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ASLI - Another good wind-down opportunity...

Stolenscone
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Re: ASLI - Another good wind-down opportunity...

#680881

Postby Stolenscone » August 24th, 2024, 7:46 am

So, the latest NAV is 87.9p per share, with a share price in the low 60s. Still seems to be a fair bit of headroom in this, particularly with market sentiment and interest rates moving in a positive direction.

harris1939
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Re: ASLI - Another good wind-down opportunity...

#680888

Postby harris1939 » August 24th, 2024, 8:16 am

"- NAV per Ordinary share decreased by 4.2% to 87.9c (GBp - 74.4p) (31 March 2024: 91.8c (GBp - 78.5p)) with the decrease largely attributable to the recognition of the estimated costs of realising the portfolio. Excluding these costs, the NAV per Ordinary share decrease was 0.6%"

NAV is 74.4p

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Re: ASLI - Another good wind-down opportunity...

#680892

Postby Stolenscone » August 24th, 2024, 8:58 am

Ah sorry - yes, euro cents. I missed that.

SKYSHIP
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Re: ASLI - Another good wind-down opportunity...

#687794

Postby SKYSHIP » October 7th, 2024, 4:58 pm

ASLI a rather slow burn at the moment. They've traded 59.5p-62.5p over the past 2-3months; whilst fellow abrdn REIT wind-up play API
has powered ahead amidst bid talks.

Still at 60.6p ASLI looks to be a very promising 12month play; with a likely 15% upside and zero downside.

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Re: ASLI - Another good wind-down opportunity...

#693809

Postby BigTim » November 7th, 2024, 5:12 pm

Intention to use a B shares mechanism to return capital to shareholders:

https://www.investegate.co.uk/announcem ... gm/8531954

kernelthread
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Re: ASLI - Another good wind-down opportunity...

#693919

Postby kernelthread » November 8th, 2024, 10:12 am

What are the tax implications of this B share scheme? If I understand correctly they issue new shares of a different type (B shares) and immediately buy them back. So you effectively buy the B shares for £0 and sell them for whatever the amount of capital return is. Thus you pay CGT on the entire amount being returned, rather than on the returned amount minus the cost basis of the original shares. Or have I got something wrong here?

scrumpyjack
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Re: ASLI - Another good wind-down opportunity...

#693933

Postby scrumpyjack » November 8th, 2024, 10:48 am

kernelthread wrote:What are the tax implications of this B share scheme? If I understand correctly they issue new shares of a different type (B shares) and immediately buy them back. So you effectively buy the B shares for £0 and sell them for whatever the amount of capital return is. Thus you pay CGT on the entire amount being returned, rather than on the returned amount minus the cost basis of the original shares. Or have I got something wrong here?


Yes you are wrong. Your cost is apportioned between the ordinary shares and B shares in proportion to their value so it is in effect a partial disposal of your holding potentially liable to CGT but not income tax.

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Re: ASLI - Another good wind-down opportunity...

#693952

Postby kernelthread » November 8th, 2024, 12:07 pm

scrumpyjack wrote:Yes you are wrong. Your cost is apportioned between the ordinary shares and B shares in proportion to their value so it is in effect a partial disposal of your holding potentially liable to CGT but not income tax.

So they count as the same "type" of asset as the original shares and so your cost basis is the average cost of both the original and the new shares, same as if you bought two tranches of ordinary shares?

scottnsilky
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Re: ASLI - Another good wind-down opportunity...

#697551

Postby scottnsilky » November 28th, 2024, 4:55 pm

The next dividend payment just announced, 0.87p, going ex-dividend on December 5th, paid on 31st.

According to HL website the on going charge is 2.8%, seems a bit steep and cuts the yield down quite a lot, or am I missing something?

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Re: ASLI - Another good wind-down opportunity...

#706812

Postby SKYSHIP » January 18th, 2025, 4:45 pm

Took another look at the portfolio on their detailed website.

Really a pretty impressive portfolio of what they term both Mid-Box & larger Urban Logistics. A whole raft of them built very recently; quite a modern portfolio overall.

I just don't understand why they have been so slow converting a few sales. The locations, especially Holland, would suggest there must be reasonable demand.

Really is about time they put out a statement to update as they are now behind their planned Jul'24 schedule of a first repayment by end '24.

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Re: ASLI - Another good wind-down opportunity...

#707490

Postby simoan » January 23rd, 2025, 11:21 am

I’ve been watching for a while and finally bought a few this morning. Seems the original timescale has been delayed which I was kind of expecting so was holding off - time value of money and all that. Will likely buy some more on the next news update if there is good sign of progress on disposals. Risk/reward looks decent now at 56.5p but I won’t hang around long if there’s no progress.

simoan
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Re: ASLI - Another good wind-down opportunity...

