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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Royal Lon Tst | RLU | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 19.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 19.00 | 19.00 |
| Top Posts |
|---|
Posted at 16/9/2008 03:06 by rfaustin I received cash toaday, 14.51p per RLU share. Is this correct? |
Posted at 24/4/2007 19:17 by linhur BantamDon't look at history, look to the future.RLU is heavily geared and tends to move with the index.As the index has been moving up recently the gearing means the RLU NAV has been increasing more rapidly. You now have to look which way the index might go.If down the NAV may retrace downwards.There is always a few pence discount in RLU to allow for the antics of the Annuity holders eg RLAM. kind regards Linhur |
Posted at 08/2/2007 14:31 by praipus This is eartwhile2's post from the JDT thread - a lesson in humility"If it doesnt wind up then we will have Annuities and Ords left, no debt and no zcbs, and £74m less assets (about £50m or so left). Before any revenue accrues to the Ords the fees will need to be paid, then the 8.5p div to the Annuities. This is about £2.8m before any revenue accrues. Put the whole portfolio on, say, a 4% yield that gives you £2m annual revenue, so the annuity shareholders will have an 0.8m shortfall each year to make up in 2021 (pushing the capital entitlement of the Ords back) From my calculations this leaves virtually nothing for the Ords, perhaps a 0.1p pa dividend for after 10 years of portfolio dividend growth. After fees etc + the anuity make whole the capital entitlement of the Ords in 2021 would be so far out of the money it will have almost nil value - you'd be better owning the residual delta directly rather than the optionality in RLU. Essentially, ALL of the portfolio value in 2008 will accrues over time to the annuity guys as a result of their preferential claim over income, if the trust stays in existence. thats (1) why the annuity shareholder would love it to remain in existence and (2) why they will extract such a high price for an exit in 2008 and (3) why Hallwood have probably now sold as he is a smart chap. It is so far from a screaming buy (as in Praipus other thread) as to be laughable." |
Posted at 08/2/2007 11:19 by linhur Surprised that Hallwood have sold 4mill as they have been a steady purchaser of RLU during 2006.Perhaps there discussions with the board over possible reconstruction proposals in September 2008 or earlier have foundered? or they are calling the top of the market?It will interesting to see who the buyers might be? How long before they might have to declare? The NAV has not increased as much as the index recently - probably due to large holding of oils. Also a large part of the portfolio is in bonds to protect the annuity payments, where the outlook is not bright due to the possible hikes in inflation. Just a few musings kind regards Linhur |
Posted at 06/2/2007 13:54 by praipus Royal Ldn UK E&I Net Asset Value(s)RNS Number:7997Q Royal London UK Eqty&Income Tst PLC 06 February 2007 ROYAL LONDON UK EQUITY & INCOME TRUST PLC (the "Company") As at close of business on 2 February 2007, the unaudited net asset value ("NAV") per share class of the Company calculated in accordance with the AIC formula was: NAV per Ordinary Share excluding current financial year revenue items = 43.91 pence* NAV per Annuity Share = 75.00 pence ROYAL LONDON UK EQUITY & INCOME SECURITIES PLC (the "Subsidiary") As at close of business 2 February 2007, the NAV per Zero Dividend Preference share of the Subsidiary, a wholly owned subsidiary of the Company = 157.10 pence. *Notes: 1. The investments are valued at bid and the bank loan is included at fair value. 2. Consent of the Annuity Shareholders to a winding up prior to their redemption date of 14 September 2021 may require that Annuity Shareholders are paid an amount equivalent to at least the yield of 8.2% per annum. For illustrative purposes only, if a voluntary winding-up of the Company were to occur on 14 September 2008, when the Zero Dividend Preference Shares of the Subsidiary are to be repaid, a payment of 95.3p per Annuity Share would be required in order to achieve the yield of 8.2% per annum on the Annuity Shares which would reduce the amount attributable to the Ordinary Shareholders by 8.7p per Share. 6 February 2007 This information is provided by RNS The company news service from the London Stock Exchange END |
Posted at 06/2/2007 09:48 by praipus RLU NAV 42.4p undiluted share price at 38.7% discount! |
Posted at 03/2/2007 21:00 by praipus hi badtime, yeah know what you mean trustnet says the average discount on split capital Ordinary shares is 8.5%!.RLU is now 41%! |
Posted at 29/1/2007 09:21 by praipus Please post details of any investment trust trading at a 60-70% discount.High quality means profitable (for at least five years), genuine assets and reasonable dividend. Probably best to take a look at their top ten bond and equity investments and decide for your self. For fact sheet and the annual report in PDF formats. |
Posted at 28/1/2007 21:20 by praipus daily NAVNotes. 1. The management own 30 million annuity shares with a redemption date of 14th September, 2021....however... 2. There are plans to redeem the annuity shares on the 14th September, 2008 at an amount equivalent to a yield of at least 8.2% - this would reduce the amount attributable to ordinary shareholders by 8.7p! ( this seems unfair but the RLU ord. holders reward will presumably be the reinstatement of the dividend). 3. RLUZ zeroe's (13,039,100) wind up on the 14th September, 2008, at £1.7989, presumably roll over options could be agreed by shareholders nearer the time. 4. The RLU ordinary shares (70 million) are undated. |
Posted at 01/12/2006 10:28 by praipus RLU have to my amazement paid a dividend did everyone else apart from know they had been resumed already? |
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