Shires Income Share Discussion Threads

[aleman] 06/7/2009 17:37

NAV 03/07/09 131.98p (inc. 3.30p acc. income)
Close 128p
Discount 3.0%
Yield 9.4%

[aleman] 22/6/2009 17:13

NAV 19/06/09 141.59p (inc. 8.5p acc. income)
Close 130.5p
Discount 7.8%
Yield 9.2%

[aleman] 15/6/2009 15:23

NAV 12/06/08 143.34p (inc. 8.41p acc. income)
Close 128p
Discount 10.7%
Yield 9.4%

[aleman] 28/5/2009 15:54

Discount widened back to 10% thanks to the short term selling from the dividend cut.

[kiwi2007] 27/5/2009 16:56

Well done to the managers at Aberdeen Asset Management.

Under the hard working and knowledgeable Glasgow team SHRS had managed to pay a dividend of at least 17.5p to 19.5p every year since 1998.

Now Sue and her Peterborough chums have taken over they have managed to cut the dividend by 29% on the dividend received in 1998 !!

and 36% on last years. Brilliant.

[aleman] 27/5/2009 09:27

Dividend cut to 12p.

[aleman] 12/5/2009 12:43

Up only 8.5p. Doesn't seem to be going up quite as fast as it came down relative to the market.

NAV 08/05/09 143.29p (inc. 5.89p acc. income)
Close 132.5p
Discount 7.5%
Yield 14.9% (under review as per header)

[aleman] 08/5/2009 16:11

Banks and financials up strongly this afternoon. NAV is probably up over 10p this week.

[oniabsta] 07/5/2009 13:48

5.9p income, almost enough to pay the full final div of 6.55p?

[aleman] 05/5/2009 15:13

NAV 01/05/09 134.67p (inc. 5.4p acc. income)
Close 129.5p
Discount 3.8%
Yield 15.3% (under review as per header)

[kiwi2007] 28/4/2009 10:45

If these were being run by the original Glasgow team I'd be looking to top up sometime soon... however, I've little confidence in the Aberdeen Asset management. Let's hope they prove me wrong.

[aleman] 28/4/2009 10:30

NAV 24/04/09 130.13p (inc. 4.93p acc. income)
Close 116p
Discount 10.9%
Yield 17.0% (under review as per header)

[aleman] 20/4/2009 14:42

NAV 17/04/09 128.03p (inc. 4.98p acc. income)
Close 114p
Discount 10.9%
Yield 17.3% (under review as per header)

[aleman] 14/4/2009 16:17

Went ex-dividend last week.

NAV 09/04/09 120.22p (inc. 4.67p acc. income)
Close 114p
Discount 5.2%
Yield 17.3% (under review as per header)

[aleman] 07/4/2009 10:51

Made it to 125p but eased off again.

NAV 03/04/09 123.20p (inc. 8.67p acc. income)
Close 111p
Discount 9.9%
Yield 17.8% (under review as per header)

[aleman] 02/4/2009 15:10

NAV jumped since last update. Probably 125p with today's moves as the gearing and financials bias that dragged us down so much has now reversed. D

[aleman] 26/3/2009 18:39

It is 7% below NAV. You can't ignore cash. The shares drop when they go ex-dividend. If you buy a business that has cash in the bank, the sellers would take kindly to you telling them the cash didn't matter. A report in the FT last week said many income trusts were trading at premia now as investors scramble around for a decent income.

[skyship] 26/3/2009 18:26

A raging sell - why the hell should this be standing at its underlying NAV - should be at a 15% discount, perhaps more...

[aleman] 26/3/2009 15:09

Over 8p accumulated income now - 5.5p income accumulated since the ex-d at the start of Jan.

[kiwi2007] 25/3/2009 09:50

I should have added that I don't think that they will cut the dividend to any less than 10p a share and probably not even that low - instead, and not sustainable in a bear market, they will probably try to keep the dividend higher than it naturally would be by keeping debt and gearing high or selling stock.

[kiwi2007] 23/3/2009 09:11

Aleman - If it weren't geared I'd guess at it's sustainable dividend yield to be around 6 to 8% - a reasonably high figure but held up by it's corporate bonds... however gearing makes quite difference as does their derivative type trading (but I don't know which way ;o)

Latest missive - March 2009 ".....During the month we exited Wolseley amid concerns about the strength of its balance sheet. We top-sliced the holding in BT as we became increasingly concerned about the problems it is experiencing in its Global Services business. Top-slices were also made to a broad range of holdings as the Trust raised cash in preparation for the repayment of a portion of its index linked debenture. It is clear that this recession is going to be worse than was thought even a few months ago. However the authorities have acted quickly in an attempt to provide an adequate level of stimulus. How effective this will be remains to be seen. Where opportunities arise to invest in good quality companies with sound balance sheets at attractive valuations we will continue to do so. "

From the interims: " It has in issue an Index-Linked Debenture on which the interest payable and the capital sum to be repaid on maturity are linked to the Retail Price Index. Short-term borrowing from banking institutions is also used and bears interest at floating rates. "

[aleman] 18/3/2009 12:48

It's been obvious for months the dividend will be cut - but by how much? Income seems to be accumulating at a decent rate still. Can anybody estimate? I'd guess between 30% and 50% off, remembering there is quite a lot if income from prefs and options. That still leaves a double digit yield. Does anyone think it will be more or less than this? Smaller companies trusts seem to have cut 50-60% but look to have been hit harder.

[aleman] 16/3/2009 22:06

NAV 13/3/09 113.01p (inc. 6.72p acc. income)
Close 101p
Discount 10.6%
Yield 19.6% (under review as per header)