Ashmore Global Opportuni... Investors - AGOL

Ashmore Global Opportuni... Investors - AGOL

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Ashmore Global Opportunities Limited AGOL London Ordinary Share GG00BJJMSL63 ORD NPV (GBP)
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 1.52 01:00:00
Open Price Low Price High Price Close Price Previous Close
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Top Investor Posts

rambutan2: Noteworthy that Asset Value/BTEM have taken a 5% stake at £4.96. They consider themselves deep value investors.
rambutan2: Yes, had probs posting yesterday. The piece is from renowned value investor Desmond Kinch. He runs money in a similar style to BTEM.
rambutan2: I tend to the below view that the nav has growth in it... In October, the discount to NAV widened to 45%. We bought more of the USD class shares and established a holding in the Sterling class shares. I then wrote to the fund's Board in early November pointing out that "the Company's share price discount to NAV has widened significantly to 45%, making it a significant outlier (in a bad way) in the closed-end fund sector." I added that "this must be a major embarrassment to Ashmore, the manager who are a member of the FTSE 250 index and a leading investment manager in emerging markets" and "a major impediment to Ashmore raising new funds." I suggested to the Board that "in light of the very wide discount to NAV at which the Company's shares are trading, the ineffectiveness of the small share repurchases and dividend, and the disappointing NAV performance, we believe that the Board needs to take drastic action in fairly short order and that the Company should return capital to shareholders through tender offers, dividends or capital distributions in a tax-efficient manner until the original capital raised in the Company's IPO has been returned to shareholders." I am pleased to report that the Board listened and followed my suggestion. They went one step further and on 12th December, they announced a "managed wind down" whereby the Company's assets will be realised for cash over the next few years and returned to shareholders. The share price of the fund bounced as a result of the Board's announcement. We think there is still considerable upside for investors. The current NAV per share is just over $8 per share compared to a share price of $5.25. As recently as September, my main contact at Ashmore suggested that the Company could increase the NAV to $15 per share by the end 2016. We think that is probably too optimistic but if the fund can return $12 per share over 3-4 years during a managed wind down, that will represent an excellent return for shareholders based on the current share price.
edwardt: well the board must be under some pressure to do something. the buy back is not working. they need a big statement of intent. No new investments whilst the discount remains at more than 15% for example. they use six year life llps to invest in and the last thing i want to see is realised cash rolled over when my money is held in a share price that bears little resemblance to the nav. I hope investors see that the underyling are not a bunch of distressed assets. the manager and the board need to offer better visibility on the financial progress rather than fob investors off with a one line comment about whether a holding is in front or behind plan. in short, i am well miffed but refuse to sell when i think there remains embedded value here.
rambutan2: AEI ( ) is the largest investment in the port at 16.8%. Not sure what sort of valuation write up an $8bn bid would entail for AGOL. Iberdrola SA, the world's biggest clean-energy producer, is leading a group of strategic investors bidding about $8 billion for Ashmore Energy International Ltd.'s assets in Latin America, according to a person with knowledge of the situation. The offer from the Iberdrola-led consortium is competing with other bids due by Jan. 14, said the person, who declined to be identified because the talks are private. The group plans to split up the assets, the person said...
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