Krayl
28 Dec 2017
Re: Winding up payout made Barclays have now reversed the dividend payment and credited it to me return of capital - so that has saved me a bunch of tax.
Krayl
18 Dec 2017
Winding up payout made I have received 47.07p per share into my Barclays account, but now found it is classified as Dividend - the distribution and the winding up are separate events. This is a big blunder on my part as I have to pay 32% tax. I could have sold at about 43p and paid nothing. May have to buy some more VCTs to offset the tax.
Krayl
28 Jul 2017
Offer of Consideration Shares The deal is 4 AGP shares for 1 'consideration share' (value HK$9.3) plus HK$3 cash. That is $HK12.3 for 4 shares. On the current exchange rate that is £1.203 which is a slightly worse exchange rate than they have used.That works out as 30.75p per share. The document reckons the value is a 25.5% premium on 25p, which is 31.4p.Currently the bid price is 28p per share.Unfortunately the offer has been calculated on the (depressed) share price rather than the underlying NAV.The 'consideration shares' are in SEA Holdings which apperas to only be held on the Hong Kong stock market. I don't think I want to hold them and I will be carefully watching the AGP share price with a view to selling.
Krayl
12 May 2017
Re: New share price There is such a small number of trades that the published price is pretty meaningless. At the moment III are showing 28-35 but my broker quoted me 30.85 to sell 10,000 (I didn't sell).The company is supposedly releasing 23% of the stock onto the market so it will be very interesting to see the result of that. I think that has to be poistive.
RespInvstr
22 Apr 2017
Re: New share price That all sounds very good - thanks for your reply.
Krayl
22 Apr 2017
Re: New share price My guess would be that it would continue to give special dividends if there is a sale and they have excess cash. The owners seem to like taking cash out this way rather than in bonuses or whatever, which is good for us. There could be some change however as the outside investors will now take up to 26% of the dividends instead of the current 3%.I am not clear how they intend to increase the outside investment - probably direct sale to institutions - but that implies that they will try to maximise the share price, so again that is good news for us.
RespInvstr
22 Apr 2017
Re: New share price Thanks for the update. Would you expect the new AGP post-early May to continue giving dividends?
Krayl
21 Apr 2017
Re: New share price Having read the shareholder circular I now see that they are estimating the NAV of the new AGP to be £428M or 48p per share. They also say that they will be trying to get the share price up towards the NAV.Given the track record of the company -(current assets of 16.6Billion HK$ with liabilities under 4B HK$) I think this is still going to be a buy after the reorganisation.
Krayl
14 Apr 2017
Re: New share price In the last few days there have been some large buys - much larger than I have seen before. Last one was 130,000 at 130p. That is a net price of 32p after dividend (& tax).That indicates to me that some people with money have worked out that the new share price is going to be well in excess of 32p.
Krayl
14 Apr 2017
Dividend pay date Dividend pay date was 13th April, but I checked back on last year's and it didn't appear in my account until 5 days after the pay date. Easter hols may delay it further.
Krayl
03 Apr 2017
New share price AGP will hold all the PRC assets after the changeover. The figure I quoted previously for book value of the PRC assets came from the Annual Report. However the prospectus quotes that the PRC assets that will belong to AGP amount to £791M, which is 89p per share (I believe I read somewhere that the number of shares is staying the same, even though 26% will now be publicly held instead of 3%). The propectus also quotes the annual return on the properties as £12M which is only 1.5%, which may reduce the share price to well below NAV.At the current share price (bid = 111p) the new share price needs to be over 5p to be worth holding for the 106p payout (or over 13p if you pay full dividend tax). It looks like the new share price will be well above that.
RespInvstr
03 Apr 2017
Re: Wow! Thanks a lot for your reply - makes sense. Unfortunately I won't have to worry about dividend tax as I only managed to get 706 of these.
Krayl
03 Apr 2017
Re: Wow! If you sell now you get 111p + 23p = 134p. If you wait you get 129p + the new share price. So if the new price is more than 5p it is better to wait. You may have to pay dividend tax (7.5% over £5k) so you may want to take some of it as capital gains either in this FY or next.
RespInvstr
03 Apr 2017
Re: Wow! Just to confirm for all of us with shares from mid March and earlier we can expect to receive 106p plus 23p per share dividend? However, with the share price falling significantly by end of this month. My average is 69p, I guess it makes sense to wait and collect the dividend and then just take the hit on the share price, would you agree? Many thanks in advance.
Krayl
03 Apr 2017
Re: Wow! The PRC property is on the books at £252M which is 28p per share. There may also be some cash left in AGP. I am guessing the price will settle in the 20-25p region when it goes ex-div.
