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  • FIRST POST
    • JohnRo
    • By JohnRo 12th Jun 17, 2:45 PM
    • 2,428Posts
    • 2,181Thanks
    JohnRo
    AGIT/ASLIT corp. action
    • #1
    • 12th Jun 17, 2:45 PM
    AGIT/ASLIT corp. action 12th Jun 17 at 2:45 PM
    I've known this corporate action was coming and I've read most of the documentation but don't seem to be able to find any reference to pro rata or equivalence regarding the transfer of existing AGIT shares to new ASLIT shares.

    The documentation details subscriptions for new ORD & ZDP shares in ASLIT being valued at £1.00

    The current market value of AGIT ORD is ~ £2.35

    Seems there is little choice but to opt for the cash out option or sell at market ahead of the 14th June deadline.

    Does anyone affected have any more info?
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
Page 1
    • bowlhead99
    • By bowlhead99 12th Jun 17, 4:54 PM
    • 6,704 Posts
    • 11,905 Thanks
    bowlhead99
    • #2
    • 12th Jun 17, 4:54 PM
    • #2
    • 12th Jun 17, 4:54 PM
    Basically, the new trust will be "starting again" with a different objective. If you are already in, you have an opportunity to get out if you don't like the new direction:

    Your shares in the existing trust are worth something (their NAV). You can choose to get paid out at NAV and then spend all the money on wine, women and song. Or only a bit of the money on wws and the rest on a sensible investment. That sensible investment might even be to sign up to new shares in ASLIT as if you were a new investor with no prior connection and and see how much you get allocated.

    If you wanted all your money to go into ASLIT, you would just roll over into the new trust and they would let you have new shares with an equivalent NAV of your old existing shares. It won't be more efficient to sell out and buy back in to the new one.

    Unless you want to explicitly redeem the old one for CGT purposes to crystallise a gain or loss.
    • JohnRo
    • By JohnRo 12th Jun 17, 6:01 PM
    • 2,428 Posts
    • 2,181 Thanks
    JohnRo
    • #3
    • 12th Jun 17, 6:01 PM
    • #3
    • 12th Jun 17, 6:01 PM
    Cheers, I decided get out since I feel I didn't have enough info. Sold it today. Healthy profit, the windup cash offer might well have been more lucrative but I'll take my chances with that. Will need to look for something suitable to replace at some point.

    I may use this as opportunity to just hold EDIN and MRC for the direct UK element for now and assign the vacant allocation elsewhere reducing UK element further. Will put ASLIT on watch for now I think.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • where are we
    • By where are we 12th Jun 17, 6:29 PM
    • 152 Posts
    • 47 Thanks
    where are we
    • #4
    • 12th Jun 17, 6:29 PM
    • #4
    • 12th Jun 17, 6:29 PM
    I opted to realise my investment in cash at the winding up, based on the NAV trading at a discount of 4.5 %. I realise that the NAV may reduce during this short time if the market has a downturn.
    • JohnRo
    • By JohnRo 12th Jun 17, 6:32 PM
    • 2,428 Posts
    • 2,181 Thanks
    JohnRo
    • #5
    • 12th Jun 17, 6:32 PM
    • #5
    • 12th Jun 17, 6:32 PM
    Good luck, I admit I was torn whether to do the same or sell today.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
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