Share Name Share Symbol Market Type Share ISIN Share Description
Media And Income Trust Plc LSE:MEI London Ordinary Share GB0009216283 ORD 2.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.01 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
  10.14 8.31 0.0
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.01 GBX

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Date Time Title Posts
25/7/200201:56Media & Inc (MEI)156
19/3/200219:41IS THERE ANY HOPE WITH STOCK????????4
02/3/200211:33Is there any hope?-

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Media And Income Daily Update: Media And Income Trust Plc is listed in the sector of the London Stock Exchange with ticker MEI. The last closing price for Media And Income was 0.01p.
Media And Income Trust Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 0 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Media And Income Trust Plc is £0.
redsonning: The trust finally appears to have reached the point where the only party currently having any concern in the affairs is the bank! All classes of share, including Zeros (MEDZ) are now being quoted at zero net asset value. This gives a new, albeit unintended meaning, to the term "Zeros" !!!
redsonning: bsg - I see we discussed some time ago (see numbers 36 and 37 above) Q) What are the three types of shares in this fund, i.e what are zps - thanks. A) The zero preference shares (zps) have capital entitlement and predetermined growth (if enough assets are there) but receive no income. The income shares receive dividends as detailed in the original listing. The Ords get dividends and the capital growth if there is any after all other classes of share have been paid their prior entitlements on wind-up of the trust. Basically each class of share has it's various entitlements and characteristics as described above, and this is the very essence of splits, in that the different classes have different rights. The zeros have a predetermined (theoretical) rate of asset accrual, but of course real assets have to be there at wind up to pay them off. If there are assets left over after paying the zeros, then the income shares get the next slice. After them come the Ords. At present there is under 30p per zero available in real assets, so even the zeros are well off getting their money back. The Incs are out of the money, as of course are the Ords. The trust can't pay dividends because it has breached it's bank covenants and fails the companies act test section 265 which requires it to have assets 50% higher than liabilities. Hope this helps a bit - if you want to understand it further ring up the AITC (Association of Investment Trust Companies) and ask them to send you some of their free blurb on splits.
redsonning: bpoole - Thank you for your kind words! By now I guess you understand the risks you are contemplating. I wouldn't like to influence you on this, except to say that your thinking has some logic to it.... if indeed the NAVs are going to turn up more significantly. Since there are so many cross holdings it is possible that once we get some upward movement that this will feed itself around the sector in much the same way that the downward spiral has done, and to this extent the small upward movement in MEI over yesterday and today may have more impact than might appear on the face of it. My own feeling on this is that the downward spiral has been overdone in terms of its punishment of the splits (even of those with heavy cross holdings). However you can't argue with the market! It is the market which determines the NAVs for these trusts. But getting the situation back to some sort of normality is not so easy. Your mention of the dividend situation is very important. This is crucial to getting some sense of value back into the market. The cuts result from a combination of adverse circumstances, including cuts in other trusts feeding around, breaching of bank covenants, and the companies act test (section 265) which many of those dividend cutters are now failing. The next problem will be that if they continue to accrue income which they can't pay out (because of the companies act test) then they may be in danger of losing their investment trust status too if they haven't paid out at least 85% of their income in dividends.... which is required for them to maintain their status. Complex.... but if you can jump in at the right moment....
rk23: ok people, I have 75'000 MEI shares which cost me £1900, should I cash in and get back 375 based on the bid cost of (0.5p) or should I wait for a climb if its ever going ot happen! Is it likley that these shares can make any form of a recovery, all views & opinions welcome
redsonning: FAS and FJV are basically straightforward Asian and Japan trusts respectively. Their performance will have no direct bearing on MEI. The GMM news is now released. The trust has received elections for redemption on just under 77% of the zeros. This makes life somewhat difficult, and the statement from the board is rather cautious about commiting itself to what will happen. The ongoing viability of the trust will be examined over the next few weeks, with some sort of announcement expected around the end of April. Clearly GMM will be required to bring down it's loans, which means it will need to generate cash beyong the £87.5m required to repay the zeros. Remains very speculative indeed - however the price is looking extremely low now.....
