Share Name Share Symbol Market Type Share ISIN Share Description
Acencia LSE:ACD London Ordinary Share GB00B0MSB420 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.62 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
0.00 0.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 5.40 10.17 15.9 86.0
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 USD

Acencia (ACD) Latest News

Acencia News

Date Time Source Headline
25/2/201908:15ALNCFAlliance News Flash Headline
06/7/201817:54UKREGAcencia Debt Strat Final Liquidation Distribution
06/7/201817:53PRNUSAcencia Debt Strategies - Final Liquidation Distribution
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Date Time Title Posts
07/1/201916:31Acencia - Good yield from liquidation of distressed debt portfolio699

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Acencia (ACD) Top Chat Posts

envirovision: Hmm, looking at the share price why do I get the feeling that discount window will close come our pay day!
redhill9: 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.
papy02: NAV up 1.6% to 106.81p. Share price down a similar %. (memo to self: write out 500 times "The market is efficient")
skyship: "Interim dividend of 1.87p declared, representing an annualised dividend yield of 3.8% based on the closing share price of the Company of 97.5p on 15 August 2013" Also a pretty positive Chairman's Statement. More than suggests further good upside for the NAV this year and next.
skyship: Edison have updated their report on ACD. Starts as below: ========================================================= AcenciA Debt Strategies - Performance continues, discount persists: AcenciA Debt Strategies (ACD), a closed-ended investment company, provides exposure to a focused range of predominantly debt-oriented strategies, particularly distressed debt, via a portfolio of carefully selected hedge funds. Performance continues to be positive in 2013 (+6.4% January to May), as it has in every year except 2008, with low volatility compared with equities (S&P 500) or high-yield US debt. Continuation of the fund beyond 2014 will require unanimous support from shareholders, which appears unlikely. A closing of the c 12% discount to NAV over the next 19 months would alone equate to a c 7.8% share price annual return, with dividends targeted to add a further 4% pa. 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). ====================================== The Report includes this important aspect: ====================================== Limited life of the fund: An EGM in September 2011 overwhelmingly supported the continuation of the fund but also approved a 'hard' continuation vote in late 2014, which will see the company wound up if any single shareholder votes for this. Moreover, shareholders voted in favour of a 20% return of capital in 2013 if the shares trade at a "persistent" discount of more than 10% in the six months to 30 June 2013. The EGM resolution stated: In addition, if in the six month period to 30 June 2013, the company's Shares have persistently traded at an average discount of greater than 10 per cent. to its prevailing NAV per share, the board will seek to return capital in respect of up to 20% of the company's shares in issue (as at 30 June 2013) as soon as reasonably practicable. The precise method of this return of capital will be determined at the discretion of the board at the time, based on their assessment of the most effective means of managing the discount but subject always, inter alia, to applicable law, regulation and cash being readily available for such purpose.
skyship: 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. =============================================
praipus: Thanks Seeker for the idea and Skyship for the thread. PI team_ work at its best. Looking at the ACD share register Newton Investment Manage_ment whom I consider an active value investor are the largest holder which I think should give PI's an additional degree of comfort. I'm tracking the rest of Newton's holdings here:
skyship: HEADER UPDATE: Feb’16 - Everything changed for ACD shareholders at the end of 2014. Whereas before there had always been the protection of a near-term redemption at the slowly rising NAV; post that redemption there was to be no such protection until the end of 2017. Also, in H2 2015 the debt & high yield markets entered a rabid bear market with the good being laid low with the bad due to Mark-to-Market regulations. The Circular below lays out the terms for ACD’s continuation post the Feb’16 Tender @ 111.06p . ACD - Continuation Proposals CIRCULAR: ======================================= 5 September 2014 Introduction Further to the Company's announcement of 21 August, in which it was noted that plans were being formulated to allow for investors to maintain their investment in the Company after 31 December 2014 (by which date the Company is currently required by its articles of incorporation to have entered into liquidation), the Board of Directors is pleased to announce that those proposals have now been finalised. A circular is being sent today to all Shareholders setting out the full terms of the proposals and convening a General Meeting of the Company on 25 September 2014 at which approval will be sought from Shareholders for implementation of the proposals. The Proposals Under the terms of the proposals: - The Company's articles will be amended to remove the requirement for a winding-up vote to be held this year, and to include a provision that a winding-up vote must instead be held in September 2017 for the Company to be wound up with effect from 31 December 2017 - The continuing vehicle will amend its investment policy and strategy to allow the Manager to run a more high-conviction and concentrated portfolio, and to remove the currency hedging currently employed - 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 - 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 - If more than 78,000,000 of the Company's 114,061,949 Shares in issue are tendered by Shareholders in the tender offer, the Company will instead move straight to a winding-up =========================================== Subsequently, on 12th Feb’15, it was confirmed that 51% of shareholders accepted the Tender and the issued equity was reduced to 55.665m shares. For a short time the shares traded at a premium to the Tender price, peaking @ 116p in May’15; but thereafter the Debt bear market took its toll on valuations. In £Sterling terms the share price was mercifully cushioned by the strong US$, so the fall of 27.7% from $1.80 in May’15 to $1.30 in Feb’16, translates in Sterling terms to just 19.8% from 116p to 93p. At the time of this update there is beginning to be talk (Goldman Sachs for one) that the fall in the debt market may have been overdone. If that proves to be the case, then with the Company again facing a wind-up in 22months time, the 14%+ NAV discount will begin to have some attraction. ================================================ REGULAR MONTHLY FACTSHEET UPDATEs are available from the company website: ================================================
Acencia share price data is direct from the London Stock Exchange
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