2011 | 2012 | ||||||
Price: | 0.74 | EPS | n/a | n/a | |||
Shares Out. (in M): | 131 | P/E | n/a | n/a | |||
Market Cap (in $M): | 97 | P/FCF | n/a | n/a | |||
Net Debt (in $M): | 0 | EBIT | 0 | 0 | |||
TEV ($): | 97 | TEV/EBIT | n/a | n/a |
Subject | RE: Side Pockets |
Entry | 04/26/2011 06:15 PM |
Member | ele2996 |
I believe that the side-pockets are the Fortress Drawbridge fund and the Cerberus fund, although I am not positive. Both of these funds have plenty of people looking at the assets and the pricing.
One of the nicer facts about this collection of assets is the fact that they are invested in well-know funds which attract institutional money and, therefore, provide a good deal of transparency.
Accordingly, I think that the funds are correctly priced to today's market. | |
Subject | Update |
Entry | 10/04/2011 10:00 AM |
Member | ele2996 |
Subject | Correct Update |
Entry | 10/04/2011 11:47 AM |
Member | ele2996 |
NAV has fallen slightly from $1.0105 at the end of March to $0.9797 at the end of August. The share price has also fallen slightly declining to $0.71 from $0.74 when this was written up. Accordingly, the discount to NAV has expanded very slightly from 26.7% to 27.5%.
The good news is that proceeds from liquidations have come in faster than anticipated. The company has declared a $0.15 liquidating dividend payable to holders of record on 10/13.
If all of the numbers remain constant (unlikely), NAV will be reduced to $0.8297 and the shares price, now $0.71, should decline to $0.56. If that holds true, the share price will be at a 32.5% discount to NAV.
Hopefully, the underlying assets of the fund weather the market's decline. | |
Subject | Update |
Entry | 12/28/2011 08:17 AM |
Member | ele2996 |
Another $0.15 dividend has been declared to holders of record 1/11/2012. This wll reduce NAV from $0.846 to $0.696. The shares should decline in price from $0.65 to $0.50. If that holds true, the discount to NAV will be 28.2%.
Since this was posted on 4/26/2011, shareholders will have received back (including this distribution) $0.30 of cash ( 40.5% of their investment), reducing their cost from $0.74 to $0.44 while NAV will have declined from $1.0105 to $0.696. So far, so good. | |
Subject | Update |
Entry | 05/16/2012 06:51 PM |
Member | ele2996 |
NAV was $0.6909 as of April 30, 2012.
Another $0.15 return-of-capital dividend has been declared to holders of record on June 1,2012. With this payment, the trust will have returned $0.45 or 60% of its write-up price, There remains $0.54 of NAV to be realized. | |
Subject | RE: RE: Update |
Entry | 05/17/2012 09:04 AM |
Member | ele2996 |
I do not.
The manager originally projected that 22% of NAV would be distributed by the end of 2012. So far, about 45% of March 31, 2011 NAV has been distributed, including this most recent payout yet to be received. So far, so good, although not great.
Based on the company's March 31, 2012 update, little progress has been made on the redemption of the "side-pocket" assets. As of that date, the portfolio held $70 million of assets, net of cash. Of that, $33 million, or 47% was in "side-pockets". On 12/31/2010, $40 million was in this illiqiud catagory, so not much progress has been made. I have no idea when they will payout, and, therefore cannot estimate an IRR.
I believe that the "side-pockets" are primarily in ESL (Lambert) 20% and Drawbridge (Fortress) 11%. These are quite mature, if not ancient, and everyone must want out badly. Redemption maybe tomorrow or next year.
Sorry that I cannot be more specific. | |
Subject | Update |
Entry | 01/17/2013 11:32 AM |
Member | ele2996 |
AIQ AU has declared a $0.13 distribution. With this the Company will have distributed $0.58 of the $0.74 starting price, or 78%. After the distribution there will be about $0.41 of assets remaining.
| |
Subject | AIQ AU Update |
Entry | 04/29/2013 09:29 AM |
Member | ele2996 |
AIQ AU has declared a $0.07 liquidating dividend to stockholders of record on May 17. This will bring the total payout to $0.65 or 88% of the starting price and reduces the residual cost to $0.09. After the distribution, there will be about $0.33 of assets per share still to be distributed. | |
Subject | AIQ AU Update |
Entry | 07/02/2013 10:50 AM |
Member | ele2996 |
AIQ AU has declared a $0.04 dividend to holders of record on July 8th. Since the original posting, the company will have distributed $0.69 or 93% of the write-up price. Due to modest increases in the underlying holdings of the company, there is still about $0.33 to be distributed.
In addition, the manager has agreed to a small cut in their fee to .75% from 1%.
All-in-all, good news. | |
Subject | AIQ AU Update |
Entry | 11/13/2013 04:08 PM |
Member | ele2996 |
AIQ AU has declared a $0.09 dividend to hoolders of record 11/25/13. With this distribution, the company will have paid out $0.78 or 105.4% of its price on 4/26/2011. There remains $0.2509 of assets per share to be distributed. A large distribution should be coming early in 2014 as ESL pays out. | |
Subject | AIQ AU Update |
Entry | 01/27/2014 03:50 PM |
Member | ele2996 |
AIQ AU has declared a $0.05 dividend to holders of record 2/5/14. With this distribution, the company will have paid out $0.83 or 1.12% of its price on 4/26/2011. There remains $0.21 of assets per share to be distributed. I expect another $0.05 dividend this year as ESL pays out more funds.
| |
Subject | AIQ AU Update |
Entry | 04/30/2014 11:33 AM |
Member | ele2996 |
AIQ AU has declared a $0.04 dividend to holders of record 5/13. With this distribution, the company will have paid out $0.87 or 117% of its price on 4/26/2011. There remains $0.17 of assets to be distributed. | |
Subject | RE: AIQ AU Update |
Entry | 04/30/2014 12:16 PM |
Member | jgalt |
Thanks for the updates | |
Subject | RE: RE: AIQ AU Update |
Entry | 04/30/2014 03:03 PM |
Member | ele2996 |
You're welcome - happy that someone reads them. Thanks | |
Subject | AIQ AU Update |
Entry | 04/09/2015 07:21 PM |
Member | ele2996 |
The company paid a $0.04 distribution. With this payment the company will have returned $0.91 or 1.23% of the price on 4/26/2011. There is about $0.12 left. | |
Subject | Exit Comment |
Entry | 04/09/2015 07:26 PM |
Member | ele2996 |
After the latest distribution, received today, there is only about $10 million USD of assets left to be distributed. In addition, the discount seems to have evaporated based on the Bloomberg quote. If you purchased the shares and reinvested the distributions in additional shares, you would have earned a 25.1% rate of return as measured in AUD. Sadly, the AUD declined versus the USD, and the return in USD was only 15.1%. Not bad though. |