We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Abrdn Diversified Income And Growth Plc | ADIG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.40 | 0.53% | 75.60 | 16:35:21 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 75.20 | 75.00 | 75.20 | 75.60 | 75.20 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 29/02/2024 | Interim | GBP | 0.0142 | 07/03/2024 | 08/03/2024 | 27/03/2024 |
| 02/03/2023 | Interim | GBP | 0.0142 | 21/12/2023 | 22/12/2023 | 22/01/2024 |
| 26/10/2023 | Special | GBP | 0.0165 | 02/11/2023 | 03/11/2023 | 01/12/2023 |
| 02/03/2023 | Interim | GBP | 0.0142 | 21/09/2023 | 22/09/2023 | 19/10/2023 |
| 02/03/2023 | Interim | GBP | 0.0142 | 08/06/2023 | 09/06/2023 | 06/07/2023 |
| 02/03/2023 | Interim | GBP | 0.0142 | 09/03/2023 | 10/03/2023 | 03/04/2023 |
| 09/12/2021 | Interim | GBP | 0.014 | 22/12/2022 | 23/12/2022 | 19/01/2023 |
| 09/12/2021 | Interim | GBP | 0.014 | 22/09/2022 | 23/09/2022 | 20/10/2022 |
| 09/12/2021 | Interim | GBP | 0.014 | 16/06/2022 | 17/06/2022 | 14/07/2022 |
| 09/12/2021 | Interim | GBP | 0.014 | 03/03/2022 | 04/03/2022 | 31/03/2022 |
| 17/12/2020 | Interim | GBP | 0.0138 | 23/12/2021 | 24/12/2021 | 20/01/2022 |
| 17/12/2020 | Interim | GBP | 0.0138 | 23/12/2021 | 24/12/2021 | 20/01/2022 |
| 17/12/2020 | Interim | GBP | 0.0138 | 30/09/2021 | 01/10/2021 | 28/10/2021 |
| 17/12/2020 | Interim | GBP | 0.0138 | 17/06/2021 | 18/06/2021 | 15/07/2021 |
| 17/12/2020 | Interim | GBP | 0.0138 | 04/03/2021 | 05/03/2021 | 31/03/2021 |
| 13/12/2019 | Interim | GBP | 0.0136 | 24/12/2020 | 29/12/2020 | 22/01/2021 |
| 13/12/2019 | Interim | GBP | 0.0136 | 24/09/2020 | 25/09/2020 | 16/10/2020 |
| 13/12/2019 | Interim | GBP | 0.0136 | 18/06/2020 | 19/06/2020 | 10/07/2020 |
| 13/12/2019 | Interim | GBP | 0.0136 | 05/03/2020 | 06/03/2020 | 27/03/2020 |
| 13/12/2019 | Interim | GBP | 0.0134 | 24/12/2019 | 27/12/2019 | 24/01/2020 |
| 09/09/2019 | Interim | GBP | 0.0134 | 19/09/2019 | 20/09/2019 | 11/10/2019 |
| 05/06/2019 | Interim | GBP | 0.0134 | 13/06/2019 | 14/06/2019 | 05/07/2019 |
| Top Posts |
|---|
Posted at 23/4/2024 19:58 by genista71 It was the idiot chair who permitted "exotic investments" when it was obvious that would take the fund to a wide discount. Even worse giving that remit to such a useless manager. The corporate governance on ADIG is a bad as it gets. |
Posted at 07/3/2024 15:29 by hugepants You should tell the PE funds that because their share prices don't agree. Unfortunately ADIG has only about 10% PE. The PE funds have massively outperformed ADIG the last few years. They are up 40%ish whereas ADIG is down 30%+ |
Posted at 23/2/2024 09:09 by skinnypope My back of the envelope calculation has total current annual dividends paid out at around £17m. I pulled apart the portfolio and using the known dividends and coupons on the equities and bonds, I have them contributing around £5-6m of that.So there is, and should continue to be, decent income from the private assets for ADIG to downstream to the shareholders. The only issue being that the private assets don't tend to have regular payment schedules, and often pay back lumps of capital as and when they dispose of assets. So the future divis will just simply be a passthrough of those flows as and when they get them. The Tranche 1 assets are nearing maturity and typically private funds pay back more as they reach maturity (as they aren't investing in new assets), so I think there should be reliable flows in the near future. They are just impossible to predict! My DCF model has the dividend dropping to £10m after the liquid assets are sold, then amortising down to £5m for 2027, then £3m after Tranche 1 matures. Total guesswork, but it should not be a million miles off. Using those flows, I still see the IRR in the range of 15-18% from here (depending on how optimistic / pessimistic I am on haircuts taken on the disposals) |
