Ashmore Global Opportuni... Share Discussion Threads

[cerrito] 18/10/2012 09:03

Good to see as at September end NAV up at £8.15 but so it should have been given macro market conditions.

[gilston] 12/10/2012 17:44

Performance remains dreadful with a near 40% discount. The Directors need to exercise all the share buy back powers & cancel the shares, not hold them in treasury where they remain on the balance sheet.

[p bear] 16/8/2012 15:06

Not the only IT below NAV. Looks illiquid and pays no div.

Can some explain why I should not stick with CLDN or similar?

[cerrito] 24/7/2012 11:38

Just seen the June NAV at 7.98 and realized that I had missed the fact that at May 30 it had fallen to 7.82-way below the dark days of quarter one 2009 when the NAV was 8.4.
Alot of buy backs-namely in £-but has just reduced number of shares not in Treasury from 71.665m to 71.530m since current programme started on June 13.
Skyship I understand your surpise-long term holders owning a trust with relatively illiquid assets.
See no reason to sell but despite discount and fact that all major investments have a rationale not in a hurry to buy.

[cerrito] 04/6/2012 00:26

Note that april 30 NAV was 8.45 and price was then in the 5.9p range; the last time the NAV was 8.45 at 30 11 12 the price was 6.2p- this rather inconsequential fact does show how the discount has widened.

[gilston] 26/4/2012 16:59

This 2007 vintage fund needs to see some overdue realisations of the underlying unquoted assets. Let`s hope the Chairman is right in saying Ashmore expect to see this happening, subject to market conditions.

[cerrito] 26/4/2012 15:17

Just gone through the annual report.
Made a mistake a few weeks back and bought at £6.30; am not intending to buy any more-certainly not selling-and those who have no exposure to this or a similiar asset class may want to look at buying.
The following from the notes suggest that this will be a long haul and explains the current discount-the last NAV given was at 29.2.12 at £8.65.

Discount control mechanism

The Board may, at their absolute discretion, utilise the share repurchase authority described above to address any imbalance between the supply of and demand for shares, and may do so actively if the closing price of any class of shares is 5 per cent or more below the most recently published Net Asset Value of the shares of that class. As set out above however, there can be no assurance that any such purchases will be made.



Distribution policy

The Company does not expect to pay dividends, at least in the short to medium-term, although subject to the Laws and the Listing Rules the Company may by ordinary resolution from time to time declare dividends. No dividend shall exceed the amount recommended by the Board. The Board may declare and pay interim dividends if, in the opinion of the Board, they are justified by the profits of the Company.

[gilston] 07/2/2012 16:53

This fund seems to have missed out on Jan. rise in em. markets.

[edwardt] 19/12/2011 10:04

both usd and gbp lines included in the ftse index as of today, all good stuff for short term momentum.

[edwardt] 16/12/2011 11:28

some tracker demand pushing the price up here or are we simply cheap??

[rambutan2] 24/11/2011 02:35

Yes, rose 10% vs dollar in Oct, but did fall 18% in sept vs dollar, so perhaps a month behind in valuation process? Have to see what next month brings.

ETH's valuation was influenced by positive and negative factors. Whilst performance was strong leading to an increase in the enterprise value, both the underlying production and sales are domestic and therefore are sensitive to BRL currency movements during the period. The net effect of these was a mark-down of 18%.

[cerrito] 23/11/2011 17:59

Glad I resisted the urge to buy last month as NAV went down from £8.64 to £8.45.
A big culprit for the decline was the 18% decline in valuation in the month for the Brazilian ethanol company ETH, which seems to be their biggest exposure. They ascribed this loss in ETH valuation to currency movements which I am not sure I understand as the real strengthened against the US$ and GBP strengthened against the US$ in the month of October

[cerrito] 25/10/2011 18:25

Must have taken a big hit on Digicable
30.8.11 was the second largest holding with 6.8%; did not make top 10 at 30.9.11 and the implication of the report was that they sold none.
Pacnet moved from 5.5% of the portfolio to 3.58% of the portfolio.
Now that the £ shares are down to 6.3/6.6£ with a 30.9.11 NAV of £8.64 I asked myself why they were not buying back.
The half year report says that
At the Annual General Meeting on 18 April 2011, a resolution was passed to commence a share repurchase programme. The capital available for repurchases during this programme totals US$8 million and will be utilised across the Company's share classes based upon the supply and demand for each class.



The following share repurchases were made between 18 April 2011 and 30 June 2011:$2,641,169)

Between July 1 and the last purchase in August the number of shares declined from 72.85m to 71.8m ie just over 1m shares or S12/13m so they seem to have exceeded the $8m limit which explains why they are not buying more.
Getting rather tempting to top up

[rambutan2] 29/8/2011 14:23

Agree guys, will get in touch with them re the AEI outcome.

Latest presentation...

[topvest] 29/8/2011 09:12

Cerrito - same here; not the easiest company to understand but doing reasonably well and on a big discount. As you happy to hold, but not really interested in buying more!

[cerrito] 29/8/2011 08:42

not a terribly illuminating half year report and had difficulty in working out from the cash flow how they spent the $83m dividend received.
Note at about 20% discount despite the buy backs but given the current macro climate is what one would expect
comfortable with what I have but no desire to add or sell

[topvest] 21/3/2011 18:55

On a c25% discount again!

[rambutan2] 22/1/2011 01:32

yes, appears to have had $3bn of leverage. And AGOL will be getting cash, at least for the chunk held directly...

The clearout represents around 80 per cent of AEI's total assets. The firm has said it will use the revenue generated from the sale (of $4.8bn approx) to pay off debts, which stood at $3bn last year. The remainder will be distributed among shareholders as the company focuses on reorganising itself into a smaller led business based on power generation.

"With these transactions and the value retained in the continuing business, the shareholders stand to realize total value for the company which is a significant increase over the proposed offering price for the unsuccessful initial public offering a year ago," Jim Hughes, AEI's chief executive said.

[edwardt] 21/1/2011 09:50

it appears the deal has been done for 80% of AEI assets, it is still unclear when debt is factored in what this means on an nav basis but the market is now pricing in near your low end calculation rambuthan2

[edwardt] 18/1/2011 13:56

thanks - i suppose the best we could hope for is a special divi and more buy backs? AEI is likely to have a lot of leverage so am unsure of the net position but think your view seems about right. As ashmore have considerable carry 20% = a brave man would simply buy their ords??

[rambutan2] 13/1/2011 10:33

hi edwardt, a broad guess says something between 25-50p.

It should mean that agol shareholders get a divi for the current year under its policy of returning a % of returns (can't remember the formula) to them.

[edwardt] 13/1/2011 10:11

any ideas what this may add to nav if it goes through?

[rambutan2] 10/1/2011 23:52

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...