Baillie Gifford China Gr... Share Discussion Threads

[ferrox5] 17/11/2024 16:42

I think it does not come into effect until Nov 2028, if ever.

"In the event that the Company's net asset value total return does not exceed the benchmark total return (MSCI China All Shares index in sterling terms) over the period beginning from the NAV announcement in relation to 29 November 2024 to the NAV announcement in relation to 30 November 2028, then the Conditional Tender Offer will be held as soon as practicable thereafter."

[ali47fish] 17/11/2024 12:59

has anyone seen the tender offer published recently- does anyon know how this works and is it worth to participate?





Baillie Gifford China Growth Trust PLC (BGCG)

Legal Entity Identifier 213800KOK5G3XYI7ZX18

Conditional Tender Offer of up to 100% Introduced

The Board of Baillie Gifford China Growth Trust plc (the "Company" or "BGCG") announces the introduction of a performance related tender offer (the "Conditional Tender Offer") following an internal review and after discussion with the Company's largest shareholders.

In the event that the Company's net asset value total return does not exceed the benchmark total return (MSCI China All Shares index in sterling terms) over the period beginning from the NAV announcement in relation to 29 November 2024 to the NAV announcement in relation to 30 November 2028, then the Conditional Tender Offer will be held as soon as practicable thereafter. The Board believes that a Conditional Tender Offer in December 2028 will allow the Company and Baillie Gifford & Co, its Manager, appropriate time to outperform against its benchmark and in the event it does not, to offer shareholders a liquidity event.

The Conditional Tender Offer, if implemented, will be for 100% of the issued share capital of the Company. The Conditional Tender Offer will be priced close to the prevailing net asset value at the time of repurchase (adjusted for the costs associated with the tender offer).

The Board has an active liquidity management policy, the primary purpose of which is to reduce discount volatility. Buying shares at a discount also results in an enhancement to the NAV per share. The introduction of the Conditional Tender Offer will not change the Board's current approach to discount management.

Chair Nick Pink said "The Board believes the introduction of the Conditional Tender Offer is to the benefit of all shareholders. Over 4 years shareholders will receive either outperformance relative to the benchmark or an opportunity to redeem 100% of their holding at close to NAV/share.

For investors in China equities, the Board believes the Company offers a differentiated growth strategy. The Board is committed to using all the benefits of the closed end company structure where they enhance shareholder value, measured using the Company's KPIs. The announcement of the Conditional Tender Offer therefore adds to the existing liquidity policy to buy-back shares, the use of prudent gearing, the ability to own private investments and competitive costs, principally via a tiered management fee. Together we believe these features distinguish BGCG from its peers".



For further information please contact:

William Simmonds, J.P. Morgan Cazenove Tel: [phone]

Naomi Cherry, Baillie Gifford & Co Tel: [phone]

[sutherlh] 05/10/2024 09:11

A long way from its peak of over 600 in the early 20s. I bought around 385 a couple of years ago when I thought it was unloved. Kept it however as speed of decline caught me out. Current plan plan is to get out if it gets anywhere near my purchase price depending on chart performance. Any thoughts? H

[ali47fish] 02/10/2024 07:28

no one interested here/

[quepassa] 26/9/2024 08:11

Fantastic.

Look at that graph go.

Always the same, when nobody likes a sector - best time to buy.

[ali47fish] 20/5/2024 07:31

well i am staying here because china always surprise on the upside

[ali47fish] 01/5/2024 17:17

and who is the buyer here today- these investors must know something

[ferrox5] 18/4/2024 20:38

She is on the Board. Ex fund manager with abrd

[ali47fish] 18/4/2024 16:49

who is this magdaleine buying here see rns today

[vacendak] 14/4/2024 12:31

I have also watched the video, the one BG sent via email, with Sophie Earnshaw and Linda Lin talking to each other for a quarter of an hour and saying nothing.The Citywire article and its comments summarises the situation pretty well: BG has lost the plot and drinking its own Kool Aid. The "China will be big and open" mantra was all well and good when BGCG was all wild and at 20% premium, but it has been discredited from the moment the ChiCom began turning the screws.
The BG problem is that they are doing even worse than their benchmark and their peers. Not that losing "only" 35% (since Witan Pacific became BGCG) as per Fidelity China Special Situation (the less bad of the China only lot) would have done anybody any good.

[ali47fish] 22/3/2024 17:15

22 march 24
City of London Investment Management Company Limited adds from c 15 to 16pc

[vacendak] 18/1/2024 09:35

Best of luck and I hope you did not invest near the top.

In a way, investing at the current share price could be a good play considering how low it is compared to its past heights. It does not have much left to fall. I just got burnt badly and would rather take my chances elsewhere.

[ali47fish] 18/1/2024 09:29

thanks - very clear for me i remain invested give a few more years

[vacendak] 18/1/2024 09:15

BGCG used to be run by Witan before Baillie Gifford and was called Witan Pacific.
I was holding it for geographic diversification purpose but it was not doing great and indeed was barely matching its Asia inc. Japan benchmark.
Back then the board had been "asking questions" and after a while got fed up and decided to change the manager. Baillie Gifford proposed an all China move.

In all honesty, I did believe the move to be a good idea at the time and rejoiced when the share price shot up like mad (see my posts from a few years back). I still felt a bit guilty about putting my money in a country run by commies but the results were there.

Then it turned sour. My WPC/BGCG investment was going deep into the red, I exited at a loss and now I shamefully try to compensate for it by smirking at the slow but steady train wreck of BGCG.

I see no future investing in China as long as it is Communist. My only indirect holdings there are now through FCIT and UEM.

I have nothing against Baillie Gifford though and hold their USA IT. It is not doing great either but for totally different reasons and it should recover in the near future.

[ali47fish] 17/1/2024 13:50

vacendak i dont undrstand your commwn- please clarify

[vacendak] 17/1/2024 13:15

I remember the days of Witan Pacific (WPC) when we complained that it was a mildly underperforming index hugger.

Definitely no regret taking, already at the time, a big hit, on exiting at 225p.

[ali47fish] 17/10/2023 16:17

director buys!

[ali47fish] 17/8/2023 17:34

Name

City of London Investment Management Company Limited

City and country of registered office (if applicable)

London, UKadds from c 10 to 11pc

[vacendak] 19/7/2023 07:14

Taiwan apart, although I agree 100% on the risk, China already has a very nasty demographic problem. It will be old before it will be rich. It is condemned to be the second world economic power, never to be first.

So all the talks, which I used to believe, from BGCG about all those growth opportunities... well... the share price trajectory says it all.

Still ashamed to have put my money in a Communist regime in the first place. In a way I deserve losing some of it.

[essentialinvestor] 18/7/2023 17:23

If they attack Taiwan then it's 20-30% off overnight. That's the growing risk. When not if.

[ali47fish] 18/7/2023 17:17

City of London Investment Management Company Limited

City and country of registered office (if applicable)

London, UK
adds 5pc- isthis significant

[vacendak] 23/6/2023 12:20

Well, I lost some money when exiting at 225 last year but I do not regret it as I would cry even louder now.

I did wince when it recovered to 300p to be fair.

Zero is the floor when a desperate Xi makes his move on Taiwan.

[quepassa] 09/1/2023 08:14

Hang Seng - best start to a year since 1999 as China reopens.

See today's South China Morning Post article:-

hXXps://www.scmp.com/business/china-business/article/3206055/alibaba-tencent-power-hong-kong-stocks-china-completes-rectification-fintech-business-while