Posted at 22/2/2024 16:04 by hugepants They say that going forwards dividends will be smaller and less regular whereas returns of capital will get bigger and less regular. Same end result though. This from the recent circular;Dividends The Board intends that it will continue to pay a sufficient level of dividend to ensure that the Company will not retain more than 15 per cent. of its income in an accounting period so as to maintain the Company's investment trust status during the Managed Wind-Down process. In addition, and in accordance with the Company's proposed dividend policy that is set out in the Accounts and will be put to Shareholders at the AGM, any dividend going forward will also reflect the Company's plan to return cash to Shareholders in a tax efficient manner. Therefore if Shareholders vote to approve the Investment Policy Resolution and put the Company into Managed Wind-Down, the Directors will still declare certain dividends based on the Company's net income but the quantum and timing of any dividends going forward will be at the sole discretion of the Board. In the absence of unforeseen circumstances, it is the current intention of the Board that the Company will pay an interim dividend around the end of March 2024, the Initial Return of Capital (subject to all the required Shareholder and Court approvals being received as noted above) around the end of June 2024 and a further interim dividend around the middle of October 2024. Thereafter, it is likely that dividends will be paid in smaller, less regular amounts principally for the purpose of maintaining the Company's investment trust status and capital will be returned progressively to Shareholders in larger, less regular amounts by the most efficient mechanism available. The Board will therefore be taking into account the UK tax consequences for Shareholders in determining the most efficient means of returning realised cash during the Managed Wind-Down process. |
Posted at 17/2/2024 12:11 by skinnypope Ah right, there’s the difference.The “including income” measure that I use is, I believe, much more accurate. It will capture the likes of imminent dividends. The “excluding income” will ignore those dividends, but will reflect the ex-dividend price of the stocks. [Once the dividends are paid they will hit the cash line and both NAVs will come back more in line] |
Posted at 16/2/2024 16:03 by hugepants Well EI if you can point to any other liquidating trusts that are debt free and paying a dividend that are on mid 30s discount I'll reassess.Running some numbers. Shares to buy currently 77.25p versus NAV 109p Dividend of 1.56p dividend at beginning of March Then 38p capital repayment before end June. So shareholders get 39.5p in 4.5 months Thereafter NAV becomes 69.5p If full 39.5p comes off then new share price 37.75p which is a 45% discount to NAV. No way is that happening. For a post cash return and your predicted 35% discount then new share price is 45p. Even that gives a 10% return from where we are now. |
Posted at 12/1/2024 15:35 by davebowler Mindset of the week“Overall, we enter the new year with the mindset that we are continuing to travel towards the danger, rather than away from it, and we will not let a disappointing 2023 obscure what we see in front of us.” Ruffer (RICA) monthly investment report for December 2023 during which NAV/share price rose 2.1%/4.2% respectively. To optimise shareholder value Annual Report from abrdn Diversified Income & Growth (ADIG). Chair Davina Walter had this to say: “…our Investment Manager has continued to pursue its strategy of seeking to provide income and capital appreciation over the long term from a genuinely diversified portfolio, providing access to a wide selection of asset classes, an attractive and dependable level of income and defensive characteristics relative to the volatility of equity markets. Despite the Board's confidence in the investment strategy, the persistent and entrenched discount to Net Asset Value…led the Directors to commence a strategic review in June 2023 to consider how the Company could best restore and deliver value to shareholders.” And as the Chair explains: “In the light of the feedback received and the persistent discount to net asset value…at which the Company's shares continued to trade, the Board concluded that it was in the best interests of shareholders as a whole to put forward proposals for a managed wind-down of the Company.” As for how the fund performed over the year, the investment managers reported: “…a total NAV return of 0.4% with 3.6% volatility, a good risk adjusted return per unit of risk taken. This compared with a 13.2% return in equities as measured by the FTSE All-Share Index with 11.6% volatility, and -0.6% in