We would love to hear your thoughts about our site and services, please take our survey here.
To provide shareholders with prospects of long term capital growth by investing in companies with either a full listing on the London Stock Exchange or a trading facility on AIM or ISDX.
Find out MoreLondon South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
"Small cap experts with 21 years of dividend growth"
Athelney Trust (ATY) is a Main Market listed investment trust with a portfolio which is focused on small (£50-230m market cap) UK companies. All investments are liquid, either fully LSE listed or via a trading facility on AIM or AQSE.
Although the strategy is total return, the portfolio is deliberately weighted towards assets with strong income generation characteristics. This supports ATY’s commitment to progressive distributions, reflected in its membership of the AIC’s ‘Dividend Heroes’, a short list of investment companies that increased distributions for at least 20 consecutive years.
The shares trade at a c 10% discount to 204.7p NAV/share (31 January 2024) and ATY agreed a 9.8p/share dividend in FY23 equivalent to a 5.3% yield. The underlying portfolio is also well diversified by company and sector, invested in entities in sound financial condition and well positioned competitively.
We see the portfolio as well placed to benefit as market sentiment towards UK smaller companies and investment trusts progressively improves. We would consequently expect the trust’s NAV to appreciate, along with the existing high discount of its shares to NAV diminishing.
Link to report: https://www.equitydevelopment.co.uk/research/small-cap-experts-with-21-years-of-dividend-growth
It's still discounted vs NAV for roughly 10% and keep deflating.
Discount is because their costs and dividend payments exceed their income. Hence they are gradually shrinking. This was occurring pre covid, so until they can demonstrate in cash terms that they are growing, the discount will probably persist.
This IT has one of the wider discounts to NAV which might be of worry to some. I suspect that this is offputting hence the wide spread and the light volumes. Anyway, have dipped a toe in in anticipation of the gap narrowing and the price continuing to rise.
thinking of my next investing opportunity, little drop here, love the low share total anyone convince me to buy?
Could really move today... Tiny... Tiny... Market cap and so few shares on offer!
07 March 2014 Embargoed 7am March 7 2014 ATHELNEY TRUST PLC: FINAL RESULTS Athelney Trust PLC, the investor in junior markets and small companies, announces its audited results for the 12 months ended December 31 2013. Highlights: -- Net Asset Value ("NAV") up 47 per cent at 219.3p per share (2012: 149.1p) -- Revenue return per Ordinary Share rose 13 per cent to 6.1p (2012: 5.4p) -- Recommended increased dividend of 5.5p per share (2012: 5p) -- Revenue up 13.8 per cent at GBP121,884 (2012: GBP107,956) -- Unaudited NAV at 28 February 2014 was 230.9p per share Chairman Hugo Deschampsneuf said: "Small companies had a wonderful year with the Athelney audited NAV being up 47 per cent and the Small Cap, Fledgling and AIM indices following on with 29.6 per cent, 26.8 per cent and 20.2 per cent rises respectively. "Naturally, there are legitimate concerns about the strength of the recovery but most are not about consumption but, for example, Britain's enduring trade deficit says less about spending than about the ability of the economy to supply the goods that Britishers want. The only alternative to increased household spending would have been worse: stagnation, higher unemployment, lower incomes and deteriorating public finances - just have a look at France if you are not convinced. "What can we say about 2014? Central banks have been pulling out all the stops in monetary policy terms, not just in the form of QE but in the low level of interest rates. In the first three centuries of its existence which included deflation, depression and world wars, the Bank of England never felt the need to push interest rates as low as they are now. "Markets will have to learn how to cope with threats to taper, tighten, unwind QE and increase interest rates. This may take some time so we probably need a period of consolidation before asset prices can start to move ahead again. "There again, it is likely that markets have got ahead of themselves in recent weeks. What we need are plenty of good company results and dividends and further good news on employment, steady inflation and increasing economic activity. A decent year for asset prices may eventually result". -ends- For further information: Robin Boyle, Managing Director Athelney Trust 020 7628 7937 Paul Quade 07947 186694 CityRoad Communications 020 7248 8010 CHAIRMAN'S STATEMENT AND BUSINESS REVIEW I present the results for the year ended 31 December 2013. The salient points are as follows: -- Audited Net Asset Value ("NAV") was 219.3p per share (31 December 2012: 149.1p) an increase of 47 per cent. -- Revenue return per ordinary share was 6.1p, (31 December 2012: 5.4p). -- Recommended final dividend of 5.5p per share (2012: 5p), an increase of 10 per cent. Review of 2013 I had an out-of-body experience when a banker complained to me that a GBP4mil
Athelney Chairman Hugo Deschampsneufs said: "A bright start to the year was undermined by the eurozone crisis so that markets fell heavily in April/May and only partially recovered in June. As far as small companies are concerned, the FTSE Small Cap Index rose by a surprisingly vigorous 8.3 per cent but the Aim All-share fell by a disappointing 2.2 per cent. Athelney Trust has 43 per cent of its assets in the former index and 39 per cent in the latter. "The daily news about fluctuating oil prices is, I believe, the beginning of a major shift in the world economy and should be the end of all this talk about the so-called commodity super-cycle. It never made much sense to predict a super-cycle based on demand from Chinese factories, because rising prices will ultimately slow factories everywhere. "The UK economy's weakness has been striking. The Bank of England did not start its programme of QE until early 2009. Since then, the assets it holds has built up to £325bn, that is around 20% of GDP - that should have given the economy a colossal boost and yet here we are sunk into renewed recession. "Yet, looking at UK companies as a whole, I am impressed by high dividend yields, strong balance sheets, lean management structures, surprisingly decent profit margins and statistics such as ROCE (return on invested equity capital). "I expect Athelney Trust to stay fully invested and so take advantage of rising asset prices later in the year".
ATHELNEY TRUST plc: INTERIM RESULTS Athelney Trust plc, the investor in small companies and junior markets, announces its unaudited results for the six months ending June 30 2012. Main Points: · Net Asset Value ("NAV") 128.6p per share (30 June 2011: 144.7p) · Gross Revenue rose 5.9 per cent at £75,920 (30 June 2011: £71,695) · Revenue return per ordinary share up 7 per cent at 3p (30 June 2011: 2.8p) · Final dividend of 4.95p per share paid April 2012 (2011: 4.9p)
http://www.investegate.co.uk/Article.aspx?id=201208030700102174J