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WR888

1,698 Posts.

21

20/01/17

14:04

Post #: 22030970
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Originally posted by marketmaker ↑

I am using the data from the December NTA. The fund size is now $348.3m and it returned 1.3% for the 6 months to 31 Dec. That means the total profit was $4.53m. There are 271.3m shares on issue which means the profit per share is 1.67 cents per share.

If we work the other way around, to pay a 5c dividend in the half, ALF needed to generate a return of 3.9% for the period. This basically means the fund has to dip into its profit reserve to make up this difference of 2.6% or c$9m. Basically if they have another half like this, paying 5c in the June half starts to become problematic.

I haven't looked at WMK recently but last I checked they had a much smaller profit reserve which means they will have issues first assuming similarly subdued performance for the two funds.

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Thank you for the good explanations,... mktmaker,....

ALF Price at posting: $1.41 Sentiment: Hold Disclosure: Held
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