Asset Management Investment Share Discussion Threads

[glynnef] 26/11/2008 20:27

Tiltonboy,

you were right. I got the broker notification today - 27p per share.
Nice to see - should bring AMN to the notice of others ! I just hope the share price does not fall quite as far as 27p. Thank you for pointing AMN out to us.

[sponges] 12/11/2008 19:48

Tiltonboy/GlynneF thanks for the info always much appreciated
Sponges

[tiltonboy] 12/11/2008 06:53

Glynne,

It won't be quite that much. They didn't initially hedge the currency, but after a decent fall they put a hedge in place, so they didn't capture the full extent of the £ weakness. I think they may hold a little back for share buy-backs as well.

tiltonboy

[glynnef] 11/11/2008 22:50

We have a return of capital amounting to around 33p per share in December by my calculations. This will depress the NAV by the same amount.
I doubt the share price will fall quite as far, as this would result in a much bigger discount to NAV than we currently experience.

So that suggests holding for now, but the NAV is a matter of the board's opinion anyway.
GF.

[tiltonboy] 11/11/2008 07:08

sponges,

Much depends on world markets. If you feel equity markets will recover, then they are worth keeping. If you think equity markets are likely to fall, then it's likely they will fall.

A stop loss is always a good tool to have.

tiltonboy

[sponges] 11/11/2008 00:54

Hi again Tiltonboy - do you think it is worth putting a loss stop in place now that the share price has lost so much value recently or do you reckon the fundamentals will see its NAV rising again over time - hope i make sense ?
thanks

[tiltonboy] 04/11/2008 13:57

ursus,

Following the huge fall in the Nikkei, I understand it was felt prudent to further write-down the valuation of IFDC.

I also understand there is a tax implication for certain shareholders on the return of capital. Hopefully it will only delay matters by a couple of weeks.

tiltonboy

[ursus] 04/11/2008 13:03

rather a dramatic downturn in asset values. this is in large part due to a revised valuation model applied on 27/10. which wiped out 20% of the asset value at a stroke, but it has continued to decline since then. down a total of c30% in little over a week - how goes the liquidation process, tilton?

[tiltonboy] 04/9/2008 14:51

dave,

If there is a tender offer at say 120p, I'm sure they would sell what they could. I will speak to GR and get a feel for what is going on.

tiltonboy

[davebowler] 04/9/2008 14:30

I wonder if it will be used to get rid of Carousel at least in part.

[tiltonboy] 04/9/2008 14:25

Very pleasing conclusion to the Ordinary shares in FX Concepts. $10m coming in, which will hopefully given back to shareholders.

[glynnef] 22/8/2008 12:27

Carrousel (is that spelt right ? ) now own 17% of AMN.

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Asset Management Investment Company PLC

2. Reason for the notification

An acquisition or disposal of voting rights: (X)

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: ( )

An event changing the breakdown of voting rights: ( )

Other (please specify) : ( )

3. Full name of person(s) subject to notification obligation:

Carrousel Capital Ltd Investment Manager


4. Full name of shareholder(s) (if different from 3) :

The Carrousel Fund Ltd

The Carrousel Fund II Ltd

5. Date of transaction (and date on which the threshold is crossed or reached if different):

20 August 2008

6. Date on which issuer notified:

22 August 2008

7. Threshold(s) that is/are crossed or reached:

16%


8. Notified Details:

A: Voting rights attached to shares
Class/type of shares if possible use ISIN CODE
Situation previous to the triggering transaction

Ordinary

GB0000580653
Number of shares

1,425,000
Number of voting rights

1,425,000

Resulting situation after the triggering transaction

Class/type of shares if possible use ISIN CODE
Number of shares
Number of voting rights
% of voting rights

Ordinary
GB0000580653


3,225,000
Direct

3,225,000
Indirect


Direct

16.97%
Indirect

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument


Expiration date


Exercise/conversion period/date

No. of voting rights that may be acquired (if the instrument exercised/ converted)

% of voting rights

Total (A+B)

Number of voting rights
3,225,000
% of voting rights

16.97%


9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable :

Carroussel Capital Ltd prime brokers hold the shares in nominees accounts.


The prime brokers are JP Morgan, Barclays Capital and Citigroup.

[sponges] 16/7/2008 19:27

Thanks for response tiltonboy - enjoy !!

[tiltonboy] 15/7/2008 14:40

sponges,

Just getting ready for some serious sun here in Mexico, so will be brief. A third of the portfolio is in an FX manager, so to that extent it is slightly cushioned. The shares also trade at a discount to NAV, but that could fall in two thirds of the portfolio, but again, there is a bit of a cushion.

tiltonboy

[sponges] 15/7/2008 01:08

Hi Tiltonboy - could I ask - do you think this share is protected (if anyone can be!) from all this financial fall out in America etc? - Thanks in advance (only got a few k in this one on a recommendation from a friend a few years ago and now not in touch etc so any view much appreciated)

[tiltonboy] 20/6/2008 12:20

No, but I think you will find the company has.

[davebowler] 20/6/2008 12:03

tiltonboy,have you bought another small amount?

[tiltonboy] 13/6/2008 22:59

I bought a small amount and it moved the price. There isn't much stock around.

[badtime] 13/6/2008 20:25

Nice to c some movement up

[tiltonboy] 10/6/2008 15:51

dave,

I reckon the AMN portfolio exposure is now made up of:

32% Foreign Exchange fund manager
36% Japanese fund manager
18% Emerging markets fund manager

7% split between a US and UK manager
7% in cash or deferred cash

I'm happy with that as a part of my portfolio, and with the only gearing being linked to the deferred payment due in 2009 from FX Concepts, the discount looks overly wide.

I'm happy for it to stay that way as the company will continue to buy back shares for cancellation, and thereby enhance the NAV for remaining shareholders.

The above figures are an approximation, but shouldn't be too far wide of the mark.

tiltonboy

[davebowler] 10/6/2008 13:39

Thanks for that, I value your opinion.It was the non correlated asset idea -currency-that I liked.

[tiltonboy] 09/6/2008 16:02

dave,

Had a quick look, but nothing there that particularly excites me. Admittedly the p/e is low(ish), but I like the yield on AMN, plus the discount to NAV, plus the relatively limited life.

tiltonboy

[tiltonboy] 09/6/2008 15:38

dave,

No, but will do.

[davebowler] 09/6/2008 14:30

O/T tiltonboy have you looked at Record-REC?