Looks like about 65p in total then. Whilst it’s one of my largest individual holdings I probably should have bought more below 50. Not a huge gain, but it was close to a sure thing.
Who is going to hold on and wait for the end? May sell some today depending on the spread |
Big big volumes today at close |
I just bought a few more. For those trade watches it was the 33.3k showing as ?
Could move rapidly from here. |
NAV 73p. c. 71p (without moorland)
10% discount for a quick sale ....64p....sell moorland c.66p
So 64p-66p looks like the range.
I didn't vote to merge with CREI as I couldn't decide either way .
When they said they would go for a "managed" sale I did not want or expect this.
However we are where we are and 65p would match the current CREI price.
I don't believe that any serious efforts have been made to come close to maximising shareholder value.
On a personal note I was all out in early 2023 and bought 50% of my current holding over the next year .
The remainder of my holding was acquired in seven trades from April of this year.....four at under 50p.
I was certainly prepared to wait this out for a full year/18 months but it is now obvious that the people running API have a different agenda. |
Depends on what your expectations were - my largest holding, & mine will be met at eg 63p +1p +2p, if it comes quickly..
Fair point @mindthestash, but there's the time value of money.
What I would like to see is API test the better stuff on the market - have we ever seen it for sale? Without that, difficult to know a fair price. I don't trust management to tell me what that is.
As others have said - should have merged with CREI. Blocked by a small minority, and by the majority not voting. |
I’m hoping this is not a damp squib like Ebox |
Ultimately the faster they can pay down debt and wind up (now the decision made) probably the better from a cost perspective. |
I'd like to think 67-68 but with this board I'm seeing low sixties. Not a managed wind down but a shotgun.
I'm in no rush but I have the impression the board just want this finished quickly and these guys can smell it. I wish they were on my side here. |
They also sold Dover for £9.5m and Manchester for £4.3m since the last NAV, so can add maybe 20 to 25m to the rumoured 350m price tabled to get an all in value of say 67-68p |
Reading further they talk to expecting a capital uplift on sale making it one of their better investments |
Far Ralia is mentioned in annual report as being worth £8-10m and they have started marketing it |
Much what I came to - with possibly a dividend too, depending on timescale to complete. There's still cash coming in.
IHT changes would have an effect, BPR even more so, but I doubt RR will alter forestry tax breaks much. If she does, something W Ralia's size is corporate/carbon credits more than BPR/IHT. So an effect, but not huge IMO. I think they'll get what they paid for it. |
And what ever where they doing buying forests Still worse sins commited in the investment trust sector |
So looks like it's about 63p plus the forest No idea what a Scottish Forrest is worth, especially if there's no IHT breaks as of next month, but let's say it's £6m, then that ought to be c1.5p Against that the NAV does include disposal costs but not sure how any £350m offer works with those, worst case you'd imagine the Forrest pays for costs and we are left with c63p plus a div So I'm thinking a spread of 64-67 |
Thanks for this afternoon's contributions everybody. I accidentally sold most of my API holding a week or so back - fat finger event caused by heavy duty medication - have just corrected that and added some more for good measure. |
Silly article Aberdeen can't easily buy assets for itself out of its third party funds and API is a REIT so there's no tax avoidance going on with an off shore holding company The issue I would imagine is inheritance tax - come 30 October there's a good chance it's woth 40% less and some if the IHT break is removed |
"The basic elements of the the scandal concerning abrdn’s proposed sale the Far Ralia estate in the Cairngorms National Park are very simple. Having bought the land now known as the Far Ralia estate for a reported £7.5m in September 2021, Abrdn are now trying to dispose of it for £12m having in the intervening period been awarded £2,523,301.96 in forestry grants and registered the scheme under the Woodland Carbon Code. In effect Scottish Forestry, which is responsible for both the forestry grants system and for the Woodland Carbon Code, has been using its powers and resources to aid and abet private financial speculation in land" |
They have been working on this avenue for some time:
"The Board, with the Managers, are presently assessing a number of strategies for disposing of the property portfolio to maximise value for shareholders. This includes the potential for selling most of the portfolio in a single transaction, which were it to proceed, would likely be at a discount to the NAV, reflecting the value of a more immediate return of capital and the reduction of risk associated with individual sales. There can be no certainty that a portfolio sale can be achieved on acceptable terms." |
SpectoAcc - fairly standard practice in a (well organised) M&A situation to have an RNS written and ready to go out "off the shelf" in the event anything gets leaked - means it gets to market with the minimum of fuss and approvals as it's already 95% written. |
thanks CWA1, missed that |
where was the press speculation they mentioned?
I Posted above... |
Anyone prepared to venture a wild guess as to what Far Ralia might ACTUALLY go for? |
Market seems to have quite a muted response.
where was the press speculation they mentioned? |
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