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Alcentra European Floating Rate Income Fund (AEFS) Red Ord Npv Gbp

Sell:98.20p Buy:99.60p 0 Change: 1.80p (1.80%)
Market closed Prices as at close on 21 February 2020 Prices delayed by at least 15 minutes | Switch to live prices |
Tender Offer

Alcentra European Floating Rate Income Fund Red Ord Npv Gbp

Type:
Tender Offer
Shareholder action required:
Yes
Status:
Cash due
Details (last updated 17 Jan 2020)

What is happening?

 

Alcentra European Floating Rate Income Fund (Alcentra) has announced details of a Quarterly Tender Offer. You have two options to consider before our noon on Monday 17 February 2020 deadline.

 

The Company has announced it intends to purchase up to 20% of the entire issued Share Capital of the Company during each Quarterly Tender Offer, provided that in each 12 month period ending on the relevant Quarter Record Date no more than 50% of the Shares at the Annual Record Date (12 October 2019) may be repurchased by the Company.

 

Each Shareholder at this March opportunity therefore has a Basic Entitlement to tender (i.e. elect to sell) up to 20% of their Shareholding as at the close of business on 31 December 2019.

 

You are able to elect to tender any number of Shares, However, tenders made in excess of your Basic Entitlement will only be accepted to the extent that other Shareholders tender less than their Basic Entitlement. Such tenders may therefore be subject to pro-rata scaling back. The Minimum Tender Offer Price will be set at the Net Asset Value (NAV) of the Shares as at Tuesday 31 March 2020 less a discount of 1.5%.

 

What are my options?

 

Option 1 – Tender a number of Shares. If you wish to tender a number of Shares please give us your instruction by noon on Monday 17 February 2020, at which point any tendered Shares will be removed from your portfolio. Cash from the Tender Offer will be credited to your Account on receipt, which is expected to be from Friday 15 May 2020.

 

Option 2 – Take no action. Shareholders are not obliged to tender any number of Shares. If you do not return an instruction no Shares will be tendered on your behalf and your holding will remain unchanged.

 

Full details of this event will be sent to Qualifying Hargreaves Lansdown Clients by either post or secure message. Please note that any instruction you give must be based on the full details provided in the letter and not on the summary information outlined above.

×
Sell:98.20p
Buy:99.60p
Change: 1.80p (1.80%)
Market closed Prices as at close on 21 February 2020 Prices delayed by at least 15 minutes | Switch to live prices |
Tender Offer

Alcentra European Floating Rate Income Fund Red Ord Npv Gbp

Type:
Tender Offer
Shareholder action required:
Yes
Status:
Cash due
Details (last updated 17 Jan 2020)

What is happening?

 

Alcentra European Floating Rate Income Fund (Alcentra) has announced details of a Quarterly Tender Offer. You have two options to consider before our noon on Monday 17 February 2020 deadline.

 

The Company has announced it intends to purchase up to 20% of the entire issued Share Capital of the Company during each Quarterly Tender Offer, provided that in each 12 month period ending on the relevant Quarter Record Date no more than 50% of the Shares at the Annual Record Date (12 October 2019) may be repurchased by the Company.

 

Each Shareholder at this March opportunity therefore has a Basic Entitlement to tender (i.e. elect to sell) up to 20% of their Shareholding as at the close of business on 31 December 2019.

 

You are able to elect to tender any number of Shares, However, tenders made in excess of your Basic Entitlement will only be accepted to the extent that other Shareholders tender less than their Basic Entitlement. Such tenders may therefore be subject to pro-rata scaling back. The Minimum Tender Offer Price will be set at the Net Asset Value (NAV) of the Shares as at Tuesday 31 March 2020 less a discount of 1.5%.

 

What are my options?

 

Option 1 – Tender a number of Shares. If you wish to tender a number of Shares please give us your instruction by noon on Monday 17 February 2020, at which point any tendered Shares will be removed from your portfolio. Cash from the Tender Offer will be credited to your Account on receipt, which is expected to be from Friday 15 May 2020.

 

Option 2 – Take no action. Shareholders are not obliged to tender any number of Shares. If you do not return an instruction no Shares will be tendered on your behalf and your holding will remain unchanged.

 

Full details of this event will be sent to Qualifying Hargreaves Lansdown Clients by either post or secure message. Please note that any instruction you give must be based on the full details provided in the letter and not on the summary information outlined above.

×
Sell:98.20p
Buy:99.60p
Change: 1.80p (1.80%)
Market closed Prices as at close on 21 February 2020 Prices delayed by at least 15 minutes | Switch to live prices |
Tender Offer

Alcentra European Floating Rate Income Fund Red Ord Npv Gbp

Type:
Tender Offer
Shareholder action required:
Yes
Status:
Cash due
Details (last updated 17 Jan 2020)

What is happening?

 

Alcentra European Floating Rate Income Fund (Alcentra) has announced details of a Quarterly Tender Offer. You have two options to consider before our noon on Monday 17 February 2020 deadline.

 

The Company has announced it intends to purchase up to 20% of the entire issued Share Capital of the Company during each Quarterly Tender Offer, provided that in each 12 month period ending on the relevant Quarter Record Date no more than 50% of the Shares at the Annual Record Date (12 October 2019) may be repurchased by the Company.

