Saturday 21 July 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
Lighthouse Group – half-year trading update, is ‘in line with expectations’ sufficient for the valuation?
Tom Winnifrith Bearcast: ahead of his next helping of Reynolds humble pie,. Cynical Bear sticks his todger in the Versarien hornet's nest - FWIW
ShareProphets AIM-China Filthy Forty play Asian Growth Properties (AGP) has announced that is it throwing in the towel on its AIM listing, and is to dispose of its assets and return the cash to shareholders. This is expected to amount to about 48p per share – to add to the huge dividends paid out over the last couple of years. It is, in many way, a startling result although the reasons behind the delisting cast a pall of shame on the AIM Casino and thus the London Stock Exchange.
Much has happened since I last looked at ShareProphets AIM-China Filthy Forty play Asian Growth Properties (AGP). For a start, shareholders have seen some storming dividends announced – and paid – and this morning the company has announced proposals which will see a huge cash payment dished out.
Some good news from the ShareProphets AIM-China Filthy Forty in the form of a proposed disposal by Asian Growth Properties (AGP) was detailed on Tuesday. At its last set of numbers interims to June 2015 the company stated NAV per share at 125p and until recently the shares had been trading at a fraction of that (sub-20p). The news saw the shares race away to close at 46.5p mid, although they gave some back on Thursday.
Asian Growth Properties (AGP), a member of the ShareProphets AIM-China Filthy Forty (updated today), has seen trading in its shares on AIM resumed after a deal was announced to sell a large portion of its property assets for a gross consideration of £119 million, and achieve a gain on disposal for the company of £39 million before expenses. The recent interims showed net assets of HK$13 billion (call that about a billion pounds) which we were told represented about 125p per share, so just the profit on disposal should come in at something in the region of 4p per share. The total disposal should realise around 13p a share. It is a great piece of news for shareholders and with the shares trading at 17p (down from 36.75p at IPO) might now look forward at long last to a dividend. Or not:
Not content with seeing Geong (GNG) suspended because its Nomad resigned on Tuesday, or that Camkids (CAMK) suffered the same fate on Monday, we find that a third ShareProphets AIM-China Filthy Forty suspension slipped by: Asian Growth Properties (AGP) - which was suspended in an RNS released by AIM itself, “pending an announcement”. That was at 10.55am, and there has been not a dickie bird since from the company. I note carefully that the AIM RNS did not say “at the request of the Company”. Oo-er missus.
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