Abrdn Diversified Income... Share Discussion Threads

[wllmherk] 28/2/2023 21:07

Must be due to go ex-div soon, last year was 3rd March,

wllm

[tiltonboy] 28/2/2023 17:27

Be interesting to see what they sold HOME at, given the bear raid.

[peckers56] 28/2/2023 17:20

Recent buybacks (3.1m in the last month) are likely to continue. Trust sold out of Home Reit in December (at a loss). Manager believes 18 months is not long enough to prove/disprove new strategy works - will likely continue as is. Portfolio a lot less riskier than before. Drastically reduced its "junior" status loans into "senior" ones. Will be 2-3 years before the dividend is fully covered. Some £78m of outstanding commitments. Average life of PE holdings (e.g. litigation, infrastructure, etc) 6 years.

[hohum1] 28/2/2023 16:44

Thanks for the update - disappointing (but almost inevitable) outcome. Only 1.4m votes against continuation last year and so moving in the right direction. Sensible proposals from Peter Spiller. I presume that the Board stuck their collective fingers in their ears…

[peckers56] 28/2/2023 16:39

Attended today's AGM - lots of shareholders present - nearly all unhappy!! Continuation passed by over 90%. Peter Spiller (Capital Gearing's IM, and circa 1% shareholder of ADIG) put forward "suggestions" to the board about the way forward (a)commit to upholding the trust's prospectus statement of ALWAYS around 5% discount, (b) stop committing to new PE (c) use distribution of cash from "closed" PEs to buy back shares. He believes only with the percentage of the trust in PE being reduced, will the market look more favorably on the trust = causing the discount to narrow over time.

[tiltonboy] 28/2/2023 16:38

Disappointing that only 7.5m shares were voted against the Continuation of the company, with a few more voting against the re-election of individual directors!

[hugepants] 28/2/2023 14:19

continuation vote passed I assume

[tiltonboy] 28/2/2023 07:45

IMHO anything above 15% and they will note it, and say they will engage with shareholders. Anything above 20%, and they should be questioning the viability of the Trust

[hohum1] 28/2/2023 07:13

Votes cast - but, frankly, any decent Board would start a strategic review if there was a sizeable vote against continuation…

[thrugelmir] 27/2/2023 18:45

Perhaps a TR1 form will be filed shortly.

[tiltonboy] 27/2/2023 17:39

...and another 300k

[hugepants] 26/2/2023 21:30

Anyone know the threshold regarding the continuation vote. I assume it's 50% but of votes cast or total votes?

[thrugelmir] 25/2/2023 09:25

The quantities being bought back suggest that an institutional investor is offloading. There's large volumes of stock being traded since the beginning of the year. Some 20 million shares already.

[hohum1] 25/2/2023 09:17

True - but upping the buyback substantially in the week ahead of the AGM has more than a whiff of panic about it. For the large part, their buyback efforts have been paltry and the discount is now embedded. Once the AGM is out of the way, there’s every likelihood the large buybacks will stop.

[rcturner2] 25/2/2023 07:59

Buying back at such a discount is a sensible thing to do.

[hohum1] 24/2/2023 18:01

400,000 bought back today. Discount = 24.4%. Not a good look. Perhaps the Board are a bit nervous about the AGM.

[thrugelmir] 24/2/2023 17:05

Wonder if the sale of the PE division in it's entirety to Santander is currently influencing matters.

[hohum1] 23/2/2023 22:43

January factsheet on the website: 5yr NAVTR = 3% pa; Return to shareholders = -1% pa.
Jolly good job by the Board to allow the discount to widen to such an extent.

[tiltonboy] 23/2/2023 20:17

300k buy-back today.

AGM on Tuesday. Don't forget to get your votes in

[essentialinvestor] 17/2/2023 13:17

Spec, quality call on RIT, well done.

[spectoacc] 17/2/2023 07:27

But plenty of fees have gone out along the way, and continue to.

@Thrugelmir - not sure people have ever read accounts.