Abrdn Diversified Income... Share Discussion Threads

[tiltonboy] 27/6/2024 09:10

hh1,

It was all covered in the document

[neilyb675] 27/6/2024 08:48

10th July

38p

[hohum1] 27/6/2024 08:47

Well that was worth waiting for - not! Load of generic macro waffle and no updated indication on the path from here for the things investors care about: dividends and capital return. 2/10 - must try harder..

[citytilidie] 24/6/2024 15:55

Not sure whether Aberdeen are struggling, but forced mergers between their own funds, and winding ups etc seem to be happening more and more often this last year. They appear to have too many small funds on their books that aren’t cost effective

[tiltonboy] 24/6/2024 13:19

Latest Factsheet out with some decent progress in some of the funds. From the commentary I would have expected the NAV to be a little firmer!

[hohum1] 21/6/2024 06:50

Just checked back and the 2023 accounts noted a $1.4m return from a sale of “the stake” in Action. 3i increased their holding around that time and Abrdn PE funds sold down. So it looks like SOF IV may have taken the profit on offer..

[joey52] 20/6/2024 19:53

Tilton Boy 👍

[tiltonboy] 20/6/2024 15:41

Ive got a few ASLI as well. I'm not as optimistic as the residents but I think I will still get a decent return

[joey52] 20/6/2024 15:11

Thanks Tilton Boy,
Will look at GABI. ADIG is not a big holding so could just let it play out. API reckon 18-24 months and ASLI up to 18 months. I'm retired,all 3 were bought for Income and the discount to Nav. Probably play it by ear I think

[tiltonboy] 20/6/2024 14:50

Have a look at GABI for an indication of direction of travel pre and post capital repayment.

You would only add to holdings if you ae convinced that the NAV is robust, and that the discount wont widen considerably when the liquid tranche has been returned to shareholders. The first tranche of the Private Markets stuff will start to get repaid over the next year or so, but the final tranche is a long way off. Do you have the patience to see that one through!

[joey52] 20/6/2024 14:35

Can I ask, is there a strategy to playing this, not had a trust wind up before and find myself with 3 now, ADIG, API and ASLI. ADIG have opted for B shares. Is it just a matter of holding and collecting the dividends and discount or reinvesting to get more of the NAV ?. TIA

[hugepants] 20/6/2024 13:41

Agree skinny. Collect the dividend AND the discount. API another one.

[skinnypope] 20/6/2024 13:01

I'll answer my own question! Sadly ADIG only has £6m invested in this fund [current NAV ~£12m]

Page 26 of the 2020 annual report has the following:

Aberdeen Standard Secondary Opportunities Fund IV (“SOF IV”)

ŗ Enables ADIG to gain diverse exposure to private equity deals sourced from Aberdeen Standard Investments’ wide-range of third party private equity contacts. In part, SOF IV, which targets 15+% p.a., will be funded by distribution proceeds from
HarbourVest / Mesirow

ŗ SOF IV, which has $400m of investor commitments, can acquire new investments until 2023 and concludes in 2033-34

ŗ Initial investments include stakes in Action, the European discount retailer backed by 3i, and Froneri, a leading manufacturer of ice cream which recently acquired Nestle’s US ice cream business

[skinnypope] 20/6/2024 12:30

@hohum - where have you seen that holding please?

The only abrdn investment in Action that I can find is in their old APEO fund (now rebranded as Patria), in which ADIG has no holding? [ADIG did hold some 3i equity however, but this has now been sold]. Thanks in advance :-)

While we wait for the capital return I just had another glance at my numbers and I'm still amazed that the share price hasn't re-rated higher.

Post the capital return I see the following:

1. 38p cash return should drop the share price by 38p i.e. new share px = 44.3p

2. Market cap will be £133m, versus NAV of £209m [remaining cash £17m, PE assets £190m, £2m "others"] = discount of 36%

3. Discount is much higher than it should be compared to peers (roughly 25%), or even compared to earlier this year (Feb = 29%)

4. Forward dividends - a tough one this, but I see the annual dividends historically funded by the public assets around 33% [£5.5m p.a.] and the private assets by 67% [£11.5m p.a.]. Even if I cut that down to £10m p.a. from the private assets going forward, that's a dividend yield of over 7%

[hohum1] 20/6/2024 08:16

FT reporting that 3i are doing a big dividend recap for Action. That is a decent position in one of ADIG’s PE funds so hopefully an additional slug of cash coming our way.

[spectoacc] 17/6/2024 11:24

Lol, great timing - circular is out.


Publication of the Circular

17 June


Latest time for receipt of Forms of Proxy and electronic appointments of proxies in respect of the General Meeting

4 p.m. on 1 July


General Meeting

4 p.m. on 3 July


Ex Date in respect of the Initial Return of Capital

3 July


Record Date in respect of Initial Return of Capital

6 p.m. on 4 July


Issue and allotment of B Shares in respect of the Initial Return of Capital

5 July


Redemption Date in respect of Initial Return of Capital

5 July


Payment date: (i) cheques posted to Shareholders; and (ii) CREST holders credited with funds, in each case respect of the first Return of Capital

By 10

[spectoacc] 17/6/2024 11:20

Been a poor show, but at least they seem to have confirmed the quantum of the capital return.

[alanwatkins] 17/6/2024 11:12

ADIG website now indicating 21 June as the (approximate) date for half-yearly results...

[spectoacc] 14/6/2024 10:32

The day's not over ;)

After close would be my guess.

[hohum1] 14/6/2024 08:58

Another day and no ADIG results… it’s like a Samuel Beckett play

[rogerrail] 11/6/2024 19:51

Well they don't mess about, that equates to approx 46% of the current share price based on the number of ordinary shares of 301,265,952.

[hugepants] 11/6/2024 19:10

Confirmation everything is on track for the return of £115M

[chucko1] 11/6/2024 14:02

You'd hope so, but it is "abrdn", so normal logic unlikely to apply.

[spectoacc] 11/6/2024 13:20

Good spot - you'd expect it to be reliable if they've only just put that date on.