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If the weakness were company or even sector specific it would be more worrying. SPs of reliable dividend payers across the market have been slashed too. I'm inclined to nibble at this price (for the longer term)
It crossed my mind that some vacant properties might be converted to residential but the market is flat there too. The costs involved would be considerable even if planning permission was granted. Look for further dividend cuts when next announced.
Market thinks there's only 1 in 5 chance of realising full value of assets. Property is the main stumbling block for me. davey sounds like you've overcommited here. What's your average? I got mine down to .6p. Still a long way to go
I've been in since Lonzim days too. I suggested to Samir a move down to Asset Match as a cheaper alternative. I think he wants to hang on to the cash for flexibility(?)
He's long been reluctant to delist but it costs around £120,000 pa to be AIM listed.
Two pluses and two minuses for the company.
Pluses. Cash covers m/c. Legacy debt is gradually being recovered.
Minuses. I suspect the property sale is hard going right now. Also the Radar sale seems to be stuck in a regulatory mire.
The liquidation process will probably take years to complete hence the large discount to NAV.
Have you got the patience?
He can't do that. Think about it. The cash belongs to the company (ie ALL shareholders) If he used company cash to buy back the 30% he doesn't own he then has the company at no cost to himself. How much of that 30% is available right now? Remember this guy has run the company for years without payment. Probably unique on AIM. Most directors would have taken the cash as directors salaries. I'm sure the free float is tiny right now. I've held for 10 years so will see it through.
Me too. Delisting may save the company money but wont help shareholders. The bod will still take their salaries no doubt. This is a total shambles
Back into the 20s? You must be a very long term holder.
This trust has been chasing its tail for years. Assuming the dividend is maintainable it should have virtually bottomed out. Over the last 3 years a fixed rate bond would have been far more profitable. A hold for me .
I agree ade. I bought in April 21 at 321p. Most investment trusts are losers since then but this is one I'm not greatly tempted to average my loss on. Just hope the divi is maintained.
Lti. A 16p dividend reserve is pretty paltry compared to EAT.
That's really not very comforting.
Key issues for me
1. Size of revenue reserve in relation to m/c?
2. Most of the largest holdings have small dividend yields. Have they been held for a long time?
Sustainability of dividend is paramount
Anything under the midpoint on quoted price spread is assumed a sell. You'ld be better off donating the money to your favourite charity (if you've got one)
High dividend just reflects market scepticism about its sustainability. Or else everyone buys it and the price rises
The picture might be clearer on results next month.
Same here. Over 28 months the sp has lost 92p and the divis paid 60p. Hopeless.
Ria. Analysis? There are issues that need to be addressed by a board with poor communication skills. Questions
1 Has the $500,000 due in July been received?
2. Threat of contagion with disputed payments?
3. Why haven't board members taken advantage of the decimated sp to hoover up shares.
I don't think we're in a closed period.
Another AIM company where the board get paid whilst their shareholders take the pain
Seems like the idiot that made multiple posts and inaccurate predictions has disappeared. That didn't take long. Maybe worth a nibble if it drops back below 3p?
MrT.
As Bird said in 2018 that Mankayan's value was $80million how has he allowed us the become a minority holder in an unquoted shell company? Bezant has been wide open to a takeover for years but nobody is interested. Why? As you say it would be worth nothing if it remains on ice for 10+ years and with current risk aversion and high interest costs it's likely to stay that way for the forseeable future. Bird will keep (trying to) raise new monies on the promise of paybacks but the real motivation is to keep his director's fees rolling in. Who are the losers over the last 1 to 10 years? The shareholders. Guess who's the only winner? That's right. This scenario is played out over many AIM companies. If there is salvation in all this it is most likely to come with another speculative bull market. Here time is the enemy and more funding needed.