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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| M&G High Cap | LSE:MGHC | London | Ordinary Share | GB0005532709 | CAP SHS 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.04 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.04 | GBX |
M&G High Income (MGHC) Share Charts1 Year M&G High Income Chart |
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1 Month M&G High Income Chart |
Intraday M&G High Income Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 10/10/2013 | 19:27 | M&G High Cap. - come and make some money. | 87 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 07/5/2013 17:46 by timbo003 >>>coolenYes, that's a good point, in the past I have held a number of split caps until wind up/rollover, but I have never held a class of share at wind up which has no intrisic value, so I have no precedent to refer back to on that, but yes, the cap shareholders will presumably get a vote regarding rollover options and they are not going to vote for a rollover unless there is something in it for them. A good question for the AGM, which I intend to go to this year. I hold the caps and units BTW >>>Aleman, Agreed, the caps should now be showing a bit of NAV, someone at M&G needs to look at the speadsheet which churns out these daily NAVs. |
Posted at 07/5/2013 17:04 by aleman Here's last time the capital shares were in the money, with no separate ex-income NAV:18 June 2008 M&G High Income Investment Trust P.L.C. The Board of M&G High Income Investment Trust P.L.C. announce that the net asset value at 12:00 noon today was £70.3 million. Income Shares 75.32p Capital Shares 0.43p Zero Dividend Preference Shares 55.52p Income & Growth Units 75.75p Package Units 131.27p The net asset values have been calculated on a cum-income basis, with dividends payable deducted from net assets on the ex-dividend date. Financial assets are valued on a mid-market price basis. END |
Posted at 06/5/2013 07:15 by timbo003 coolenThe quoted NAVs for all classes of M&G shares, except for the package units (MGHP), are fairly irrelevant until we get close to wind up (March 2017). I think the best way to look at it is to consider the Zeros to be worth their redemption value at all times (i.e. 122.83p/share) and then consider what the other shares would be worth now, if the company was wound up now and the zeros were paid out in full. If you do that using Fridays NAV value for the package units NAV (including income): 157.44p NAV (excluding income): 155.31p Then: MGHI (income shares) would be entitled to 32.48p (plus 2.13p income)/share. Therefore real NAV (now) = 34.61p/share MGHU (one income share plus one capital share) would be entitled to 32.48p (plus 2.13p income)/share Therefore real NAV (now) = 34.61p/share MGHC (Capital shares) would be entitled to nothing and it would require growth of 37.52p in the value of the package units in order to qualify for any payout Therefore real NAV (now) = -37.52p/share Obviously there are option values you can add to the value of both MGHC and MGHU (and indeed MGHI), but you cannot work those out from the published NAVs, you need to apply appropriate mathematical models, such as Black-Scholes, to obtain fair value for that element, as I have tried to do here: |
Posted at 15/4/2013 19:31 by coolen Yes, 3 separate Class meetings would be needed. And each would need to approve, possibly by 75%. A tough one !The Cap holders could be given Warrants: better than nothing. As to the Prefs and Incomes, it would depend whether the new Rollover Trust might stand at a premium. If Yes, then maybe enough holders would opt for a share option (rollover) instead of cash (liquidation). To get the premium, the trust may need to move to a new stable. Miton (per previous post) runs Diverse Income Trust which stands at a 2% premium. But, in 2017, will punters still pay a premium for income, I wonder ? |
Posted at 15/4/2013 13:52 by aleman Prefs have to pay out just under 123p in 4 years. THe current value credited may be 85p+ but another 37p has to be gradually added to them. THe income shares get up to 70p once that is paid so the capital shares get whatever is left after just under 193p is taken by prefs and income shares in 2017. Package NAV is just under 156p so that needs to add 37p in the next 4 years for capital shares to pay anything out. THat means capital shares will have some return if the fund grows more than 24% in 4 years. There is no reinvested income because the income shares get it all so that 24% has to come from rising asset values only. To make a profit on the current 4p price of capital shares you would need a 26% rise over the 4 years. I recently thought capital shares were reasonably good value when you could pick them up for 2.3p. It's hard to call a fair value for them but under 3p looks a decent buying opportunity to me for now, while over 4p reduces the gearing/option effect and means over 26% fund growth will be needed, which is pushing it a bit. I think somwhere between 3p and 4p seems reasonable for the time being. |
Posted at 15/4/2013 13:01 by coolen Thanks for that.Does the reference to 37p mean 37p per Pref share ? If so, do you know how that 37p impacts on the capital share, please ? I'll take a look at the MGHI thread. Thanks again. |
Posted at 15/4/2013 12:28 by aleman -2.46p then subtract the 37p that is still to accrue to the prefs over 4 year. (You might learn more on the MGHI thread.) 12 April 2013 M&G High Income Investment Trust P.L.C. The Board of M&G High Income Investment Trust P.L.C. announce that the net asset value (NAV) at 12:00 noon today was £390.6 million. Income Shares * 70.48p Capital Shares 0.00p Zero Dividend Preference Shares 85.44p Income & Growth Units 70.48p Package Units 155.92p The net asset values have been calculated on a cum-income basis, with dividends payable deducted from net assets on the ex-dividend date. Financial assets are valued on a mid-market price basis. * The ex-income NAV of each Income Shares is 67.56p. |
Posted at 15/11/2011 14:57 by vision88 the FTSE goes up and down down and up and up and down but this share goes down and down and down down and down it know not what is up its hard to imagine that any one would invest in such an enity |
Posted at 16/5/2007 10:35 by gina11 Any idea why the share price has stayed static lately? |
Posted at 29/9/2006 09:53 by cityfarmer Hi Crisp007,Agree with your post above and topped up earlier in week with MEQC which in line with MGHC are both looking good for further rises. If the FTSE is preparing for a good run then both of these shares will be little gems in a couple of years. |
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