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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Athelney Trust Plc | ATY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 175.00 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 175.00 | 175.00 | 175.00 | 175.00 | 175.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 25/11/2024 09:00 by edmonda "Yield attractions with small caps out of favour"ATY should be of interest to investors tracking the relative undervaluation of UK small caps vs their international equivalents, and indeed the segment’s underperformance generally. Over the longer term a small cap weighting would be regarded as a core component of a diversified portfolio. It has, however, materially lagged mid and large caps in recent years. Those who see this differential as cyclical and temporary, rather than structural, will see potential for resumption of long-term outperformance. ATY should be of interest to investors tracking the relative undervaluation of UK small caps vs their international equivalents, and indeed the segment’s underperformance generally. ATY holds a diversified portfolio of established, cash generative businesses, with proven management and competitive advantages in their specific industry niches. The core investment focus is listed UK smaller (£50-230m market cap) companies, all at a stage of their lifecycle where they pay regular dividends. This support ATY’s own distributions and core commitment to maintain progressive distributions. At today’s share price ATY is underpinned by its 5.5% yield (historic), backed by a 21-year history of distribution growth and commitment to maintaining membership of a small group of ‘dividend heroes’. The mid-price is also at a 9% discount to end October NAV/share. New research note: |
Posted at 19/3/2019 08:33 by charo RB has put his personal position ahead of his duty to investors.Board out of its depth. |
Posted at 08/3/2019 09:10 by rooky4 No further mention of a tender, conveniently forgotten?Previous support by vote for tender showed that many shareholders want out - very difficult to call but I guess this group will go with Pohl now. Any more muddle with Boyle and the discount could widen a lot. The strategy of "stability" and particularly "expansion", together with "Robin Boyle continuity" unfortunately just doesn't hold water - if there was demand then there wouldn't be a discount, and any potential new investors will take a look at the past year and run a mile. Should have been a wind-up and distribution at NAV when Boyle first flounced out, Athelney was dead then. Now just prolonging the agony at financial cost to the shareholders. Only other option is that Pohl can make some use of the corpse, but it is difficult see the shareholder benefit there unless the discount and spread can be cut down. |
Posted at 06/3/2019 20:45 by topvest Yes, but Boyle was offered a cash exit at close to book value and rejected. Whilst I like Boyle and have enjoyed Athelney Trust, the best outcome now is an exit for value investors and leaving the company to head in a growth direction. I've voted for Pohl this time.I do like Boyle and I do like Gresham House (I hold their shares as well from when it was an investment trust), but I think Pohl will block it. So, I'm going to back Pohl and Moore. Its worth noting that the current Board are quite inexperienced in such matters. Moore is better calibre in my view. Its a real difficult decision as all the options have positives. That being said, this is a monumental bust-up for a company of this size. Pohl and Boyle are to blame. It needs one to back down or definitively lose. I gave Boyle a second chance, but I don't think that he deserves another! Remember...it was Boyle who went AWOL in the first place. |
Posted at 25/1/2019 14:35 by danny baker Maybe the answer, as has already been suggested, would be a recommended shares for shares offer from another investment trust like Gresham House Strategic or possibly Miton UK Micro Cap at say a 10% discount to asset value. A cash alternative could be provided which would have a similar effect to a tender offer. That way investors could choose between rolling over their accrued capital gains into another investment trust or exiting part or all of their investment for cash. |
Posted at 22/1/2019 17:25 by danny baker Haha Rooky4 I didn't scroll down as far as that last line which presumably is a hangover from using the AGM announcement as a first draft. That's what happens when the office junior writes the RNS releases. The first resolution should also read Tender Offer not Tender off. David Lawman is a 'well-seasoned' stockbroker who I believe is currently with Daniel Stewart. If I was a director I would feel obliged to entertain a tender offer but at the same time request proposals from any interested parties to expand the trust with a placing to new investors and appointment of an investment manager. |
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