strath,
Indeed, the most likely culprit! |
ttb - difficult to keep track of this one but the Aberdeen Global Markets Fund is still showing at over 10% of the fund despite a £5M distribution so presumably this has yet to be adjusted as Aberdeen funds don't generally sparkle! |
February Factsheet out.
NAV little changed despite a 29.4% write-up in Truenoord
Cash up by £7.4m but doesn't match the £12m of distributions. Presumably a timing issue again! |
NAV 68.41p, 41% above 48.5p share price
Can't imagine Board recommending anything below 20% discount. I'm anticipating an offer around 10 to 15% below NAV.
Added at 48.29p. |
lets hop so, and i hope my colleagues below are correct is estimating c 60p ! |
Ticking up...a leak perchance? |
I cant see a 55p offer being accepted. They have 7p cash on the balance sheet just now. Maybe some of that will be required for commitments but this portfolio is generating income and they will be making disposals so this amount should be generally trending upwards? 60p maybe. |
Had to pay over the offer to buy even a modest amount.
Like Specto I think it will be somewhere between 55-60 which is a useful uplift from here. Be glad to get rid of this one. May be at b/e if I add back the dividends over the years! |
That was my thinking Specto. The buyer will want at least a 20% discount. A lot depends on how much gearing there is baked into each investment. As we saw with AEROF, gearing can wipe out the equity holder |
Current NAV 68p, and they mention NPV, but there's also income/growth from letting the portfolio run. So I'd fancy 60p+ now for them to go for it.
If I was the buyer I'd be wanting to pay nearer 55p, being c.80% of current NAV.
Edit - the talks are exclusive, so definitely serious. |
Wierdly, the SP, at the opening bell was down. I reread the announcement and it could be interpreted pessimistically but you really had to be a glass half empty kinda of a person to think so! |
Added here, if it happens it'll clearly be at a higher s/p. |
The Board are bored and want their lives back. 20% discount to NAV? |
Not unlike the situation with Blackstone loan finance a month or two back. |
Looks like we might have some action |
They've got a few miniscule positions so it might be one of those that has gone!
Doubt they would include cash as a position |
ttb - That Mount Row distribution seems to be roughly 50% of the fund value (as at last BS) so that's promising. I see that they are now down to 33 holdings (36 in October) and presumably that includes AEROF as that wasn't written off until later. Would be interested to know whether those 33 holdings includes the £21M cash. |
January factsheet out.
As well as AEROF being written down to zero, the Aberdeen Property Secondaries was written don by 5.8%.
Against this Mount Row Credit fund was written up by 7% on the back of a £4.6m distribution.
All-in-all no major change in assets, but nice to see cash is now £21m. How much of that is for future commitments I do not know, but we must be getting to the stage of another capital distribution.
With infrastructure now more keenly bid the discount should narrow further. |
About 2% off its peak which will partly be AEROF and partly currency |
The NAV has taken a dip |
BBGI being taken out at a premium to NAV. Hopefully shows that Infrastructure assets are back in favour |
I hadn’t realised that AEROF had tried to juice the returns by issuing a bond.
No wonder it’s been wiped out.
hxxps://www.aerof-bond.com/uploads/5/9/9/6/5996576/project_atlas__investor_presentation_-_june_2024.pdf |
Unsurprisingly Abrdn European European Residential Opps has been written down to zero. This takes 0.7p off NAV |
It's not easy to communicate using the written form when you have decided not to use the letter "e" as a corporate matter.
As Tiltonboy has demonstrated, the verbal form might be adequate - I assume they are allowed to use words in the fully voweled form. |
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