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ADIG Abrdn Diversified Income And Growth Plc

-0.20 (-0.26%)
04 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Abrdn Diversified Income And Growth Plc LSE:ADIG London Ordinary Share GB0001297562 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.20 -0.26% 76.60 76.60 77.00 77.60 76.40 77.60 437,424 16:35:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 3.49M -299k -0.0010 -764.00 236.21M
Abrdn Diversified Income And Growth Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker ADIG. The last closing price for Abrdn Diversified Income... was 76.80p. Over the last year, Abrdn Diversified Income... shares have traded in a share price range of 72.40p to 89.80p.

Abrdn Diversified Income... currently has 309,177,359 shares in issue. The market capitalisation of Abrdn Diversified Income... is £236.21 million. Abrdn Diversified Income... has a price to earnings ratio (PE ratio) of -764.00.

Abrdn Diversified Income... Share Discussion Threads

Showing 576 to 599 of 750 messages
Chat Pages: 30  29  28  27  26  25  24  23  22  21  20  19  Older
I disagree with the general tenor of above posts. IMO the enhanced distribution programme is pretty significant. And it's on top of the current 5.68p annual dividend payout (7.5% yield).

Special dividend of £1.65p (goes ex this week) = £4.97M
Therefore tender offer next year of £27.5M.
If tender at the suggested 15% discount then tender price = 94.5p (29M shares)

Therefore tender for 9.5% of your shareholding at a 25% premium to current price next year.

As the tender date nears the share price discount the tender price is bound to narrow. No way will it be 25% higher as it is now. The other thing is you will be able to tender all your shares. You wont get filled but eg. the last 2 tenders I participated were GOT and ARTL. Both last year and only 31% and 9% of shares were tendered in each case. So good chance you will get significantly more than 9.6% accepted.

But the above is only the first year.

"...further enhanced returns of value, including special dividends, are envisaged during 2025 and 2026 as a substantial part of the Company's private markets portfolio matures.

...Approximately 33 per cent. of the Company's current NAV, comprising existing private market investments, is expected to mature by the end of 2026. "

And comments regarding the current market cap;

"...58.5 per cent. of the Company's existing portfolio is invested in private markets with the balance being held in listed investments and bonds (as at 30 September 2023). The Investment Manager believes that ADIG's listed and private portfolio has a much greater intrinsic value than that currently reflected in the share price.."

This is a better investment IMO than most other investment trust type vehicles IMO. It has net cash and is well diversifed.

Quite agree, Specto. The Board are a disgrace. They mostly own v few shares and so don’t suffer our pain. At the very least, they should stop the manager reinvesting realisation proceeds while the discount to NAV is so wide. The trust is already subscale and the tender will worsen that. No-one, apart from yield hungry retail investors, is going to buy this. It needs to go into run off. Vote against continuation and the board
You mean that 1.65p special dividend didn't placate you? ;)

I agree.

As a long suffering shareholder, I am sad to say this old investment trust has in my opinion come to the end of its useful life. We must all do the right thing here and VOTE TO NOT CONTINUE THIS TRUSTS LIFE AT THE NEXT VOTING OPPORTUNITY.
It should then begin the lengthy process of selling assets and obtain the maximum for each. Even if it takes 2 or 3 years, I will be happy to wait.

The disappointing things are: 1. How long this review took; 2. That this supposedly the best possible outcome - where, quelle surprise, everybody gets to keep their jobs; and 3. That a tuppence ha'penny return over the next 14 months is going to be enough to placate battle-worn shareholders.
Saba Capital has a position here according to Citywire so they may agitate for more action
The rise in bond yields and ballooning discounts across the trust world have given them the easy option to row back. Basically, they are saying you can have 15% of your money back, probably at a 15% discount, and after that we carry on, business as usual. Green infrastructure and more private credit investments are not going to float anyone's boat any time soon. They should have stopped new private market investments and returned ALL realisation proceeds to shareholders until the discount narrows to sub-10%. This is dead money for some years to come. Vote against the board and against continuation at the forthcoming AGM.
It's not ideal is it, but with their portfolio there was no easy large exit available
and perhaps the share price strongly indicated that in advance

Agree with you, but:

"...An ‘early disposal’ of its private markets portfolio, which makes up over 55% of the portfolio, would ‘necessitate a substantial discount to their long-term realisable values’."

