I would like to know why the remaining assests cant be swallowed up by other Aberdeen funds? Aberdeen has AUM of over £500 billion. Buying up say £170million in non liquid assests from ADIG at a discount acceptable to both parties should be a walk in the park? It seems that the problem here is the fund managers are greedy and want to prolongue the charging of fees. Its an "easy money" game. The FI industry is rife with corruption. |
FT reported recently that secondary market sales in PE LP positions were trading at c2025% discounts |
Googled "material" in accounting terms and it seems to be a less serious hit. Lets hope thats the context in which the announcement was made |
So back of a matchbox 68p -(68-20%*0.7 (30% asset sale discount)= 51.6p. Then some windup costs |
HP, we think the cash position is more like £32m. There's a timing issue on the distributions that accounts for that. So, they could in theory distribute another 10p in cash very soon. |
Probably not! They'll argue they are expediting the sales to give shareholders a quicker return.
fyi they had £27M-£28M cash according to the last factsheet which is over 20% of the market cap. |
Are they now going to start applying a ‘material discount’ to the management fee calculated on NAV? |
There's a chunk of cash now, so the discount on the remaining assets will have a lesser effect on NAV
Next factsheet is due out next week |
About at 35% discount at 44p - was 28% when at 49p. I suspect their "material" means in the order of 20% or so. |
Missed the RNS this morning, they rejected the bidder (shares plus cash, wonder who it was?), but have appointed Campbell Lutyens to market the longer-dated stuff. "Material discount" but we're at that already, arguably. |
yes nav edging up to 69.54p. Hopefully the result of selling something. |
NAV held up well, as you'd expect when PE don't revalue :) Taken the opportunity of that 45.9p bid to sell more than half - moving more into cash on this market dcb, Trump is still fully in power unlike Truss. |
Guessing market volatility may kill off our early bid/exit op.
I'd be more worried if I was in one of the bid-for but not offered yet ones - eg WHR, BAKK. Albeit borrowing rates are going to fall. |
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! |
Register to chat with like-minded investors on our interactive forums.
Hot Features
Premium
