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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Queen's Wk | QWIL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.99 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.99 | 0.99 |
| Top Posts |
|---|
Posted at 10/9/2010 15:30 by envirovision I wonder how the old shares will fair ex divi on Monday. After all the shareprice is more or less at the offer price, yet Liberum have only found out today how many shares they have extra to sell which dont carry the dividend. I'm assuming they allready had "multiple over subscriptions" for their underwriting. If not, they could be left holding the rump underwater come monday. The dividend announcement was odd, it should have been written into the placing like PSPI did.IE ex divi date on ex entitlement date, holders prior to ex entitlement would get a dividend on their existing and new subscription shares, that way those taking up the offer would get extra. Had they done this, more people would have taken up the offer. edit just clocked why, not all holders of Ord shares qualified for the open offer. Particulary the excluded overseas territory and US persons, so would not be fair on them. |
Posted at 03/9/2010 13:03 by rat attack Dramatically large increase in dividend announced today, which according to my calcs is 6.9% for the quarter!! Must be feeling some pressure on the new capital structure!!Queen's Walk Investment Limited announces today that it was resolved to declare a dividend of Euro 14.5 cents per Ordinary share, in respect of the period ending 30th June 2010, to be paid on Friday 22nd October 2010 to Ordinary shareholders on the register at the close of business on 15th September 2010. The ex dividend date is 13th September 2010. The amount of the dividend has been set to take into account income generated by the Company's investment portfolio in the period ending 30th June and also the income expected to be generated by the Company's investment portfolio up to the date of the Company's extraordinary general meeting on 15 September 2010 at which various proposals will be subject to the approval of shareholders as further explained in the circular issued by the Company on 17 August 2010. Conditional on the approval of the Required Resolutions (as such term is defined in the prospectus published by the Company on 17 August 2010) at the extraordinary general meeting of the Company, the Company's dividend policy will be amended with effect from admission of the preference shares to issued by the Company as further explained in the prospectus. |
Posted at 23/8/2010 23:15 by cerrito Marben100 I hear what you say and your points are valid but I will not be joining you in voting against it. I also dislike the Chairman who has so many irons in the fire getting so much..I very much prefer the present QWIL to the new look one and given the way my portfolio is have no need to do this move up the credit ladder; but I also appreciate that QWIL would have soon got to an uneconomic size and of course I am a minnow so cannot expect to have any sway in things. My analysis shows I will be better off going into the new offer and that is what I am doing. While this does not do anything for me it is a cute deal:my understanding is that the Cheyne Fund is in long term run off so the issue of the preference shares should allow them to liquidate alot of their position in QWIL without hammering the ordinary share price and as noted it is more healthy to have a more diversified shareholding structure and the shares should be more marketable. |
Posted at 23/8/2010 18:04 by marben100 Hi All,Firstly, concerning the ords, the key problem is that whilst Cheyne have indicated that a dividend will be paid, they have NOT indicated how much that dividend will be, other than to say that dividends on ordinary shares "will be substantially reduced as compared to the dividends that have previously been paid". The current dividend policy says: "The Company currently intends to pay out a majority of its net income (but excluding any realised or unrealised surpluses from the sale, realisation or revaluation of investments held directly by the Company) to Ordinary Shareholders in the form of quarterly dividends" There is NO such statement in the Revised Dividend policy for Ordinary shares, nor any indication of the proportion of income that will be paid out to the combination of Ordinary and Preference shares. Moreover, we know that the company is incentivised to grow the NAV and to keep the market cap low. The latter objective is aided by minimising the payout on the ords. Of course, one can argue that an increasing NAV is attractive, but in current market conditions more weight is put on investment returns to shareholders. I have seen investment companies (e.g. POL) trade on discounts to NAV around 50% - unless there is a policy to manage the discount by buying back shares or some clear indication of how shareholders will receive a return. Whilst QWIL may buy back shares, no discount management policy has been stated (and, as I've shown, Cheyne are actively incentivised NOT to do so). I cannot see how the proposed changes will benefit existing shareholders and therefore intend to try to ensure that my proxy votes are cast against resolutions 2, 4, 7 and 8. Given that 75% of votes cast must be in favour of resolutions 2 and 4, and that resolution 2 is a "required resolution" for the placing and bonus issue to proceed, there is a slim chance that Cheyne's proposals can be defeated. I urge all independent shareholders to consider this and ACT ON IT. Mark |
