APW would be happy with some decent coverage in yesterdays The Australian quoting an analyst at Clime Investment Management (CIW) who cited the big discount to NTA, recommencement of distributions and stock buy-back among other things. This is all true, although readers of this blog will know I (and others) have been slightly less gushing in praise.
Deciding to withdraw the DRP was also sensible and pragmatic.
The price has marched a bit higher, although is still well south of the NTA. So the investment idea remains intact: gains can be made from distributions and price advances due to growth in the NTA and a gradual lessening of the gap to NTA. Oh, and sprinkle in some patience.
Kristian
Disclosure: own APW and CIW
Agree that withdrawing DRP was sensible but hard to give kudos for that. The more important point is that they thought fit to have one in the first place, concurrent with an active on-market buyback. Sheer lunacy.
ReplyDeleteThe DRP and the active on-market buyback is in addition to many more investment, capital management and reporting mistakes/errors in the past a good indication of the fund management capabilities of AIMS. Well below standard!
ReplyDeleteThe share buyback has been done with a relatively small impact on the share price. A bit ironic that the management failure to inform or impress the market has an upside in that the buyback was cheaper!
ReplyDeleteNow...the buyback has almost finished - so can we have some communication?