Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 18-March-2021 / 18:15 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b)...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 16-Feb-2021 / 16:30 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 16-Feb-2021 / 16:30 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 15-Feb-2021 / 16:51 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 15-Feb-2021 / 09:35 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 11-Feb-2021 / 18:55 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 11-Feb-2021 / 09:00 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 10-Feb-2021 / 11:15 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 09-Feb-2021 / 11:00 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: 05-Feb-2021 / 14:00 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) Owner or controller of i...
Maitland Institutional Services Limited (MISL) Form 8.3 - AFH Financial Group Plc 26-Jan-2021 / 13:53 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Identity of the person whose positions/dealings are being disclosed: MI Chelverton UK Equity Growth Fund...
IPConcept (Luxemburg) S.A. (-) Form 8.3 - IPConcept (Luxemburg) S.A.: AFH Financial Group plc 25-Jan-2021 / 18:40 CET/CEST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1. KEY INFORMATION (a) Full name of discloser: IPConcept (Luxemburg) S.A. (b) O...
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AFH’s FY15 EPS was up 80% on FY14, driven by a 40% increase in turnover. Management highlights that organic revenue growth was c 20%. The group continues its conservatively executed acquisition strategy and we expect the £6.2m of recent net equity placement proceeds to be deployed in deals relatively quickly. Management confidence is highlighted by the 50% increase in dividend.
AFH is reporting strong organic and inorganic growth with a 30%+ increase in turnover FY15 on FY14. We have increased our FY15 revenue estimates by 4%, all of which is above expected organic growth. The company expects the FY15 results to be above market expectations. It also highlights that it is considering issuing further equity to take advantage of current market opportunities. We expect the latter to be measured and consistent with evolutionary rather than revolutionary acquisitions.
AFH has both organic and inorganic strands to its strategy. H115 on H114 delivered 13% revenue growth of which more than half was organic, despite the election uncertainty affecting customer volumes in H115. Looking forward, AFH will benefit from the seven deals completed in H115 (and two in July) with more of the H215 growth coming from acquisitions. We have upgraded our estimates to include these deals.
AFH has shown that being an IFA consolidator can work. 2014 saw heavy investment in control functions (which should now increase at a much slower pace) and the FCA review of regulatory authorisations taking much longer than expected (a market-wide phenomenon). Despite these drags, profits still grew, and looking forward much more of the revenue growth is expected to drop down to profit. At end October the group had £5.7m in cash to fund further acquisitions. There has been evidence of organic g...
AFH’s full year trading update to end October 2014 confirmed that current trading is in line with market expectations. However, it is noticeable that the report was biased to the growth in inorganic opportunities both in scale and number. We expect AFH’s historic prudent approach to continue, noting that our forecasts only include deals as completed. Deploying the group’s £5m+ cash pile has the potential for estimate upgrades.
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