Value And Income Share Chat (VIN)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Value And Income Trust Plc	LSE:VIN	London	Ordinary Share	GB0008484718	ORD 10P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+0.50p	+0.20%	252.50p	249.00p	255.00p	255.00p	255.00p	255.00p	20,451	16:35:02

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Equity Investment Instruments	10.1	4.8	9.9	25.4	115.13

Value And Income Share Discussion Threads

Showing 76 to 100 of 100 messages

Chat Pages: 4 3 2 1

Date	Subject	Author	Discuss
18/4/2019 13:07	Aren't the year end results due soon?	zcaprd7	Read Full Thread Reply
10/4/2019 12:19	An understandable concern Specto but the market cap is only £114m here and I suspect that the two big players plus family probably have 20%+. If somebody does come in then I think that they will either want to move the furniture around quite a bit or take total control with a view to winding the whole thing up. I'm not convinced that dribbling the shares out into the market will work for either ex-big player - would you want to light a bonfire under something that you have built up over 40years? I am surprised that some kind of deal was not done before the rather abrupt departures. Something may yet emerge at year end.	ygor705	Read Full Thread Reply
10/4/2019 11:35	I think the surprise is the suddenness. And if there's any bad feeling, where that leaves the large shareholding..	spectoacc	Read Full Thread Reply
10/4/2019 11:31	My understanding is that Angela Laschelles is in her late 70s and so it's unrealistic to have seen her in this particular job for very much longer.....even absent some poor investment performance. One of my more knowledgable friends recently described this stock as an 'interesting hold' which I thought summed up the situation pretty well. The redemption pull of the debentures will definitely exert increasing downward pressure on the discount to asset value as time goes by and Mathew Oakeshott et al still have a lot of skin in the game. Too early to do anything drastic in my view.	ygor705	Read Full Thread Reply
08/4/2019 09:01	Who cares what your view is on anything, topvest? You never give any backing for your crazy predictions. And mostly you are completely wrong! Nobody takes any notice of you because that arrogance comes with stupidity.....	johnwig	Read Full Thread Reply
08/4/2019 07:05	Fingers crossed but I'm not optimistic - it's far from a "clean" mandate. (Though I do live in hope that the commercial property is somewhat undervalued).	spectoacc	Read Full Thread Reply
07/4/2019 21:54	In my view there would be a long list of applicants to take over this mandate. A £100m+ trust with a 20 year+ dividend increase record and a solid property portfolio. A demerger of the property portfolio would clean up the trust to be a pure equity investment trust of size or you could leave the property portfolio as is and have a new manager for the equity side. Troy Asset Management would be a good fit in my view, but there are many options available. I would guess that there will be a significant change over the next 12 months.	topvest	Read Full Thread Reply
07/4/2019 19:59	Whilst the property fund has performed better, it continues to be hampered by the two expensive debentures although the first of these is due for repayment in 2021. Ah! The "poison pill". So, after 2021 perhaps the discount will close, or will they be taken over? Or both? I dunno.	pvb	Read Full Thread Reply
07/4/2019 19:29	I'm a long term holder of VIN but it feels unlikely any "star" manager would want it - the equity side can be shuffled at will, sure, but the property?	spectoacc	Read Full Thread Reply
07/4/2019 19:17	Yes, unfortunately Boyle has left, but Pohl at Athelney Trust, seems to have a fairly decent investment strategy. I'm into Gresham House, but prefer them as an investment manager, to investing heavily in their strategies. I have a nil cost residual holding in LMS and did buy some Gresham House Strategic plc, but it's not done very well. Value has been a poor performing strategy of late. We seem to be invested in a few similar things! Perloff is a legend.	topvest	Read Full Thread Reply
07/4/2019 14:11	topvest - hadn't come across Athelrey so had a quick look. Amused by the report writing, very much in the Andrew Perloff mode; interesting to me that GHE were the alternative fund managers as I am invested in LMS where they remain unproven as 29% of assets are in cash and little has been invested, indeed the major investment since their arrival remains LMS' stake in GHE.	strathroyal	Read Full Thread Reply
