Henderson Pr Share Discussion Threads

[badtime] 11/7/2012 10:03

well..i am banking on 20....anything above wil b a nice surprise then

[jaws6] 11/7/2012 10:00

I will be more then happy with that . sorry what is 166pps ?
Tks

[alanji] 11/7/2012 09:53

They currently have cash of approx 166pps and no reason not to distribute nearly all, so I would expect a 25-30% tender - unless notemachine is sold first, of course.

[jaws6] 11/7/2012 09:49

Alan
I think may be you right in tender offer talk.even if we get like last time next one will be bigger and small divi too.
Re notemachine they did talk end of 3rd qtr so if they sell now that is bonus.
even we get 390 your target still get more then 10 to 12% on today's price.

[badtime] 11/7/2012 09:44

17.5% last time wasn't it...i was looking at 20

[spectoacc] 11/7/2012 09:41

Still a way to go to 390.. :)

Every day takes us nearer to final redemption (or "vast majority" redemption, ie the forthcoming tender & the one after), so can argue it should tick up. Assuming 6 months to get my 390p (NAV 421.5p, less incentive %, plus perhaps a bit of NoteMachine uplift, less tiny final payment beyond 6 months), and every day makes the annualised % return look better.

One thing I'm not sure about - IB's commented on how concentrated the portfolio is due to NoteMachine, and how he's aware of not making it more so. Yet a big return of cash will only make that worse. Entirely speculating, I wonder if the delay in announcing latest tender is because a sale of NoteMachine may be close. If I'm wrong, then I reckon this tender may be smaller than we hope (not at a lower price; just for more like the % we got last time), saving the larger payout for the next one.

[badtime] 11/7/2012 09:10

This rate we will b near what we think the tender offer wil b

[jaws6] 11/7/2012 08:20

Alan will try to get detail next week .
Any news out today on HPEQ ?small tick up again

[jaws6] 09/7/2012 16:49

yes 2011 a/c.

[alanji] 09/7/2012 16:00

I think you are probably referring to the 2011 accounts. These show the value of HPEQ's holding in notemachine - I was trying to find out what the total value of notemachine was.

[jaws6] 09/7/2012 15:22

page 3,4 and 5 ,6 on portfolio manager's review page on co web ,if that help.
page 40,41
I got this from book report ,sure there is link on HPEQ web on this pages.may be agm

[alanji] 09/7/2012 14:33

Jaws - great minds!!!!!

I had just found that article and was about to post it when I found you had beaten me to it.

I have been trying to compute the total value attributed to notemachine by finding out the %age held by HPEQ or FPEO but without success - any idea anyone?

[skyship] 09/7/2012 14:22

Jaws - thnx for that - have copied the relevant text below:
===========================================================

Rutland Partners' Notemachine completes £63m refinancing
Source: UK unquote | 25 May 2012 |

GE Capital, Barclays and European Capital have provided a £63m senior debt refinancing package for Rutland Partners' UK portfolio company Notemachine.
KEY FACTS
Notemachine
DEAL - Refinancing
VALUE - £63m
DEBT RATIO - 3.7x EBITDA
LOCATION - Crickhowell
SECTOR - Speciality finance

GE Capital acted as mandated lead arranger on the refinancing. The new structure will refinance the company's existing debt and provide acquisition finance for future add-on acquisitions.

Notemachine's leverage was in the region of 3.7x EBITDA after the refinancing.
Rutland Partners first invested in Notemachine, formerly Scott Tod Plc, in August 2006, when it delisted the company from the London Stock Exchange. Rutland provided £11.2m for the all-equity deal.

In the following year, Rutland (equity), Barclays (mezzanine) and Kaupthing, Singer & Friedlander (mezzanine) provided a total of £45.3m in acquisition finance for the buyout of ATM operator TRM Inc. Kaupthing Singer & Friedlander is currently in the process of being liquidated.

Company
Notemachine is a UK-based ATM deployer with an estate of more than 7,000 cash machines. The company supplies approximately £5bn of cash annually, with about 12 million transactions every month

[jaws6] 09/7/2012 14:02

on notemachine -
Rutland Partners' Notemachine completes £63m refinancing- so they got refinance in May too

[jaws6] 09/7/2012 12:10

SpectoAcc
Tks, and let's hope you right on good news soon.

[spectoacc] 09/7/2012 11:49

Someone paid 348 for 8,500 in a tight market. Still: 421.5p NAV & details of next distribution ought to be imminent; hoping for about 390p.

[jaws6] 09/7/2012 10:27

small tick up again !!

[jaws6] 05/7/2012 18:54

Alan
We posted at same time .
yeap -yummy

[jaws6] 05/7/2012 18:53

RNS after close here so what we spoke in post before NAV improved by 10 p.

[alanji] 05/7/2012 18:53

Up another 2p apart from the Astorg increase - keep it coming.

The Company announces that the unaudited net asset value per ordinary share at
30 June 2012 (including current year revenue items) is 418.8543p.

The unaudited net asset value per ordinary share at 30 June 2012 (calculated
excluding current year revenue items) is 421.5116p.

[jaws6] 05/7/2012 16:44

steven
Have you seen this video ?
I saw today some slide there too which I missed before.
And he does say good problem to have in this mkt to get and talks of 3rd qtr for disposal.

[jaws6] 05/7/2012 11:45

steven
Still small divi and 2 more tender offer to come that is first news to come.
I will try to get answer on that after news or tender offer .

[stevenlondon3] 05/7/2012 11:20

Thanks...with the price of Hpeq below 320p such questions are not so important..as it goes above 350p i think such questions become much more meaningful in comntinuing to hold.

[jaws6] 05/7/2012 10:47

steven
rutland is doing selling so they will be keen to get good price. which might help their new fund more.
old info

[jaws6] 05/7/2012 10:34

steven
Ian was happy with value and other director was happy too but auditer ask them to put put price as 21.5 mil as book price like selling house you know value but can not put selling price .and there was lots of question on that.If you look at my post before I think we did talk on that near agm dates.
If it is 21.5 and goes at 23 million ,looks nice for fund ???
Then more money then 409 last NAV .I think alan did speak on this near agm post here,But if any special concern pl let me know and will try to find it .
Hope this is ok.

Edit
It was John chairman who answered few question too on this as he said on page 3 ,Mark did ask same as you and later he was happy with answers on notemachine.