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Abrdn PLC (ABDN)

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Dod101
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Re: Abrdn PLC (ABDN)

#476778

Postby Dod101 » January 28th, 2022, 9:01 am

dealtn wrote:
Which they can do via a buyback. That way only those that want to participate in it will, and those that want the indirect benefits can too. An alternative distribution by dividends (or a special dividend) gives individual shareholders limited choice, and potential tax issues. (As well as the "interesting" solution of having capital returned as income).

No doubt many will see that as a good thing as an increase in "income", whilst missing the "one-off" nature of such a distribution and the reduction capital available to produce future income.


I am not a shareholder in abrdn but returning the capital raised via a share buyback is the only method that makes any sense for abrdn. Before the transaction they had the cash raised tied up in a holding that was not doing a lot and if they can reduce the number of their own shares in issue that will modestly help their own shareholders. The amount raised though is not all that significant in relation to their issued capital.

Dod

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Re: Abrdn PLC (ABDN)

#479542

Postby idpickering » February 9th, 2022, 4:27 pm

Publication of Circular & Notice of GM

Proposed acquisition of interactive investor

Publication of Circular and Notice of General Meeting

Update on Trading

Further to the announcement on 2 December 2021 in relation to the proposed acquisition of interactive investor by abrdn (the "Acquisition"), abrdn announces that its Class 1 Circular in relation to the Acquisition (the "Circular") has today been approved by the Financial Conduct Authority (the "FCA"). Copies of the Circular will shortly be posted to abrdn's shareholders (other than those who have elected for notification by electronic communication).

Completion of the Acquisition is conditional on, among other things, the approval of abrdn's shareholders. Accordingly, a general meeting of abrdn will be held at 2 p.m. on 15 March 2022 at etc.venues St Paul's, 200 Aldersgate, London, EC1A 4HD, at which an ordinary resolution will be proposed for abrdn's shareholders to approve the Acquisition. A notice convening the general meeting is included in the Circular.

The Circular will shortly be submitted to the FCA's National Storage Mechanism and will be available for inspection on its website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism . The Circular will also be available for viewing on abrdn's website at https://www.abrdn.com/corporate/investo ... tion-of-ii .

The Circular contains updates on trading for abrdn and interactive investor, as set out below:

The financial results for abrdn for the full year ended 31 December 2021 will be announced on 1 March 2022.

Overall, trading for the year was in line with management expectations, with the trajectory in revenue growth seen in the first half of 2021 broadly continuing for the full year. AUMA at 31 December 2021 increased to £542 billion, compared with £535 billion at 31 December 2020.


https://www.investegate.co.uk/abrdn-plc ... 25190818B/

idpickering
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Re: Abrdn PLC (ABDN)

#483471

Postby idpickering » March 1st, 2022, 7:15 am

Full year results 2021
Financial strength underpins delivery of our strategy

· Fee based revenue 6% higher and adjusted operating profit 47% higher with strong growth across all three vectors.

· Delivered improved operating leverage with cost/income ratio of 79%, benefitting from a 1% reduction in adjusted operating expenses due to focus on cost management.

· Achieved targeted £400m of annualised synergies.

· IFRS profit before tax of £1,115m, primarily reflecting the recognition of the full market value of our residual stake in HDFC Asset Management and the gain on sale of the c5% stake in September 2021.

· Adjusted diluted EPS of 13.7p, 56% higher than 2020.

· Adjusted capital generation increased by 40% to £366m, reflecting strong profit performance.

· Disciplined approach to capital management delivered surplus regulatory capital of £1.8bn (on an IFPR basis) with £1.6bn of capital generated and £0.8bn deployed in driving growth and returns to shareholders.

· Full year dividend of 14.6p in line
with our dividend policy, 1.18x covered by adjusted capital generation.

· Positive trend in H1 2021 net outflows (excluding liquidity and LBG tranche withdrawals) continued in H2 2021, resulting in net outflows of (£3.2bn) for the year compared with (£12.3bn) in 2020.

