ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

AOF Africa Opportunity Fund Limited

0.65
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Africa Opportunity Fund Limited LSE:AOF London Ordinary Share KYG012921535 ORD USD0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.65 0.60 0.70 0.705 0.6425 0.64 0.00 08:00:15
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -1.5M -2.41M -0.1192 -5.45 13.14M
Africa Opportunity Fund Limited is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker AOF. The last closing price for Africa Opportunity was US$0.65. Over the last year, Africa Opportunity shares have traded in a share price range of US$ 0.493 to US$ 0.705.

Africa Opportunity currently has 20,214,590 shares in issue. The market capitalisation of Africa Opportunity is US$13.14 million. Africa Opportunity has a price to earnings ratio (PE ratio) of -5.45.

Africa Opportunity Share Discussion Threads

Showing 26 to 48 of 100 messages
Chat Pages: 4  3  2  1
DateSubjectAuthorDiscuss
04/8/2012
08:44
jonwig - I've already noted this as apart from the directors, AFMF are the only notifiable holders with a 25.23% holding in AOF.

On my brokers site there seems no problems in trading AOF however AFMF are in sterling which I must prefer. I've also noted that AFMF have the typical number and institutions as notifiable share holders.

I also note that AFMF are still around their 2009 lows while AOF are around 60% above their 2009 lows.

Not knowing AFMF - why the sudden drop in their share price first 3rd 2011?

I also note that Qatar take a stake in AFMF while AFMF's largest Middle East holding at 10% is in Qatar and almost all their African holdings are via AOF rather than off their own bat.

Overall, I'm really looking for a fund who is nearly or wholly invested in Africa rather than under 1/3rd in Africa while the rest being in Asia, the Middle East and Eastern Europe as it is the Corporate hot money that is going in to Africa at the moment as the big money has already been made in Emerging Markets.

loganair
03/8/2012
18:02
Loganair, IMO Lonrho are Ok and worth a look. They have a Greedy board but now they have off-loaded the airline profits should realy increase rapidly. The Board as said there will be no more dilution and they hope to start paying a dividend.

No advice intended and good luck with your African investment who ever you buy.

tenapen
03/8/2012
17:44
Yes, I hold these still, but it's hard to buy online usually.

Another possibility is Advance Frontiers Markets Fund [AFMF] which has a big holding in AOF and is more liquid.

By the way, I avoid things like Lonrho!

jonwig
03/8/2012
17:41
jonwig - Still interested in investing in Africa?
loganair
03/8/2012
17:39
Loganair - go to the website (see header) and read some of the recent quarterly reports.
You'll see the geographic breakdown, too.

Discount here is about 14% - it's been a lot tighter.

jonwig
03/8/2012
17:01
I've been looking to invest in an African Fund for a couple of years now, seems to be where the corporate money is going at the moment.

No doubt once the big boys have made their money in Africa, say around 2020, Retail Investors will be allowed a few crumbs of the cake.

I was wondering if any one had any ideas about this fund as it seems to be investing in the right countries.

Zambia, Ivory Coast, Nigeria, South Africa, Senegal, Ghana, Zimbabwe, Namibia
Botswana, Republic of Congo, Mauritius, Mozambique, Democratic Republic of Congo & Africa General.

Also Angola, Sierra Leone, Botswana and Ivory Coast Government Bonds

All the other African Funds I've come across have South Africa at 50% or more of their said funds.

loganair
28/11/2010
18:43
Barclays and Africa, relevant comment:
jonwig
24/3/2010
11:38
Advance Frontier Markets have been building a holding and now have 8,584,212 shares (20.14%).

(The holdings in the header are out of date following the tender offer - will update when I get accurate numbers.

jonwig
24/12/2009
11:58
Shorting Tullow is a dangerous game when it is such a market darling. AFMF has good diversification and more pure equity upside. I think it has come off because of Doobye.
simon gordon
24/12/2009
11:39
Might be interesting Simon, thanks. Discount of 13% or so is a bit narrower than here. It's the sort of thing I might move to - ie. less exposure to individual stocks.
jonwig
24/12/2009
11:27
Jonwig,

Have you looked at AFMF?

