Project Finance Share Discussion Threads

[jonwig] 02/3/2016 07:17

Upward revision of first year (2016) dividend target from 4p to 5p. Target for 2017 and beyond remains at 6p:



Also, most recent loan (social housing association, secured) looks solid.

[jonwig] 18/1/2016 11:54

5 yr loan note, 7.8% pa:

The proceeds of the Loan Note issue will be used to provide asset backed finance (the "Short Term Finance Loans") to a specialist lender active in the UK short term finance market.

The Short Term Finance Loans will be secured by way of a series of first ranking charges against UK residential property.

So what have we ... SME loans secured on homes?

[davebowler] 09/11/2015 16:38

P2P and VSL are now trading at a discount to NAV.

[jonwig] 03/11/2015 07:45

mad - the prospectus seems to say that only the first new fundraising will be offered on a pre-emptive basis, though the wording is a bit complicated - pp 25-26 - and I might have misunderstood it.

Mrs JW has some short-dated gilts in her ISA which might be swapped for these.

[mad foetus] 29/10/2015 09:16

thanks jonwig, one to watch. worth also pointing out that the prospectus says that any future fundraising will be offered first to existing shareholders, something that isn't always offered to ordinary PIs.

[jaws6] 29/10/2015 07:29

you reminded me to transfer in ISA.tks

[jonwig] 29/10/2015 07:26

Have no ISA cash at present, so am only watching. Think an ISA is needed for these, to shelter the dividends.

[jaws6] 29/10/2015 07:21

johnwig
Good luck with this. so far not seen any note yet.

[jonwig] 29/10/2015 07:02

Most investments are secured loans in the areas of property, energy, infrastructure and equipment leasing. Some ten projects appear to be ready for investment.

Maximum gearing 25% of NAV.

Target yield 6% on 100p offer price, from 2017. "Modest capital appreciation".

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This looks relatively low risk, and the target yield is attractive. Initial NAV is 98%, so it's already trading at a 5% premium (sp is 100 - 103).

[jonwig] 29/10/2015 06:48

. .


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The Company is a listed fund focused predominantly on investments in UK project finance debt. The Company's investment portfolio is secured against physical assets and / or contracted cash flows.

The Company’s investment objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.
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Total number of shares ... 106,000,002 (23 Oct 2015)

Major shareholders:
Bank of Montreal .......... 11,000,000 ... 10.4%
Church of England Fnds .... 11,000,000 ... 10.4%
Bradford Council .......... 10,000,000 ... 9.4%
Brewin Dolphin ............. 8,581,025 ... 8.1%
Premier Fund Mgrs .......... 7,420,000 ... 7.0%
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Net asset values:
31/12/15 ... 98.38p