· AUMA of £542bn up 1% reflecting positive market movements, the impact of corporate actions and net flows.

· Net outflows position in Investments improved to (£7.6bn) (excluding liquidity and LBG) from (£15.8bn) in 2020.

· Institutional and Wholesale net outflows (excluding liquidity) improved to (£2.1bn) from (£8.9bn) in 2020 largely due to lower net outflows in equities and net inflows in fixed income and real assets.

· Adviser and Personal vectors more than doubled net inflows to £3.9bn and £0.6bn, respectively, with record AUM of £8.9bn in discretionary investment management.

· 3-year investment performance stable at 67% of AUM above benchmark.


From part 3;

Dividends
As disclosed in the Annual report and accounts in March 2021, it is the Board's current intention to maintain the total annual dividend at 14.6p (with the interim and final both at 7.3p per share), until it is covered at least 1.5 times by adjusted capital generation, at which point the Board will seek to grow the dividend in line with its assessment of the underlying medium-term growth in profitability.

The Board has accordingly recommended a final dividend for 2021 of 7.3p (2020: 7.3p) per share. This is subject to shareholder approval and will be paid on 24 May 2022 to shareholders on the register at close of business on 8 April 2022. The dividend payment is expected to be £155m.

External dividends are funded from the cumulative dividend income that abrdn plc receives from its subsidiaries and associates (see below for details of cash and distributable reserves). The need to hold appropriate regulatory capital is the primary restriction on the Group's ability to pay dividends. Further information on the principal risks and uncertainties that may affect the business and therefore dividends is provided in the Risk management section.


https://www.investegate.co.uk/abrdn-plc ... 00071204D/

Part 2

https://www.investegate.co.uk/abrdn-plc ... 00131203D/

Part 3

https://www.investegate.co.uk/abrdn-plc ... 00131203D/

The other 5 parts are available here;

https://www.investegate.co.uk/Index.asp ... e=20220301

Dod101
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Re: Abrdn PLC (ABDN)

#483474

Postby Dod101 » March 1st, 2022, 7:32 am

I am happy to say that I do not hold this company. Reduced funds under management are considered to be an achievement and the dividend is held.

See what Schroders have to say later this week I think.

Dod

idpickering
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Re: Abrdn PLC (ABDN)

#483576

Postby idpickering » March 1st, 2022, 4:29 pm

Dod101 wrote:
See what Schroders have to say later this week I think.

Dod


You're right Dod. They're released this Thursday.

As for Abrdn, I sold out of them before the name change, and have no intention of buying back into them, and am planning of buying mores SDRC soon.

Ian.

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Re: Abrdn PLC (ABDN)

#483578

Postby Dod101 » March 1st, 2022, 4:54 pm

idpickering wrote:
Dod101 wrote:
See what Schroders have to say later this week I think.

Dod


You're right Dod. They're released this Thursday.

As for Abrdn, I sold out of them before the name change, and have no intention of buying back into them, and am planning of buying mores SDRC soon.

Ian.


Thanks Ian. I will be pleasantly surprised if Schroders are particularly good, but abrdn's results are not very attractive to me.

Dod

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Re: Abrdn PLC (ABDN)

#483584

Postby idpickering » March 1st, 2022, 5:13 pm

Dod101 wrote:
Thanks Ian. I will be pleasantly surprised if Schroders are particularly good, but abrdn's results are not very attractive to me.

Dod


You're welcome. I agree with your sentiments re this share. It seems the market agrees with us, what with the sp being down 5.3% on the market close. To be fair, it was a weak close for the FTSE100 today anyway, with it being down 1.72%.

It's striking to me that no-one hereabouts is offering a positive spin on the company, or their results released today?

Ian.

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Re: Abrdn PLC (ABDN)

#512038

Postby idpickering » July 6th, 2022, 7:10 am

Share Repurchase Programme .

