Carador Eur Share Discussion Threads

[rford788] 19/7/2012 19:05

Hello, I've some CIFU in my X-O brokerage ISA account (after complaining that it should be included in an ISA wrapper). Would the div be paid net of tax and would it be paid in $USD or would X-O convert to £ at a shoddy rate ? Cheers.

[dendria] 19/7/2012 09:12

GLIF just declared:

[dendria] 19/7/2012 08:11

Coincidently I think GLIF are declaring their dividend (Q2 2012) today as well (or were scheduled to). Interesting to compare.

[jonwig] 19/7/2012 07:59

rat - no, it's not done automatically: I just buy whatever suits me, not necessarily CIFU.
My shares are in a normal dealing account, not a wrapper. I seem to be paying tax on the divis as well :-(

[rat attack] 19/7/2012 07:54

jonwig - how do you get TD to reinvest automatically without conversion because it is not an eligible stock for dividend reinvestment in my TD sipp? The only ones they will reinvest are ftse 350 stocks. Thanks

[jonwig] 19/7/2012 07:50

I've quite a few dollar holdings, and reinvest the divis here, so the cash stays in USD. (My broker, TD Direct) doesn't offer brilliant terms for Forex conversion anyway!

[rat attack] 19/7/2012 07:48

good news and a 3% increase!

[dendria] 19/7/2012 07:46

That should work out at about 2.1p (14% annualised).

[jonwig] 19/7/2012 07:05

Dividend 3.4c, ex-div 25/07, paid on 30/07.

[dendria] 18/7/2012 15:51

Singer forecasts $3.4c:

Singer Capital Markets, 18th July 2012

"Carador Income Fund Plc - Rising NAV Driven by Strong Cashflows"

"The fund has reported an end June NAV of US$89.12¢ up 0.8% on the month - another post crisis high driven by equity valuations and cashflows. Mezz valuations were almost flat with the underlying leverage loan index down 0.7% on the month. Equity valuations rose by an average of 1.3% after the small fall in the prior two months which reflected the ex dividend effect. The final month of the quarter is slow for cashflows (only two equity payments) hence gross and net cashflows were in line with expectations at a net distributable income of US$3.48¢ per share for the quarter which more than supports our dividend forecast of US$3.40¢ in place since February."

[rat attack] 18/7/2012 07:54

So why would the dividend exceed earnings? Stick with 3.3c.

[jonwig] 18/7/2012 07:02

Link to the C-share issue Prospectus:



Worth noting maximum issue $125m, result should be announced late Friday or early next week. I'd be surprised if they were undersubscribed.

Page 49: "It is expected that the dividend for the period 1 April 2012 to 30 June 2012, which will be declared on or about 19 July 2012, will be in line with the dividend declared for the period 1 January 2012 to 31 March 2012."

... ie. 3.2c to 3.3c. Last NAV statement suggests 3.3c or higher.

EDIT: just announced net income for the quarter of 3.48c, so we might even get 3.5c dividend.

[dendria] 17/7/2012 10:01

Confirmation today of the additional $125M C share placing...

RNS Number : 8255H
17 July 2012

Carador Income Fund plc today announces that a prospectus in respect of a proposed placing of U.S. Dollar C Shares at U.S $1.00 per share of no par value with total gross placing proceeds of up to US$125 million...

[aletts] 12/7/2012 00:00

ex divi maybe .

[rat attack] 11/7/2012 22:46

I thought it was payable approx 26 July, but no notification as yet.

[aletts] 11/7/2012 21:31

Hi Guys - Does anyone know when the next divi is due ?

[dendria] 26/6/2012 19:22

Additional note from Singer:

Singer Capital Markets, 26th June 2012, "Carador Income Fund Plc - Continued Strong Performance"
"One part of the Carador investment case is that it produces a return profile with no or strictly limited correlation with equities - we have covered this topic in previous research. During May the S&P 500 was down 6.27% as markets turned risk off again, High Yield Bonds were down 2.58%, with Leverage Loans down 1.58%. Carador reported an NAV UP 0.4% at US$88.41¢. This was driven by the cash inflows amounting to US$8.5m (US$2.0¢ per share) in the month. Mezz positions were marked down 1.57% in line with Loans, equity not paying in the month was down 0.4% with the ex payment effect as normal seeing paying in the month equity down by roughly half the payment, i.e. down 5.4%. The shares are trading at only a 2.4% premium to just reported NAV or a small discount to forecast year end NAV with only retained cash added back and are supported by the 15% dividend yield."

[jonwig] 25/6/2012 12:37

OK, here's the thread for CIFU with the news links:



But I'm sticking to this one for posts.

[rat attack] 25/6/2012 11:23

i dont think so, everyone understands it as cif! but if you really insist let me know so can add to favourites

[ibarty] 25/6/2012 11:17

Guys I know you decided to keep this under CIf but it does mean that new readers will not see the comments. As this company gets bigger and bigger doesn't it make sense to transfer to CIFu?

[jonwig] 25/6/2012 08:44

Have put today's announcement into the header under 'NEWSFLOW'.

Net income is ahead, income per share down a bit. I'm sure that's due to C-share conversion - will check.

[solarno lopez] 24/6/2012 10:38

Thanks DENDRIA

[dendria] 23/6/2012 10:19

It's going to vary due to the nature of the business but I received 2.07p per share for the last quarter. If you take today's buy price of ~58p that gives an annualised DY of ~14.3%. My average price is lower so my DY is higher.

[solarno lopez] 23/6/2012 10:01

What is the yield on this please as the FINACIALS heading above does not give one.

I seem to recall it was around 15% or was that a figment !

[dendria] 23/6/2012 09:33

Not quite fully invested yet...

Singer Capital Markets, 21st June 2012, "Carador Income Fund Plc - New C Share Issue Announced"
"The fund has announced that in response to investor demand it is, following a short delay due to the change in fund manager, formally launching its third C share issue in less than a year. This will be for up to approximately US$125m out of the remaining limit of US$175m (or May 2013 whichever is earlier) before shareholder approval is required. Given that the pricing of the underlying assets has been relatively stable over this period then the opportunity, in terms of near term income and longer term IRRs, remains just as strong as it has been. Hence, the manager's belief that the additional assets can be successfully deployed is fully justified. We believe that the dividend yield at 15% will be at least maintained on the enlarged capital assuming that at least 50% of the funds are deployed into CLO equity. Hence, we strongly recommend that existing holders support the issue. Given that the issue, if successful, will take the fund over the US$0.5bn market cap level then we expect a new range of investors to be keenly interested."