Asset Management Investment Share Discussion Threads

[tiltonboy] 01/6/2006 11:13

Document more likely to be the back end of next week now.

[ntv] 28/5/2006 08:57

tb
see brf bb
tia

[davebowler] 25/5/2006 16:15

Thanks for that.

[glynnef] 25/5/2006 16:11

Thanks Tilton. You are well-informed!
Glad to hear it has not gone off the rails in some way.

G.

[tiltonboy] 25/5/2006 14:32

Glynne,

The document was more complex than they imagined. It had been hoped that it would be out this week, but it is now expected to be around 5th June, which will incorporate the interim results.

tiltonboy

[glynnef] 25/5/2006 14:18

When the restructure of the investment in FX Concepts was announced, the expected date for putting the final details to shareholders was, I think, early April. We are now near the end of May. Have I missed something or is it just taking longer than expected do you think ?

regards,
GF.

[scbscb] 18/5/2006 15:30

Thank you tiltonboy - impressive as usual

[ursus] 18/5/2006 14:58

well done and thank you tilton. i've started to buy back in this morning.

[cwa1] 18/5/2006 12:41

Great stuff tiltlonboy. Thanks.

[tiltonboy] 18/5/2006 12:38

IFDC have released their audited figures, and have had a superb year.

AMN asset increase is down to the re-valuation of this holding following the results.

IFDC have started the year very well, so there may be opportunities for further revisions in the future.

It all bodes well for the income account as well.

tiltonboy

[cwa1] 18/5/2006 12:20

Yes but they say that every NAV they release. Any reason to suspect that this is caused by a monthly revaluation? If so, what has been doing so well that it moves the NAV by nearly 10%? TIA.

[oniabsta] 18/5/2006 12:12

"Unlisted securities are revalued on a monthly basis"

[cwa1] 18/5/2006 12:10

Not sure ursus but it is interesting. I had expected a modest uplift for IAM's strength to be outweighed by the general market malaise of other holdings but that near 10% increase comes as a pleasant surprise to me. Anyone got any theories?

[ursus] 18/5/2006 12:05

why today's nav jump?

[tiltonboy] 15/5/2006 18:05

jimbo,

The stock is relatively illiquid, so it doesn't take much to get the price down. It actually held up well in the first hour, but then a seller came in, and the MM's took fright.

The fall in NAV is entirely down to the weak $.

I'm hoping that the document will get posted early next week, and the interims can't be far behind.

The IAM announcement looks good news, and it would be nice to think that they might exit this investment as well.

I will continue to hold, but with a careful eye on the exchange rate.

tiltonboy

[jimbo3352] 15/5/2006 17:39

Any thoughts on the share price decline today?

It seems a bit sudden to be the result of the recent drop in asset value (which I assume is down to the fall in the $ affecting the excess of $ denominated investments over $ bank loans, rather than any bad news on investments).

Integrated Asset Management is ticking up following its new acquisition and even if the share price does not reach the conversion price the CULS will redeem at a healthy premium to nbv. Perhaps it is a buying opportunity given the unusually small spread?

[tiltonboy] 26/4/2006 19:56

You learn something new everyday; I wasn't aware of the consultancy agreement with IAM.

AMN are shaping up quite nicely now, but if I have a concern, it is that the company may take on some new investments when they get the opportunity.

I have already made my feelings known to the board, that I want the company to stay in disposal mode, and to shed it's remaining assets in an orderly fashion.

Principal look an interesting little growth story, and it will be interesting to see if they could also be persuaded to take advantage of market conditions, to float.

IFDC also look as if they are heading in the right direction, and I would be happy to retain this investment in the short to medium term.

IAM seem to be turning the corner, and with the Convertible Loan Notes due for repayment in 20 months time, another £2m should hit the coffers.

I would be happy if the board could get out of the remaining investments at cost.

In the meantime, the income account is looking good, and valuations on the remaining assets should have a bit of upside.

I would be disappointed if the dividend didn't rise to 5p this year, and 6p next year.

All should become clearer when the document comes out, and with the interims not too far away, greater clarity of the future should be gleaned.

tiltonboy

[jimbo3352] 26/4/2006 19:30

Quite correct, Rambutan, the present coupon is now a min 5%. The loan notes were valued in AMIC's last accounts at 81p per unit which seems quite "robust" given redemption (at par?)in Jan 2008 and an income, albeit limited, in the meantime.

On the upside at IAM, AMIC take a consultancy fee in the form of IAM shares (133,790 last year) and with the capital reconstruction of the share premium wiping out the P&L deficit, there is now the prospect of dividends. IAM's results also read a little better if you take into account their policy of writing off goodwill over 5 years.

[rambutan2] 26/4/2006 16:42

if i remember rightly, the loan stock yields a guaranteed minimum of 5%, but is also linked to the gaim (iam's hedge fund unit) mkt neutral hedge fund's annual return ie if gaim rtns below 5% amn still get 5%, but if gaim returns above 5% then amn will also get the extra. unfortunately for amn, so far the performance has been a bit too neutral!

[cwa1] 26/4/2006 16:28

Thanks jimbo.

[jimbo3352] 26/4/2006 16:09

CWA1 I think the £2m loan stock is exercisable before 15.1.08 at 95p (until 2003 the exercise price was £1.70 when the loan coupon was 12%)

[oniabsta] 26/4/2006 14:52

A bit of background info on IAM (up from 54p to 67p in 2 days,)
from AMN website

Integrated Asset Management plc, incorporated in 1997, is listed on the Alternative Investment Market of the London Stock Exchange. The company's strategy is to create a European financial services group focused on providing management services to high net worth individuals, small institutions and financial intermediaries in the UK and Continental Europe. The company offers both traditional and alternative investment products. AMIC holds 19.40% of the listed ordinary shares and £2,000,000 of quoted convertible loan note, yielding a 5% annual coupon.

[oniabsta] 26/4/2006 14:31

there's only 1 on the offer willing to sell 2000shs and 2 on the bid willing to buy 27,000 shs. The only way is up

[cwa1] 26/4/2006 13:50

Nice to see IAM firing on all cylinders and, hopefully adding to AMN's asset value.

Anyone know the terms of the Convertible stock in IAM?

Thanks in advance.

[davebowler] 26/4/2006 11:29

Tiltonboy, and others-you all seem to like weird and wonderful ideas- have a look at a new thread I've created- EET- a European fund of High Yield Mortgage Backed Securities --- 8%+ yield