 You may have also seen within 26 February RNS for ADIG "Board confirms that it is in early-stage discussions, on an exclusive and confidential basis, with a third party regarding a potential transaction in relation to all or substantially all of the remaining portfolio. This third party is currently undertaking a due diligence exercise in respect of the portfolio and the Board will provide further updates, as appropriate, in due course. At present, there is no guarantee that the terms of any proposal would be sufficiently attractive to merit a Board recommendation or that such discussions will lead to definitive agreements"
Another of my wind up holdings, which i never sold. AERT issued a surprise RNS at 4:07pm!on 28 Feb and is now up 24% on the news. Large % of portfolio realised near NAV. JARA returning 17% at NAV, 47% premium to my purchase price last year. Set to return another 35-45% by July. HEIT extended sale negotiations and issued 4% NAV increase update in the meantime.
Maybe right about IPU, i should really stick to wind up and tender situations. |
I have followed you into ADIG as I note their latest redemptions got higher than expected returns. I remain positive on BEMO, GPM and GOT but discounts need to be higher on the likes of IPU to justify the risk, to me. I might be wrong, but the whole SABA saga reminds me of the active value trusts back in 2007. |
100% in my ii ISA & SIPP, surprisingly credited by 11am yesterday. Now completed reinvestment programme into 5x wind-ip trusts ASLI ADIG GABI RMII VSL and some very high yielders ABDN CLIG DEC LIO MNG NESF PHNX SEIT plus some IAD IPU JFJ PSH. I had sold or reduced almost all of these and reinvested into DGN by end January. Fortunately got most back at lower prices, including DEC sold above £13 and paid 1050p yesterday. More luck than judgement.
Anything on your watch list? |
100% back on both ii and hargreaves lansdown today. great result. I don’t see much that appeals to put it into yet though. |
My lowest allocation last year was 36% on RMII, about double the basic entitlement. IPU was only 10% basic, so getting over 5 times was pretty good. |
I am working on the logic that the 31% who didn't tender were all small investors, since there's no way the city boys will miss out an 8% above market return.
In 2024, the worst tender offer for me was IPU at only 58% or so. My conclusion is that small investors see the word dividend and realise it means money on the table, but tender and rollover do not. |
No sign of any IAD in my ISA or SIPP. Subject to ii not being slow, looking good for 100% cash allocation as you predicted. |
Yes, it looked like a robbery to me since it is indeed more than 2%. In the small print it says about the costs of the reorganisation being £100,000 extra, but not what was promised. |
Thanks missed that. So despite only getting 2% below nav or fav, they've taken another 2p. Even though DGN had 27% in cash on 3rd January and would cost more to issue additional shares. |
From IAT RNS today.
DGN nfav 464.18p.
-2% 454.89p Cash unconfirmed.
Conversion Ratio
1.217222 new IAD for each DGN. |
Every abrdn (!) IT I have had a tender on, I've got back the full 100%. I'd be very surprised if it is below 75%, as you say 2wild, but most likely, 90-100%.
Bring on the final NAV calculation. |
Tender Election Result
Cash 69%
Rollover 31%
The Cash Option, which is limited to 25 per cent. of the Shares in issue, less treasury shares, was therefore oversubscribed. Accordingly, the Basic Entitlement of all Shareholders who have validly elected or deemed to have elected for the Cash Option will be accepted in full and Excess Applications for the Cash Option will be scaled back into New IAT Shares on a pro rata basis. Excess Applications will be satisfied to the extent of approximately 10.07% of Excess Applications made.
I therefore expect 75% to 100% cash with ii based on past experience. |
I guess this final thread needs renaming to "Exit the Dragon" now. What a shame, I know the enlarged Invesco trust will keep going, but the IT universe is certainly shrinking right now. I don't see much of great value to put the proceeds of this into at the moment, but obviously that can change. |
Yes Yogi, you should always participate in these tenders, otherwise there's some city boy out there taking your allocation for a profit their side. In this case, it looks like it'll be about 8%.
Looking at the way Asia and especially Asian tech is performing, be interesting to also see if an extra couple of percent can be squeezed out when the final NAV calculation is made. |
Thx 2wild - live and learn. Thread below is very helpful thx both. |
Yes Yogi. Probably better to have tendered 100% cash and brought IST, currently on 8% discount or perhaps JAGI om 10%. |
More generally, I mainly invest in Investment Trusts and many of the threads are very quiet which I guess reflects the status of trusts in the Uk at the moment. |
Yes very strange. Since my post in July, you're the only other poster. Despite being mentioned several times on The Money Makers Weekly Investment Trust Podcast during a few episodes last year. |
Apathy is a wonderful thing, I am amazed there have been no other comments. The DeepSeek news should also help the NAV Float along for a bit longer too. |
31 Jan Net Cash 27.2%
4 Feb NAV 463.42p and all 3 Special resolutions passed with ober 98.5% in favour.
Looking good for circa 454p cash in tender.
If levels of interest shown on here is anything to go by, should get 100% cash allocation. |
Good to hear. We creep ever closer to finding out the final verdict. |
Yes cosmetic. Seen this type of issues on a few tenders last year. No need to worry. It's mandatory for shown entitlement to equal shares and cash allocated, if displayed correctly.
Eg if you had 5000 and entered 4000 on cash line and left shares at 0. Confirmation page would default to 4000 and 1000.
Don't bother letting ii know in case they stopp me increasing my entitlement. |
Check your iii tender. I checked mine today and it had reset back to my holding beginning of January. I’m not sure if this cosmetic or will affect my cash option.
Do you have experience of this? |
Yes great opportunity. Added 800 at 414p this morning. Should be able to increase my tender allocation after 5pm.
LOL corrected post 20. |
If you got them at 220p, you have done well!
Just to check @2wild, are you saying iii will allow you to vote for full tender on any subsequent purchases after the date the corporation action was sent out?
Must say, I've never tried that, but it seems like an unmissable opportunity to fill your boots as month-end nears. |
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