07/4/2019 13:45	Surely VIN is not an independent investment trust but part of Albion Capital so why are we likely to see any other changes? As coolen and topvest point out, Angela Lascelles (the equity part of the fund) has had a poor recent record so no surprise that she has retired (or been pushed). Whilst the property fund has performed better, it continues to be hampered by the two expensive debentures although the first of these is due for repayment in 2021.	strathroyal	Read Full Thread Reply
07/4/2019 10:08	This is the second trust this year to be impacted like this. Athelney Trust has had a real battle for control between Boyle and Pohl. Always the risk I suppose when you have had a manager for 30 years and they are in their 70s.	topvest	Read Full Thread Reply
06/4/2019 19:34	This from the 2018 Report & Accounts Chairman's statement: "No performance fee is payable in respect of last year and we have agreed with our two Investment Managers that this arrangement has ended. We have also agreed a reduction in the investment management fee from 0.66% of the Company’s total assets less current liabilities to 0.6% of the Group’s gross assets." Angela Lascelles is now given as one of three investment managers, not including Matthew Oakshott. It used to be Angela Lascelles along with Matthew Oakshott, who together originally founded OLIM - Oakshott & Lascelles Investment Management? But Oakshott is a joint manager - and chairman - of the property company. OTOH, while I cannot find how old Angela Lascelles is, Matthew Oakshott is 72. They must both be expected to retire some time and wasn't VIT always regarded as their retirement fund?	pvb	Read Full Thread Reply
06/4/2019 17:55	What's your view of topvest's subject matter now, Johnwig?	asmodeus	Read Full Thread Reply
06/4/2019 16:33	I'm going to watch closely, and may add a few more. The potential upside is that they attract a 'star' manager. Its a pretty decent trust with an excellent record. With over £100m to manage they could take their pick of the talent out there!	topvest	Read Full Thread Reply
06/4/2019 16:22	Yes, it's an interesting situation. On the equity side the performance has been a tad poor of late with notably poor investments in Conviviality and Carillion to name just two! On the property side performance has been better. I tend to agree that it's probably a falling out and the two managers have decided to go. They own 18% and so I suspect that this is a first step. Maybe a tender offer, running alongside a competitive process for a new investment manager mandate.	topvest	Read Full Thread Reply
05/4/2019 21:13	I believe the manager may have over-enthused on Conviviality, to name one of two embarrassments.	coolen	Read Full Thread Reply
04/4/2019 12:26	topvest, you have no idea what you are talking about, do you?	johnwig	Read Full Thread Reply
03/4/2019 05:29	My guess is their departures were not voluntary...sustained period of underperformance (bottom quartile over 5 years) which has led to a very wide discount. It will be very interesting what Oakeshott does with his very substantial holding. Should he want out then maybe a buyer for the trust as a whole would come in (Aurora/Phoenix?)	konkel	Read Full Thread Reply
02/4/2019 22:01	Oh yes, well spotted. Disappointing news. This seems to be a particularly abrupt departure. Why is it that 1. No notice period announced; and 2. Both are going on the same day. Seems a bit of a mess for such a well run trust. No handover. Nothing! What's going on?	topvest	Read Full Thread Reply
02/4/2019 16:42	hTTps://citywire.co.uk/investment-trust-insider/news/veteran-value-and-income-managers-retire-after-33-years/a1216778?re=63507&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Daily&;utm_medium=BulkEmail_Investment+Trust+Insider+Daily&utm_campaign=BulkEmail_Investment+Trust+Insider+Daily	davebowler	Read Full Thread Reply
02/4/2019 06:41	This trust is now vulnerable follwing managers' departures....I'll happily take NAV less a bit!	konkel	Read Full Thread Reply
02/4/2019 06:41	This trust is now vulnerable follwing managers' departures....I'll happily take NAV less a bit!	konkel	Read Full Thread Reply
21/3/2019 08:53	Picked up a few more of these yesterday after a quick look at the property portfolio. It looks pretty well spread without much exposure to the more vulnerable kind of shopping tenant. Pubs and food stores seem to feature quite a bit and very little is up for review in the next 5 years. It's not exposed to the more go go big box sectors covered by SEGRO, Tritax and Big Yellow but looks middle-of-the road in risk terms. The shares are up a bit this morning but down in the 250s do offer a 20%ish discount to NAV, good spread of investment risk and the opportunity to invest on similar terms to the Chairman and his wife!	ygor705	Read Full Thread Reply

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