Acencia Share Discussion Threads

[skyship] 19/1/2015 17:21

111p mid-Feb - good result for all surely:

[tiltonboy] 15/1/2015 09:23

Looks like they will just come out with the Final figure then, which is normally announced around 22nd of each month.

[ursus] 15/1/2015 08:53

Nothing emerged yet...

[tiltonboy] 13/1/2015 15:06

Should get preliminary NAV figure tomorrow.

[envirovision] 13/1/2015 13:21

Tender Offer will be implemented early next year, with the proceeds thereof credited to CREST accounts or paid by cheque to participating Shareholders on or around the week commencing 26 January 2015.

[boadicea] 06/1/2015 20:16

Perhaps it will. The answer could be to 'reinvest' the proceeds before you get them. The asset value should already be fixed as at 31st Dec, but not yet calculated. The company accounts are in sterling so I assume there should be no exchange risk to be carried by the shareholder.

[envirovision] 06/1/2015 11:12

Hmm, looking at the share price why do I get the feeling that discount window will close come our pay day!

[boadicea] 05/1/2015 20:04

envirovision - That could be an attractive option.
If my cash prediction is correct (big 'IF') and one can buy more for 105p or a shade less, then one could increase a holding from say 1000 shares to around 1050, or proportionately slightly better for larger quantities (due to fixed broker fee.) It helps that ACD suffers no sdrt.

[tiltonboy] 05/1/2015 19:10

I wouldnt rule it out in the future, but do not envisage coming back in, in the short term.

[envirovision] 05/1/2015 19:05

Will anyone be taking their payout and re-investing it here ?

[boadicea] 05/1/2015 18:20

We should get the estimated pay-out figure by the end of next week and the confirmed value typically 6 days later.
The prime mover appears to be currency rates (US$?) which moved 2% in our favour between end Oct and end Nov. It has moved a further 0.77% approx during December, but unfortunately the latest rise (=fall in pound) has been since the year end.
Hazarding a guess at the payout valuation (and purely for something to look forward to) I would suggest about 111.6p.
If I'm using the wrong currency or other factors intervene my estimate will be wrong - so don't rely on it!

[nk104] 31/12/2014 15:09

Thanks SKYSHIP. I think I would wait with ACD until there is the prospect of another windup (or at least a sizeable discount). DREF does look interesting though.

[skyship] 27/12/2014 14:10

NK - One could always take the redemption cash and then reinvest back into ACD for the next 3-yr run.

Two alternatives worth looking at (and I hold both) might be DREF & LBOW.

Let us know if you find any others...

[nk104] 16/12/2014 12:10

That's a piece of good news, must admit I thought there was some jiggery-pokery underway.

Just got to work out what type of similar vehicle to put the proceeds into.

[envirovision] 15/12/2014 15:22

Ahhh....thanks for reminding me;)

[tiltonboy] 15/12/2014 14:14

enviro,

I'm missing you winding the residents up at SPL. Got your call wrong on NBU ..lol...

[envirovision] 15/12/2014 14:03

Good news.

[tiltonboy] 15/12/2014 13:44

Conspiracy theories out the window after that NAV announcement.

[ursus] 12/12/2014 14:31

We shd have an NAV update soon - hoping for recovery from the end Oct figure....

[boadicea] 28/11/2014 18:15

We shall all nominally receive the same (to within 0.05%) based on the valuation at that date, but those cashing up will receive 99.95% of it in cash and those staying will receive 100% of it as shares in the continuing vehicle.
The continuing vehicle may subsequently acquire a 'going concern' valuation premium above the payout calculation which will not be available to those that left.
The 'per share' valuation basis of the payout to those leaving is the operative question. I don't know what degree of flexibility there is in arriving at the 'net asset value per share' that will be used.

[corbeta] 27/11/2014 18:42

Thanks for your input.

I had considered that we should all receive the same as the NAV
at financial year end will have to be audited and so no room
for manoeuvre. Probably naive.

[boadicea] 26/11/2014 23:49

corbeta - In principal, yes.
However the net asset value of a business in liquidation is assessed with a rather different view from one assessed as a going concern.
In the case of a partial liquidation which, in effect, is the case here there must be a certain (or should that be 'uncertain') ambivalence.
The fear is that ongoing holders will gain an advantage at the expense of those leaving by having the end December valuation assessed on a liquidation basis while subsequently reaping the benefits of a going concern.

So it appears to boils down to a question of how much latitude exists in taking a view of net asset value - and I don't know the answer to that.

[corbeta] 15/11/2014 10:46

This is from the 5/9/14 RNS:

- Those Shareholders not wishing to maintain their full investment in the ongoing vehicle will be able to tender all or some of their shares for repurchase pursuant to a tender offer which the Company will undertake. The tender price will be the Company's NAV per Share as at 31 December 2014 less 0.05 per cent. of such NAV to reflect a fair contribution to the costs of the proposals.

It seems to me that if you are staying or going the NAV at year end is
applicable to both.

Any views?

[tiltonboy] 15/11/2014 00:15

Disappointed but not surprised. Let's see how the last two months work out.