Acencia Share Discussion Threads

[boadicea] 12/6/2015 07:44

Good to see that the company is following up on its promise to buy in to limit the discount to nav.
Some here will have got a btter price than they did this week, which is good at a personal level although we have to remember that the company is buying on behalf of all shareholders and should get the best price available.
I assume there will be a further provisional nav publication shortly and would expect it to confirm the approx discount to be still rather more than 5%.

[eeza] 11/6/2015 20:27

What can you say?


Lol !!!!!!!!!!!!!!!!

[jagworth] 11/6/2015 16:31

It’s all about risk and return and some people can make a lot of money from distressed assets and the other hedge fund investments. For the shareholders there are a lot of things that can go wrong.

This is some information on the distressed part of the portfolio (about 15%)
Across our underlying fund managers’ portfolios, Lehman Brothers continues to be a significant position....

Another noteworthy position is in the debt of Argentina...

..some of our underlying fund managers purchased debt securities of the now
bankrupt Indiana Toll Road Concession Company..

...There have been several new distressed situations emerge towards the end of 2014, including bankruptcy of Caesars Entertainment Corporation (‘Caesars̵7;). Caesars demonstrates the significant complexity of bankruptcy proceedings ...

..Another fund manager believes that compelling investment opportunities exist within the Puerto Rican municipal bond structure...

...managers are beginning to assess potential investments in peripheral European countries, particularly in Italy and Greece...

... Within the European distressed strategy, bonds in the German cable operator, Orion Cable GmbH, rallied amid speculation of further consolidation within the German cable market...

.... Tier 1 bonds (which are a measure of a bank’s financial strength) in Banca Monte dei Paschi di Siena SpA, an Italian lender, rallied as the company completed a €5 billion rights issue, which helped stabilize the bank’s solvency..

[badtime] 11/6/2015 16:02

To continue this popular theme..I see the share price is 'blue' ..there's a connection there

[asmodeus] 11/6/2015 14:50

I dare say there has been some reluctance to buy for fear of it going tilts up.

But I have now got back in. :)

[skyship] 11/6/2015 12:48

This perhaps suggests ACD are now worth buying again @ 104p:
============================================================

TRANSACTION IN OWN SHARES

11 June 2015

Acencia Debt Strategies Limited announces that on the 10(th) June 2015 it acquired 100,000 ordinary shares of nil par value ("Shares") for cancellation at an average price of 104.34p per share, representing an 8.05% discount to the net asset value per share as at 30th April 2015.

[eeza] 10/6/2015 09:52

Thought you'd fell out with him.

Fancy, calling him a tit.

Lol !!!!

[badtime] 10/6/2015 09:49

Ooops...typing on ye phone just isn't my thing...edited ..thanks for pointing it out :)

[badtime] 10/6/2015 00:18

Surprised Tilts isn't back in

[skyship] 09/6/2015 19:23

Bought a few @ 103.75p today...

[boadicea] 09/6/2015 10:39

Looks like a good time to top up at 104p if you can get it.

Edit: 103.6p ... even better!

[boadicea] 05/6/2015 19:59

The next vluation report will be interesting in relation to their 5? maximum discount objective.

[my retirement fund] 03/6/2015 23:40

Crikey down to 104 on the offer, any lower and this might be worth considering again.

[ursus] 02/6/2015 15:44

This seems to bounce about these days....

[boadicea] 18/5/2015 22:45

This linked graph shows the dollar/sterling fx over the past 6 months. To see the close, but slightly delayed (about 7 days), correspondence of the ACD sp, click on the 'overlay' tab and enter ACD [return] in the first box. The green line does gradually rise above the fx (black) line indicating the advance of ACD in dollar terms.

[boadicea] 30/4/2015 12:20

The Annual Report -


It's rather hard going beyond page 9 (= page 11 of the pdf file). However, there are interesting charts on page 8 (=pdf page 10) showing asset types (there are both long and short positions) and geographic allocation.

The explanation of the relative volatility of the sterling asset values (and consequently the sp) becomes clear from the hedging statement on page 4 (= pdf page 6) when considered in relation to the geographic asset distribution, i.e. sterling asset values bob along on the fx value of the pound, mainly against the dollar. So from the holders viewpoint it is something of a hedge against a declining pound.

The company's approach to risk and its management are outlined briefly on page 12 (= pdf page 14).

[tiltonboy] 20/4/2015 12:06

jeez, that's a big number!

Looks like I should have held on.

[deadly] 17/3/2015 16:30

It's taking off today, trying to catch up with NAV suddenly.

[boadicea] 16/3/2015 15:16

However, the sterling figure translates as a fall from the revised January value of £1.1438.
Then again, translated at today's cable (£=$1.4771), sterling comes out as £1.1896.
What happened to the 5% max discount target which would raise current share price to 113p?

It appears that either the assets are denominated in US$ or any that are not so denominated are hedged to the US$. Consequently the sterling equivalent floats on cable.

[skyship] 16/3/2015 12:05

Pretty impressive NAV performance:
==================================

16 March 2015

As at the close of business on 27 February 2015 the Company's Estimated USD Net Asset Value per share was as follows:

USD 1.7571 (GBP 113.82p)

This reflects an increase of 2.01% versus the USD Net Asset Value per share on 30 January 2015 (USD 1.7225).

[envirovision] 10/3/2015 00:27

The discount window is produced by these funds are they expecting a tender?

[boadicea] 26/2/2015 09:40

The questions I raised above are partially answered, viz. about currency hedging and quotation of nav in US$, in the continuation proposal letter of 5th Sept. I reproduce an extract as a reminder of current policies.

"The continuing vehicle will have an amended fee structure, with the performance fee calculated (i) on the basis of a US Dollar per Share NAV rather than a Sterling per Share NAV, (ii) by reference to the lower of NAV and market capitalisation (rather than solely by reference to NAV as at present) and (iii) by reference to a five per cent. compounding hurdle (rather than the current hurdle of three per cent. over the immediately preceding accounting period)

- The continuing vehicle will implement a new discount control policy, adopting a maximum discount target of 5 per cent.; undertaking share buybacks to support this target; and putting forward a continuation vote at each annual general meeting..."