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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hwsi Realisation Fund Limited | HWSL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 55.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 55.50 | 55.50 |
| Top Posts |
|---|
Posted at 05/2/2020 16:16 by cc2014 I didn't get that far SpectoAcc.I got as far as they had lent equipment to Dawnus (UK Constrution who went bust) and although HWSL managed to get the equipment back so claim no loss that was enough for me. I keep up to date with UK Construction and anyone lending to Dawnus was lending either in the knowledge they were close to going bust or was incompetent. My notes in the Arenesis, Entrade, BOFL,BPFL mess, suggest I think the fund manager was not appreciating the risk. My notes aren't that clear reading back though but as I said as I already losing interest in looking any deeper. I moved on as it wasn't worth my time. I have enough high risk debt and don't want much more. Others may have a different risk profile than me. The remaining loans may be good or they may not but I have no faith in the manager. Edit: Sorry to hear Lanardian. I'm afraid although Shares carries lots of very useful insight, I'm not sure they are any better as a stock-picker than a pin. |
Posted at 05/2/2020 15:44 by spectoacc I think there's value but agree re high-yield corporate lenders - a glut of them, a plethora of issues, and all going wrong without even a recession/depressionIn their (slight) defence, plenty has gone wrong and been worked through - SQN has dealt with a few already, Snoozebox I think, one AD already, and they'd claim Suniva, where it's all gone in their favour tho with no payout yet. Problems seem to arise when the assets they're secured on are basically useless. Eg if AD is finished as a viable business model due to an increase in feedstock costs, what value an AD plant? Generally, where things do go wrong, they get even higher yields - or else lose the lot. Neither SQN nor HWSL look like they'll continue. The one thing I don't recall on HWSL, and you may have found out - what's their average duration? On SQN ords it's a preposterous c.8 years. (Many are claiming to be looking for different managers/possibly sell loan books, but what manager is untarnished? And who on earth would buy the loans?). |
Posted at 31/1/2020 13:29 by spectoacc "The Board is continuing its strategic review of the options available to it as announced on 9 December 2019, and anticipates being in a position to provide a further update in the New Year. This exercise will include a review of the ongoing role of Hadrian's Wall Capital Limited, with the overall objective of maximising Shareholder value. "That was 17th December. Today is the last day of January. "New year"? Had they planned to switch the manager to SQN I wonder? Agree re possible length of time of run-off, certainly years not months, but the written-down NAV is c.82p, I fancy 50.5p is a reasonable price. To say these corporate loan-ers are struggling atm is an understatement - SSIP likely to wind up, SQN/X facing a lost continuation vote next Nov, HWSL on its way out. Imagine if we'd had a recession... |
Posted at 13/1/2020 15:30 by spectoacc Thought same when I read it BUT still doesn't justify the discount, even if the whole lot got written off (& they've provided for some of it).Shows the dubious business model of all these lenders tho - "You owe the bank £1m, you've got a problem. Owe it £100m, the bank's got a problem". Which was it who had to keep bailing out Snoozebox? SQN maybe? But - still - I think a winding-up HWSL is worth more than this. |
Posted at 12/1/2020 16:09 by spectoacc I've noted before with P2P, SQN, HWSL, FCH's IT, & others - they've effectively come a cropper even without a recession! Or a depression. Or another financial crisis.There's a whole generation growing up knowing nothing but ever-rising house prices, chronically low interest rates, and bailed-out stock markets, with no recessions/depressio Will certainly be interesting at some point... (But I still say enough is in the HWSL price already :) ) |
Posted at 09/12/2019 09:37 by spectoacc 200 years? ;)There's barely any of it left. Right decision from HWSL to wind up, but the delayed NAV sounds ominous. Not been my finest bottom-picking punt. |
Posted at 20/11/2019 10:21 by spectoacc If anyone comes to a different NAV than c.85p/share, let me know. Have assumed the previous c.£3m provision was already in the 95.5p NAV, and not adjusted for accruals nor dividend. |
Posted at 20/11/2019 08:13 by spectoacc Agreed. Am assuming the divi is next to go, or at least be cut heavily. Paying out of capital in the expectation there'd be no material write-off!Edit - last NAV 95.5p, I reckon that included a c.£3m provision, now increased to c.£18m, so £15m off NAV. Still doing the maths.. |
Posted at 23/10/2019 14:54 by vacendak These two? Ticker SQN and SQNXhxxp://www.sqncapita I am not a fan of graph analysis, but it does look a lot like HWSL of late: SQNX has a slightly different scale but down too over 6 months: Not sure if this is the right sector to enter with that neverending "end of a cycle/a recession is due" feeling... and the Brexit fiasco that does nothing to clear up things for confidence in debt instruments for British SMEs. The yields are attractive of course, but capital preservation looks iffy for this type of investment right now. |
Posted at 02/10/2019 07:24 by spectoacc No wonder it fell yesterady:"The Investment Adviser remains of the view that individual case loss reserves continue not to be required in respect of either of these investments at this time. Nevertheless, the Company is maintaining its general loss provisions in connection with BPFL at GBP1.4 million, and BOFL at GBP1.8 million. The Investment Adviser does not anticipate any impact on the Company's ability to continue to meet the dividend target on the Ordinary Shares at this time. " I read that RNS as being £10.7m at risk on BPFL, with only £1.8m provided for. BOFL more likely to work out - £6.6m at risk. Total is about 12% of HWSL's NAV I reckon. |
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