Abrdn Diversified Income... Share Discussion Threads

[strathroyal] 11/6/2024 12:47

ADIG have updated their website regarding results but who knows how reliable this is:

Approximate Date
Annual General Meeting
27 Feb 2025
Annual Report
17 Jan 2025
Final Results
31 Dec 2024
Half-Yearly Results
14 Jun 2024

[strathroyal] 07/6/2024 18:43

graham, not sure where you got that from

ABRDN DIVERSIFIED INCOME AND GROWTH PLC HALF YEARLY FINANCIAL REPORT
Released 07:00:05 07 June 2023

[grahamg8] 07/6/2024 17:06

Wednesday is the normal day for company results. ADIG follow the herd 2022 15 June, 2023 21 June. So it should be 19 June but perhaps there will be a delay to 26 June because of the complexity of wind down and return of capital.

7 June? Red herring.

[strathroyal] 07/6/2024 14:11

This is from their website (Prices and performance > News and key dates)

Approximate Date
Annual General Meeting
27 Feb 2025
Annual Report
17 Jan 2025
Final Results
31 Dec 2024
Half-Yearly Results
7 Jun 2024

[spectoacc] 07/6/2024 13:08

Thanks @skinnypope.

So potentially up to 3 more weeks to wait for interims and/or capital return - they don't seem to be in any hurry.

[skinnypope] 07/6/2024 12:41

The interims are not today, nor are they on any scheduled calendar that I could find.

So I did some digging and was told they are currently being prepped and will be out before the end of the month.

I was also told that the guidance was unchanged on the capital return timeline, although being more of a sensitive question this answer was understandably labelled as "guidance" only.

[langland] 07/6/2024 08:01

The proposals were subject to shareholder approval (done) and court approval for the balance sheet changes to effect the distribution. To date, I have not seen any announcement that they have sought court approval let alone obtained it. Unless, of course, I have missed something.

[spectoacc] 06/6/2024 14:57

ADIG certainly been a patience game. Hopefully they surprise us to the upside tomorrow - must at least be some interest earned on the cash!

[tiltonboy] 06/6/2024 14:44

Thanks strath, makes absolute sense....as long as they do say something...lol...

[strathroyal] 06/6/2024 14:18

Results announcment due tomorrow so presumably that will include more details

[tiltonboy] 06/6/2024 13:48

skinny,

Indeed, I have been waiting intently, for a few weeks now, for the circular to drop. It must be imminent given they expect to pay by the end of the month.

I did wonder if they might have something else to announce given the tardiness.

[skinnypope] 06/6/2024 13:03

Is it just me, or shouldn’t we be hearing about the capital return by now?

Meantime, some more numbers to chew over:

1.I think I see where @HugePants [great name btw] gets the 37% discount from, however I’d go further and say it’s 41%. I believe the £67m of fixed income on the last factsheet are short dated t-bills, i.e. effectively cash. Therefore:

Cash + Fixed Income = £132m
Private Market assets = £190m
NAV = £322.6m = 107p/share

Removing the £132m cash + fixed income from both the NAV and the market cap gives:

NAV = £190m
Market cap = £111.5m
Discount = 41%


2.This “ex cash” discount was ~29% back in Feb, and pure PE plays (APAX, ICGT etc) are on about 25-30% discounts.


3.If we put this discount back to 30%, the share price should be 88p TODAY


4.In other words, either the share price is discounting the new large cash pile (unlikely), or hasn’t adjusted higher enough to the recent activity. I suspect this could be corrected by some news and details ASAP on the capital return.


In summary I continue to be a strong HOLD targeting 85p [optimistically 88p] ahead of the capital return

[hugepants] 31/5/2024 19:30

The current share price implies a 37% discount to NAV post the expected 38p cash return. Way too high imo.

[skinnypope] 27/5/2024 12:33

A very welcome run up in the share price of late, I thought I'd refresh my numbers accordingly.

Assuming the £66.875m of "Fixed Income and Credit" are the UK t-bills or equally liquid bonds, then Cash plus those = £132.5m

£115m of that is for the capital return, the balance of £17m will be retained for working capital and future PM assets funding. £17m is below the amounts in the circular ["up to" £38m for PM funding and £8.5m working capital], but Tranche 1 of the PM assets shouldn't need any funding, so it's right that they will carry less cash than the disclosed £38m in the circular.

Leaving my other assumptions the same [Tranche 1 PM assets redeem at NAV, Tranche 2 sold for 30% discount] gives IRR around 13-14% on 81p share price.

Not great, but not awful, and with the portfolio greatly de-risked it looks about right. Having doubled up at 72-73p I will hang on at these levels, targeting 85p in the short run.

[tiltonboy] 24/5/2024 16:58

They've pretty much said how much the first return will be; they just need to deliver it.

The PM assets are valued at £190m marginally down from £193m at the time of the circular

[spectoacc] 24/5/2024 14:12

Thanks - hopefully we get a good chunk of that and they don't decide they need plenty of "working capital".

[tiltonboy] 24/5/2024 13:17

April Factsheet out.

Cash and Fixed Income account for 41% of the portfolio, so we look well set to get a return relatively soon. The document must be imminent.

A mixed bag on the Private Markets stuff.

[spectoacc] 15/5/2024 17:42

Hoping the rise will hold/continue into the first capital return.

[tiltonboy] 15/5/2024 17:19

NAV not likely to move other than minor currency adjustments as Private Market investments are only valued periodically

[spectoacc] 15/5/2024 16:01

True, NAV unmoved by market rally. share price has moved tho! And well bid at 81p too.

[thrugelmir] 09/5/2024 14:47

If only the trust hadn't been forced to sell of it's UK listed equities. The outcome would be far more palatable.

[spectoacc] 09/5/2024 08:53

Well bid, would usually sell a few after a run. But on a £1.07 NAV, some of which should be realised very soon, all of which should be realised eventually? Got to sit tight.

[genista71] 03/5/2024 20:30

I hope now it is in wind down we have a statement on reducing expenses both the management fee and board renumeration. Most of then need to be culled

[tiltonboy] 03/5/2024 20:18

Should be getting an update on the return of capital any day now!