Henderson Pr Share Discussion Threads

[eeza] 11/9/2012 17:23

I hold shares with Share Centre & TDW - no indication from either (as of 2 mins ago).

[jaws6] 11/9/2012 15:47

badtime
Tks for that info.

[badtime] 11/9/2012 15:39

They've split my holding into 2 and when asked said one lot was for tender ..as said that's what thy hav indicated ..the true test will b when I've gt the cash

[skyship] 11/9/2012 15:33

BT - How do you see that? My Sippdeal a/c shows no cash credited and the holding still as before.

[badtime] 11/9/2012 14:35

Just to throw something else in the mix ..Sippdeal seem to have indicated 37% of my portfolio has been tendered

[jaws6] 11/9/2012 13:25

Completion of purchase of Shares under the Second Tender - 10 September 2012

Despatch of cheques for Second Tender Offer - week commencing 10 September 2012

CREST accounts credited with Second Tender Offer - week commencing 10 September 2012
so soon we get money

[spectoacc] 11/9/2012 13:10

Sorry @jaws6, not sure what you mean - we know shares in issue/how many repurchased (though not when Nominee a/cs will get around to settling - sometime this week or next I'd guess). What's curious is the NAV being higher than previously discussed on here, as for the first time it includes an accrual for the incentive payment (rather than just the adjustment for expected disposal values).

ie the 31st Aug NAV should be pretty close to what we eventually get back, after costs of distribution/wind-up.

[jaws6] 11/9/2012 13:04

what I said in post 484 number is in last EGM rns on 6/9/12
Might phone them if no answer come till tomorrow on this fig .

[spectoacc] 11/9/2012 12:55

@eeza - not sure why AlanJI's figs, which seemed logical, are contradicted by the latest NAV RNS. But they are, since NAV now includes provision for the likely incentive payment.

[eeza] 11/9/2012 12:41

Post 460 - AlanJl


I calculate the nav post tender (using adjusted 31 July nav) to be 394 (370 after incentive) with 288p cash - a 5% uplift on the current 352p share price (tried a dummy buy and sale this a.m. and quoted 360 to buy 1k (max online) and 352.11 for my holding of 8624. Certainly not worth selling at present as downside is now a lot more limited - it would take a 20% fall in non cash assets to reduce the nav below 352p.

If you were to buy at 360 and receive 34% in the tender you would be left with an effective cost per share of 352p so I would not consider them a buy at present.

As always please check figures - amending an existing spreadsheet is always a bit risky and I have not had time to fully check.

[jaws6] 11/9/2012 12:23

for share it is result of EGM this bit --

4,665,336 Shares will be repurchased by the Company under the Second Tender
Offer and cancelled, which equates to 30% of the Company's Shares in issue at 6
September 2012. Following the Second Tender Offer, the Company will
have 10,886,170 Shares in issue.

[spectoacc] 11/9/2012 11:35

"Block trade" rules let them delay reporting - though we know price/size I guess.

Unless I've misunderstood the fairly simple RNS (always possible), NAV ex current year revenue items, but inc expected disposal prices and inc £1.9m expected incentive cost, is 408.3p. Take off some costs for winding up the co & cost of the final distribution, & IMO still a c.10% return in say next 6 months. And that's with NoteMachine finally gone out of Rutland I.

I thought as NoteMachine went for approx what it was in the NAV for, and the previous small disposal was at a slightly lower NAV, we'd have seen a drop this time. But per point above - I guess the 5% discount of 30% tender covered some costs that are now being included in NAV fig.

[praipus] 11/9/2012 10:28

Same with selftrade, lot of confusing transaction entries have appeared and nothing tradeable in the portfolio.

[badtime] 11/9/2012 09:58

OT i am surprised we havent seen the tender trade reported yet...SIPPDEAL not letting any to b sold

[praipus] 11/9/2012 09:28

Have you checked the shares in issue figure? have you allowed for the number tendered or cancelled?

Why should the NAV change due to the tender?

Edit Please ignore the above just rambling thoughts before I re-read above posts carefully! :-)

[skyship] 11/9/2012 08:18

Agreed - I can't figure it out either; though for sure 31st August is pre-tender.

[spectoacc] 11/9/2012 07:38

Looks too high - 392 and 408. Says it includes a £1.9m incentive fee accrual - I'd have thought nearer 380/396 if it included the accrual? Less shares in issue now. (Or hang on - is 31st Aug NAV before the tender? No shares-in-issue fig to work it out from).

Edit - I guess it's pre-tender NAV, but the reason it's still high despite the £1.9m accrual is that the tender itself was at a 5% NAV discount, to in part account for it. Does imply we'll get back c.£4 a share? Though I've never fully understood the rolling nature of the incentive and the ultimate effect on NAV. Next NAV fig, post-tender, should be clearer.

[jaws6] 10/9/2012 16:37

RNS on latest NAV out after close

[spectoacc] 06/9/2012 18:02

Some comprehensive tendering! But as expected - it's a good price. Will be interesting to see next NAV figure, which the Half-Yearly Report said will now include an accrual for the incentive scheme. Am assuming the figure produced will be very close to what we ultimately receive (though with a few investments left, perhaps a few p cautious).

[eeza] 06/9/2012 17:25

12mill tendered - 4mill re-purchased.

[jaws6] 06/9/2012 16:50

RNS out on tender info

[jaws6] 04/9/2012 09:37

SpectoAcc
Agree plus we get next tender offer soon with more cash after this one finish.
price says something .I am happy so far with HPEQ

[spectoacc] 04/9/2012 08:12

Read back through Thurs night's Half Yearly Report, can't see anything particularly new in it, other than IB's confidence about a timescale of months now for return of cash. Only thing different is that I was expecting him to keep back a few million at the end in case of contingencies, but no mention of that - so perhaps entirely done & dusted in say the next 4 or 5 months. Makes the annualised return look better, even if the gap to expected realised NAV is shrinking.

[spectoacc] 31/8/2012 08:42

Sorry to hear @AlanJI.

[jaws6] 31/8/2012 07:30

Alanji
I am very sorry to hear news of your wife.
I know about mariecurie and really they do good job.
Already support some of them .
Please take care and hope after wife's funeral service you do come back to tell us more about bad NHS care.
only if you want to tell or please take care and hope all goes as planed for funeral.
Once again sorry to hear the news and please take care.