The Company today announces that it will commence a return of £300m through the repurchase of the Company's ordinary shares, with a first phase of up to £150m ("the Programme") being undertaken by Goldman Sachs International ("Goldman Sachs") under the terms set out below.

On 6 July 2022, the Company entered into an irrevocable agreement with Goldman Sachs International ("Goldman Sachs") in relation to the purchase by Goldman Sachs, for the Company, of ordinary shares in the Company's share capital (the "Shares") for an aggregate consideration of no greater than 150m. Goldman Sachs will make trading decisions in relation to the buyback pursuant to the Programme independently of, and uninfluenced by, the Company with regard to the timing of the purchases. The purchase of Shares will take place during the period commencing on 6 July 2022 and ending no later than 30 December 2022.

Any purchase of Shares made in relation to the Programme will be executed in accordance with the UK Listing Rules and the Company's authority to make market purchases of Shares and carried out on the London Stock Exchange and/or Cboe Europe Limited. The Company will announce any market repurchase of Shares no later than 7.30 a.m. on the exchange trading day following the calendar day on which the repurchase occurred. The purpose of the Programme is to return excess capital to shareholders. All Shares purchased will be cancelled.


https://www.investegate.co.uk/abrdn-plc ... 00104336R/

Ian.

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Re: Abrdn PLC (ABDN)

#520017

Postby 77ss » August 5th, 2022, 10:21 am

Abrdn to dump its PE business?

A news item - no regulatory announcement that I can see.

I have no interest whatsoever in ABRDN itself, but I do have one of their ITs - (APEO).

https://www.penews.com/articles/abrdn-h ... s-20220721

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Re: Abrdn PLC (ABDN)

#520034

Postby monabri » August 5th, 2022, 11:01 am

77ss wrote:Abrdn to dump its PE business?

A news item - no regulatory announcement that I can see.

I have no interest whatsoever in ABRDN itself, but I do have one of their ITs - (APEO).

https://www.penews.com/articles/abrdn-h ... s-20220721



I've held APEO (formerly SLPE - Std Life Private Equity) for four years. The XIRR has been 9.8% which is quite a good return (notwithstanding current inflationary data). It's trading on a reported large discount to NAV.

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Re: Abrdn PLC (ABDN)

#521040

Postby monabri » August 9th, 2022, 1:47 pm

Half Year Report

https://www.investegate.co.uk/abrdn-plc ... 00043287V/

Not that rosey!

- Fee based revenue 8% lower at £696m and adjusted operating profit 28% lower at £115m, driven by market movements.

· Continued cost control delivered 2% reduction in adjusted operating expenses.

· Cost/income ratio higher at 83% (H1 2021: 79%) as a result of lower revenue.

· IFRS loss before tax of £320m (H1 2021: profit £113m), largely due to losses of £313m from the change in fair value of our significant listed investments in the period.

· Net outflows were £3.8bn excluding LBG and liquidity1 (H1 2021: £1.9bn), representing (1%) of opening AUMA.

· Total net outflows were £35.9bn (H1 2021: £5.6bn) largely reflecting final LBG tranche withdrawal of £24.4bn.

· AUMA was £508bn (FY 2021: £542bn) reflecting lower markets and final LBG tranche withdrawal, partly offset by inclusion of AUA from interactive investor (ii).


( the Lloyd's Banking Group issue is behind them now).


Mrs Monabri holds a few of these which she acquired from a pension scheme and has held them for many a year.

It's not a company that interests me but I've posted the link anyway!

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Re: Abrdn PLC (ABDN)

#524522

Postby idpickering » August 23rd, 2022, 7:36 am

After losing it's vowels, it's FTSE100 status could be next?

