Acencia Share Discussion Threads

[skyship] 21/6/2013 08:06

BT - they weren't mine!

[badtime] 20/6/2013 22:02

wonder where he picked up that 300k from

[papy02] 20/6/2013 20:45

impressive vote of confidence! The Sandalwood purchases as well, albeit somewhat drip drip.

[skyship] 20/6/2013 16:49

Share Dealing

On 20 June 2013 the Company was notified that James Le Pelley, the Chairman of the Company, through a joint holding, purchased a further 300,000 ordinary shares at 96.75 pence per share.

As a result of this transaction, Mr. Le Pelley's joint holding is now 898,740 ordinary shares, representing 0.77% of the Company's issued share capital.

[martincc] 18/6/2013 10:12

More buying by Sandalwood, 10K and 40K shares

[tiltonboy] 14/6/2013 11:59

SKYSHIP,

I think they will buy stock in the market.

I wonder how their managers have navigated these choppy waters of late!

[skyship] 14/6/2013 11:55

At 96.25p we are on a 10.9% NAV discount and the GRY = 14.27% including the 3.83% current yield.

Anyone else any ideas on what they may do after the end of June? I know Tilts thought they may get around the Tender Offer; but I still don't see how they can hope to do so...

[skyship] 14/6/2013 07:53

Yes, a pretty spectacular result for May:

=========================================
As at the close of business on 31 May 2013 the Company's Estimated Net Asset Value per share was as follows:

Ordinary shares - 108.06p

This reflects an increase of 1.7% versus the Net Asset Value per share on 30 April 2013.
==========================================

[gary1966] 13/6/2013 10:09

NAV now 108.06p.

[skyship] 10/6/2013 11:31

The latest portfolio summary from Saltus suggests that we will see another positive in the next NAV estimate - possibly due this Friday:

"Each of our model portfolios managed to navigate the market gyrations and all made positive returns in April. Gains across portfolios ranged from +0.5% to +2.8% on the month, compared to a return of +2.4% from the FTSE 100 for example (which retreated from an intra-month high of +7%). Year-to-date, Saltus portfolio gains are now in the range of +7.4% to +12% net of fees, reflecting the more positive tone seen in the markets seen since last summer."

[skyship] 01/6/2013 09:04

Good to see these ticking up to a new post-Lehmans high of 97p-98p

I'm hoping for a boring but rewarding continuation of the trend; with the only excitement being what will happen in June/July over that 20% return of capital commitment.

I don't see how they can fail to give us a tender offer @ c104p; though I suppose they could argue over the word persistently (see Header) and note that the NAV discount is now less than the 10% benchmark...

[skyship] 24/5/2013 13:48

Thanks to Kenny on the RECI thread for this interesting piece on Asset Backed Securities, inc. RMBS:

[hieronymous1] 22/5/2013 13:00

Skyship

Thanks for the brighttalk link. There were a lot of interesting investments mentioned besides ACD.

[skyship] 20/5/2013 18:12

Saltus Investment Update - 30minute Webinar

Presented by Simon Armstrong and David Cooke.

A great lesson in top quality investing.

Includes coverage of ACD...

[skyship] 14/5/2013 15:38

As at the close of business on 30 April 2013 the Company's Estimated Net Asset Value per share ex-dividend was as follows:

Ordinary shares - 106.27p

This reflects an increase of 0.7% versus the Net Asset Value per share (ex-dividend) on 31 March 2013.

[skyship] 11/5/2013 09:14

Closed out the week at a new post-Lehmans high of 96p Bid, ie 97.81p Bid allowing for the recent dividend.

Interesting to see that all-time high of 118p at the time of the IPO. That could well equate to our target liquidation price.

[spittingbarrel] 08/5/2013 16:28

I've just put my BOI divi into ACD

[skyship] 08/5/2013 13:09

Received my ACD dividend. A nice little bonus as I usually forget about dividend credits hitting the SIPP account...

[seekerofvalue] 15/4/2013 12:24

SKYSHIP,
I have sold three other investments over the last month and remain invested here. Their overall annual return and low volatilty remain appealing.

Related news:

Creditors set for Lehman Bros payout
April 15, 2013

A HOST of lenders to the European arm of collapsed bank Lehman Brothers were given a boost today after administrators said they expected to pay all their money back in full, ending years of confusion over the payout.

A variety of banks and fund managers will get a 100 per cent refund within the next two years after joint administrator PwC said a rapid acceleration of claim settlements since October had increased the odds of paying out to unsecured creditors. Tony Lomas, lead administrator called the move a "significant milestone" in the winding down of the defunct bank.

Lehman's demise in 2008 sent shockwaves around the world and kicked off a financial panic.

More than £12bn worth of claims have been submitted by unsecured creditors since then, and last year PwC paid a distribution of 25.2 per cent of funds back. It expects to pay two more this year, it said.

Around half of unsecured creditor claims are now held by distressed debt investment funds, which snapped up the claims from primary creditors such as hedge funds and investment banks.

On top of the full pay back of principal, creditors could also be in line for statutory interest payments of eight per cent a year which have been accruing since 2008.

A US judge is set to decide later this year if shareholders – who are owed around £1.7bn – or unsecured creditors should be higher in the queue to get any surplus money.

Moves to pay accrued interest from the past four-and-a-half years would wipe out any money available for shareholders.

[skyship] 12/4/2013 18:54

Yes - something in that range seems likely.

If you assume 10%pa portfolio growth whilst withdrawing 3.5%pa for dividends (3.69p in 2013 & 3.97p in 2014); then the 31st Dec'14 NAV would be c117p.

For my modelling income and growth in Q1'15 would cover any liquidation costs toward a payout on 31/03/15. 115p delivers a GRY inc. dividends of 14.5%pa; 117p delivers a GRY inc. dividends of 15.5%pa.

I have a 15% allocation so may not go any higher; however they still rate as a classic BUY in my book...

[tiltonboy] 12/4/2013 15:21

SKYSHIP,

Still hoping for a range of 115-120p on the basis of the underlying managers impressive track records.

[skyship] 12/4/2013 14:56

ACD has again demonstrated its good value. The March NAV rose 1.3%, making
a gain of 3.81% in Q1'13.

All the info is in the ACD Header and thread, so, with a likely liquidation
date at or before 31/03/15, a final payout is looking fairly conservative
at 115p versus today's figure of 107.32p (105.51pXD). That would give
a GRY of 10.51% at 94.5p. Add in the 3.75% dividend yield and the GRY
rises to an even more generous 14.26%pa for the remaining two years.

With the debt market still so strong and the US debt market especially
attractive, that target 115p could well push ahead to nearer 120p.

Tiltonboy - do you perhaps have an updated view or personal target on this aspect?

Use this link for the recent Prelims to 31/12/12 (Also now in the Header):

[skyship] 12/4/2013 10:47

107.32p - so better than I thought; makes up for the slightly disappointing February! Real XD NAV is now 105.51p.

[badtime] 12/4/2013 10:24

Well sky u got the NAV about right

[skyship] 11/4/2013 13:52

BT - thnx for that - it's already on the SL thread. Looked at it ages ago & again when NJG bought his stake. Decided, incorrectly, not to follow him!