The halfwits at 'Embark' platform emailed me yesterday with the 'news' that AGT is doing a 5 for one split! |
AJOT Potential Share Issuance -
Webinar-
We continue to see an attractive investment environment and have identified six high conviction opportunities, comprising three new
and three existing companies where AJOT could increase its position. To capitalise on these opportunities, we are exploring the most
appropriate way of funding them, including a potential equity raise under the Company’s existing authorities. Alongside this option we
are considering the possibility of increasing gearing, and/or recycling of some of the existing portfolio. The six identified opportunities
could account for up to 35% of AJOT’s NAV, as the new capital is being sought to build large stakes to accelerate events and realise
potential upside |
Bauernfreund must have bought some "deep value" magic beans that have refused to grow. :) |
The sub-division is conditional on approval by shareholders at the Annual General Meeting and is also conditional on the new ordinary shares being admitted to the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities. Applications for such admissions are being made and it is expected that such admissions will become effective, and that dealings in the new ordinary shares will commenc |
Share split 1:5See announcement on 10 Jan 21. |
What is going on? Todays price down 80% |
Same subject, article also dated 23/12/2021 (I have just caught this on the weekly email roundup from Citywire), some additional bits on the story with AVI and Straude stating they had supported the chairman and found it unfortunate he had to resign. In other words, they deny having pushed him.
As for the rest, AVI and Straude do not have (yet?) the numbers to force anything, likely due to the voting structure. |
All getting rather nasty. One gets the feeling there is more to the resignation than is being said. Not sure Dan Loeb can be trusted really. Without a Chairman they are in a bit of a mess though, and I suspect there won't be a long queue of takers! |
Reports in the last few days that Steve Bates the chairman of Third Point Investors has been forced in to resigning under pressure from activist investors from AVI and Staude Capital. Dan Loeb, having rejected AVIs previous approaches requesting more attention to closing the wide discount on TPOU, now complaining at their underhand aggressive tactics. Boo hoo! No doubt it does not help that TPOU has suffered a rare 10% share price slump in recent weeks. Not sure where this is going to end up but AVI are not letting go. |
Nice bet on Wacom, it went up sharply. |
The November factsheet is out. |
Since you have not been wittering on about AJOT, or anything, and make helpful observations on topic that was obviously not a remark to you, but thanks for the feedback. |
Mt123, I'm wittering on!? A very brief polite answer to a question about AGT. I've been here since John Walton and 117p and would probably choose AGT as specialist subject. Fortunately we have an excellent manager here and I'm only mystified why the discount persists. I've just read your recent lecture on portfolio construction on this thread....hmmm. |
You guys do realise you are wittering on about a related investment on AGTs board as though AGT is the subsidiary? What affects the price here is much more likely to be driven by concentrated holdings in things like Pershing Square and Third Point.
Get your own board or get on topic you are spoiling it.
Please and thank you. |
No. NAV just announced is fine £1above share price Ergo it's an opportunity. |
Kind of a nasty drop today, not seen in similar/global ITs.
We do not hold Evergrande (defaulting today) through AGT do we? |
Another website set-up and strongly worded letters being sent, this time to MOL, the people who are trying to gobble up their own subsidiary (Daibiru) but on too cheap an offer. |
I posted on the AJOT thread:
"Takeover bid for Daibiru at 50% premium to add 2.7% to AJOT's NAV"
We may have some Daibiru in AGT, I have not checked yet. |
 AVI Japan Opportunity (AJOT) offers investors a highly active approach to Japanese investing. This is not only due to the highly concentrated portfolio of high-quality Japanese equities the trust owns, but also through the large amount of active engagement campaigns the team run. Currently, 85% of AJOT’s portfolio is undergoing some form of deep engagement by the team. A key strategy of the managers is to work with companies on creating shareholder value and correcting undervaluations by addressing poor corporate governance, encouraging better utilisation of cash (e.g. shareholder returns, M&A, capital expenditure), improving shareholder communications and working on corporate strategy including a takeover event.
AJOT’s team, in our view, implement an onerous investment process which requires deep expertise and skill, as they aim to proactively create and unlock shareholder value of their investments through active engagement. Not only does this mean AJOT’s investment process is a clear differentiator (and source of potential alpha) from many of its Japanese fund peers but, in conjunction with its highly concentrated portfolio, it makes it a strong source of diversification for many investors, even if they have a pre-existing Japanese equity allocation.
Since its inception in October 2018, AJOT has handily outperformed its benchmark, the MSCI Japan Small Cap Index. Over the last 12 months AJOT’s active, idiosyncratic approach to investing has borne fruit, and it is the second best-performing trust in its peer group over the period.
Besides its attractive diversification characteristics and strong performance, we also believe that AJOT is a good option for ESG-conscious investors looking to gain exposure to Japan. Activist approaches like AJOT’s will be pivotal in righting many companies’ poor ESG practices, making AJOT an important driver for better ESG practices.
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Kepler Partners
70 Conduit Street
London
W1S 2GF |
AJOT is also buying Wacom (tablet manufacturer), which is mentioned in the AGT newsletter as buying across the AVI funds. |
The newsletter for October is out. |
AVI are not criticising TPIL investment performance it is the lack of engagement and the refusal to explore ways to close the discount. Having conducted a small but persistent buyback programme themselves AVI have demonstrated that the expense can reap good rewards. TPIL argues that it doesn't need telling how to run its own business, it knows best, that money is well spent in other ways rather than being forced to close the discount. But maybe TPIL needs a dose of its own medicine. And the discount is much too wide, it ought to want to narrow it. I would not be surprised if other "value" investors want to see more effort from TPIL on this and are ready to support AVI in changing their boardroom. You are supposed to listen to major shareholders not rubbish them. Much rather they find a way forward, it would be a shame if AVI concluded with an exit. |
The spat is also mentioned here at the start of a more generic article on AGT. |
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