Chelverton Uk Dividend Share Discussion Threads

[lord gnome] 21/6/2011 17:33

That's the way I read things. Another small increase in the regular dividends next year - every little helps.

[aleman] 21/6/2011 16:11

They've taken a more cautious line than last year - which is fine and leaves the prospect of another modest increase for Q1. Last year, accumulated income was -0.08p after they went ex-dividend. This year looks to be more like 0.3p so they will have paid out around 0.4p less than has been accumulated over the year (if received dividends in the next few weeks are similar to last year - which they might not be). On a historic yield of 6.3% and a prospective one of maybe 6.6% and higher than normal discount, I would hope to see some buying interest ahead of the ex-dividend.

The Company has today declared a fourth interim dividend in respect of the
financial year ended 30 April 2011.

A fourth interim dividend is declared of 2.30p per Ordinary share and will be
paid on 8 July 2011 to shareholders on the register as at 1 July 2011.

The total payment for the year ended 30 April 2011 will be 6.20p per Ordinary
share.

21 June 2011

[aleman] 20/6/2011 16:57

Timing of payments varies with the announcement of dividends by the same companies (they might be a little earlier now markets have calmed and companies feel more comfortable releasing now balance sheets are stronger) and different dates altogether when some investments are sold to buy others that pay out at different times of the year. This is what I mean by timing of payments.

[tatie] 20/6/2011 16:54

I think the timing of receipts is a non-starter. They will take credit for a dividend so soon as it goes ex-div.
If the past two years can to be relied upon, the dividend should be announced Thursday.
Regards t.

[aleman] 20/6/2011 16:26

But that's the point - reserves are accumulating faster in Q1 if they do not increase the dividend so I tend not to agree but am happy to bear your views in mind. Even though it has gone on several weeks, the higher accumulation of income could still be simply down to payments timing so our views may not amount to much. (I note SHD's accumulated income isn't much different from last year.) Dividend news is now imminent so we may may able to discuss it further soon.

Regards, A.

[tatie] 20/6/2011 14:19

My thoughts don't point to a big Q1 rise.
The dividends for Q1-3 will probably be the same. A sustainable figure will be set (1.35p - 1.4p?). If income continues to accrue at a higher rate than last year, fine. The Q4 dividend can be paid entirely out of income generated in the year. If not, another, hopefully smaller, dip into Reserves. At some point the Reserves will need to be restored. That won't be achieved by paying out every last penny received in the year.

[aleman] 20/6/2011 13:49

They knew where income for Q1 was running when they paid the Q4 dividend slightly ahead of the accrued income and it drops out of current accrued income in RNSs when it goes ex-dividend, anyway. Q1 income is running substantially higher this year so a similar dividend as last year would leave the NAV riding with significant undistributed accumulated income which would be a change of policy. My point still stands, I believe, although I do welcome your take on it. It makes it a bit more interesting to watch what happens.

Put it another way - your thoughts would just lead to a big Q1 rise instead! The policy is to distribute income and its running higher this year so we should get it one way or another.

[tatie] 20/6/2011 12:31

Aleman, 'Been a bad week on the market. I think it may persuade them to stick at no more than 2.5p, now'. Are you perhaps confusing capital values with income generated? What have share price movements to do with distributable income?
The 4th interim dividend expected shortly will be in respect of the year ended 30th April. At 30th April there was 1.51p income accumulated in the share price. If the Board want to pay more than that it will have to come out of Reserves, like last year when the income accumulated at 30th April 2010 was 0.87p. Sure, a dividend of 2.25p was paid but £224,000 was charged against Reserves.
Given that there has been a token increase in the first three dividends declared so far this year (1.25p to 1.3p)suggests that there is sufficient confidence to do something similar with the 4th (final).

[aleman] 17/6/2011 16:38

Been a bad week on the market. I think it may persuade them to stick at no more than 2.5p, now. Probably find out next week.

[aleman] 15/6/2011 17:12

The income for the final dividend is accumulating strongly. It looks set to be 2.5p+. The same ambition as last year might push it to 2.75p but I think they stretched it a bit so I'd go for 2.6p to give a round 6.5p for the year. It may well depend on the guidance they get from companies about payouts for the year ahead. It should be declared in a couple of weeks.