A year on from the asset manager’s eye-catching rebrand, Abrdn Plc ’s blue-chip status hangs in the balance. After a 37% drop in its share price this year, the Edinburgh, Scotland-based firm is set to be demoted from the FTSE 100 index at the latest quarterly review, according to Bloomberg calculations.


https://www.bloomberg.com/news/articles ... #xj4y7vzkg

Ian.

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Re: Abrdn PLC (ABDN)

#524524

Postby Dod101 » August 23rd, 2022, 7:54 am

idpickering wrote:After losing it's vowels, it's FTSE100 status could be next?

A year on from the asset manager’s eye-catching rebrand, Abrdn Plc ’s blue-chip status hangs in the balance. After a 37% drop in its share price this year, the Edinburgh, Scotland-based firm is set to be demoted from the FTSE 100 index at the latest quarterly review, according to Bloomberg calculations.


https://www.bloomberg.com/news/articles ... #xj4y7vzkg

Ian.


Why anyone continues to hold this loser I do not know. It just goes to show what can go wrong. Martin Gilbert who built up abrdn was above all a dealer and he required that to give abrdn any raison d'etre. Now that that he has gone it literally has no reason to exist. As always, culture. It is a tragedy in two parts, wrecking itself and then wrecking the much better Standard Life.

Dod

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Re: Abrdn PLC (ABDN)

#524527

Postby 77ss » August 23rd, 2022, 8:09 am

idpickering wrote:After losing it's vowels, it's FTSE100 status could be next?

A year on from the asset manager’s eye-catching rebrand, Abrdn Plc ’s blue-chip status hangs in the balance. After a 37% drop in its share price this year, the Edinburgh, Scotland-based firm is set to be demoted from the FTSE 100 index at the latest quarterly review, according to Bloomberg calculations.


https://www.bloomberg.com/news/articles ... #xj4y7vzkg

Ian.


The Times had an article on the latest interims which amused me.

I think it started with 'Disemvowelling the business'. Not a word I had come across before.

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Re: Abrdn PLC (ABDN)

#524550

Postby idpickering » August 23rd, 2022, 9:19 am

Dod101 wrote:
idpickering wrote:After losing it's vowels, it's FTSE100 status could be next?

A year on from the asset manager’s eye-catching rebrand, Abrdn Plc ’s blue-chip status hangs in the balance. After a 37% drop in its share price this year, the Edinburgh, Scotland-based firm is set to be demoted from the FTSE 100 index at the latest quarterly review, according to Bloomberg calculations.


https://www.bloomberg.com/news/articles ... #xj4y7vzkg

Ian.


Why anyone continues to hold this loser I do not know. It just goes to show what can go wrong. Martin Gilbert who built up abrdn was above all a dealer and he required that to give abrdn any raison d'etre. Now that that he has gone it literally has no reason to exist. As always, culture. It is a tragedy in two parts, wrecking itself and then wrecking the much better Standard Life.

Dod


Well said Dod. I couldn't agree more. I used to hold Aberdeen some time ago, and dropped them long before this name kerfuffle, and I'm mighty glad I did too. Good luck to those still hanging in there though. Each to their own and all that...

Ian.

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Re: Abrdn PLC (ABDN)

#524552

Postby Dod101 » August 23rd, 2022, 9:29 am

idpickering wrote:
Dod101 wrote:
idpickering wrote:After losing it's vowels, it's FTSE100 status could be next?

A year on from the asset manager’s eye-catching rebrand, Abrdn Plc ’s blue-chip status hangs in the balance. After a 37% drop in its share price this year, the Edinburgh, Scotland-based firm is set to be demoted from the FTSE 100 index at the latest quarterly review, according to Bloomberg calculations.


https://www.bloomberg.com/news/articles ... #xj4y7vzkg

Ian.


Why anyone continues to hold this loser I do not know. It just goes to show what can go wrong. Martin Gilbert who built up abrdn was above all a dealer and he required that to give abrdn any raison d'etre. Now that that he has gone it literally has no reason to exist. As always, culture. It is a tragedy in two parts, wrecking itself and then wrecking the much better Standard Life.