redsonning: I don't believe there is any realistic prospect of a 2p move up in the price next week. You might get 1.5p Bid for the shares, or if it's a very good week for the market maybe even slightly better. I think that anything more is out of the question at present. Over the next few weeks there is some chance that the Bid might be slightly better if the US and main markets continue to rise significantly, since this will bring in more speculators on MEI. However the hard fact is that in reality these shares are very far away from having any intrinsic value.
rk23: Hi everybody, on Wednesday I bought 75,000 MEI ORD shares at 2.5p, I normally buy and sell within 2-3 day, cashing in on small profits, I bought without doing any research as the shares had fallen by a large percentage, Can somebody please give me some information as to whether there are ant dividnets payment to come, and is it likely that the shares will go up, are they worth holding on to, does any one have a realistic idea what the price may be with end of march, or april and finally does any one think that Ive madea huge mistake purchasing these shares, all views and comments welcomed, Thank
redsonning: Sage, Your instict is understandable but if you look back you will see that MEI already did this back in May 2001 when it first needed new funds. And this is part of the problem.... because MEI was one of the first trusts, during the severe falls last year, to raise new funds, it unfortunately found that the new investments which it made continued to lose value thus leaving it in the position it is now in. Funds which have restructured later in the year have fared rather better. So far as the holdings are concerned, no doubt the fund manager would believe that she has the balance about right; there is also the constraining factor of trying to continue to generate the income which the trust needs in order to feed the Prefs Incs and the Ords with Divs. Regarding the Institutional shareholders, this sort of spread is not particularly unusual in the Split Caps business. The institutions have a number of other important trusts which they are still trying to restructure before this one gets any further funds. Meanwhile everyone must hope and rely on a significant upward movement in the underlying assets to perform something of a rescue.
redsonning: I suspect you won't see much reaction in MEI. As you said before the MEI price is mostly driven by trades at present. The underlying asset values have not improved to any great extent, and the bank debt is huge. The big question for MEI is what happens to the next divi - announcement on the divi should normally be due towards the end of this month.
novision: For those who can't be bothered - here's a summary - prices are today's not necessarily what MEI dealt at. MEI Sold 3,370,000 INVESTEC EUROPEAN GROWTH AND INCOME TRUST LIMITED @80p Sold 1,550,000 NEW FULCRUM INVESTMENT TRUST PLC @ 61p Sold 1,000,000 Pavilion Geared Recovery Trust PLC @ 81p Bought 2,000,000 US Growth & Income Fund Ltd @ 63p So more selling than buying. ----------- redsonning - you seem to know quite a bit about this, so here's a question for you - as I know nothing about the technicalities of ITs. (From the banking RNS on 31/10) MEI has agreed with its bankers an extension to its banking arrangements whereby cash balances may be deducted when calculating qualifying assets and total borrowings. This arrangement, which assists the Company in complying with its banking covenants by managing its liquidity, has been agreed to apply until 17 December 2001 and as at 30 October 2001, the ratio of bank indebtedness to total qualifying assets amounted to 56.75 per cent. against a maximum permissible level of 61 per cent. As at 30 October 2001, cash represented approximately 23.7 per cent. of total assets. So using rough & ready approx figures: Total Assets 100% of which cash is 23% so Investments 77% Bank Debt 57% of Total Assets(Maximum permitted 61% - excl.cash) Bank debt % of Investments 57/77 = 74% = the problem and why cash is being added back for the moment. So the Investments need to grow by a minimum 21% to approx 93% to maintain the 61% limit. Pref NAV was 9.88p on 31/10, the week before it was 36.21p. So 20% on 36.21p would imply a NAV target of say 44p - last notified NAV was around 69p So firstly, is my understanding of the problem you perceive correct? ... and secondly is the NAV target an appropriate monitoring tool or is there some other measure which is more useful? ...and thirdly I presume the remedy for the bank is to ask MEI for its money back which means MEI has to sell investments, etc until there is a much smaller pot left and lower divs etc ..... N (apologies for the length of this post, and if I'm boring you all, and for any error in the maths)
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