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UIL Limited Share Discussion Threads
Showing 501 to 521 of 525 messages
|Weekly NAV out:
Slightly down again: 327.1p (previous was 328.91p). Discount unchanged at 44.82% on October 18th.
With only a few days left to exist, the ZDP 2016 are now trading at a slight discount: 0.04%
Is that a "buy" opportunity? :)
On a more serious note, the Infratil share price (IFT) has been taking a beating for the past month or so.
The IFT thread on ADVFN has its last post from 2007, so not really the "go to" place for news...|
|DVW have had a derisory takeover below all time high. I mention them here because DS had the forsight to hold substantial stakes in most of the Water only utility companies before the Insurance and Investment companies woke up to the potential. Also cant see the offer being accepted by any other shareholders at the current £15.50|
|I had missed that the Somers deal was mostly to do with giving ZDP cover when the 2016 rollover was being arranged in April and May.
It kind of makes sense now as those of us invested at the time could not understand why such a low % of 2016 ZDP shareholders rolled over - 31.5%. The Gross Assets were starting to increase significantly and the rollover into the ZDP 2022 immediately saw a 5% increase in the new ZDP. They are 8% up today since May. I think now that some of the large shareholders at the time had made it clear they were not going to roll over and there were concerns about the cover and whether it would roll over.
The fact that the deal can be pulled without anyone getting compensation shows that ICM / Saville pulling the strings here.To be fair they made sure that it would all rollover without a problem so not complaining.
With SpectoAcc 515 post, watching the share price and NAV short term simply leads to ulcers unless you are buying in / topping up. UIL is not all about gold - that is just a hedge and still see 200 pence by Xmas as realistic.
Great to see all the research on the investments.
Touchcorp and Afterpay looking increasingly attractive and could significantly jump if they can apply their model outside Australia. Touchorp have 40 million shares in Afterpay under lockin until March 2017. Afterpay raised $ 34 million at $2.40 this week, touchcorp also supply the technology for Afterpay and earn royalties from it. This presentation explains it all well
|Might not continue to tick down, nav is now estimated at approx. 344 and discount to nav at 48% :-)|
|Thanks @vacendak - still reading, even if not replying! Agnostic about UTL ticking down - if it goes down enough, I'll buy more.|
|Some news items from the Zeta website.
The discount is improving, now only 10.6%.
The quarterly report:
In short, more gold and copper.|
|Resolute is waiting for approval with their plan to extend the life of the Ravenswood mine. Their latest report sounded more optimistic than this article though.
RSG up 4.2% overnight.|
|People still selling UIL every day, not that much per trade, but the share price sinks slowly all the same. Grumble... grumble... grumble...
RSG, TCH and ZER had been up nicely overnight but we were down 1.5p at close.|
|Thanks @v. Agreed, sounds like cancellation of deal in shareholders interests.|
|Oops, cross-posted. Sorry Specto!
The September factsheet is out:
|The Somers deal has passed the regulators, but it will NOT go through:
Contrary to our somewhat cynical assumptions in this thread :) that it would have helped Permanent Investments Ltd into swapping less liquid assets (Somers is listed on the BSX and does not trade that much) for more liquid ones (UIL Ltd on the LSE which trades usually daily), the cancellation of the deal seems to be in the shareholders interest, big and small, as stated in the RNS.|
|Interesting RNS - Somers deal is off:
17 October 2016
17 October 2016
("UIL" or the "Company")
Update re further investment in Somers Limited and closing of the Placing Programme
On 18 May 2016, the Company published a circular (the "Circular") containing proposals in relation to the purchase by the Company of 2.45 million shares in Somers Limited, a financial services company which is listed on the Bermuda Stock Exchange, from Permanent Investments Limited (the "Proposed Investment"). The Company announced on 14 July 2016 that two of the conditions to Completion under the Sale and Purchase Agreement had been satisfied and that Completion would be dependent upon satisfaction of the remaining conditions (which had to occur by not later than 31 December 2016, being the long-stop date for Completion under the Sale and Purchase Agreement).
