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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Abrdn Diversified Income And Growth Plc | LSE:ADIG | London | Ordinary Share | GB0001297562 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 1.40 | 3.12% | 46.20 | 496,693 | 16:35:26 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 45.00 | 46.10 | 46.00 | 45.70 | 46.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 3.49M | -299k | -0.0010 | -457.00 | 138.51M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:35:26 | UT | 8,136 | 46.20 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 26/7/2024 | 12:33 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
| 25/7/2024 | 12:46 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
| 24/7/2024 | 13:21 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
| 23/7/2024 | 13:11 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
| 22/7/2024 | 13:14 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
| 22/7/2024 | 12:00 | UK RNS | abrdn Diversified Income and Growth Doc re. Half Yearly Report |
| 19/7/2024 | 14:13 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
| 18/7/2024 | 11:40 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
| 17/7/2024 | 11:23 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
| 16/7/2024 | 12:14 | UK RNS | abrdn Diversified Income and Growth Net Asset Value(s) |
Abrdn Diversified Income... (ADIG) Share Charts1 Year Abrdn Diversified Income... Chart |
|
1 Month Abrdn Diversified Income... Chart |
Intraday Abrdn Diversified Income... Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 23/7/2024 | 09:26 | Aberdeen Diversified Income and Growth Trust plc | 914 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2024-07-26 15:35:26 | 46.20 | 8,136 | 3,758.83 | UT |
| 2024-07-26 15:28:53 | 45.70 | 28 | 12.80 | AT |
| 2024-07-26 15:06:39 | 45.24 | 8,500 | 3,845.40 | O |
| 2024-07-26 15:04:05 | 45.24 | 7,407 | 3,350.93 | O |
| 2024-07-26 15:01:05 | 46.50 | 64 | 29.76 | O |
| Top Posts |
|---|
Posted at 26/7/2024 09:20 by Abrdn Diversified Income... Daily Update 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 44.80p.Abrdn Diversified Income... currently has 309,177,359 shares in issue. The market capitalisation of Abrdn Diversified Income... is £141,294,053. Abrdn Diversified Income... has a price to earnings ratio (PE ratio) of -457.00. This morning ADIG shares opened at 46p |
Posted at 03/7/2024 10:46 by cynicalsteve I have another (less likely) theory for the high early share price, the market makers would have to make a judgement of the opening price, to do this they would have to work out the new discount. Perhaps they were too optimistic and were hit with a wave of selling? This theory comes from my own disappointment, I was expecting an overall gain of a penny or two today but the market has taken the whole 38p off the share price so the discount is now 40%. This is a very negative view of when the assets will be sold and the price we will get for them. |
Posted at 20/6/2024 12:30 by skinnypope @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% |
Posted at 06/6/2024 13:03 by skinnypope 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 |
Posted at 27/5/2024 12:33 by skinnypope 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. |
Posted at 09/4/2024 10:22 by sll Attended AGM/GM 27/2/24 and spoke with a couple of ADIG Directors, after the formal parts, which I supported. Impressed on them that 'time is indeed money'. The sooner they liquidate positions, the lower the value that may be attainable. When they part with the easier to sell 'more liquid' holdings, as detailed to the meeting, the entirety of that circa 30% discount will (unless it re-rates) transfer to the 'less liquid' positions. So, If we have 106p? NAV now and an share price of (say) 74p (being 30% discounted) if (say) 24p (of undiscounted liquid assets) can be realised sooner, at close to par, then the NAV moves down to circa 82p and the post-capital redemption share price might move down to circa 50p? (74-24) taking it down to a 39% discount. There are ZERO guarantees here, but a future upwards re-rating may be entirely conceivable? as 'more time' is allowed for the less liquid off-market positions to mature, closer to (or even above stated NAV?)as the Board conceives 'may be possible'. So, I'd prefer to wait longer, rather than settle for less sooner, and privately expressed that view. |
Posted at 21/3/2024 16:30 by chucko1 "Yes, but 46%?"Isn't it 50% at 72.5p? HP, perhaps, but I never said what I had assumed as a share price, nor the loss upon liquidation of initial phase assets!! Anyway, I get 48.5% discount at a share price of 72.5p and with a zero loss upon sale. I had assumed 73p (offer) and 3% loss - as I had used when I first posted something on this board. In actual fact, I suspect it will be rather less than 3%. |
Posted at 07/3/2024 15:29 by hugepants You should tell the PE funds that because their share prices don't agree. Unfortunately ADIG has only about 10% PE. The PE funds have massively outperformed ADIG the last few years. They are up 40%ish whereas ADIG is down 30%+ |
Posted at 12/1/2024 15:35 by davebowler Mindset of the week“Overall, we enter the new year with the mindset that we are continuing to travel towards the danger, rather than away from it, and we will not let a disappointing 2023 obscure what we see in front of us.” Ruffer (RICA) monthly investment report for December 2023 during which NAV/share price rose 2.1%/4.2% respectively. To optimise shareholder value Annual Report from abrdn Diversified Income & Growth (ADIG). Chair Davina Walter had this to say: “…our Investment Manager has continued to pursue its strategy of seeking to provide income and capital appreciation over the long term from a genuinely diversified portfolio, providing access to a wide selection of asset classes, an attractive and dependable level of income and defensive characteristics relative to the volatility of equity markets. Despite the Board's confidence in the investment strategy, the persistent and entrenched discount to Net Asset Value…led the Directors to commence a strategic review in June 2023 to consider