Abrdn European Logistics... Share Discussion Threads

[joey52] 23/5/2025 17:28:55

Thanks Skyship, you've answered a question I've been asking
myself all week

[skyship] 23/5/2025 13:54:03

Wind-down slower than anticipated - we are now 10months down from the shareholder vote; yet very little has happened.

Still, the passage of time now means these are now likely on a GRY of 25% to pay-out in 9-12months.

Risk/Reward suggests these are an even better buy now than 10months ago - so added today.

[pyufak] 23/5/2025 08:54:23

This has a bid undercurrent - I am guessing ahead of trading update expected next week based on historic timings. The one thing to temper expectations is that if sales were completed they should be announced via an RNS immediately given they are price sensitive information but let’s see - should at least be an update on the status of the sales in DD and any further progress. Hoping to see headline contracts signed at the least

[cousinit] 20/5/2025 11:36:15

If the US presses the tariff panic button again, that should make Europe appear to be a saner trade partner to the RoW.

I'm far happier that these are logistics parks in Europe rather than the US.

[pyufak] 20/5/2025 10:33:10

It is fine to collect the dividends in a low volatility environment. However, the risks of delay are hammered home by Trump's April episode and there really is little excuse to take such a large, needless risk which could have been easily mitigated by been very proactive on a third of the portfolio.

IE. sell a third of properties at NAV would mean that is it is incredible unlikely to realise below the prevailing share price at wind up announcement

I think given the above and should ASLI not make further sales before the 90 day tariff window expires it is pretty inexcusable risk management from the board. Perhaps the incentive fee structure which incentivises them to beat NAV is causing them to drag their feet. I mean if they take 5 years inflation would give them quite the windfall

[mr euro] 20/5/2025 07:20:36

Wishful thinking perhaps however I was hoping the delay in progress was to negotiate a lump sum deal. They initially stated an update would be made by the end of Q1 2025. If this isn't the case we can rightly start to question just WTAF they have been doing for the last 9 months.

As others have said, as long as they get close to NAV I don't mind waiting and collecting the divi's en route. This is my largest holding by some distance.

Would be nice if this is complete by this year end.

[sigmund freud] 19/5/2025 16:47:10

thanks sjl. i would interpret "overall outcome remaining positive" as something close to NAV or slightly above

once the school holidays start, nothing happens, because there will be some crucial step awaiting someone's return from hols

companies do start cutting staff in situations like this, so it gives motivation for those still in a job to do their best and not to sit around idly. "i exited positions of £xm in time y" also sounds better to put on your cv

[spectoacc] 19/5/2025 16:39:59

September more like late summer I'd say.

Either way, not too fussed that they're taking their time, we get the divi whilst we wait.

[sjl301] 19/5/2025 16:38:18

I just wanted to remind myself of the most recent update - this from annual report. This tells me an update should be due soon. "Late summertime" is what - end-August?

"Detailed due diligence is ongoing on three assets totalling approximately 90,000 square metres of rentable space, with further updates to follow as sales progress. The broader sales programme is designed to capitalise on the increasingly favourable logistics market, with the majority of assets expected to be either sold or under offer by late summertime. Available proceeds, after repayment of bank debt, will be returned to Shareholders shortly thereafter.

So far, bidding activity for the assets has been robust. While some locations naturally attract stronger offers than others, the overall outcome remains positive. However, some market volatility may arise following global tariff impositions."

AND

"At the time of writing this report the Company is in advanced legal stages on three further assets which are 'under offer'.

Four assets are currently at the second round stage of bidding, with a further twelve assets fully prepared and with agents."

[scrumpyjack1] 19/5/2025 16:04:46

I'm sure the apparent slowness of the wind up can have nothing to do with the fact that the managers only get paid while there are assets to manage? Doesn't worry me as long they get decent prices in the end and pay a tolerable divi in the meantime.

[sigmund freud] 19/5/2025 15:49:23

ebox took ages to sell their assets off and i thought that was going to be a quick deal. it wouldn't surprise me if this is similar. my assumption is that it will take 18 months from start to finish

[skyship] 19/5/2025 15:40:46

"Income will only diminish if they actually get their act together and get some of the assets sold!!!!"

Quite right - they seem to be moving at a snail's pace in that regard. No urgency whatsoever; totally betraying the wishes of shareholders from 10months ago!

[mr roper] 19/5/2025 15:12:44

Until.the it's 6.3% yield to.hang around. Im happy with that

[pyufak] 19/5/2025 13:29:24

'Following the approval of the managed wind-down process now underway, as the portfolio asset disposal programme continues, the income generated by the Company will diminish. As a result, the Company's ability to maintain the level and frequency of distributions will also decrease.'

income will only diminish if they actually get their act together and get some of the assets sold!!!! A problem I will happily have if it means we have realized assets sales close to NAV

[speedsgh] 19/5/2025 11:06:15

First Interim Dividend Declaration -

...The Board has declared a first interim distribution of 1.06 euro cents (equivalent to 0.89 pence) per Ordinary share, in respect of the year ending 31 December 2025 (Q4 2024: 0.97 euro cents), payable in sterling on 30 June 2025 to Ordinary shareholders on the register on 30 May 2025 (ex-dividend date of 29 May 2025).

Of this interim distribution declared of 0.89 pence per Ordinary share, 0.71 pence (equivalent to 0.85 euro cents) is declared as dividend income with 0.18 pence (equivalent to 0.21 euro cents) treated as qualifying interest income.

Following the approval of the managed wind-down process now underway, as the portfolio asset disposal programme continues, the income generated by the Company will diminish. As a result, the Company's ability to maintain the level and frequency of distributions will also decrease.

Distributions will be required to ensure that the Company's investment trust status is maintained through the process and may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investments trusts.

[pyufak] 15/5/2025 13:46:09

trading update should be late this month; will be a sales update as well - hoping for some information about advanced staged deals otherwise will be pretty bleak for this one

[sjl301] 15/5/2025 11:05:01

Drifting - this needs some news. When is the next divi likely to be declared?

[scrumpyjack1] 13/5/2025 09:02:39

Maybe the Chinese Walls are thicker nowadays than when I was in the City 40 years ago. They were certainly made of paper then!

[hohum1] 13/5/2025 07:10:48

Scrumpyjack - they are entirely separate entities within Investec. ASLI is being advised by the investment bank. The shares are held by the wealth management company. Both have large compliance departments to make sure information does not pass between the two. If the investment bank sounds out major shareholders as part of the strategic review, they will not give out price sensitive information. Shareholders consulted by the bank on a specific deal will not be able to trade the shares until the information is made public

[skyship] 10/5/2025 07:13:55

Investec/Rathbone merger necessitates sales where combined holdings exceed internally mandated limits

[scrumpyjack1] 09/5/2025 22:54:19

The RNS dated 20 May 2024 says it was Investec! There's a link to it above
"Following the commencement of the Strategic Review, the Company's Financial Adviser, Investec Bank plc ("Investec") has engaged with a significant number of interested parties with a view to facilitating an indicative proposal which would fulfil the Strategic Review's objective of maximising returns for Shareholders." blah.. blah....

So clearly they have inside knowledge?

[garbetklb] 09/5/2025 22:00:04

I don't recall Investec being involved with the review - and it doesn't sound v likely. Maybe journalistic crossed wires?

[scrumpyjack1] 09/5/2025 18:47:27

Am I right in thinking that it is Investec who have been dumping shares at a large discount to NAV and Investec who carried out the detailed strategic review. Do they know something we don't?

[mr roper] 09/5/2025 18:22:25

Picked up some more today.