Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Out now … thanks AIF ;)
These companies should sell stock and buy back shares …. With a 20% discount…. The only reason they choose not to is because it reduces their income.
Well it looks like the BOD have finally seen sense and are prepared to consider other more sensible options. Surely a merger or takeover by one of the other UK Smaller Companies ITs would make more sense than jumping on the ESG bandwagon, which seems to be falling apart with big tobacco companies wanting to buy health companies!
Not sure if I should buy more AIF in the hope that they are taken over by e.g. Diverse Income Trust or Hendrson Smaller cos. But that 19% discount and 6.4% yield are very juicy so I shan’t be selling just yet.
Bought in first thing this morning on the RNS. Easy to say now, but it did seem likely the SP would rise on the news. Hopefully more to come.
Surely the BoD are out of a job if the company is dissolved .. and so they should be.
The obvious route would have been to merge it with SDV but then the BOD are out of a job.... .
How much money have they wasted?
Hooray up she rises …. Obvious.
Divi declared for September with the company to be wound up is my guess.
The Directors have shot themselves in the foot .. but the 20% discount speaks for itself.
Grabbed some more this morning. Seems I'm not alone.
'After careful consideration of shareholder feedback the Board has concluded that an alternative proposal to the BMO Proposal may represent a more suitable proposition for the Company’s shareholders.'
You only needed to read this BB to see the proposal was not well received, what bubble do the directors live in to expect such a large change in the Trust for it to have been viewed in any other way.
I wonder what plan B will be, keep it as was, but with a different fund manager??
Likewise …. Vote to wind up …. But these guys have got to put out the voting papers.
LSE had the AGM booked for yesterday.
They were supposed to have published details of the changes (in July) before the discontinuation vote this month. I was told that this document would cover further details of the cost , impact on NAV etc, given the delay it makes me wonder if they are reconsidering this, especially after the failure of Liontrust to raise the funds to launch a similar Trust.
One of the main reasons for picking BMO seems to be the belief that they have a better 'distribution capability' which I assume means they would be better at selling to II's. Personally, I think that if whoever runs it, produces good returns, then investors, be them II's or RI's, will follow with their money.
If you look at the main holdings it would not have been that hard for them to have slowly rotated the portfolio to be ESG if that is what they believe the best investments are. All they have achieved so far is to just widen the discount!
It takes a hell of a long time to wind a trust down, and If the vote fails why would it ever get to 400p ?
With reduced dividends, and a lack of interest in ESP from investors, who will want to buy ? People who demand ESP spend all their money on booze and drugs.
I've made a note to consider buying back in at 300p, depending on the new dividend policy. Otherwise Acorn is off my radar.
Latest actual NAV: 430.39
Latest price: 352.00
Current discount: 18.25%
I’ll be voting to wind the trust up and return the money to investors. Whilst AIF is in the UK smaller companies category most of the top 10 holdings are not that small e.g. Primary Health Properties (PHP) £2.17 bn. BMO have arrived late to the ESG party and the boat may have already sailed. If the vote fails I shall be selling at 400.00+
Well ESG …. Renewables …. Whatever …. The argument is weak …. What are the directors saying? They are investing in the wrong sector?
It’s kind of cr*p I’d expect from Johnson, Gove, Han**** or Javid ….. we are not all as dumb as the average Brexit Tory voter.
I have - I will feed back if I get a useful response.
Difficult to type on a small screen with bad internet and blazing sun.
The lacking in certainty has caused the price drop. The directors need to clarify this position quickly.
I’ll be writing to AIF and demand that the process is made transparent to include remuneration for directors in case of an approved move and the valuation process for transfer Preferably by RNS.
The reasonings given for the change are weak …. That by itself suggests the directors are useless… but there is a good gain to be made here with sensible management and forcing the shorts that pulled the share price down to close.
Suggest others write in and demand clarity too.
It is not clear how many holdings they would need to sell if the vote was for continuation. Although they many not have renewables etc, if you look, many would also not be excluded on an ESG basis and I assume that they could sell down any that did not meet their criteria over a longer time.
It would be interesting to hear from the directors what % of the portfolio would be turned over if it continues, as this its self, comes at a cost.
The point about this fund as I understand it, is that the fund itself is too small to be worthwhile, while in taking over the fund assets the core holdings will be sold in any case.
The argument is bogus … if renewables are the way forward Acorn can move over to renewables. …. The directors want rid of the liability and a backhander to transfer shareholders money to someone else.
I the directors then undersell assets as a result of closing the fund they risk reputation and lawsuits.
I’ll be voting to wind up the company …..
Noisily.
ROFL
:)
At last, someone with sense.
I guess the issue is, will they get the nav value of their assets ? For small caps a 10-20% drop is not uncommon especially once everyone knows there is a forced seller.
The "Green" sector has seen a sell off this past 6 months.
Some of the loss will be down to the stronger £, some will be down to money rotating out of the sector with stocks rallying elsewhere ...
... that said, I read an article recently that argued oil producers do not want oil prices too high, because it will accelerate the shift over to renewable energy sources.
I'm quite heavy in renewables at this point, while AIF I still see as a no brainer if people vote to close the fund and realize the 427p assets.
I'll be voting to close the fund.
From an article in The Times-
‘Liontrust had a target to raise £150 million from investors for a new ESG investment trust. But the company eventually had to admit it had just failed to reach even the £100 million it had sought as a minimum. The entire plan was scrapped and Liontrust was reduced to paying back applicants.’
The article also refers to Impax’s fund in this area ‘its portfolio is now priced at a spicy 26.9 times prospective earnings, significantly above the historic average of 20-25 per cent, which itself is high.’
Further evidence, in my opinion, that this is not the right course for AIF to be taking.
I’m not keen on people trolling with immature irrelevant statements such as “you started first” when referring to a grudge you seem to have over a nondescript comment I made on a different thread that had nothing to do with you.
Learn to argue with greater efficacy is my advice, along with buying a dictionary …. Conceding one was lucky might be many things, but bragging is not one of them.
:)
Sorry mate, blocked you, never did like noise.