how the Company could best restore and deliver value to shareholders.” And as the Chair explains: “In the light of the feedback received and the persistent discount to net asset value…at which the Company's shares continued to trade, the Board concluded that it was in the best interests of shareholders as a whole to put forward proposals for a managed wind-down of the Company.” As for how the fund performed over the year, the investment managers reported: “…a total NAV return of 0.4% with 3.6% volatility, a good risk adjusted return per unit of risk taken. This compared with a 13.2% return in equities as measured by the FTSE All-Share Index with 11.6% volatility, and -0.6% in government bonds as measured by the ICE BofA UK Gilt Index with a volatility of 11.5.” Back to the Chair for the outlook: “Global markets continue to be volatile, and, whilst there are some positive signs of recovery as inflation abates, the medium-term outlook for UK equity markets remains subdued, especially in terms of the investment trust sector. This is likely to continue to weigh on ADIG's valuation relative to NAV, hence the proposals we are putting forward for an orderly Managed Wind Down which seeks to optimise shareholder value.” Comment from Winterflood: “Under the managed wind-down announced in December 2023 (subject to shareholder approval at 27 February AGM), the Board expects that £115m will be returned to shareholders in H1 2024 at, or close to, NAV. Further returns of cash will follow as value is realised from the private markets portfolio (58.4% of 30 September NAV). c.£107.3m (valuation as at 30 November 2023) of private holdings expected to mature by 2027. Remaining £81.5m expected to mature between 2029 and 3033, and opportunistic secondary sales would be considered. The fund will cease to make new investments but will fund existing commitments. Outstanding debt (£16.1m of secured bonds with 6.25% coupon maturing in 2031) will be repaid in 2024.” Challenge of the week “The challenge for central bankers from here is to thread the needle of holding rates high enough to keep inflationary pressures at bay and bring inflation back to target while at the same time, not tipping economies into recession. The US appears to be treading this path well, while data in the UK and Europe is suggestive of a more imminent downturn.” abrdn Diversified Income & Growth (ADIG) Investment Manager’s Report. |
Posted at 29/10/2023 20:32 by hugepants 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. |
Posted at 28/2/2023 22:02 by wunderbar Re HOME REIT. In the full year report y/e 30 Sep 2022, ADIG's holding was worth £1.449m. According to ADIG's Portfolio Holding Summary for Nov 2022 [downloaded from company website] the value had plummeted to £807k [ADIG held 1.6m shares]. Note there was no mention of HOME REIT being a significant holding in the Interim report therefore we can deduce ADIG acquired majority of stock between 1 Apr and 30 Sep 2022, likely paying between 100-120p a share before bailing out in Dec 2022 around 34-50p. I reckon ADIG has lost between £800k and £1.38m on this investment. I'm sure Nalaka De Silva will be very keen to sweep this one under the carpet.I'll say very quickly I strongly disagree with winding up the trust. I simply can't understand the mentality of anyone voting this way. Today's AGM result showed overwhelming support for the continuation of the company [almost 92% of votes]. What's to be gained from closing the trust? More than half of ADIG's investments are now in Private Markets, these investments typically take 5-10 years to mature. At present we're only 2.5 years into the new investment strategy. Patience is required here. If anyone on this bb doesn't want to play the long wait or simply hates ADIG [and there seems to be quite a few here] then simply sell your shares and move on to pastures new rather than repeating the same mantra of winding up the company. In the meantime I'm quite content to sit tight and collect the generous quarterly dividend. I think the current share price circa 88p is very attractive entry point, offering a yield of 6.38%. So much so I've been buying up more stock in recent days and will continue should it dip further. In general this is a very boring and reliable stock. Sure, the share price performance in past few months has been disappointing but hopefully it can start grinding its way back up just as it did post Covid crash. It is still my intention to sell up to 50% of my holding around 98-100p purely because I'm top heavy in ADIG [too many eggs in one basket]. The steep discount to NAV remains a big problem and I do agree with comments about ADIG management being accountable for letting this discount persist, it's simply unacceptable, more so given the discount has now widened to 25%, a far cry from the now defunct target of 5%. Whilst I've said patience is required here I would still be critical of the trusts performance with regards to the almost negligible growth rate in NAV. At year end it was 117.6p, five months later it's barely changed. Given we're just a month away from Interim cut off point of 31 March [half year report published three months later] it's looking odds on for another period of non-growth. Note two years ago [Sep 2020], around the time ADIG changed investment strategy, NAV was 113.4p. Since then little progress has been made, NAV increasing just over 4p [3.57%] during this period [very poor considering the market has bounced back strongly from Covid lows]. I’d like to see both Nalaka De Silva and chairman Davina Walter acknowledge this sluggish progress rather than pulling the wool over investors eyes with manipulated data. The double digit growth rate they quote is merely attributable to the inclusion of the healthy dividend income. Strip this out and the key stats reveal a pretty unspectacular performance this past 12 months with share price down 13.66% and NAV barely changed. Forget about Private Markets for a moment, why aren't Equities or Credit Income having a positive impact on NAV? For these reasons it’s easy to understand why many shareholders are dissatisfied at present. |
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