government bonds as measured by the ICE BofA UK Gilt Index with a volatility of 11.5.” Back to the Chair for the outlook: “Global markets continue to be volatile, and, whilst there are some positive signs of recovery as inflation abates, the medium-term outlook for UK equity markets remains subdued, especially in terms of the investment trust sector. This is likely to continue to weigh on ADIG's valuation relative to NAV, hence the proposals we are putting forward for an orderly Managed Wind Down which seeks to optimise shareholder value.” Comment from Winterflood: “Under the managed wind-down announced in December 2023 (subject to shareholder approval at 27 February AGM), the Board expects that £115m will be returned to shareholders in H1 2024 at, or close to, NAV. Further returns of cash will follow as value is realised from the private markets portfolio (58.4% of 30 September NAV). c.£107.3m (valuation as at 30 November 2023) of private holdings expected to mature by 2027. Remaining £81.5m expected to mature between 2029 and 3033, and opportunistic secondary sales would be considered. The fund will cease to make new investments but will fund existing commitments. Outstanding debt (£16.1m of secured bonds with 6.25% coupon maturing in 2031) will be repaid in 2024.” Challenge of the week “The challenge for central bankers from here is to thread the needle of holding rates high enough to keep inflationary pressures at bay and bring inflation back to target while at the same time, not tipping economies into recession. The US appears to be treading this path well, while data in the UK and Europe is suggestive of a more imminent downturn.” abrdn Diversified Income & Growth (ADIG) Investment Manager’s Report. |
Posted at 21/12/2023 16:13 by skinnypope Follow up post to my attempt to model the wind down cashflows.I agree I am way too pessimistic on the 30% discount to sell the Tranche 2 assets, and in fact it’s not outlandish to expect a decent accretion in the NAV of these assets in the coming year. I will move my discount to 20% on these, but still keep the discount to reflect the execution and timing risks, with ADIG being a slightly “forced” seller. I’ve spent a bit of time thinking and modelling the potential future dividend policy, which may be a fool’s errand, but here goes. - The dividends (and bond interest) paid out each year seem to be matched against the portfolio dividend and fixed income receipts fairly precisely. - If this is the case going forward, I can use the same portfolio wind down schedule to model decreasing income into the fund, therefore model future dividends. What follows here is total guesswork, but grounded in the above assumptions, so please treat with a healthy degree of scepticism. 1. Looking at the portfolio breakdown on the bonds / credit / equities portfolio being sold first, I see running yields generating around £5.5m per annum, roughly a third of the total pay-out ADIG is making. 2. The other income coming from the private assets is pretty impossible to know, except that it must be paying out around £10-11m per annum [if anyone can help validate this, I’d appreciate it]. 3. So, I will model the pay-out dropping on the Apr24 dividend by the full amount of the liquid portfolio (in other words the Apr dividend will be 0.95p per share), and then straight line amortises down every quarter on a pro-rata basis for the two private portfolios, down to zero at the end of 2028. So here is the punchline – with my pessimistic views on the selldown valuations combined with my new (possibly naïve) views on future dividends, I now have the total return up to an annualised 15.2% |
Posted at 24/11/2023 16:03 by hugepants Even the boys at the IC are perplexed by the underperformance of this trust....Some adjustments to the portfolio reflect Liddell’s contrarian instincts when it comes to both yield and valuation. He ups the exposure to Abrdn Asian Income in part because it comes with an attractive dividend yield (5.5 per cent) and share price discount to NAV (14.4 per cent) and even increases exposure to Abrdn Diversified Income & Growth, the multi-asset vehicle whose board recently concluded a strategic review. The board made the case for sticking with the trust's current multi-asset investment approach and to embark on a series of "enhanced distributions" to shareholders through a combination of special dividends and a tender offer. The trust holds other funds and has heavy exposure to unlisted assets, with smaller allocations to bonds and equities. The trust's shares have languished on a discount for some years and Liddell, like some others, remains perplexed at its fortunes. “It remains somewhat of a conundrum why the market is so against this trust,” he says. “The income has kept up and there doesn’t seem to be an indication the dividend is likely to be chopped. While capital performance is disappointing the yield is still attractive and we still hang onto it.” |