They have c.30% in Africa, with the rest in other frontier markets.

simon gordon
24/12/2009
11:15
A couple of political economists were on CNBC Squawk Box earlier this week, they both thought Africa was a strong profitable trend for the next decade. I note Matthew Lynn is saying the same thing in Moneyweek today.

Are there others ways to play Africa via the LSE?

simon gordon
29/7/2009
11:36
overspong - I bought with TD Waterhouse and trouble-free.

bisiboy - absolutely! A lot of their fixed-interest investments especially are very illiquid and were marked to market when there was no market except from forced sellers. If this had been open-ended (OEIC or unit trust) it would probably have had to liquidate.
I've been away so haven't read the latest report yet.

jonwig
25/7/2009
13:47
i think these are a great long term buy picked a few up on wednesday to
tuck away for a few years

bisiboy
23/7/2009
10:34
Can anyone offer advice on how to buy this?? iii won't deal in it as apparently it doesn't settle through CREST, same with HSBC. It's getting very annoying watching the price ticking up when i can't buy!
overspong
09/2/2009
19:03
Hi, thanks.
I haven't received the letter yet, but read the RNS this morning, which doesn't have so much detail.
I rang Jamie Legg at NSTAM and he suggested I e-mail him with my concerns:

Jamie Legg,
Hello,

Many thanks for suggesting I might e-mail you following our brief telephone conversation this lunchtime. I would be grateful if you would pass this on to the person directly responsible.

I would hope that solutions might be considered other than a winding up and distribution of the fund's assets. This is because some holders knew full well that investment here would be a long-term commitment and will retain that view (as I do) even in the current financial situation.
Also, an attempt to realise assets would most probably produce considerably less than the current 26p or so per unit.

There are a number of possible ways forward, as I see it:

(1) Create a new closed-end fund - an Investment Trust - so that units could be exchanged for shares in the fund.

(2) Offer exchange of units for units in an existing NSAM fund or shares in an existing investment trust ( Henderson , if the acquisition proceeds), which would assume ownership of the underlying securities.

(3) Look into the possibility of other closed-end companies which might buy the assets in full, exchanging new shares for the units. There are two which I follow: Africa Opportunity Fund and PME Africa Infrastructure Opportunities Fund.

Holders who opted for exchange into a closed-end fund would be aware that a NAV discount of up to 50% could be anticipated, but may also feel that the current lack of liquidity was a temporary phenomenon.
The worst outcome, I believe, would be one in which realisation of assets produced an artificially reduced price. I am quite puzzled that demand for redemptions should be heavy here, as most holders should be relatively sophisticated investors. Forced selling, perhaps?

I should be very grateful if you could give consideration to a wide range of alternatives here, and hope than my e-mail has been helpful.

Regards, ...

It seems they've already decided on what they will do, though.

The mistake was to use an open-ended fund for this kind of venture. AOF had a much easier solution!

jonwig
04/2/2009
08:36
Tender offer won't realise full NAV (~$0.49) for acceptors, but it's a nice way to reduce discount.
jonwig
08/1/2009
08:26
This is NS HoA fund's suspension of redemptions statement.
The 28 day maximum ends today ... I don't know whether they're relisted or not.

11.12.2008

Whilst prospects for companies in the sub-Saharan region remain strong, the impact of the credit crunch and the knock-on effect on global stock markets has resulted in an increase in redemptions from investors. This has coincided with a number of events that have caused liquidity in the sub-Saharan markets to weaken in recent days. New Star, with agreement from the fund's depositary, Royal Bank of Scotland, has, therefore, reluctantly decided to temporarily suspend dealing in the New Star Heart of Africa Fund - valued at £29 million* - until further notice.

Events in Nigeria and Ghana have had a particular impact on the fund's liquidity position. In Nigeria, where the fund is approximately 30% invested, the repatriation of monies received from selling securities has been delayed by restricted foreign exchange flows. At 11 December 2008 the fund had some $6.2m of proceeds from disposals awaiting repatriation from Nigeria.

Similarly, in Ghana, where the fund is approximately 21% invested, the market has been less liquid than normal. Trading volumes have been lighter as a result of the uncertainty ahead of the general election. The close election result registered on 11 December 2008 means there will need to be an electoral run-off, which could potentially delay the resumption of normal trading.

