Acencia Share Discussion Threads

[seekerofvalue] 09/11/2012 12:59

ACD holding up well under present market conditions.

Related news:

Reformers Eye Distressed-Debt Investors November 8th
Do hedge funds and other buyers of the securities of failed companies adversely affect the bankruptcy process?
CFO.com (



Oaktree Posts $368M Profit, Holds Final Close on Distressed Debt Fund
November 6th

[tiltonboy] 08/11/2012 17:33

SKYSHIP,

I've looked back for a lumpy trade, but no sign of it so far. Most likely will be a delayed trade and may show in the next week. On the back of that announcement I put a cheeky bid in but didn't get hit. All the 83 bids got hit today.

[skyship] 08/11/2012 14:48

So, bye bye Seven Inv. Management. They sold half their holding some time back, though can't find it at the moment. Now their balance of 9.7m (8%) has gone in one block. Where to is the burning question...

[tiltonboy] 02/11/2012 17:09

briggs,

In both. SIGG look interesting at these levels.

[briggs1209] 02/11/2012 17:06

Nice thread, thanks for posting. Anyone here still in SIGG.L - any thoughts about being in SIGG compared to ACD ?

[seekerofvalue] 25/10/2012 15:06

Distressed debt appears to be back on the agenda for investors and hedge funds.

Related news:

Carey Olsen advises Insight on distressed consumer debt fund Oct 25


Oaktree Seeks Money for Emerging Markets Distressed Debt Oct 24


Hedge Funds Hot for Ailing Greece's Debt Oct 23

[skyship] 15/10/2012 07:33

End Sept NAV up 0.9% to 100.52p:

[skyship] 26/9/2012 18:53

Surprised not to see an RNS following that 1m purchase at 84p back on the 21st - thought it might have been a buyback - seems not to have been the case...

[badtime] 17/9/2012 11:09

toying with whether to add or not ...hmm

[skyship] 13/9/2012 17:41

NAV neatly recovers the 1.73p dividend which we receive in c2weeks:

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

13 September 2012

As at the close of business on 31 August 2012 the Company's Estimated Net Asset Value per share ex-dividend was as follows:

Ordinary shares - 99.47p

This reflects an increase of 1.4% versus the Net Asset Value per share (ex-dividend) on 31 July 2012.
====================================================================

[badtime] 13/9/2012 09:01

NAV for end of august released...no problems there

[skyship] 29/8/2012 12:24

AH! - so they are - thnx for reminding us BT:

=============================================
Dividend

In line with its policy to pay annual dividends totalling 3.5% of the Company's net asset value by means of six monthly interim and final dividend payments, the Board is pleased to declare an interim dividend of 1.73p per share. On an annualised basis this represents a dividend yield of 4.3%, based on the closing share price of the Company of 81.25p on 15 August 2012. The dividend will be paid on 28 September 2012 to ordinary shareholders on the register at 31 August 2012. The ex-dividend date will be 29 August 2012.
=============================================

[badtime] 29/8/2012 10:42

exdiv today

[skyship] 22/8/2012 08:25

Final NAV as at end Jul'12 matches the 8th August estimate:

===========================================================
As at the close of business on 31 July 2012, the Company's Final Net Asset Value per share was as follows:

Ordinary shares - 99.81p
===========================================================

[badtime] 17/8/2012 21:32

Thanks sky...read the results and thought I must have dreamt it...wen I get some money back on HPEQ I will look at the idea of adding to my position here

[skyship] 17/8/2012 11:11

Badtime - Yes, ACD are in wind-up mode - see this from last September when the wind-up was effectively deferred:

===================================================
The Continuation Proposals comprise three elements:

-- the Company's articles of incorporation be amended such that the Board is required to hold a vote in September 2014 for the Company to be wound up with effect from 31 December 2014 (with votes on such resolution being weighted such that if any Shareholder votes in favour of winding up, the winding up resolution will pass);

-- if during the six month period to 30 June 2013 the Company's Shares have persistently traded at a discount of more than 10 per cent. to the Company's Net Asset Value per Share, the Board will seek to return capital in respect of up to 20 per cent. of the Company's Shares in issue as at 30 June 2013; and

-- the renewal of the authority to repurchase up to 14.99 per cent. of the Company's issued share capital to enable the Board to maintain this programme if the Shares continue to trade at a significant discount to NAV.
==============================================================

Agreed that the Interims didn't reiterate the full position; but the fact is that we are likely to see a 20% payout next summer unless the discount closes with a rise into the high 80s. Thereafter we are looking to wind-up and payout in late Spring'15.

So we have a running yield of 4.3% + growth of well over 5%pa. With portfolio gains I suspect we are looking at a GRY of c12% here, certainly 11%.

Well pleased to get a small top-up @ 81p today.

[badtime] 17/8/2012 09:52

hmm,,i think i must be having a 'moment' were ACD winding things up?

[skyship] 14/8/2012 15:55

Saltus, our investment managers, have added another 513k - see Header RNS

[skyship] 13/8/2012 16:33

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
13 August 2012

As at the close of business on 31 July 2012 the Company's Estimated Net Asset Value per share was as follows:

Ordinary shares - 99.81p

This reflects an increase of 0.7% versus the NAV/share on 30 June 2012.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

[skyship] 02/8/2012 13:07

A tick up and a nice tight spread: 81.4375p-81.75p

[skyship] 27/7/2012 14:19

Exchanged emails with the Company today. We will shortly find it easier to see their Monthly Factsheets:

"Apologies that you have been unable to view the Acencia factsheet. We have recently been in the process of carving out the Credit Area of our website from our main one. However, the Acencia.co.uk website is due to launch early next week which will hopefully prove more informative to you."

[tiltonboy] 24/7/2012 14:12

No, I was the buyer at 80p yesterday.

[skyship] 24/7/2012 13:54

Perhaps you getting that 50k @ 79.875p. Well done you...

[tiltonboy] 16/7/2012 14:56

A shed load of stock on offer again! Picked up a few just below 79.25p.