Aberforth Split Level Income ZDP 2024
ASIZ.L
London Stock Exchange126.50
GBp
+0.50
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Aberforth Split Level Income ZDP 2024
ASIZ.L
(London Stock Exchange)
Recent
price
126.50
P/E
ratio
- -
div
yld
- -
ROIC.AI
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Similar Companies
- Business
- Aberforth Split Level Income ZDP 2024 (ASIZ.L) is a zero dividend preference share class of the Aberforth Split Level Income Trust plc, a UK-listed closed-end investment trust managed by Aberforth Partners LLP that seeks to generate attractive risk-adjusted returns principally through investment in a diversified portfolio of small UK quoted companies. The ZDP shares provide investors with a fixed redemption entitlement of 107.42 pence per share on the terminal date of 31 March 2024, backed by a proportion of the trust's assets ring-fenced from equity shareholders, with priority in capital distributions but no entitlement to income or dividends. The trust's core offerings encompass split capital structure instruments including ordinary shares, which target income and capital growth via holdings in small-cap UK equities selected for their value characteristics and dividend potential; the ZDP shares focus on capital preservation and predetermined returns; and associated management services provided by Aberforth Partners, encompassing active stock selection, portfolio construction, and risk management within the UK small company investment segment. Geographically, the trust operates exclusively within the United Kingdom, targeting institutional and retail investors seeking exposure to small UK quoted companies across sectors such as industrials, consumer discretionary, financials, and materials. Established in 2017 and headquartered in Edinburgh, Scotland, the trust forms part of Aberforth Partners' suite of investment vehicles, with no subsidiaries or parent company relationships beyond the manager's oversight. The trust maintains a diversified portfolio typically comprising 70-90 small UK companies, emphasizing those overlooked by larger investors, with assets under management allocated between the ZDP cover pool and equity portfolio to support the fixed entitlements. In recent developments, the ZDP shares successfully redeemed on their terminal date of 31 March 2024 at the full entitlement of 107.42 pence per share, concluding their lifecycle as planned without any extension or restructuring. Concurrently, the underlying trust announced a proposed reorganisation in 2024, including the issuance of new matching ZDP shares maturing in 2027 to replace the redeemed 2024 series, ensuring continuity for investors seeking similar capital-protected instruments. Aberforth Partners also reported stable net asset values post-redemption, with no major acquisitions, funding rounds, or strategic shifts noted in the past two years, reflecting the trust's consistent focus on small UK equity investments amid market volatility.