Posted at 28/2/2023 22:02 by wunderbar Re HOME REIT. In the full year report y/e 30 Sep 2022, ADIG's holding was worth £1.449m. According to ADIG's Portfolio Holding Summary for Nov 2022 [downloaded from company website] the value had plummeted to £807k [ADIG held 1.6m shares]. Note there was no mention of HOME REIT being a significant holding in the Interim report therefore we can deduce ADIG acquired majority of stock between 1 Apr and 30 Sep 2022, likely paying between 100-120p a share before bailing out in Dec 2022 around 34-50p. I reckon ADIG has lost between £800k and £1.38m on this investment. I'm sure Nalaka De Silva will be very keen to sweep this one under the carpet.I'll say very quickly I strongly disagree with winding up the trust. I simply can't understand the mentality of anyone voting this way. Today's AGM result showed overwhelming support for the continuation of the company [almost 92% of votes]. What's to be gained from closing the trust? More than half of ADIG's investments are now in Private Markets, these investments typically take 5-10 years to mature. At present we're only 2.5 years into the new investment strategy. Patience is required here. If anyone on this bb doesn't want to play the long wait or simply hates ADIG [and there seems to be quite a few here] then simply sell your shares and move on to pastures new rather than repeating the same mantra of winding up the company. In the meantime I'm quite content to sit tight and collect the generous quarterly dividend. I think the current share price circa 88p is very attractive entry point, offering a yield of 6.38%. So much so I've been buying up more stock in recent days and will continue should it dip further. In general this is a very boring and reliable stock. Sure, the share price performance in past few months has been disappointing but hopefully it can start grinding its way back up just as it did post Covid crash. It is still my intention to sell up to 50% of my holding around 98-100p purely because I'm top heavy in ADIG [too many eggs in one basket]. The steep discount to NAV remains a big problem and I do agree with comments about ADIG management being accountable for letting this discount persist, it's simply unacceptable, more so given the discount has now widened to 25%, a far cry from the now defunct target of 5%. Whilst I've said patience is required here I would still be critical of the trusts performance with regards to the almost negligible growth rate in NAV. At year end it was 117.6p, five months later it's barely changed. Given we're just a month away from Interim cut off point of 31 March [half year report published three months later] it's looking odds on for another period of non-growth. Note two years ago [Sep 2020], around the time ADIG changed investment strategy, NAV was 113.4p. Since then little progress has been made, NAV increasing just over 4p [3.57%] during this period [very poor considering the market has bounced back strongly from Covid lows]. I’d like to see both Nalaka De Silva and chairman Davina Walter acknowledge this sluggish progress rather than pulling the wool over investors eyes with manipulated data. The double digit growth rate they quote is merely attributable to the inclusion of the healthy dividend income. Strip this out and the key stats reveal a pretty unspectacular performance this past 12 months with share price down 13.66% and NAV barely changed. Forget about Private Markets for a moment, why aren't Equities or Credit Income having a positive impact on NAV? For these reasons it’s easy to understand why many shareholders are dissatisfied at present. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
