Date | Subject | Author | Discuss |
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19/6/2025 12:42:21 | NAV nudging up a bit more.
The May factsheet should be out in the next few days, so lets see if there have been any moves |  tiltonboy | |
11/6/2025 13:21:20 | A 1% rise in NAV is more than a currency movement. |  tiltonboy | |
11/6/2025 13:07:54 | NAV 67.78p The US dollar has weakened by about 10% versus sterling since end of January. Given ADIG's assets are about 60% US dollar the NAV has held up pretty well. |  hugepants | |
09/6/2025 16:53:21 | Not only bad management, but lousy communications too |  jmh4 | |
09/6/2025 16:16:02 | This has gone downhill ever since it changed from British Assets (founded in 1898)and a decent IT. Unbelievably bad management. |  pherrom | |
09/6/2025 12:53:16 | Genista71, are you planning to attend armed? |  chucko1 | |
09/6/2025 09:52:30 | Anyone know when the AGM is? and whether it can be publicly attended? |  genista71 | |
09/6/2025 09:52:16 | Still cant believe Davina Walter and the board let the fukcers at Aberdeen buy all this illiquid private equity stuff for a predominately retail owned income generating fund. Absolute madness.Now they have no clue how to unwind. Amateurs... |  genista71 | |
09/6/2025 09:11:46 | Reports that Yale University Endowment has sold it's $2.5bn PE book at a 10% discount. Doubt we will get ours away so tight! |  tiltonboy | |
06/6/2025 09:06:41 | Davina Walter is fukcing hopeless... |  genista71 | |
06/6/2025 07:10:48 | Regurgitated old news |  tiltonboy | |
02/6/2025 21:02:45 | There’s 0.76p of accrued income |  tiltonboy | |
02/6/2025 14:51:37 | Are we due a dividend here as I see that the Abrdn fund holding most of the cash has reduced from 14.99% at the end of March to 12.97% at the end of April even though the actual cash has remained virtually unchanged. |  strathroyal | |
29/5/2025 15:45:54 | I think cash could double over the rest of the year as "liquidity windows" are utilised. That would take cash up to around 22p per share (33% of NAV).
There are obviously some investments that would need a large haircut to get rid of them....but there are also some good investments that are seeing NAV accretion.
My concern is that some shareholders want this wrapped-up quickly and the board, despite what they say about achieving fair values, will be pressurised to sell.
I fear low 50's is going to be as good as it gets! |  tiltonboy | |
29/5/2025 15:24:45 | I guess we're also in the window of some end of Q1 valuations landing in the post |  cousinit | |
29/5/2025 14:43:30 | Yes thats what it will be fraz. Doh! Things like Bon Accord are US based private equity. There are other obvious holdings in the top ten that will be affected by currency eg. TrueNoord, Burford etc. |  hugepants | |
29/5/2025 14:08:45 | HP - is the recent downward trend in NAV not just currency related? If many of the holdings are illiquid it's not obvious why the NAV would shift daily. That said, I don't know which of the holdings would be currency sensitive.. |  frazboy | |
29/5/2025 07:35:41 | Yes since they have speeded up the timeline as per the The "Commencement of Secondary Sales Process" RNS released last month. Assets could be sold at a material discount but "the ultimate decision whether to proceed with any given secondary sale will remain with the Board, which (together with its advisers) will assess the pricing against the quantum and likelihood of near-term returns expected from the relevant assets." |  hugepants | |
29/5/2025 07:31:50 | Thanks & Tilts, I'll edit - thought I was posting on the ASLI BB. |  spectoacc | |
29/5/2025 07:15:47 | Specto,
NP |  tiltonboy | |
29/5/2025 06:56:11 | (Edit, wrong BB). |  spectoacc | |
28/5/2025 19:06:31 | "Are those reasonable assumptions? Anyone got a different view?"
I'll go for sales at a 10% discount which includes costs. I see the NAV is edging down again which could be the result of selling stuff. Or it could be recent valuations. I think some of the portfolio is valued every 3 months. |  hugepants | |
24/5/2025 18:36:55 | If assets are sold at average 20% discount from their NAV, and ADIG windup costs from here to completion are 5% of current NAV (so £10m), I make it a 53p return to shareholders or 15% uplift from the current mid-price. (Before any additional NAV downside from increasing gilt yields).
Are those reasonable assumptions? Anyone got a different view? What are the independent brokers Campbell Lutyens likely to charge? Are there taxes or other big cost items I may have missed? The only recent hint of timescales I've seen is "Indicative pricing in the next few months" - any views on what that implies for likely completion of windup? I'd hope by year end, but obv timescale is a tradeoff of discount vs ongoing costs and risks.
I'm not quite sure what work is being done for the management fee (£1m p.a. current run-rate), nor ADIG overall (Ongoing Charge run-rate of £4.8m pa). |  papy02 | |
23/5/2025 07:58:31 | I like the restated company objective
Not seen that so prominently in other wind downs - so a nice touch imo |  joe say | |