Abrdn European Logistics... Share Discussion Threads

[rimau1] 28/11/2024 08:31

Wind-down was approved 23 July people. Correct....the usual folks here appreciate that a managed wind down takes time to maximise returns whilst sweating the assets and continuing dividend payments. Orderly and controlled. We don't want a fire sale to PE or an all-share REIT offer so this is the reality. Hence my comment that the BAU business is strong. Anyone invested for a quick 10percent in 12 months should move on. Anyhow marketing property in December is also pretty pointless with holidays so expect activity to really get going Q1. Treat this as a high yield corporate bond and switch off. Rant over.

[skyship] 28/11/2024 08:22

Agreed, the business looks fine; but personally feel they are being rather lackadaisical over disposals:

The Manager has commenced sales processes for six assets and current indications are that there is a good level of interest across the range of quality warehouses that the Company owns. The Manager is in advanced stages regarding the disposal of three assets with letters of intent expected to be signed shortly and further details on disposals will be released as these conclude. Sales processes for a further three assets are due to commence in early-January.

[stolenscone] 28/11/2024 08:21

6 months in, and they are close to maybe agreeing heads of terms for 3 assets and thinking of bringing another 3 to the market in another 6 weeks' time?

Nobody wins in a fire sale, but this is a snail's pace.

[stolenscone] 28/11/2024 08:17

"Ignore the wind down...". But isn't that rather the point ar the moment? In real terms, the NAV is creeping up (when you exclude wind down costs), and they seem to have done a couple of good lettings in Spain, which will add a bit more turnover and hopefully help to support values for that asset.

But weren't we promised someone kind of progress report on the wind down? Sure, there's a bit of chat about how the mechanics will work, but that's housekeeping. I had rather hoped for some kind of meaningful update on a disposal.

All in all, the update felt a bit like "business as usual" which isn't where they are in reality at the moment.

I had hoped for a bit more from update.

[spectoacc] 28/11/2024 08:14

94% rent collection, and seemingly only just getting round to marketing some of the properties (why?), but agreed - should be up on that IMO.

"The Manager is in advanced stages regarding the disposal of three assets with letters of intent expected to be signed shortly and further details on disposals will be released as these conclude. Sales processes for a further three assets are due to commence in early-January."

Good to see divis continuing at a reasonable level in the meantime.

[rimau1] 28/11/2024 08:10

Ignore the wind down and the BAU business is in really decent shape with an excellent debt profile, Spain in particular looks good. What is not to like here when you throw in a managed wind-down. I just want API to complete to switch more funds into ASLI before the market twigs

[mr roper] 28/11/2024 08:05

Decent update today.

[feuille] 24/11/2024 11:29

You're a nut case , pvb.
You have no grip on the real world. I'm certain you are certified.

[pvb] 23/11/2024 17:56

feuille 19 Nov '24 - 10:02 - 585 of 609

I keep the company of people who speak sense.

Some might wonder what you are doing on ADVFN then. ;-)

[joey52] 22/11/2024 14:52

Result of meeting this morning

[williamcooper104] 22/11/2024 09:47

No reason for them to delay announcing sales until they get the B shares passed If they've exchanged they can announce It's only if they are going to return capital right away that they need the Bs approved

[stun12] 22/11/2024 09:41

Yes, 10am. I did wonder whether ASLI was waiting for the motion to pass to announce some asset sales, but I have no solid information to base that on.

[sjl301] 22/11/2024 09:18

Isn’t there a meeting today for the B shares… should we expect news from that?

[llef] 22/11/2024 09:14

Very poor European PMI nos this morning, which can't be good news for ASLI's sales team.

On the other hand, the bad PMI nos have increased chances for a 50bp cut by the ECB in December, and 150bp of cuts are priced in for 2025, which should encourage buyers financed by debt.

An update of any sort by ASLI would be nice really....

[skyship] 20/11/2024 15:22

speedsgh - thnx for the Header update

[pavey ark] 20/11/2024 12:19

I did know their REIT statutes but dragged this from memory and got rather mixed up:

"Distributions will be required to ensure that the Company's investment trust status is maintained"

Thanks for the info.

Now all eyes on Friday.

[speedsgh] 20/11/2024 10:59

Header updated to include links to more recent news releases and extracts:

~ Strategic Review (rns 27/11/23)
~ Conclusion of Strategic Review (rns 20/5/24)
~ Publication of Circular and Notice of GM (rns 5/7/24)
~ Half-year Report (rns 27/9/24)

[williamcooper104] 20/11/2024 10:44

Yep which means they do have capital gains tax to pay on winding up Good news is that this is now in the NAVBad - is that tax disputes could mean it takes longer to get the whole wind up done

[speedsgh] 20/11/2024 10:35

Pavey - Note: ASLI is not a UK REIT

[pavey ark] 19/11/2024 20:03

Well it's a year since they started the ball rolling and c. six months since they went for wind down.....time something happened.
I say this just viewing the facts/announcements .....I'm just in here so can hardly complain.

What I can complain about is the guidance given on dividends.

I've read the dividend announcements...looked at past payments...taken into account the previous uncovered portion....looked at their legal requirements regarding REIT status and rather unsurprisingly I don't really know what to expect.

My timescale is a rather short six months .....if no news of sales (hopefully at a good price) then I will probably assume that ABRDN have worked their usual magic and get out......hope springs eternal though !!!

I did make a nice turn on API....still assuming c.64p

Although I am rather taken by this B share announcement ....even this crowd wouldn't say "this is how we are going to return cash to you......oh no sorry we don't have cash or any immediate prospect of cash but if we ever get some this is how we will return it".

Wait a minute....just had a rethink.....yes they would !!!

[pyufak] 19/11/2024 17:33

no, nothing company specific. I have previously mentioned that last year's results were announced on the 27th of Nov. In the wind up announcement they state - 'initial capital return at the latest in early '25' so I think perhaps some expectation of news soon. I have been thinking of toping up on the above logic myself - that we have to get news soon, but have refrained due to the price action and was at my normal allocation for off-benchmark trades and will want confirmation before going above it.

[badtime] 19/11/2024 16:26

Any company specific news?