[aleman] 15/6/2011 17:00

The Net Asset Value (NAV) including unaudited current period revenue at 10 June
2011 was:

Per Ordinary share (bid price) 113.86p

Ordinary share price 97.250p

Discount to NAV (14.59)%

NAV includes 2.35p accumulated income.)

[aleman] 09/6/2011 14:35

New high for NAV? Looks like the highish discount is finally enouraging a bit of buying.

The Net Asset Value (NAV) including unaudited current period revenue at
3 June 2011 was:

Per Ordinary share (bid price) 112.44p

Ordinary share price 97.00p

Discount to NAV (13.73)%


(NAV includes 2.10p accumulated income.)

[aleman] 02/6/2011 15:46

Odd to see the recent share price weakness. SHD has just hit a new NAV high and both of them appear to be ahead on income accumulation compared with the same week last year. It could just be timing but we had a 2.25p final last year so I'm guessing we are looking at another bumper final and the prospect of another small increase for next year. If we get 6.2p and then say 6.4p next year (and possibly higher), the forward yield is a juicy 6.6%+ and the current discount looks to be a highish 15%. Looks very good value at the moment.

[aleman] 31/5/2011 09:23

The Net Asset Value (NAV) including unaudited current period revenue at
20 May 2011 was:

Per Ordinary share (bid price) 111.64p

Ordinary share price 99.00p

Discount to NAV (11.32)%

(NAV includes 2.07p accumulated income.)

[aleman] 23/5/2011 16:59

The Net Asset Value (NAV) including unaudited current period revenue at 13 May
2011 was:

Per Ordinary share (bid price) 112.13p

Ordinary share price 100.00p

Discount to NAV (10.82)%

(NAV includes 1.87p accumulated income.)

[aleman] 17/5/2011 11:09

The Net Asset Value (NAV) including unaudited current period revenue at 06 May
2011 was:

Per Ordinary share (bid price) 111.59p

Ordinary share price 100.00p

Discount to NAV (10.39)%

(NAV includes 1.58p accumulated income.)

[aleman] 06/5/2011 21:18

The Net Asset Value (NAV) including unaudited current period revenue at 30
April 2011 was:

Per Ordinary share (bid price) 112.08p

Ordinary share price 100.50p

Discount to NAV (10.33)%

(NAV includes 1.51p accumulated income.)

[aleman] 28/4/2011 14:58

The Net Asset Value (NAV) including unaudited current period revenue at 15
April 2011 was:

Per Ordinary share (bid price) 111.36p

Ordinary share price 98.75p

Discount to NAV (11.32)%

(NAV includes 0.89p accumulated income)

This is a bit out of date. I'm guessing NAV today is more like 113p.

[aleman] 26/4/2011 10:44

Broken the pyschological 100p barrier again. Let's see if it sticks this time.

[aleman] 13/4/2011 15:25

The Net Asset Value (NAV) including unaudited current period revenue at 8 April
2011 was:

Per Ordinary share (bid price) 109.44p

Ordinary share price 99.00p

Discount to NAV 9.54%

(NAV includes 0.68p accumulated income.)

After yesterday's falls, NAV should be around 108p today.

[envirovision] 11/4/2011 13:36

Its a good day to buy ILH discount circa 12% yield 8.9% taking into account your buy price less due divi (goes xd weds).

AIF I see the argument there ok.

[aleman] 11/4/2011 13:25

The Net Asset Value (NAV) including unaudited current period revenue at
31 March 2011 was:

Per Ordinary share (bid price) 108.44p

Ordinary share price 99.00p

Discount to NAV 8.71%

(NAV includes 0.49p accumulated income.)


Bit out of date that one. I make it to probably be around 109p now.

[aleman] 11/4/2011 12:16

CLIG look worth monitoring. If you like them you might like JIM. Dividend will be 10/11p this year on shares at 160p. Business expanding into fund management and a rare company that benefits from rising rates. Riskier stuff than trusts like SDV/SHD, though.

[asmodeus] 11/4/2011 12:00

AIF in my ISA. A good performer (since 2009), and divs paid gross.

[davebowler] 11/4/2011 11:41

How about Acorn Income- AIF