Member Info for tmnky

Hi NAV_Mike

That's pretty much how I recall it. I also found a financial advisor online who is adamant, but that's not definitive, I guess

As an aside, I read this board most days but don't often contribute. I find both you and Stupmy genuine contributors. Sometimes short messages can seem a bit odd. Hope you don't mind me saying that.

But then I am very laid back these days. I turned a PMO profit into a HBR loss. Can't be many did that. Aggressively trading small amounts of PMO due to debt concerns, topping up HBR too aggressively due to valuation glee.

But another year and I might trade back to profit.

Bots

Ha, thanks. I tried to look it up but couldn't find a definitive answer. Was working from memory from a long time ago.

As it happens, all my UK dividends are in ISAs now so have no reason to explore further.

Bots

I'm no expert but I was always under the impression that only applies to company DRIP.

Could be wrong though.

I am quite encouraged by the suggestion that they will find new opportunities with better returns than buybacks albeit qualified "in the medium term".

Hi Angelis

I meant to get back to you but it's been a busy few days with plenty of reports to get through and a good few trading opportunities.

As you said it declined to the 50 day in May just before xd. It ducked under and then for some reason went on a run. It's at the 50 now with 2 weeks to xd so will be interesting to see what happens. Will it hold? The oscillators remain in decline and the ma's are curling over. Maybe I'll get to top up again before xd.

Longer term the chart does look better with the 200 day flattening.

It's had a good run and I'm sure some took a few profits.

I did yesterday, not that that would have any influence. :)

For those that do charts, yesterday's candle plus many oscillators starting to come off overbought prefaced a key trend line (from early April) being crossed around lunchtime. After that the selloff steepened a bit.

Mumbo jumbo to some, I know.

RM have called for a general meeting re board changes, so not just the little guys I guess.

Pip56

The ex dividend yesterday relates to the quarter ending Mar 2025. There is no ordinary dividend for the quarter ending Jun 2025 and that was what the chairman was referring to.

The 5.5p in the table relates to payments made in the year to Mar 2025, unfortunately 3.5p of that is in respect of the last two quarters of the previous year to Mar 2024 but actually paid later.

Hope that helps.

PharmaD

"What am I missing?"

If I interpret your question correctly:

It was originally expected that last year's dividend would be 7p paid as 1.75 x 4 quarters. That was then changed to 1,1,1,4 to reflect uncertainty and timing of tax credits. That was then changed to 1,1,1,1 with the remaining 3p later this year.

This has now changed to the 3p being referred to as a 'special dividend'! Not only that, without explicitly saying, it looks like the June 2025 quarter dividend is being skipped so this year will be 0,0.75,0.75,0.75 ie 2.25p, a far cry from 7p and a very low yield compared to that which many people bought for.

I think SOHO will be ok. New management, transferred properties from one of the poor providers and addressing the problems at the other.

While there is plenty to go, the share price is trying to recover.

To be honest, I didn't buy until they hit rock bottom and started to address the issues as they had not been on my radar earlier for some reason.

The UK markets have been tough the last few years but I see upside from here.

Sdon

I too watched as various infrastructure, renewables and reits fell but I had always seen them as an income stream so no big problem as most were actually increasing the dividend and started buying back shares.

I also added back trading profits and dividends which served to increase the income significantly.

Anyway, I bought back my PHP on the dip today, may add further on any weakness.

Good luck.

Sdon

Noone should attribute fault as you would have bought well before interest rates went up with the consequent fall in NTA and share price, not to mention a loss of sentiment and an exodus of cash from the UK market in general.

But if I was in your position, I would be accepting the offer. It will be a great business going forward with a good dividend and a good chance the share price improves as interest rates come down, hopefully. Much as you had before, just bigger.

I actually sold AGR shortly after the KKR bid and PHP more recently but will buy back at some point.

If too few accept the offer, I guess the KKR offer may come back into play if they are still interested. If not I would not be surprised if the share price fell back but maybe not into the 30s where this all started as the sector is to some extent 'in play' now.

Just my thoughts, not advice of course.

Tony159

I believe Google display the last price seen so could be a trade from earlier, late reported etc.

The prices here after about 5 pm are spot on.

With the special dividend AGR shareholders are getting a slightly better deal than those of PHP. The new NTA per share will be a little lower too.

I believe this will be good for shareholders in the long term so am looking for an opportunity to buy back in if/when the deal goes ahead or before if the SP drops further.

From the ft yesterday,

'Jon Stewart, investment manager at Baillie Gifford, said: “We favour the alternative proposal to combine [Assura] with its publicly listed peer, PHP.

“We believe that KKR’s offer, a mere 0.04 per cent premium to the most recent valuation of the company’s net tangible assets, undervalues Assura’s long-term growth potential. After a number of challenging years adapting to higher interest rates, accepting the KKR deal would lock in valuations at a low point in the cycle and forfeit recovery opportunities.”

He added that a takeover by PHP would be “superior, allowing our investors to remain invested for the long term in a highly attractive, cash flow generative and growing asset”.'

Exactly my sentiment all along.

Ha, you may think that, I couldn't possibly comment!

:)

"It looks like AGR have accepted the offer from KKR"

Luckily, the AGR board may recommend the offer but it is for AGR shareholders (the owners!) to decide.

"I'm not so certain AGR shareholders will benifit from being under the US umbrella."

They won't be shareholders anymore if KKR take it private, so not sure what you mean.

"The reasons given by AGR in the recent RNS form not recommending PHPs bid are pretty convincing."

It was very interesting to read PHP's rebuttal this morning.

I could think of a few reasons why AGR board might like the KKR offer, and a few why they may dislike the PHP offer. One thing is sure though, they are pushing it quite hard. It will only become clear if it is a poor offer once it is too late.

Yesterday I sold my PHP shares as I got a price which I believe would be more than the NTA per share should the merger happen. Thank you PHP for a small profit and some welcome dividends along the way. I will keep an eye out for an opportunity to return when things are clearer.

Seems to be across the board. INPP, GCP, renewables too, all up lately.

Financials doing ok not withstanding the MNG boost.

Maybe some US money coming back to the UK market?

Hope so.

They addressed the question of buybacks in the last update.

"The Board and the Manager continue to apply a disciplined focus to the capital allocation policy. This means that any use of capital must meet or exceed the return threshold implied by the alternative of buying back shares at the time of deployment. In practice, investments are expected to yield a mid to high teens return on NAV."

It is a little surprising that no director has been buying at these prices, as you say.