Acencia Share Discussion Threads

[redhill9] 22/8/2014 08:57

Updated NAV at end July now reported as 111.71p, up from 111.65p end June so almost no change.

As at the close of business on 31 July 2014, the Company's Final Net Asset Value per share was as follows:
Ordinary shares 111.71p

[skyship] 21/8/2014 08:14

For immediate release - 20 August 2014 :

2014 Interim Dividend

The Board has declared an interim dividend for 2014 covering the period of the half year ended 30 June 2014 of 1.99 pence per share.

The dividend will be paid to shareholders on the register on the record date of 29 August 2014. The shares will have an ex-date of 27 August 2014 and the dividend will be paid on 26 September 2014.

==================================

So, parity for the end August NAV will be 109.72p

[skyship] 14/8/2014 15:32

Exactly - a slower month, but still in the right direction:
==========================================================

14 August 2014

As at the close of business on 31 July 2014 the Company's Estimated Net Asset Value per share was as follows:

Ordinary shares - 111.72p

This reflects an increase of 0.1% versus the Net Asset Value per share on 30 June 2014.
==========================================================

Incidentally, the Interims are likely to be tomorrow or Monday, so just 2 weeks until the next XD date.

[tiltonboy] 14/8/2014 14:48

Re-assuring NAV announcement!

[redhill9] 06/8/2014 12:20

Skyship, agreed. It will be interesting to see the next NAV announcement (due last week of month?) as any upward movement will make the current share price look very good value on GRY basis.

[skyship] 06/8/2014 11:07

To my mind today's RNS provides the definitive answer to the question of any NAV write-down subsequent to the Argentine problems. No such concern:
======================================================================

6 August 2014

Transaction in own shares

AcenciA Debt Strategies Limited announces that on the 5(th) August 2014 it acquired 150,000 ordinary shares of nil par value ("Shares") for cancellation at an average price of 106.00p per share, representing a 5.06% discount to the net asset value per share as at 30th June 2014.

[praipus] 05/8/2014 17:02

all sorted :)

[ursus] 05/8/2014 17:00

Oh Priapic one...

the RNS published with the date 29 July. You are of course right abt the earlier one

[praipus] 05/8/2014 16:49

Ursus and skyship which Weiss RNS are you refering too?

This is a reduction


Less shares and smaller %, they may have sold to the company.

Second RNS as you say allowing for reduction in shares in issue (I had missed this one).

[skyship] 05/8/2014 16:37

Seems like a good explanation of what is going on with the Argentinian debt position:

[envirovision] 04/8/2014 10:34

A purchas at 106.5 may yield 5% in a 6 month period, I've added.

[skyship] 02/8/2014 13:38

It would seem so, especially if we see another buyback. I was going to make the same point as Redhill; but wasn't sure of the exact timing of the default - which is surely only technical in any event...isn't it just a delayed settlement for the non-standouts rather than a default?

I thought the default was in respect of the stand-outs, ie the Springer hedge funds who bought the debt at a mere fraction of par.

[envirovision] 01/8/2014 23:11

So its a good time to add then.

[redhill9] 01/8/2014 16:59

Thanks Skyship for information about Argentina default exposure.

I was surprised at any concern as ACD have still been buying back stock after the announcement of the default and I wouldn't have thought they would do that if they knew they were seriously exposed, i.e. to the extent that the previously announced NAV (which they are using as their measure for the buybacks) was likely to reduce significantly as a result of the default at the next valuation date of 31 July. If the NAV did reduce, with a corresponding impact on current share price, they would look rather foolish having been buying at 106.90p on 31 July.

[skyship] 01/8/2014 15:12

# Correct - Weiss holding unchanged, just crossed north of 10% due to the share cap reduction arising from buybacks

# Argentina - looking through the business profile, the funds held by Saltus/ACD do not invest in sovereign debt, so unlikely to be affected by the default.

Still, no reason not to be over-cautious and take money off the table. I hope the Company will be hovering up the cheap stock.

[stupidboypike] 01/8/2014 14:13

Anyone know the exposure to Argentina? I've just dumped all my ACD on better safe than sorry principle. Might have over-reacted, but I'm out with a decent profit at least.

Best regards SBP

[seekerofvalue] 01/8/2014 13:11

I reacted to the Argentina default by reducing drastically the number of ACD shares I hold.

[ursus] 01/8/2014 12:08

I don't think Weiss have sold - just crossed a percentage line because of the company's buybacks.

[skyship] 31/7/2014 20:47

31 July 2014

Transaction in own shares

AcenciA Debt Strategies Limited announces that on the 31(st) July 2014 it acquired 120,000 ordinary shares of nil par value ("Shares") for cancellation at an average price of 106.90p per share, representing a 4.25% discount to the net asset value per share as at 30th June 2014.

[praipus] 28/7/2014 17:01

Weiss and Paribaa trimming hmmm

[skyship] 28/7/2014 09:48

28 July 2014

Transaction in own shares

AcenciA Debt Strategies Limited announces that on the 25(th) July 2014 it acquired 250,000 ordinary shares of nil par value ("Shares") for cancellation at an average price of 107.00p per share, representing a 4.16% discount to the net asset value per share as at 30th June 2014.

[skyship] 24/7/2014 12:25

24 July 2014

Transaction in own shares

AcenciA Debt Strategies Limited announces that on the 23(rd) July 2014 it acquired 500,000 ordinary shares of nil par value ("Shares") for cancellation at an average price of 107.25p per share, representing a 3.94% discount to the net asset value per share as at 30th June 2014.

[scottishfield] 22/7/2014 11:44

edison note out today

''AcenciA Debt Strategies - Selecting active debt-focused managers Click for report

AcenciA Debt Strategies (ACD), a closed-ended investment company, provides exposure to a range of mainly debt-oriented strategies via a portfolio of carefully selected hedge funds. These managers are generally closed to new investment and actively seek to exploit both long and short opportunities with the potential to benefit from positive, negative or more volatile markets. ACD therefore provides a differentiated proposition with the option for a full capital return in January 2015. A continuation class of shares is also likely to be made available.

ACD invests in an actively managed portfolio of mainly debt-oriented hedge funds and targets annual returns in excess of three-month LIBOR plus 5% over a rolling three-year period, and annual standard deviation of under 5%. The annual management fee is 1% and the manager is entitled to a performance fee of 10% in excess of a 3% hurdle rate and subject to a high-water mark (103.38p at 31 December 2013).''

[badtime] 22/7/2014 10:18

pffft..just a few k on my part...found down the back of the sofa :)