Whilst we regret having to take this action, the temporary suspension of dealing is designed to restore sufficient liquidity to the fund for it to meet redemptions once it re-opens for dealing. New Star intends to minimise the period of suspension; in accordance with FSA rules this should last for no more than a maximum of 28 days. We are, however, mindful that fair value for all investors needs to be achieved when selling securities in a weak market environment, given the illiquid nature of some of the markets in the sub-Saharan region.

Jamie Allsopp, manager of the New Star Heart of Africa Fund, says:
"It is with great reluctance that New Star has temporarily suspended dealing in the New Star Heart of Africa Fund. Since launch last November, the fund has performed relatively well amidst the turmoil of the past year falling 24.40%¹. This compares favourably with the 38.78%² fall in the MSCI Emerging Markets Total Return Index. The FTSE All-Share Total Return Index has fallen 29.8%¹ over the same period. I still believe, despite this temporary suspension, the fundamental prospects for the region remain attractive over the medium to long term."

jonwig
23/12/2008
16:28
Again (and these are serious amounts of money):

Africa Opportunity Fund Limited ("the Company" or "AOF") was informed on 19 December 2008 that on 19 December 2008 Robert Knapp, a Director of the Company, purchased 1,230,000 ordinary shares of US$0.01 each at US$0.30 per share.


Following these purchases, Robert Knapp has a total of 8,213,000 ordinary shares representing 7.11 per cent. of the Company's total voting rights.


Additionally, Africa Opportunity Fund Limited ("the Company" or "AOF") was informed on 19 December 2008 that on 19 December 2008 Francis Daniels, a Director of the Company, purchased 205,000 ordinary shares of US$0.01 each at US$0.30 per share. Following this purchase, Francis Daniels has a total of 2,112,827 ordinary shares representing 1.83 per cent. of the Company's total voting rights.

jonwig
17/12/2008
07:28
Directors are still confident:

Africa Opportunity Fund Limited ("the Company" or "AOF") was informed on 15 December 2008 that on 12 December 2008 Robert Knapp, a Director of the Company, purchased 278,000 ordinary shares of US$0.01 each at US$0.35 per share.

On 15 December 2008, Robert Knapp purchased an additional 165,000 ordinary shares of US$0.01 each at US$0.35 per share. Following these purchases, Robert Knapp has a total of 6,983,000 ordinary shares representing 6.0 per cent. of the Company's total voting rights.

Additionally, Africa Opportunity Fund Limited ("the Company" or "AOF") was informed on 15 December 2008 that on 12 December 2008 Francis Daniels, a Director of the Company, purchased 278,827 ordinary shares of US$0.01 each at US$0.35 per share. Following this purchase, Francis Daniels has a total of 1,907,827 ordinary shares representing 1.7 per cent. of the Company's total voting rights.

jonwig
11/12/2008
11:22
Liquidity in Africa trips New Star fund - experts remain positive
By Rob Mackinlay

New Star's Heart of Africa Fund has suspended trading citing redemptions and liquidity problems in sub-Saharan markets.


In an announcement this morning New Star said: "Due to a number of events that have caused liquidity in the sub-Saharan markets to weaken in recent days, along with an increase in redemptions from investors, New Star, with the agreement of the fund's depositary, Royal Bank of Scotland, has decided temporarily to suspend dealing in the New Star Heart of Africa Fund until further notice."

In its most recent factsheet on Trustnet the fund size was given as £55m on 31 Oct. In today's statement the fund size was given as £29m.

The note says that the fund has performed relatively well since launch, falling by 24.4%, compared to a 38.8% fall in the MSCI Emerging Markets Total Return Index.

Manager Jamie Allsopp recently told Investegate that the fund did not have many hedge fund clients. Hedge fund redemptions have been a problem for Lonrho, an AIM-quoted pan-African conglomerate.
Lonrho - hedge fund redemptions, not fundamentals are driving falls


Analysts remain relatively positive about Africa

Michael Power, investment strategist for Investec, said he expected Africa to "cool" but thinks that this will be seen as an opportunity by some investors, particularly China: "Actually they may use this downturn to accelerate their linkages with Africa. Africa will cool but China will remain a close friend. As others back-off, China will back-fill! This will build goodwill for the future. E.g. China has just announced it will build/fund a $1.9bn railway in Libya."

