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AMN Asset Man Inv

70.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Asset Man Inv LSE:AMN London Ordinary Share GB0000580653 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 70.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Asset Management Investment Share Discussion Threads

Showing 276 to 299 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
07/9/2006
14:06
and the amn nav has risen by 5% in the past couple of days...
ursus
07/9/2006
12:55
AIM listed Integrated Asset Management (IAM) has risen from 85p to 103p over the last week or so. AMIC have a large stake.
rj allen
07/9/2006
12:47
Net assets have increased by 5% in the last few days to 105.73p, but the share price has been unmoved. The NAV increase might be revaluation of unlisted shares or realisations in advance of the ZDP tender. Does anyone know?
At the October EGM, the directors seek power for the company to repurchase up to 14.99% of shares. So there could be scope for the present 24.6% discount to net asset value to narrow sharply a couple of months from now.

jimbox1
31/7/2006
13:04
Principal Investment filed their 2005 accounts recently showing pre tax profits up from £0.49m to £1.34m plus a very healthy increase in assets under management even allowing for the Grant Thornton purchase last Nov. This is the sort of investment I'd happily hang onto and realise only if a good opportunity arose. No doubt IFDC are also doing well.

Investec may well be charging a premium rate but I presume the existing providers of finance were not willing to lend on better terms. Although there are future cash flows from IFX, it is only in the last year or two that IFX has established net assets so bankers are likely to be cautious.

Overall, I'm quite happy with the proposals

jimbo3352
31/7/2006
12:03
thank you tilton. perhaps the better way to look at the borrowing is that in part (ie after redemption of the zeros) it allows share buybacks that will increase nav.
ursus
31/7/2006
10:47
ursus,

They have only received $8m of the FX money so far. The rest comes in installments over the next few years.

tiltonboy

tiltonboy
31/7/2006
10:25
i'm not really sure why they need the bank facility in the first place, given that the fx concepts money should provide at least the bulk of what is needed to buy out the zeros - or has some of that already gone in the div's?
ursus
31/7/2006
08:07
The continuation proposals look to me to be positive for shareholders. It looks like it will be a gradual wind-up rather than a liquidation in Oct this year. Use of the share buy-back authority should help to narrow the discount to net asset value, which is still over 20%.
One thing I don't like is the terms of the new bank facility, which looks expensive and very generous to Investec.
Anyone else have views on this?

jimbox1
05/7/2006
10:41
Praipus,

The stock is illiquid and with a wide spread. A couple of sells below the bid price hasn't helped matters.

I will await the continuation document before I decide what to do next.

tiltonboy

tiltonboy
05/7/2006
10:03
Praipus,

I presume you mean roll.

I will almost certainly back a continuation vote. It would be foolish not to.

tiltonboy

tiltonboy
05/7/2006
10:00
Dont any of the share holders want to role?
praipus
04/7/2006
12:16
jimbo,

Depends what they say when they issue the proposals.

I am pushing the company for an orderly wind down with no new investments.

As for the sale of the CULS, the price did look a fraction low, but then again IAM might not have the resources to repay in cash the Loan Note. I'm happy that they have further tidied up the portfolio.

tiltonboy

tiltonboy
04/7/2006
12:05
I follow the IAM share price and noticed the directors purchase of CULS. Given the CULS would be redeemable at par in Jan 2008 it looks like a bit of a fire sale price even given that achieving the strike price of 95p per IAM share looked unlikely.

The AMN share price seems to be taking a battering today: I'm not unhappy I sold a chunk last week to buy Standard Life. I wonder which way the price will go when AMIC announce their continuation plans?

jimbo3352
30/6/2006
08:50
Thanks for that news tiltonboy, appreciated.
cwa1
30/6/2006
08:45
Possibly gone unnoticed, but two directors of IAM have bought 1m of the Convertible ULS between them.

It is not considered to be material by AMN, so no announcement will be made, but they have sold their entire holding of 2m CULS at 75p per share.

This increased the NAV by a marginal amount a couple of days ago, but more importantly, the company have another £1.5m in cash.

I think there may be another small uplift in the NAV today, as the FX Concepts deal has now been ratified by shareholders. This enables greater visibilty on the valuation because of the put and call options that are in place on the Ordinary shares.

The first $4m installment on the disposal of the Conversion rights was received yesterday, with the next one less than 4 months away.

Cash is now building up nicely, with risks diminishing.

tiltonboy

tiltonboy
22/6/2006
16:39
Warning : Ameron (AMN on NYSE) is not the same as Asset Management (AMN on LSE), but it's results are on our thread. But I may be wrong...
asmodeus
22/6/2006
11:26
I sent an e:mail to GR when I put up the earlier post and you may be interested in this extract from his reply:

" I agree that the discount has historically been higher than average, but given the unquoted nature of the portfolio, the focus on a sector within the financial services sector which is know to be cyclical, the relative illiquidity of the shares and the uncertainties connected with continuation I suppose it is reasonable to expect a rather higher discount than we would ideally like.
When the proposals for the future of the Company are issued we will comment on the discount. I note your preference for an orderly winding up, and you may be assured that no new investments will be made until the views of shareholders have been ascertained at an EGM."

As you say, let's hope other shareholders express their views.

jimbo3352
22/6/2006
10:31
Jimbo,

The continuation document hasn't been issued yet, so I don't think the company will make any comments on the future.

I am lobbying GR with my thoughts and hope that other major shareholders will be of the same mind.

I'm happy for the trust to continue until 2011, but would like it to stay in liquidation mode.

It will be interesting to see what sort of banking facility they will have, post the repayment of the Zero's.

tiltonboy

tiltonboy
22/6/2006
10:24
Tilton, perhaps not, more accurate to say you have highlighted the income attractions of this share as the investments are realised.

I see the share price is ticking up today on apparently modest demand. Given that (post approval of FX) around 85% of Amic's portfolio will either be quoted or realisable at specific values not dependent on Directors' valuation, the share price discount to nav effectively relates just to IFDC and Principal, both of which appear to be doing rather well. Hopefully the discount will continue to narrow.

Is anyone planning to attend the egm on 29 June? It would be nice to have some reassurance that continuation proposals will not involve fresh investments.

jimbo3352
14/6/2006
20:28
jimbo,

I didn't predict the 2p special dividend!!!

tiltonboy

tiltonboy
14/6/2006
20:11
I've just had a look at the FX Concepts circular. It makes for fairly dull reading as the terms seem unchanged from the earlier announcement. The pro-forma net asset statement shows an uplift of just £617k from the proposed transaction and that's at £1=$1.735. At current exchange rates, that uplift is wiped out. I suppose we should be grateful that an investment is being realised at (robust??) valuation and that back in March 2004, the company sold only half its shareholding to Messrs Taylor and Tilney who between them own 91.5% of FX.

Its also difficult to see much upside in the remaining small minority holding in FX. Are FX likely to exercise their call options when AMIC faces the choice in 2008 of having a locked in holding (currently paying no divi)or exercising their put at $400?

Let's hope IFDC and Principal do better.

And lest I forget, another star for Tiltonboy for correctly predicting the increased dividends. At least, the FX loan note will continue to yield 29% while FX revenues are $60m+

jimbo3352
12/6/2006
15:28
Interims out, and document posted today.

1.5p interim and a 3.5p final forecast. The big bonus being a 2p special dividend.

Added a few more on the figs.

tiltonboy

tiltonboy
12/6/2006
15:26
Results out:-
cwa1
08/6/2006
10:41
Announcement now on Monday morning.
tiltonboy
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older

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