Chenavari Capital Soluti... Share Discussion Threads

[scottiedog4] 02/9/2014 12:05

Sorry Wirral, but dividend was paid spot on. See IMS of 15th August " Company declared a dividend of 4p on 18th July which will be paid on 29th August

[wirralowl] 02/9/2014 11:17

Thanks for that, scottie, pleased to hear it was 4p too (higher up the thread dendria and I were questioning whether this was correct, or if it was a typo!).

So it seems even your payment was delayed a fair bit, nevertheless I'll get in touch with selftrade and give them a little nudge.

[scottiedog4] 02/9/2014 10:56

I received my dividend from Sipdeal on 29th August and it was 4p

[wirralowl] 02/9/2014 10:17

Slipped my attention, but just noticed I never received the dividend here (from selftrade). Has anyone actually received payment yet (and if you did, was it the stated 4p?), as according to my records should have been paid on 15th Aug?!

[wirralowl] 19/7/2014 14:20

Thanks, dendria. A payment to cover the period from inception does seem most likely, though as you say, I'd seen from their prospectus that they were intending quarterly payments... Time will tell, I guess, but generally things seem to be progressing nicely here, with a consistently growing NAV.

[dendria] 19/7/2014 12:29

I assume this is a dividend from inception date to present. They were originally targeting quarterly divs so future quarterly payments may look a more sustainable lower level? Unless the RNS is a typo and it's actually 0.4p!

[wirralowl] 19/7/2014 09:56

Thanks, dendria.

I was expecting quarterly payments here, but suspect this is either a half year or annual payment. Is anyone able to clarify? TIA.

[dendria] 18/7/2014 18:41

4p div. Record date 1 Aug 2014, paid 29 Aug 2014. Must go ex-div on Wed 30 Jul.

[skyship] 27/6/2014 13:37

18 June 2014 - Net Asset Value Per Share

Chenavari Capital Solutions Limited announced the following unaudited, estimated net asset value per share as at 31 May 2014:

Ordinary Share: GBP 1.0227
==========================

[scottishfield] 27/6/2014 11:01

tks jonwig

[scottishfield] 27/6/2014 10:17

Not sure what to make of this one, a bit a capital appreciation & a v good divi looks good. I'm not in but watching closely. NAV creeping up but share price way above. Bit early to tell imo, but tempting nevertheless.

[skyship] 23/5/2014 20:59

19 May 2014 - Net Asset Value Per Share

Chenavari Capital Solutions Limited announced the following unaudited, estimated net asset value per share as at 30 April 2014:

Ordinary Share: GBP 1.0159
====================================

[jonwig] 06/5/2014 14:36

Today's new investment includes (underlining mine):

The Company has invested approximately £9 million in a thick first loss exposure to primarily investment-grade corporate loans made by a German corporate and investment bank (the "Bank").

The underlined bit does seem to mean what common sense suggests: a first loss exposure is from £0 to £x, where x is generally a lot less than the total loan book value.
The exposure is thick when x is relatively large.
An example on p55 of the prospectus works a loss exposure of 1.5%; presumably a thick exposure is more than this.

Comments welcome.

[skyship] 17/4/2014 09:10

Pretty respectable NAV performance last month:
==============================================

17 April 2014 - Net Asset Value Per Share

Chenavari Capital Solutions Limited announced the following unaudited, estimated net asset value per share as at 31 March 2014:

Ordinary Share: GBP 1.0091

The latest fact sheet in relation to the Company is available at:

[scottishfield] 07/4/2014 19:15

it would appear to be a good one, if it does what it says on the tin.

[jonwig] 07/4/2014 17:16

Prospectus p45:

On the basis of market conditions as
at the date of this prospectus, and
whilst not forming part of its
investment objective or investment
policy, the Company will target a
net total return on invested capital of
12 per cent. per annum or more over
the life of the Company. Returns to
Shareholders will be predominantly
as dividend income.

Subject to compliance with the
Companies Law and the satisfaction
of the solvency test set out therein, the
Company intends to distribute all its
income from investments, net of expenses,
by way of dividends on a
quarterly basis with dividends declared
in October, January, April and July and
paid in November, February,
May and August in each year. The Company
may retain income for distribution in a
subsequent quarter to that in which
it arises in order to smooth dividend
amounts or for the purpose of efficient
cash management.

...

...the Company will seek to
pay dividends totalling at least 5 pence
per Ordinary Share in respect of the
period from Admission to the
first financial year end, with the
first dividend likely to be declared
in July 2014 in respect of the period to
30 June 2014.

To date they haven't made any announcements to cast doubt on this.

[envirovision] 07/4/2014 17:14

One would think the price would be going south until such time as clarity, odd. I will watch and wait.

[skyship] 07/4/2014 17:10

Hi Enviro - not really; all depends upon how quickly they manage to put the funds to work...

[envirovision] 07/4/2014 15:30

Sorry to sound daft, is there no known yield or even payment dates yet?

[dendria] 05/4/2014 15:18

I got IWeb to add CCSL to their trading platform - appears ISAable but will find out next week.

[jonwig] 05/4/2014 14:38

Skyship, Dendria - yes, I bought soon after IPO.

They haven't said any more about their yield hopes (targets), and the recent share price action suggests their basic business plan is on track.

The main concern is that the EU is busying itself with investigating and maybe controlling these capital ratio deals, but I've heard nothing since float.

A EU-wide banking union would gold-plate their existing contracts, I feel, but maybe lead to a shortage of new ones.

Dendria - do check with your ISA provider that they'll accept CCSL:

[Prospectus p 78] -

Shares acquired in the
secondary market should be
eligible for inclusion in a
stocks and shares ISA,
subject to applicable
subscription limits.
Investors resident in
the United Kingdom who
are considering acquiring
Shares in the
secondary market are
recommended to consult
their own tax and/or
investment advisers
in relation to the
eligibility of the Shares
for ISAs and SSAS/SIPPs.

In theory they should, but I had an argument with TDD about whether they would even let me invest in them (mine are outside my ISAs).

[dendria] 05/4/2014 14:16

Watching & waiting for new ISA season - I'll be in next week.

[skyship] 05/4/2014 13:36

jonwig - are you still in here? You now have company! I bought a few c4weeks ago @ 104.25p. Just hoping they can get the cash invested soon enough to make a reasonable return in 2014...

[jonwig] 13/10/2013 09:24

Investors in the new Chenavari fund will want to keep a close eye on the regulatory debate around risk-weighted assets, since the transactions could become unattractive for banks if they are given less leeway in calculating portfolio risks.