#707624

Postby simoan » January 24th, 2025, 9:26 am

simoan wrote:I’ve been watching for a while and finally bought a few this morning. Seems the original timescale has been delayed which I was kind of expecting so was holding off - time value of money and all that. Will likely buy some more on the next news update if there is good sign of progress on disposals. Risk/reward looks decent now at 56.5p but I won’t hang around long if there’s no progress.

Well, that was lucky timing. Added a few more this morning after the news of the first disposals and the initial return of capital in this quarter. Some good news on letting too with a reduction in vacancy rate. Spanish properties were sold at 12% above NAV. Possible issue with withholding tax noted. Let’s hope not, as that will eat into total return and could add cost to the process (been there got the T-shirt with FEET).

https://www.londonstockexchange.com/new ... e/16867624

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Re: ASLI - Another good wind-down opportunity...

#707653

Postby puffster » January 24th, 2025, 11:01 am

simoan wrote:
simoan wrote:I’ve been watching for a while and finally bought a few this morning.

Well, that was lucky timing. Added a few more this morning after the news of the first disposals and the initial return of capital in this quarter. Some good news on letting too with a reduction in vacancy rate. Spanish properties were sold at 12% above NAV. Possible issue with withholding tax noted. Let’s hope not, as that will eat into total return and could add cost to the process (been there got the T-shirt with FEET).

https://www.londonstockexchange.com/new ... e/16867624

Any chance you could post your lottery numbers for this week?

Regards, Puffster

simoan
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Re: ASLI - Another good wind-down opportunity...

#707657

Postby simoan » January 24th, 2025, 11:42 am

puffster wrote:
simoan wrote:Well, that was lucky timing. Added a few more this morning after the news of the first disposals and the initial return of capital in this quarter. Some good news on letting too with a reduction in vacancy rate. Spanish properties were sold at 12% above NAV. Possible issue with withholding tax noted. Let’s hope not, as that will eat into total return and could add cost to the process (been there got the T-shirt with FEET).

https://www.londonstockexchange.com/new ... e/16867624

Any chance you could post your lottery numbers for this week?

Regards, Puffster

Pure luck. Beats my normal routine of buying something that looks cheap the day before a profit warning.

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Re: ASLI - Another good wind-down opportunity...

#707659

Postby Laughton » January 24th, 2025, 11:55 am

simoan wrote:
simoan wrote:I’ve been watching for a while and finally bought a few this morning. Seems the original timescale has been delayed which I was kind of expecting so was holding off - time value of money and all that. Will likely buy some more on the next news update if there is good sign of progress on disposals. Risk/reward looks decent now at 56.5p but I won’t hang around long if there’s no progress.

Well, that was lucky timing. Added a few more this morning after the news of the first disposals and the initial return of capital in this quarter. Some good news on letting too with a reduction in vacancy rate. Spanish properties were sold at 12% above NAV. Possible issue with withholding tax noted. Let’s hope not, as that will eat into total return and could add cost to the process (been there got the T-shirt with FEET).

https://www.londonstockexchange.com/new ... e/16867624


Hmmm - I read

The Company is in the process of repatriating the net proceeds from these recent sales to the Parent company in a tax efficient manner, ensuring no withholding tax issues,


as meaning that they do NOT see any withholding problem. But I'm sure Spanish version of HMRC will want to try.

simoan
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Re: ASLI - Another good wind-down opportunity...

#707661

Postby simoan » January 24th, 2025, 12:01 pm

Laughton wrote:Hmmm - I read

The Company is in the process of repatriating the net proceeds from these recent sales to the Parent company in a tax efficient manner, ensuring no withholding tax issues,


as meaning that they do NOT see any withholding problem. But I'm sure Spanish version of HMRC will want to try.

Yes. That is the concern, because even if they end up paying no WT it will likely mean additional cost in employing a tax lawyer and a delay to the full liquidation process.

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Re: ASLI - Another good wind-down opportunity...

#707704

Postby airbus330 » January 24th, 2025, 2:50 pm

IME Spanish + Lawyer = Delay squared, unless some inducement is introduced

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Re: ASLI - Another good wind-down opportunity...

#707960

Postby SKYSHIP » January 26th, 2025, 12:07 pm

Friday gave us an excellent Update. Good valuations, excellent leasing activity & "...initial return of capital, which is expected later in Q1 2025 at the latest."

Well done Troels Andersen (Inv. Manager).

Shares crazy cheap; but already totally committed. So happy to just see a running loss reduce somewhat as the shares bounce back up from 56.4p to c59p.

https://uk.advfn.com/stock-market/londo ... e/95305358

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Re: ASLI - Another good wind-down opportunity...

#710693

Postby SKYSHIP » February 9th, 2025, 9:32 am

ASLI's largest asset is the Gavilanes complex outside Madrid. Modern (built 2019-2022), well let after further recent leasing activity; and of course operating in the thriving Spanish market. Overall valued at E162.2m, accounting for 25.6% of the total portfolio.

Should surely be an attractive asset for a single sale to a whole host of potential buyers.


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