North Atlantic Smaller C... Dividends - NAS

North Atlantic Smaller C... Dividends - NAS

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
North Atlantic Smaller Companies Investment Trust Plc NAS London Ordinary Share GB0006439003 ORD 5P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 4,060.00 08:15:08
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Industry Sector

North Atlantic Smaller C... NAS Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

p1nkfish: Either way it reads that NAS is in tune, loaded and ready. Good.
spartacus mills: Yes some indiscriminate selling yesterday afternoon. But many of Mills' holdings have done very well recently - RENX up c.15% recently, BigBlu up c.20% this week, Cicassia up 35% in the month, EKF up c.15% - so I dont see any underlying reason. My estimate of running NAV is now up to about £58.50. At yesterdays close of 39.10 this gives a gigantic 33% discount. Given the market conditions its hard not to see this as anomalous. Oyrx continues to perform very well and prospects for RENX and EKF are good. Between these three that's now a third of the portfolio. As always with NAS there is a decent cash buffer and you also get the down side protection of a manager who has seen it all, is not afraid to take profits and wont get carried away by market mania. The 5 year and 10 year performance (11.8% and 14.1% CAGR respectively - in UK shares!) now look really good. Yes NAS has flaws in fees and is not liquid enough for big holders but weighted against performance these are not justification for the massive discount. Good things will happen to those who buy at a 30%+ discount and I added more yesterday afternoon for less that £40
loglorry1: CIR on the move. This is a NAS stock and one that should help NAS put on some good asset value in the next few months.
spartacus mills: Worth a listen to this podcast in which Chris Mills gives a decent tour of the current NAS and OIG portfolio. hxxps:// Intriguingly at 39:45 he mentions a US cyber security company which NAS has a stake in which is due to go public. He sees an uplift from £3m to £24m in the value of the stake! Looking the most recent Annual report this looks like Telos which lo-and-behold has gone public and popped 20% on it’s opening day Nov 18th Suggests a tasty 3%+ uplift to the next NAV announcement!
rambutan2: Lists on thurs, with NAS holding a good chunk: hTtps://
topvest: The performance is very good. NAS has nearly tripled in a decade and Oryx has done even better. NAV performance is a c10-12% per annum compounder. I'm not greedy and invest in things that have a strong chance of doing 10%+ a year which is my minimum hurdle. I'm not really interested in things that can't make 10% per annum long term. I've always felt that NAS is better / certainly safer than Oryx. Oryx has out-performed of late as is more fully invested whereas NAS is more prudently positioned for the nightmare economic scenario we are now facing. It does mean that NAS has significant firepower when the value is there for some good deals. NAS also owns a significant % of Oryx. Odyssean are also part owned by NAS and if the manager doesn't perform to his high expectations, I expect Christopher Mills to muscle in on this one as well at an opportune time! From a few years ago: "Christopher became the Investment Manager for what was then Montagu Boston in 1982 and he became our Chief Executive in 1984. Since then the net asset value is up over one hundred times." Obviously when / if Christopher Mills retires then the investment trust may get liquidated and then the discount would likely go as well, but would lead to some short-term uncertainty no doubt. There is some risk on this front I guess!
spectoacc: Where's your return tho - barely budged over 3 yrs (or the 3 discreet years pre-Covid), & 1% divi. Significant key man risk, & too much in OIG & T-Bills. Just looking at the bear case - agree it's a great IT, but not sure a 30% discount isn't about right. 1.2% ongoing charge (HL), & the Top 10 not difficult to replicate (tho the one I'm looking at no doubt out of date).
p1nkfish: No way to know, a very cryptic mention and a bit of a tease. I think NAS is raising whatever cash it can via taking advantage now ready for something. Perhaps an anticipated big turn down or changes to landscape post Brexit. Some bargains will be thrown up.
rambutan2: Prelims released tues: ...Our cash holdings (comprising cash at banks and US treasury bills) fell significantly during the period from approximately GBP122m to GBP82m. This is due to the repurchase of company shares for redemption and a number of new investments which we believe trade at significant discount to fair value. Since the end of the period all world markets have fallen very substantially due to the onset of the COVID-19 virus which has disastrously impacted economic activity. Many of our businesses have either had to shut down or have had operations substantially curtailed. As noted above we have entered this downturn with very substantial liquid resources. Shareholders will already be aware we have tended to invest mainly in companies with strong balance sheets. We are therefore very well placed to support our businesses where appropriate. To date we have helped refinance Ten Entertainment so that it can now withstand a shutdown of fifteen months at a cost of less than GBP1m. We would expect that no more than two or three other investments will require funding with an estimated cost to the Company of no more than GBP5m. Either I or a member of my team have now spoken to every major investment in the Company and Oryx (which also has comparable cash balances) and can confirm that we are confident that our business will survive this very difficult economic downturn. It is however inevitable that corporate activity will be curtailed for some time so that realisations may take longer to occur than was originally anticipated. Notwithstanding this I anticipate that the next few months will present some good opportunities and therefore remain confident that the Company will continue to provide positive returns once a degree of normality is restored. Christopher Mills Chief Executive & Investment Manager 12 May 2020 htTps://
robsy2: I’ve been having a closer look at NAS. It looks very cheap at the moment .Why? • It’s trading on a discount of 29%. • The Z-score of -2.74 suggests NAS is particularly cheap compared with its own valuation history. • The company now has a buy back policy . • We are getting a dividend • The track record is excellent (especially of late) compared to its peer group, see below. • The TER is 1% What intrigues me is that the discount has been widening. I can’t see any special problems with the trust and am a bit mystified. I have done a few back of the envelope calculations. NAS has 14.2 million share in issue, a MCAP of 429m and NAV of 595m.. I did a bit of stock screening and of the 761 trusts on sharepad it comes in at #44 in terms of discount and believe me there are a lot of oddball trusts in the leading positions . If you start to filter a bit more by filtering out anything with a mcap under 50m , and anything with a positive z- score you get down to 167 trusts . It is 10/167 in terms of z-score value, I haven’t looked too deeply into this but at first glance most of the stuff ranked above NAS looks dodgy. NAS ranks 13/167 in terms of discount. Within its peer group, UK and global small caps it is the clear winner on both fronts 1/ 14 . So , it looks cheap, as we who post here already know, but I think it is probably even better than we think, because 16.5% of NAS assets are (or were until very recently) USD T-Bills. So, if we strip out the 98m of T-bills from the market cap we are left with 331m of MCap, if we take it off the NAV we get NAV 595-98= 497. It follows that the effective discount stripping out the T-Bills if now 33%. This is unduly cheap. This trust deserves a better rating than it has. The Buyback can only help. That’s it. Happy to hold quite a few of these already and I know I am preaching to the converted, but I thought I’d share it with you . Please let me know if I’ve made some dreadful error in my thinking here .
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