Acorn Income Fund Ld Share Discussion Threads

[rogerrail] 09/8/2021 14:28

Gone v quiet. What happened to the shareholders circular we were promised?

[riverman77] 04/8/2021 14:26

Can't see any compelling reason to vote for a continuation as it stands - liquidation would give immediate 15% uplift (20% discount less 5% costs) versus switching to a rather bland sounding global sustainable strategy, which would also be costly as they'd had to sell petty much everything and build a new portfolio.

[whilstev] 04/8/2021 14:09

NAV is currently over 20% above the share price. They need to come up with a cunning plan to convince share holders to vote for continuation.

[2wild] 04/8/2021 12:44

Cheers speedsgh

[speedsgh] 04/8/2021 12:39

The AIF website currently states:

Please note that on 17 May 2021, the Board of Acorn Income Fund Limited (the “Company”) announced a proposed change in investment manager and a new investment objective and policy. The proposals are subject to shareholder and regulatory approvals. A circular with further details of the proposals, including a notice convening the Extraordinary and Annual General Meetings, both to be held in August 2021, is expected to be published in July 2021.

Please click here for more details, or if you have questions about the proposal, email Premier Miton Head of Investment Trusts, Claire Long via [e-mail]



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AFAICS the circular has still not been published and no AGM/EGM date has been set so more info on these should be imminent.

[2wild] 04/8/2021 12:10

When is the discontinuation vote?

[big jim5] 16/7/2021 11:40

Easiest way to close your discount is to vote against continuation - or rather in this case a vote FOR discontinuation I believe

[tykethat] 13/7/2021 17:13

@whilstev I agree with you and I'm increasing my stake accordingly, do i feel comfortable doing it? No! but thats often the best time to buy.
BMO will definitely want the discount to shrink!

[whilstev] 13/7/2021 12:21

Discount back at 19.5%. Personally I feel this is totally unjustified but hey you cant fight the market.

[whilstev] 09/6/2021 15:16

Some buying of the dividend. Ex tomorrow , will be interesting what course it takes after that. It is good to see it recovering after last weeks sell off though.

[2wild] 09/6/2021 13:50

Discount to nav is narrowing, share price up 30p in last 7.5 trading days. Discount down from 19.5% some days ago to about 14% now.

[chc15] 09/6/2021 08:19

If this goes to bmo or discontinues, we will get closer to nav, so why isn't the nav narrowing? Ex div tomorrow, worth a buy now?

[rcturner2] 28/5/2021 19:06

I hold IPU as well, I would not be selling that.

[2wild] 28/5/2021 16:35

Brought 5 tranches today at between 242p and 244.8p, an average 19.5% discount to NAV. Sold IPU @ 610p SDV 225p and reduced ASIT at 89.07p, for an average 6% discount to NAV.

[big jim5] 28/5/2021 09:33

On the question of a cash exit, usually when an IT is having a total change of strategy, i.e. going from UK small caps to global large ESG caps as in this case, the board would offer a cash exist so shareholders can choose to either go with the new strategy, or get their money out if they disagree. If was a more minor modification, such as changing the manager but sticking with the same investment policy, then there would be no need for it. As it is, the board are making an asset allocation decision on behalf of shareholders - which strikes me as rather presumptuous to say the least.

[whilstev] 28/5/2021 09:32

It certainly looks like discontinuation for me the discount is approaching 20%. I think there has been a big vote of no confidence in the boards plan for the trust.

[big jim5] 28/5/2021 09:27

As non-executives, with fiduciary responsibilities to shareholders, they will not have been able to accept a fee for taking the fund to BMO as it would have compromised their judgement. Indeed for BMO to even offer such would technically amount to bribery.

[keith95] 28/5/2021 09:16

"I think the board will come to regret not offering a cash exit for shareholders"

Why?

The board presumably gets a fee for transferring the fund if it goes through ...

.. it was presumably a no brainer for them given that the board seem largely uninterested in continuing under the current model.

I think it a shame - it was/is a good fund.

[big jim5] 28/5/2021 09:06

I think the board will come to regret not offering a cash exit for shareholders who are less than impressed with the proposals. No brainer for me - vote in favour of discontinuation.

[keith95] 28/5/2021 08:57

Grabbed a few back on the drop yesterday .... I'd sold out and moved in to HFEL.

I'll be voting to discontinue ..... but it seems a bit of a no brainer ...

The company as it stands is being discontinued either by vote or by a change in strategy ... either way the discount to NAV is going to be realized.

The only question is whether the new strategy will trade at the same discount.

[rogerrail] 27/5/2021 17:02

Agree, NAV went up 10p or thereabouts share price down 22p. No doubt seller wants out before change in strategy/manager. May be a good time to accumulate if the continuation vote goes against the company.

[whilstev] 27/5/2021 16:30

Any reason for the fall here today ? NAV up to 426.5 so seems strange.

[speedsgh] 20/5/2021 11:12

Acorn Income Jumps On The Sustainable Bandwagon -