Acorn Income Fund Ld Share Discussion Threads

[matt123d] 12/11/2021 17:17

Pretty poor NAV, zero return for October

[rcturner2] 12/11/2021 15:18

Ok so we get 406p with another 4p in 3 years time lol.

[speedsgh] 12/11/2021 14:52

Publication of Elections and Residual Net Asset Value per Ordinary Share -

Further to the Company’s announcement on 12 October 2021, in which the Company was placed into liquidation, the Company announces the elections from Ordinary Shareholders (including deemed elections) and Residual NAV per Ordinary Share under the terms of the Scheme:

Elections

Shares Option (A Shares): 8,721,365 Ordinary Shares with “A” rights, being Ordinary Shares with the entitlement to receive income shares in Unicorn UK Income Fund (“UKI Shares”), an open ended fund managed by Unicorn Asset Management.

Cash Option (B Shares): 7,095,322 Ordinary Shares with “B” rights, being Ordinary Shares with the entitlement to receive cash.

Residual NAV per Share

The Residual NAV is £64,965,033.24 and the Residual NAV per Share as at the Calculation Date of 9 November 2021 is 410.7373 pence. Of this Residual NAV, £706,870.00 equivalent to 4.4691 pence per Ordinary Share, will be transferred to the Retention Fund held by the Liquidators. These amounts are in respect of a single security from the fixed interest portfolio that the Liquidator has been unable to sell, and which does not meet the investment objective of Unicorn UK Income Fund and therefore is deemed inappropriate to be part of the in specie transfer of assets, and the Liquidators’ retention of £10,000. Cash received from future sales of this security will be returned to all Ordinary Shareholders (on the register as at the Record Date), both those electing for the Cash Option and those electing for the Shares Option, on a pro rata basis at a later date. Although the security may be sold sooner, for guidance, it has a maturity date in 2024 when it is currently expected to redeem at par.

The remaining balance of £64,258,163.24 equivalent to 406.2682 pence per Ordinary Share, will be divided between electors for the Cash Option and the Shares Option in the same proportions as the elections as stated above. Therefore, Ordinary Shareholders will imminently receive the following cash and/or number of UKI Shares:

~ For Ordinary Shareholders that elected to receive UKI Shares, each Ordinary Share with “A” rights attached to it will receive 1 UKI Share and the opening NAV of each UKI Share will equal 406.2682 pence.

~ For Ordinary Shareholders that elected for the Cash Option, each Ordinary Share with “B” rights attached to it will receive 406.2682 pence in cash. Cheques are expected to be despatched and electronic bank transfers made in respect of the Cash Option during the week commencing 15 November 2021. Entitlements shall be rounded down to the nearest £0.01, as the case may be.

[continues]

[stueybabes] 12/11/2021 12:34

Definitely a bit shoddy not to have had at least a holding announcement by now. I notice that both the ordinary shares and the ZDPs were officially removed from the LSE as of 8am this morning, having merely been suspended up to that point, so that suggests we are close to hearing the final numbers.

Thankfully, the FTSE Small-Cap index has been reasonably firm since the last NAV announcement on 8 October therefore you would hope the disposals that were needed have been made into a rising market. Looking at the share prices of some of the top holdings reported in the interims there doesn't appear to have been any significant price weakness over the past month. Polar Capital did dip a bit but has recovered.

I have swapped a couple of emails with the Chairman in the past so I have just sent him another on when we can expect to hear some news.

[jun_man] 12/11/2021 11:35

Those were just the dates from the circular. I tried calling Unicorn on the number they have provided but they couldn’t provide an update – they said they will call me back. I’ll try Singer later on today. ‘On or around the 10th’ should mean the 10th or maybe the 11th, so surprised they haven’t posted an update yet. I expect payment date will be T+3 working days, so no earlier than the 17th at this point.

[rcturner2] 12/11/2021 10:33

This is what my broker (ii) has said:

Record date: 11th October 2021
Effective date: 12th October 2021
Offer price: Units in Unicorn UK Income Fund or cash at a rate to be determined
Pay date: On or around 15th November 2021

[rcturner2] 10/11/2021 20:00

We should be hearing soon about our new holding or cash out.

[speedsgh] 10/11/2021 13:10

"A further announcement is expected to be made on or around 10 November 2021...".

Could hear later today or in the following days.

[rogerrail] 10/11/2021 13:02

Was expecting an announcement today?

[speedsgh] 12/10/2021 12:22

All proposals passed at EGM this morning. AIF NAV on 9 Nov is d-day with respect to shareholder entitlements to cash/Unicorn UK Income shares...



As a result of the passing of the Resolutions, the Company has been placed into liquidation pursuant to Section 391(1)(b) of the Companies Law and Benjamin Alexander Rhodes and Andrea Frances Alice Harris of Grant Thornton Limited have been appointed as Liquidators.

Shareholder entitlements under the Scheme
A further announcement is expected to be made on or around 10 November 2021 detailing shareholder entitlements to cash and/or Unicorn UK Income Shares pursuant to the Scheme (such entitlements to be calculated by reference to the NAV of the Company’s Shares and of Unicorn UK Income Fund’s Shares as at 9 November 2021.

[adrunkenmarcus] 11/10/2021 17:02

I sold my AIF in the market because I didn't like the proposed new global mandate. I was annoyed afterwards. On the other hand, the proceeds went into BRSC which has performed well!

[chc15] 11/10/2021 13:28

Crazy spread, what's going on here..

[matt123d] 07/10/2021 16:14

Same with IG

[bluetooth] 07/10/2021 12:12

I've just been informed by AJ Bell that they can't offer the rollover option and that everyone will get cash.

[rcturner2] 07/10/2021 10:34

The completion date is something like the 11th November (from memory).

[riverman77] 07/10/2021 09:39

Down 8% today, so over 10% discount. Not fully up to speed with what's going on here, but presumably anyone that buys now has relinquished the cash return option and would need to wait until this is rolled over to the other fund (hence the drop). Not sure the timescales - if it happens pretty quickly you could sell the fund investment and make a 10% uplift (assuming no major market movements). If you have to wait a couple of months then probably not worth it.

[2wild] 05/10/2021 15:33

I've elected 80% cash 20% rollover

[rcturner2] 05/10/2021 13:45

I opted to roll over into the new fund.

[chc15] 05/10/2021 13:18

Just elected all my holdings for cash, iweb instructions due by close tomorrow.

[speedsgh] 05/10/2021 11:04

New Edison note available...

Time to act following wind-up proposals -

[pherrom] 05/10/2021 09:11

Question: Is roll-over relief from CGT available if opting to switch into Unicorn Income Fund?
Thanks for any reliable information.

[speedsgh] 23/9/2021 08:03

AGM/EGM set for 12 Oct...

Publication of Circular: Scheme of Reconstruction and Winding Up -

Final interim dividend of 7.5p payable 8 Oct (XD 30 Sept) in respect of remaining estimated revenue reserves as at 22 Sept. No further dividend payments anticipated...

Dividend Announcement -

[peachy7] 02/9/2021 11:09

Wow, that was a nice jump. And with them set to return close to NAV there should be more to come.

[rogerrail] 01/9/2021 13:10

3.4% of NAV means we still get 2/3 of current div per share. Not bad considering the capital growth element and that peer UT's pay about 2% historic yeild, but perhaps not enough to keep me interested given my main focus is yield.