Posted at 22/8/2010 14:48 by zastas I think we should not overlook that capital goes up by about 25%. If, IF the return on new, MBS investment is similar as the current ones, then the total income available for the increased ordinaries goes up too. So, not 32 eurocent but 40 eurocent will be available for pay-out. Or alternatively, part available for an increase in NAV.So, Marben100 has calculated 18.3 cent for the PREFs. Then about 22 cent is available for the Ords. So about 14 eurocent per Ord. They were recently trading at about 13% yield, so I suppose somewhere between Euro 1 and 1.20 should be its marketprice to settle at in the near future. The Prefs could be more attractive then we, mostly share-investors, think. Because it will be redeemed in 7 years, esentially it is a 7-year bond. But with the advantage of coming with basic-tax already paid. And this company has no other debt, in particular bank debt which usually sits as more senior secured ahead of bonds in other 'ordinary' companies. So, a bond-equivalent yield of 10% with guaranteed redemption in 2017. In the case of IERP 9%, these are trading above-par and IERE has 10 times as much bank-debt sitting senior to the 30 million Prefs. QWIL could lose 50% of its asset-value without endangering the Prefs. That sounds almost safer than lending to governments, including the UK's, which only pays 3.5% pre-tax. We could be surprised by market-strength by fixed-income buyers, including big funds. For now I am taking-up only a part of my entitlement, essentially what I have already in cash euros available. I would buy gladly more except that I currently am at my self-imposed ceiling of what I want to have invested as a percentage in a single share. There's more time to re-consider. So if you do nothing, you should end-up with an ordinary worth about Eu 1.10 and in Prefs £1.25, together about E 2.50, the same as the marketprice before the OO announcement. That leaves the question how this benefits the current shareholders. For us small ones, not a lot that I can see. But the big one, Cheyne, can get a big capital return now if it off-loads its Prefs. And ofcourse as a manager it will get more fee-income. QWIL is almost following in the footsteps of the splits, with one income share and a growth( variable dividend for now) one. Perhaps the sum of these two will prove to be worth more. |
Posted at 21/8/2010 22:27 by marben100 OK, thx - I see where you're coming from: it's a different way to look at it. Either way, ISTM that the divvy per previously held share we can look forward to is likely to be considerably lower. I maintain that the deal is lousy, because previously we had a reasonably clear situation, on an attractive yield - now we'll have much less clarity about future dividends (apart from the much smaller pref share divvy)... and Cheyne will be getting more fees due to a higher Adjusted NAV - simply by virtue of the placing/open offer. Funny that.I also observe that it would be rather tempting for Cheyne to reinvest cash received in excess of that needed to pay the pref divvies, thus increasing the NAV (and hence fees) still further rather than paying too much of it out on ordinary share divvies. The situation is actually spelt out perfectly clearly on p51 of the prospectus: "The Company's current investment objective is to preserve capital and provide stable returns to Ordinary Shareholders in the form of quarterly dividends. If the Required Resolutions are approved by Ordinary Shareholders at the Extraordinary General Meeting, the Company's investment objective will be to provide Ordinary Shareholders with a levered exposure to a diversified and amortising portfolio of Residual Income Positions and a growing portfolio of Real Estate Debt Investments and to provide Preference Shareholders with stable returns in the form of quarterly dividends." The former/current objective I am perfectly happy with. I have no desire to gain "levered exposure to a diversified and amortising portfolio of Residual Income Positions and a growing portfolio of Real Estate Debt Investments". The "exposure" I'm happy with - on the basis of it providing a good yield - but I have no desire to be "levered" with no certainty (or even clarity) of income. I fear that if this goes through, whilst the prefs might be attractive on, say, a 10% yield, who would want to buy the ords? I have not yet found any clarity on a payout from those and suspect it could be very low indeed, so that "levered exposure" is increased by reinvesting income in the fund, rather than paying it out. Studying the "revised dividend policy" on p62 of the prospectus, I suspect the payout will be very low indeed, as a) it's entirely at the Directors' discretion; b) it explicity says: "dividends payable... will be substantially reduced"; c) "the Company may consider making interim dividend payments to Ordinary Shareholders, having regard to the net income remaining after the payment of the Preference Dividends, potential reinvestment of cash or other uses of income at a level the Directors deem appropriate, in their sole discretion, from time to time. There is no fixed date on which it is expected that dividends will be paid to Ordinary shareholders and Ordinary Shareholders should not expect to receive regular interim dividends. There is no assurance that the Company will declare or pay dividends on Ordinary Shares or Preference Shares and, if dividends are paid, there is no assurance with respect to the amount and timing of any such dividend." I.E. no clarity on dividends for the Ords whatsoever - and certainly no commitment to payout income received, with the possibility of reinvesting it being explicity suggested. Harrumphhh... Mark |