 

Each Shareholder at this March opportunity therefore has a Basic Entitlement to tender (i.e. elect to sell) up to 20% of their Shareholding as at the close of business on 31 December 2019.

 

You are able to elect to tender any number of Shares, However, tenders made in excess of your Basic Entitlement will only be accepted to the extent that other Shareholders tender less than their Basic Entitlement. Such tenders may therefore be subject to pro-rata scaling back. The Minimum Tender Offer Price will be set at the Net Asset Value (NAV) of the Shares as at Tuesday 31 March 2020 less a discount of 1.5%.

 

What are my options?

 

Option 1 – Tender a number of Shares. If you wish to tender a number of Shares please give us your instruction by noon on Monday 17 February 2020, at which point any tendered Shares will be removed from your portfolio. Cash from the Tender Offer will be credited to your Account on receipt, which is expected to be from Friday 15 May 2020.

 

Option 2 – Take no action. Shareholders are not obliged to tender any number of Shares. If you do not return an instruction no Shares will be tendered on your behalf and your holding will remain unchanged.

 

Full details of this event will be sent to Qualifying Hargreaves Lansdown Clients by either post or secure message. Please note that any instruction you give must be based on the full details provided in the letter and not on the summary information outlined above.

×
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Objective

The investment objective is to provide its shareholders with regular quarterly dividends and the opportunity for capital growth by utilising the skills of the Investment Manager in selecting suitable investments. To pursue its investment objective, the Company uses net issue proceeds to invest into Profit Participating Bonds issued by the Subsidiary. The Subsidiary then uses these proceeds to invest in floating rate, secured loans or high-yield bonds issued by European or US corporate entities predominantly rated below investment grade or deemed by the Investment Manager to be of corresponding credit quality.

Top 10 holdings currently unavailable.

Top 10 sectors currently unavailable.

Top 10 countries currently unavailable.

Fee Structure

The Investment Manager will be entitled to a management fee which shall be calculated and accrued daily at a rate equivalent to 0.70% p.a. based on the NAV of the Company. The management fee will be payable quarterly in arrears. No incentive or performance-based fee will be payable to the Investment Manager.

Dividend Policy

The Company pays dividends to Shareholders equal to the net income earned in that year. Distributions are made by way of interim dividends with respect to each calendar quarter. The Board and the Investment Manager will target (i) the medium term target dividend yield on this basis is GBX 5 to GBX 5.5 per share p.a. payable quarterly; and (ii) a total return on investment (net of fees and expenses) of 7% p.a. with the possibility of a higher return target if interest rate moves are favourable.

ASSET SPLIT

Total number of holdings: 0.

Trust Manager

David Forbes-Nixon

Manager Bio

David is the Co-founder, Chairman and Chief Executive of Alcentra. David also acts as senior portfolio manager of Alcentra's European funds and chairs the Alcentra European Investment Committee. Alcentra is a global sub-investment grade, credit asset manager with $17bn AUM and is the largest institutional loan investor in Europe. Alcentra has been voted the best non-bank loan investor in the Euroweek awards for the last 5 years. Prior to joining Alcentra, David was the Global Head and Chief Investment Officer of Barclays Capital Asset Management, a wholly owned subsidiary of Barclays Group Plc, which he set up, together with the par loan trading business, after he joined Barclays Capital in 1995. Separately, the par loan trading business set up by David is recognized as the leader in its field, winning the International Financing Review (IFR) award for European Loan Trading in 1999 and 2000. David was a Director of the Loan Market Association (LMA), and chaired the LMA Valuation Committee from its inception in December 1996 until December 1999. The Valuation Committee, under David's stewardship, developed a weekly loan valuation survey from scratch which has been posted on the LMA website from April 1999 and has been included in a number of major financial publications since then. From 1992 to 1995, David worked at Bankers Trust where he was a Vice President and head of leveraged loan distribution. At Bankers Trust, he worked on a number of high profile LBOs, the most notable being the £220m leveraged loan for Gardner Merchant Services Group that reopened the European LBO market in 1993. Bankers Trust was the number one arranger of syndicated European leveraged loans during his tenure. David worked at Chemical Bank from 1987 to 1992, beginning in New York. On returning to London, he worked in the structured finance and loan syndication departments where he was involved in the analyzing, structuring, selling and monitoring of some of the largest European LBOs in the late 1980s, including MFI and Allders. David graduated from Birmingham University with a BSc (Hons) in Chemical Engineering.

Board Of Directors

Ian FitzgeraldChairman, Anne Ewing, Trudi Clark

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Objective, holding data, trust manager and bio information, dividend policy, asset split and fee structure are provided by Morningstar.

The London Stock Exchange does not disclose whether a trade is a buy or a sell so this data is estimated based on the trade price received and the LSE-quoted mid-price at the point the trade is placed. It should only be considered an indication and not a recommendation.

Trades priced above the mid-price at the time the trade is placed are labelled as a buy; those priced below the mid-price are sells; and those priced close to the mid-price or declared late are labelled 'N/A'.