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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Media And Income Trust Plc | MEI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.01 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.01 | 0.01 |
| Top Posts |
|---|
Posted at 25/7/2002 00:56 by poolewe Martin Gilbert has described investors in split-capital funds as naive.No-one could have lost more than him(£20million and still counting!)he has offered in rather pathetic defence of both his own asset management skills and that of £7million salary over two years Fishwick. |
Posted at 28/2/2002 12:39 by redsonning jm - Thank you for your enquiry!GIC got itself in trouble some months ago due to falling asset values. GIC is a rather important trust within the sector because it is both large, and very has a very long life (until 2018). The board have been trying to put together a refinancing for some time, and are supposedly on the verge of doing so (they had indicated around end of Feb for further news of the deal. Difficulties have revolved around the subsidiary nature of the Zeros, but these difficulties are not necessarily insurmountable, and since this is such an important trust I would expect to see support for this reconstruction from the other institutions. Neither the Incs or the Ords have any asset value at present, but both are entitled to dividends. It is not of course clear at this stage what level of dividends might get paid once the refinancing is in place, and whether that level will be enough to support the present price at which each class of share is trading. At present therefore still very much a gamble. Personally I’m not touching them until I see the refinancing terms. GMM is a different problem. It is not primarily an investor in other trusts (although it has some), but holds a portfolio of blue chips. It has some £200m of assets, but the zeros have the right to get their cash in April this year, and if all the zeros want their cash back the trust will have to find over £110m. Since it also has bank loans of some £72.5m this will mean that some of the bank loans would then have to be repaid in order to keep the bank covenants in check. GMM have offered the zeros the chance to stay in for a further two years instead of cashing, but the terms are not exceedingly attractive, and therefore it remains to be seen just how many zeros get pulled out. Depending on how many want cash, so the size of the trust will adjust itself. The difference in potential (post zero decision) size is a very large range indeed, and again this therefore leaves the dividend situation extremely unclear at this stage. The Ords do however have some asset value (recently around 17-18 pence) and therefore some people are betting on a favourable conclusion, given that they also have a little comfort from the assets. As a result the Ords have climbed a little from their low over the last couple of days, with quite a volume of purchasing. However as you can see the spread is huge, and therefore there is no prospect of trading in and out of this stock. Anyone purchasing is doing so on the prospect of the trust remaining of a reasonable size and getting a reasonable dividend. This of course is also something of a gamble, although once again this is an important trust for the institutions, and therefore one would expect them to be working hard in the background to hold this thing together. However, if I was a zero holder (which I’m not) I would be wanting my money back in April and I think there will be quite a high level of redemptions. Therefore so far as I am concerned there is no rush to purchase. |
Posted at 22/2/2002 17:39 by novision Hi redsonning - all fine here, you also I hope. I was out of these some time ago - at a profit luckily. I'm not looking at ITs at the moment - I think some further lows need to be tested in the market and I'm not a patient investor (big fault!). Just day trading various FTSE shares at the moment. Doing okay but it's a volatile business and you have to be very careful! One small cap I think looks good is TRN - I sold out at 13p, but regret it a bit now. There's a thread explaining it all on the boards somewhere, if you're interested. |
Posted at 28/11/2001 00:56 by novision as they say.......... it is possible that investors may not get back the full amount invested on disposal of the shares. Past performance is no guarantee of future performance. Yields are estimated figures and may fluctuate. Interest rate fluctuations affect the capital value of investments. The value of a bond will fall in the event of the default or reduced credit rating of the issuer. Generally the higher the rate of interest the higher the perceived credit risk of the issuer - the impact of any default or downgrading is reduced by diversifying the portfolios across a wide spread of issuers and sectors. Specialist funds which invest in small markets or small sectors of industry are likely to carry a higher risks than most general funds. A Zero Dividend Preference share has a pre-determined redemption value, however this may not be repaid in full if on liquidation the trust has insufficient assets. The use of gearing is likely to lead to a volatility in the NAV, meaning that a relatively small movement either down or up in value of the trusts total assets, with result in a magnified movement in the same direction, of that NAV. In order to maintain the high level of dividend paid by the Investment Trust some of the assets selected for the underlying portfolio may be liable to diminish in capital value over their life. There is no guarantee that the market price of shares in Investment Trusts will fully reflect their underlying Net Asset Value (NAV). This Investment Trust should be considered only as part of a balanced portfolio, of which it should not form a disproportionate part. |
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