Posted at 18/8/2010 16:52 by eastwind According to the prospectus, the interest of the preference share is cumulative, ie. interest is paid on dividend if the dividend is not paid in time. There is no penalty interest rate such as 15% or 20% applied to RUSP if dividend is not paid in time.The dividend rate of 8% is low, so the cumulative effect is not high. That could be the reason why the fund manager is to dispose of the bonus preference. |
Posted at 18/8/2010 09:49 by timanglin The issue seems to be whether future earnings will be diluted by this move, which only time can tell. However the 'old' qwil, was paying approx. 13% dividend(depending on entry price), was debt free, and was re-investing the earnings not spent on the dividend(?50% of earnings) and as such was on an upward trajectory. The future question is whether the 'new' qwil will have as high an ujpward trajectory, I can only assume that the management think so, otherwise they would not have done this. imho, dyor. |
Posted at 17/8/2010 08:21 by madmix In terms of the dividend yield going forward; as I understand it, for every share held on 17 September, we would receive 1.25 preference shares paying 8% each (i.e. effectively a 10% dividend in total). We may also receive a variable amount of dividend on the ordinary shares.Previously, the dividend yield was 13.3% (based on 32c annual dividend and 240c share price). Will be interesting to see if they can maintain this level going forward by paying a small amount on the ords. |
Posted at 25/6/2010 17:16 by papy02 I've just been in and out of QWIL made approx 10% in 3 days, incl the div to come. Many thanks to those on this board! Decided I didn't know/understand enough about their business to be comfortable LTBH at the mo, but would like to learn / gain the confidence to go back in. The circa 14% yield, 40% disc to NAV, low P/E, no debt, are all attractive value parameters and provide downside protection. On the other hand "riskiest tranches of ABS", large % exposure in Portugal, etc don't sound like a recipe for sleeping at night! Given this team delivered up to 95% capital loss (now down to 80% capital loss whoopee) to the original IPO investors, I'd greatly appreciate any views/comments as to the downside risks and protection now, e.g. in the event of worsening Euro zone sovereign debt and banking crises. I've scanned most of the IPO prospectus and latest Qly and 2009 results. The prospectus is amusing in a schadenfreude kind of way e.g. "Investment objective is to preserve capital and provide stable returns via quarterly dividends", given the subsequent capital losses! I ended up with too many queries I couldn't answer from my quick scan, which contributed to my lack of confidence to LTBH. I'd be grateful for any clarification from the discussion board on any of these: - Why are the shares of "no nominal value"? - Does Guernsey retain a Witholding Tax on the dividends? - Who do QWIL "dispose of" the portfolios to? Eg Magellan 2, or (future) Magellan 1. At what % of face? Is the Investment Manager getting any rake-off on sales? Do we know if Goldman Sachs is on the other side of the Magellan trades (re the total return swaps they provided to give QWIL exposure to the above 2 portfolios?). Or if GS passed the short exposure on, do we know who to? (eg the original Portugese bank, to shed their overall exposure?) - Given the investment management fee to Cheyne of 1.75% of NAV, and the 50% discount to NAV, the fee amounts to 3.5% of a new investment in QWIL shares. So to maintain the 16% yield they have to achieve circa 20% income pa (as % of share capital). This starts to look like "if it looks too good to be true ..." ? Do we expect the dividend to be maintained at current levels despite investment in lower income mezzanine debt? - BTW, I assume there are no incentive payments to Cheyne, under the Management Agreement, at the moment? (or has the Management Agreement been varied since Admission ?). Any ideas what will happen at end of this year when the current agreement expires? (eg is it likely to be "rebased" so Cheyne make incentive money despite the losses to original investors?) - Does Cheyne still own 44% (ish) of QWIL? - I'm not clear which SPVs are / are-not consolidated into QWIL accounts is there the potential for negative investor "surprises" from those that are not? Many thanks for any guidance / education on this one. I like all those value-indicators, just need to get more comfortable with what the risks are. |
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