Dod


Well said Dod. I couldn't agree more. I used to hold Aberdeen some time ago, and dropped them long before this name kerfuffle, and I'm mighty glad I did too. Good luck to those still hanging in there though. Each to their own and all that...

Ian.


AS you will know I have never owned abrdn. I did not trust Gilbert. He was not quite in the same league as Fred Goodwin but he had similar characteristics. I cannot understand why people do not look at that sort of thing more closely. I guess they are blinded by short term financial results.

Dod

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Re: Abrdn PLC (ABDN)

#531008

Postby Steveam » September 20th, 2022, 1:22 pm

From today’s FT

“Hedge funds are betting that a tumble in shares of UK asset management companies including Abrdn and Ashmore will accelerate as a brutal bear market dents their investment performance and ability to attract new business.

Ken Griffin’s Citadel, Steve Cohen’s Point72 and Marshall Wace are among those running bets on lower share prices for listed so-called long-only firms, whose bias towards rising asset prices puts them at more acute risk from the tumult so far in 2022 in equities and bond markets.”

I don’t have any skin in this particular game.

Best wishes,

Steve

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Re: Abrdn PLC (ABDN)

#542543

Postby idpickering » October 31st, 2022, 7:07 am

Share Repurchase Programme.

The Company is pleased to confirm the completion of the first £150m phase of its £300m share repurchase programme which commenced on 6 July 2022.

The Company announces today the start of the second phase of the repurchase programme of up to a further £150m of the Company's ordinary shares (the "Phase 2 Programme"), which is being undertaken by J.P. Morgan Securities plc ("JPMS plc") under the terms set out below.

On 31 October 2022, the Company entered into a non-discretionary instruction with JPMS plc in relation to the purchase by JPMS plc, acting as riskless principal, of up to 115,000,000 ordinary shares in the Company's share capital (the "Shares") for an aggregate consideration of no greater than 150m. The purchase of Shares will take place during the period commencing on 31 October 2022 and ending no later than 31 January 2023.

Any purchase of Shares made in relation to the Phase 2 Programme will be executed in accordance with the UK Listing Rules and the Company's authority to make market purchases of Shares and carried out on the London Stock Exchange and/or Cboe Europe (through the BXE and CXE order books). The Company will announce any market repurchase of Shares by no later than 7.30 a.m. (London time) on the exchange trading day following the calendar day on which the repurchase occurred.

The purpose of the Phase 2 Programme is to reduce the share capital of the Company. The Company's capital resources remain strong which enables the Company to continue to return capital to shareholders in excess of business needs. All Shares purchased will be cancelled.


https://www.investegate.co.uk/abrdn-plc ... 00075721E/

Ian.

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Re: Abrdn PLC (ABDN)

#553534

Postby idpickering » December 9th, 2022, 7:17 am

Share Repurchase Programme.

The Company is pleased to confirm the completion of the second £150m phase of its £300m share repurchase programme undertaken during 2022. Over the course of this programme, c179m shares have been acquired.

The Company's capital resources are strong which will enable us to continue to invest in the business, support the dividend policy and return capital to shareholders. With our disciplined approach to allocating capital to deliver shareholder returns, we will continue to return capital in excess of business needs as further stake sales are realised.


https://www.investegate.co.uk/abrdn-plc ... 01181427J/

Ian.

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Re: Abrdn PLC (ABDN)

#556873

Postby idpickering » December 23rd, 2022, 11:00 am

Press speculation.

abrdn notes yesterday's press comment regarding succession planning for our Chief Financial Officer. The Board regularly reviews succession planning with and for the executive team. Stephanie Bruce remains our Chief Financial Officer and no decisions have been taken regarding any change while succession planning is underway.


https://www.investegate.co.uk/abrdn-plc ... 00028926K/

I have no position in ABDN.

Ian.


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