Do we trust those values to come through when held to maturity? If not, what's the true NAV?

I think the problem that they have is that abrdn have delivered on the strategy in difficult markets, but the share price is very weak. That being said, I am not impressed by the Board here. They chose the relatively unattractive looking strategy in the first place. This golden oldie deserves better or else it will die!
I thought CityWire hit the nail on the head - "£360m return £30-35m by the end of 2024".

What odds another review before then.

Wouldn't want a firesale of illiquid assets
Well at least they are sticking to their existing strategy with abrdn, and not falling into the trap of jumping strategy yet again.
Not the best outcome but they've effectively promised to return about 15% of the current market cap by sometime in 2024, starting next week. That's in addition to the current quarterly dividend.
Oh dear. They haven’t even promised to stop new private investments. The continuation vote may be interesting…
Hey shareholders, have 1.65p, and some vague promises to return capital in 2024/2025, and a small tender sometime at 15% below NAV..

I paraphrase, but...

I recall from one of the past reports or presentations that the Global Private Markets and TwentyFour funds have 3-6 month dealing so that's another 12% easily sold. A lot depends on whether Abrdn will help find buyers for our stakes in the private funds they manage (SL Capital, Bonaccord, Andean and Secondary Ops IV on the top 10 list plus Global Infrastructure and some property funds as I recall) and at what prices...
Why not? Anyway the portfolio is only 12% PE.
And this trust has no gearing. It had 2% net cash at last update. That simplifies things a bit.

Top Ten Holdings at end August

SL Capital Infrastructure IIC 8.1%
iShares II UK Gilts UCITS ETF 7.3%
abrdn Global Private Markets Fund 6.0%
TwentyFour Asset Backed Opportunities Fnd 5.7%
Burford Opportunity FundC 5.2%
HealthCare Royalty Partners IV 4.9%
Bonaccord Capital Partners I-A, L.P. 4.5%
Andean Social Infrastructure Fund I LP 4.1%
iShares Core 3.5%
Aberdeen Standard Secondary Opp Fund IV 3.5%

Total 52.8%

The 2 iShares holdings for example are worth 10.8% and they should be able to sell these easily. They have another approx 10% in listed alternatives such as 3IN, CORD, GABI, HICL, NESF, PRSR, SHIP, SEQI, TRIG, UKW etc. So is there any reason they can't realise a big chunk of the portfolio quite quickly if they go down that route? (then again probably better waiting till the end of the year instead of selling at the bottom).

I can't see who would want to merge with ADIG. JARA and MAJE are the only UK listed things that are vaguely similar but why would they want to take on the Aberdeen PE?
It's grim. Tbh a wind-down that takes 5 years is going to leave a rump trading at probably a 40% discount. Best option is let all those idiots who wanted to stay in on previous votes, stay in, and let the rest of us out on a cash exit at say 5% below NAV less costs.

Or - roll it over into something else, if too many go for the cash.

The longer this takes the more I think it is going to be put into run off. By my reckoning, we'd get close to half back from the near liquid investments within 3-6 months and the rest over 3-5 years. Probably get out at a 5-10% discount to NAV overall. There is a prospect of a decent uplift from investments such as BOF which will offset the trickier property and opaque credit vehicles. I hope I'm wrong and the Board come up with something better...
Doubled my small position at around 74.5, also brought back into RIT.

Equity markets looking increasingly ugly.

With respect that's ridiculous. You can buy CLDN on a near 40% discount to NAV,
they have a consistent record of returns.

The current ADIG discount is nothing out of the ordinary and arguably given the last
few years of capital destruction, it's a wonder the current % discount is not larger.

The world has been reset. Just be one of many.
Chat Pages: 30  29  28  27  26  25  24  23  22  21  20  19  Older

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