The Company announces today that although the final condition has now been satisfied, the Board has decided not to proceed with the Proposed Investment in light of changes in market conditions over the last five months and that Permanent Investments Limited has consented to the Proposed Investment not proceeding.
As set out in the Circular, the principal rationale for the Proposed Investment was to provide increased ZDP Cover for the ZDP Shares in light of the 2016 ZDP Share Rollover Offer and placing of 2020 ZDP Shares and 2022 ZDP Shares under the Placing Programme, details of which were set out in the Prospectus also published on 18 May 2016. The Circular stated that, based on UIL's NAV per Ordinary Share and Somers' share price and net asset value at that time, the acquisition would have led to pro forma dilution of 3.2% although the benefits of the Proposed Investment were expected to outweigh the initial pro forma dilution in UIL's NAV per Ordinary Share.
Since that time, UIL's NAV per Ordinary Share has increased from 203.55p to 334.25p, an increase of 64%. As a result, following the 2016 ZDP Share Rollover Offer and placing of 2020 ZDP Shares and 2022 ZDP Shares under the Placing Programme, the ZDP Cover for the ZDP Shares has also increased significantly from the levels disclosed in the Prospectus published on 18 May 2016. In light of such material changes, since the Proposed Investment would still lead to dilution in the Company's NAV per Ordinary Share, the Board believes that it would be in Shareholders' best interests if the Proposed Investment did not proceed. To that end UIL approached Permanent Investments Limited who confirmed that it consented to the Proposed Investment not proceeding.
The Company also announces today that, following the issue of 50 million 2022 ZDP Shares pursuant to the 2016 ZDP Share Rollover Offer and Initial Placing and 14 million 2020 ZDP Shares pursuant to the Placing Programme, the Placing Programme has now been closed.|
|NAV 328.91 on October 11th. Dropping again (previous was 334.25p)
|Uem nav upto 247, so looks to be trying to break higher. Should help balance any gold /resolute consolidation.|
|Not sure if anyone saw this...
|This is a second level "look though", but there is going to be even more gold in UIL Ltd.
Basically UIL Ltd owns a lot of Zeta Resources, Zeta Resources owns 4.242% of GME Resources (ASX:GME) and as the PDF shows, GME and Zeta Resources have a joint venture with the Murrin Murrin Gold Project (Western Australia).
From the Zeta Resources news section of their website:
|Nah, I may be the oldest holder ("old" as is time in holding the shares, a gentleman is never old, only "wiser"), but Morton is the one who can read the fish entrails! :)
Hint: Morton could be Duncan Saville for all we know...|
|Thanks @vacendak, I doubt anyone understands UTL better than you do (other than hopefully Duncan Saville) ;)|
|I would like to see them take profits on Resolute Mining in the next year or so to lock-in the current gains and close the discount.|
UEM is Utilico Emerging Markets - hxxp://www.uem.limited/
UIL is UIL Investments - hxxp://www.uil.limited/ - 'UIL Limited (formerly Utilico Investments Limited and Utilico Limited) is an exempted closed-end Bermuda incorporated investment company, established as a successor to Utilico Investment Trust plc.'
ICM limited is not listed - hxxp://www.icm.limited/ and is the Investment manager for both the above. Bermuda listed but UK based. Ingot Capital Management Pty Ltd is a name used in Austrlia for a related/ group company of ICM.
The common thread is Duncan Saville who majority owns/ certainly controls most of all the above. It has been this way for well over a decade. Some of the other directors at ICM pop up all over the various top 10 holdings.
UEM has little gearing and is pretty simple to research. The rest is more difficult to follow but no one here has yet found any major issues with governance. UIL has 100% gearing so going to be much more volatile in pricing. 10% total return over the last decade speaks for itself despite the costs of gearing and the relatively high mgmt fees.|
|Two days ago Somers was up sharply (5.8%) on the Bermuda Stock Exchange.
The Royal Gazette in Bermuda (www.royalgazette.com) looks like being a trove of UIL Ltd related news.|