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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 12/9/2010 20:56 by envirovision marben my point was simply to highlight, using the example of lloyds ecn's that 72p on a yield over 11% would be way above so would seem unlikely. FWIW I consider the prefs to be far safer than ecn's and most bank prefs since for every pref it backed up by over 200% worth of capital assets, 2/3 being bargain bucket real-estate debt investments which in themselves baring a double dip would be expected to appreciate.Yes that web site just playing about again with that, its a bit odd when using qtr payments, i think last night i must have put an extra zero in to get 28%. From the anouncement: Tom Chandos, Chairman of Queen's Walk Investment Limited, said: "The fundraising will allow the Company to re-focus its investment strategy on real-estate debt investments and, through the bonus issue of the preference shares will give investors an attractive and stable income return. The increased liquidity, price transparency and favourable risk-reward profile of the Company's new investments should benefit investors and further our aims to increase NAV and reduce the discount to NAV at which the ordinary shares trade." note the: further our aims to increase NAV and reduce the discount to NAV at which the ordinary shares trade |
Posted at 12/9/2010 19:37 by horndean eagle The blueprint to look at is IERE. Tom Chandos chairs both IERE and QWIL. Its no co-incidence it has been set up in a similar way. IERE issues prefs yielding 9% with a 7 year life. Those prefs opened at 106 and now trade at 107 and yield circa 8% ytm. Huge amount of debt ahead of those preference shares and free cash flow isn't great. Would be surprised if QWIL hasn't been marketed to the same investors as the IERP preference shares were. Cheyne are looking to dispose of their entire holding in the preference shares and it is obviously in their interests to keep the price firm. |
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 22/8/2010 11:34 by centipede I agree that on reflection this seems a poor deal for private investors. More money is going out in management fees and there's also the fee for organising the placing.It's hard to see if the ords will be worth much as they will not generate much (if any) dividends - this has been their key attraction to me up until now. You effectively double your money over 7 yrs with the prefs, but we were getting more than this before. I appreciate there is probably a need for a change in strategy, but that really has very little to do with all of this. I also am sure that this will go ahead due to the interests of those involved. |
Posted at 19/8/2010 12:45 by madmix envirovision,From the prospectus : ISAs Investors are recommended to consult their professional tax and or investment advisers in relation to the eligibility of the Shares for a stocks and shares ISA. Ordinary Shares allotted under the Placing are not eligible for direct transfer into an ISA. Ordinary Shares acquired pursuant to the Open Offer or in the secondary market and Preference Shares aquired pursuant to the Bonus Issue may be eligible for inclusion in a stocks and shares ISA, although the account manager should be asked to confirm ISA eligibility in all cases. The annual ISA investment allowance is £10,200 for the tax year 2010-2011. Up to half of that allowance can be invested as cash with one provider. The remainder of the £10,200 can be invested in a stocks and shares ISA with either the same or another provider. Well, I'm acquiring shares under the Open Offer. Therefore it would seem to me that both the ords & prefs can be held in my ISA. I think you may be confusing the Placing & Open Offer. As I understand it, those shares not taken up in the Open Offer will be placed. |
Posted at 27/7/2010 15:03 by envirovision oh er misses, the Basel blimf seems to be going down well today with a broad range of banks, life insurance and debt investors and instruments up (not least QWIL):The Basel Committee announced that it will allow certain assets such as minority stakes in other capital firms to be regarded as capital, and went onto propose a leverage ratio for the first time. At the same time, the panel introduced new restrictions on how much lenders can borrow to rein in on risk-taking Read more: DailyFX - Euro Rallies to the Highest Level Since May, Basel Committee Introduces New Banking Restrictions |
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. |
Posted at 11/6/2010 10:54 by lkfjmdku Debt fully repaid; increasing focus on growth through building ABS bond portfolioThe Company has made substantial progress in its strategy of repaying its financing facility and increasing exposure to ABS (asset-backed securities). On 6 April 2010, the Company fully repaid its loan facility, which stood at 29.5 million as at 31 March 2009. The final repayment, nine months ahead of schedule, removes all leverage from the balance sheet. During the quarter, the Company invested 6.5 million in purchasing ABS bonds which accounted for 15.3% of the investment portfolio at the end of the quarter and 20.4% as at 1 June 2010. The Company will continue its strategy of purchasing ABS bonds in order to deliver an improved risk/reward profile to investors. The elimination of debt repayments combined with active investment of the bonds will free up additional cash to fund the Company's growth in future quarters. The Company expects the ABS portfolio to increase as a percentage of overall assets in coming quarters, and for legacy assets to fall as a proportion of overall assets. In line with this goal, the Company has sold the Gate 06-1 SME portfolio since the March 2010 quarter end, raising the pro-forma NAV to 3.80 per share. Tom Chandos, Chairman of Queen's Walk Investment Limited, said: "Completing repayment of our debt ahead of schedule marks an important milestone for the Company. It allows the Company to intensify its focus on growth, by investing more available cash in under-valued ABS bonds." |
Posted at 12/3/2010 07:13 by pregonda Cazenove issued a positive comment last night. They remain overweight, noting that dividends are comfortably covered by cashflows and that the shares remain at a significant discount to NAV and the shares offer a high IRR for investors. |
Posted at 24/9/2009 10:59 by davebowler Telegraph - 23/9/09:Lloyds bond issue is a sign of confidence Two years on from the dislocations that forced Northern Rock to go cap in hand to the Bank of England, things are starting to heal. It was a shortage of money-market funding, or liquidity, that meant the UK lender couldn't meet its short-term obligations. That liquidity has remained absent until now. Lloyds Banking Group has unveiled the first new mortgage-backed securitisation issue. It raises £4bn for the bank to lend to credit-starved borrowers. It reveals that institutional investors are once again willing to buy securities backed by a portfolio of UK mortgages, which speaks volumes not just about confidence in the money markets, but confidence in the housing market and our economy more broadly. Crucially, it's not a return to the bad old days. The issue is priced at 170 basis points above Libor compared with a pre-credit crunch price of 15-20, so it's not the cheap money that got us into trouble. It also reveals confidence about Lloyds and its Halifax lending business. There are also reports that Volkswagen is planning a bond secured against car loans. But don't tell Herr Steinbrück he'll burst a blood vessel. |
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