08/2/2005 17:37

I bought just a few more first thing yesterday at 247p - they have closed tonight with the offer over 270p - that's a £1/share more than I first paid last November. As you say Wish I'd bought more.

At 31 Jan, net assets were £63.5m - take off £24.5m for the incs when this winds up leaving £39m between 10.5m capital shares - that's 371.43p + all future growth - so £3/share is still a bargain, but I have no more cash.

The last time I made as much money as I have made on these today, was right at the top of the market about 4 years ago -it was all downhill from then - let's hope that history isn't repeated!

[purse] 08/2/2005 16:43

I don't know whats going on recently but the price is developing very nicely.
Wish I'd bought more.