In a note to clients in November, analysts at South Africa-based Frontier Advisory said: "Investment and financing in specifically Africa, through SWFs but more so through state-owned bank lending (such as China EXIM Bank) is presently not expected to dry up amidst the current turmoil in the markets. Yet, globally, Chinese SWFs generally are looking to be more cautious in terms of their overseas investment strategy.

The note said: "While the "war-chests" of the cash-rich countries, including China and the gulf states, have supported the Western cash-strapped nations, buying up cheap assets and stakes in large firms (specifically the banking and financial sectors),these "saviour" funds could become more picky and choosy given potential losses of the investments currently at hand."

David Lenigas, executive chairman of Lonrho, on Tuesday told investors that 2009 would be worse than many expected and was not looking to grow, only maintain the company's operations in Africa. However he remained bullish.

Lenigas is also positive about the continued interest of China in Africa, despite reports about China's growing problems: "I personally don't see China's internal problems directly affecting their African ventures at all in the short to medium term.

"A large proportion of the Chinese infrastructure interests are contractual with certain African Governments and these programmes should continue as normal. However, if there is a long term slow down in the Chinese economy, then situation may in fact change.

"Africa is somewhat derisked from the world credit crunch right now, and Africa can provide new opportunities for China Inc."

While UK advisers have voiced concerns about New Star funds, one of the notable exceptions has been the Heart of Africa fund with recent words of support from Hargreaves Lansdown analysts.

jonwig
11/12/2008
11:13
New Star Asset Management Group PLC ("New Star") gives notice of the temporary
suspension of dealings in its £29 million* New Star Heart of Africa Fund.

Due to a number of events that have caused liquidity in the sub-Saharan markets
to weaken in recent days, along with an increase in redemptions from investors,
New Star, with the agreement of the fund's depositary, Royal Bank of Scotland,
has decided temporarily to suspend dealing in the New Star Heart of Africa Fund
until further notice.

The temporary suspension of dealing is designed to restore sufficient liquidity
to the fund for it to meet redemptions once it re-opens for dealing.

Since launch last November, the fund has performed relatively well amidst the
turmoil of the past year falling 24.4%1. This compares favourably with the
38.8%2 fall in the MSCI Emerging Markets Total Return Index. The FTSE All-Share
Total Return Index has fallen 29.8%2 over the same period.

jonwig
12/10/2008
11:25
WASHINGTON, D.C. (Business Day) -- In its biannual survey of the world economy, the multilateral lender says growth will slip from 6.9% last year to 6.1% this year but should then recover to 6.3% next year.
South Africa's current account deficit soared to 7.25% of gross domestic product (GDP) by the second quarter and this was "of particular concern ", the IMF said yesterday.

In marked contrast, oil exporters in the region would see their current account surpluses rise very sharply from an average 8% of GDP last year to 13.5% this year before falling back to 8% next year.

Against this backdrop, the "main challenge for the region is how to respond to the large commodity price shock and the threat of slowing capital inflows," the IMF said.

It also said oil importers would need to "adjust their monetary, fiscal and income policies ".

"Delaying the adjustment would put at risk not only macro-economic stability but also recent achievements in improving policy and institutional frameworks which have been largely responsible for the region's impressive growth in recent years."


The survey says "the risks to the regional growth outlook are tilted to the downside and relate mainly to slower than expected growth in global demand and slowing capital inflows.

"Recent sharp increases in food and fuel prices pose significant challenges for price stability," it says , seeing a jump in inflation this year to near 12% from 7% last year.

The IMF warns that "the impact of higher food prices on poverty is a major concern as it risks undermining past progress in this area and putting social cohesion at risk ".

Africa, seen as a laggard to gains in the developing world, has done well in the past decade on rising commodity prices and an overall more stable political environment. But some of these gains could now be at risk, it says.

jonwig
Chat Pages: 4  3  2  1

Your Recent History

Delayed Upgrade Clock