Canadian General Investm... Share Discussion Threads

[skyship] 16/2/2015 14:46

I used to hold for two reasons - the NAV discount and the currency diversification. The attitude of management makes me wonder just when if ever we will see a Discount Management System; and of course over the past year the C$ has been a bit of a basket case. C$ now looks oversold...

[tiltonboy] 16/2/2015 11:45

There is actually a decent long-term track record, and with the distribution policy, I still think they are an attractive proposition.

I am more concerned on currency, than on the wide discount.

[hugepants] 08/9/2014 09:08

Motoring along nicely here and still at a 28% discount to NAV.

[tiltonboy] 15/5/2014 09:31

They have also got a pretty good performance track record.

Currency has hit the sterling price over the last year, but it's a core holding for my portfolios.

[hugepants] 15/5/2014 09:29

Why is this at such a big discount? 4% yield and 30% discount to NAV. Its well diversified and invests in a country with one of the strongest credit ratings. Its hard to believe markets are close to record highs.

[davebowler] 01/4/2014 13:38

28 March 2014

Toronto, Ontario, Canada - Canadian General Investments, Limited, a closed-end investment company, announces the following Canadian dollar values as at the close of business March 28, 2014.


Net asset value (unaudited) per common
share: $ 26.31
Closing market price per common share: $ 18.00
Discount to net asset value per common
share: 31.6%

[hugepants] 06/3/2014 13:24

Just bought a few of these. NAV is £14.40. So a 30% discount to NAV. Yield 4.1%. This dog always seems to be on a large discount though.

[skyship] 13/2/2014 08:42

Agreed, would appear to be a slight negative for UK holders.

[munin] 12/2/2014 18:42

Not sure if I'm happy with this "switch" from capital dividend to income dividend.
In the ISA I get hit with the Witholding Tax on the income, but the Capital Divi comes gross.

[alanji] 27/12/2013 11:47

15% withholding tax on dividend which, according to Sippdeal, is not refundable.

[skyship] 10/12/2013 17:49

My email to Jonathan Morgan, Director of MMAinvestments:

Jonathan

On December 4, 2013 you issued this statement:

"TORONTO, CANADA - Canadian General Investments, Limited (CGI) reports on an unaudited basis that its net asset value per share (NAV) at November 30, 2013 was $25.36, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 17.3% and 21.2%, respectively. These compare with the 10.8% and 12.9% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods."

After that, how is it possible that you should issue today's statement of a NO CHANGE annual dividend and a Special Capital Dividend actually reduced from 52c to 50c?

I am at a loss to understand such a parsimonious consideration of outside shareholder interests; however I would like to hear your take on the matter.

[skyship] 07/12/2013 17:39

£Sterling at a 4yr high v. the Loony:

[skyship] 07/12/2013 17:31

CGI a strong market in Toronto last night - closed @ C$18.52-62 - that's a middle price of c1067p.

[gingerplant] 05/12/2013 08:06

Got a few more Nick at 10.39p FWIW. I'm definitely becoming boring in old age! D

[skyship] 05/12/2013 07:43

Judging by these stats we should see a good increase in the special capital dividend to be announced shortly. 52c last year.

December 4, 2013

Canadian General Investments: Investment Update - Unaudited

TORONTO, CANADA - Canadian General Investments, Limited (CGI) reports on an unaudited basis that its net asset value per share (NAV) at November 30, 2013 was $25.36, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 17.3% and 21.2%, respectively. These compare with the 10.8% and 12.9% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.

[stupidboypike] 25/11/2013 17:06

That's told you SKY!!!! (Seriously, let's hope they take your point on board)

Best regards SBP

[skyship] 25/11/2013 13:34

No - not a hope. They are all being paid good salaries to effectively manage their own pension funds - a nice trick if you can arrange it! That said the TER is lower than most players, so they're not being greedy.

By metrics they look good value at this level.

[kinbasket] 25/11/2013 13:27

After 83 years Voluntary liquidation is unlikely :-)

[alanji] 25/11/2013 12:04

Thanks Sky - I couldn't resist.
Good on you for having a go - what about voluntary liquidation? Not a hoipe with that 33% stake, methinks.

[skyship] 25/11/2013 10:42

David - Welcome aboard.

I have been in reasonably frequent contact with Jonathan Morgan, a director of CGI and one of the Morgan family which controls the investment managers - MMA Investments.



I put it to him that they should be installing some effective Discount Control Mechanism(s) - possibly buybacks, though not necessarily so. He replied that MMA has a large historic stake (c.33%); and this precludes them from implementing buybacks as it would effectively increase their stake; and in doing so would invalidate CGI's special tax status

On 7th Aug'13 I suggested that the way round that problem was to implement tenders instead, tenders for all parties including MMA. MMA's relative position could thereby remain constant.

So far, even though I have sent a reminder (8th Sept'13), I have received no reply to this suggestion. I have sent a second reminder today.

[gingerplant] 25/11/2013 09:12

Ni Nick, Thanks for this. I just bought a few at 1041p - may get more when cash allows, D.

[tiltonboy] 18/11/2013 16:32

i'm still picking them up.

[skyship] 18/11/2013 16:05

...also the divi has just been increased; so will be interesting to see what the year end income divi and capital divi produces - not long to wait now.