|The December factsheet is out:
Nothing new, same top-ten. Mention of a profit warning for Touchcorp, explaining the 40%+ price collapse for TCH.
UEM also has its December factsheet out today:
Nothing on Zeta per se, but this slightly older news from NZOG:
Basically, they got paid for the announced deal on the sale of a gas field.
NAV at 274.60p, hence still going up.
The share price has been recovering slowly but steadily recently.|
The "tsk...tsk..tsk..." about OEX/OEC was for Morton. :)
What would UIL Ltd do with Augean now after all the talk (and walk) of "We ain't no utility company anymore" over the past few years? UIL Ltd needs strategy and focus, it seems to have worked on that over the past year or so, with appreciable results (UIL Ltd had its dog years too). The significant (as a % of portfolio anyway) single company holding in RSG makes sense as their stated policy of a gold hedge. Everything else, they ultimately want it wrapped up under Zeta, Somers, UEM, etc.
I have nothing personally against AUG mind you, it pays a dividend (not much 1.16% yield, but it pays one), but the share price has not done much over the past three years. It also crashed badly between 2007-09, but that is ancient history. That being said, Mr Saville & co. may indeed have their own ideas on how to turn the business around; but will they find the time?
Augean looks like a business with sound foundations and purpose, but not firing on all cylinders. The nature of the activities also has indirect risk linked to politics: Environmental rules, who pays for decomissioning (Private sector, UK as a whole, devolved assemblies); in other words limited market/customer base and uncertainties.|
|I've corrected OEX to OEC in #107 apologies.
Augean trimming interesting watch who buys the shares. Utilico (the F & C Utilities) did this with Cambridge Water many years ago it looked like they were getting out then it became clear they had sold to and made way for a takeover bid. History does repeat itself sometimes...:)|
|Agree with your views on Augean, not actually a dog, but a lot of dashed hopes. People talking about it on the AUG thread seems to always be very enthusiastic, but it seems that the items of good news about new contracts are usually balanced by litigation issues on older ones.
A couple of months ago, they got pretty excited about oil-platform (and related) decomissionning in the North Sea, but the share price did not flare-up. And when it eventually did jump a bit, it corrected strongly by early December.
A bit fishy for UEM to buy into RSG, Australia is not exactly EM. True, Resolute has the Syama mine in Mali and other options in the Congo but... listening about the investment policy of UEM, gold is neither a utility, nor a proven and safe cash-cow (no yield), viz. the Charles Jillings video (from the main UEM website) when he stresses out that Utilico EM is more defensive in essence than a bog standard EM fund: Https://vimeo.com/utilicoemergingmarkets/review/144476243/08cbcb1d89
Still, if UTL sells high and UEM buys low, I should not complain.
UIL Ltd is releasing more ZDP 2020 to the market today, in essence borrowing on the cheap. With the easing on the RSG holdings and those ZDPs, the temporary overdraft (related to the ZDP 2016 rollover) should look better on the next factsheet.
Yesterday's 2.5p gains might have been related to Sterling tanking majestically again - it also explains why gold went up, I only track its price in £. My non-UK holdings shot-up and my (fewer) UK ones "corrected", I love to use euphemisms. :)|
|sorry about the H - couple of rns about UTL not on their RNS, selling down their gold a little!
ICM been quite busy with RSG - UTL selling at an average of around $ 1.30 aroybd 4% of their holding. Zeta selling and UEM buying (at $ 1.20) !
UTL also been trimming their holdings in Augean, seems sensible to me as long term follower of Augean and cannot see it growing significantly
Try to capitalise the "H" in the "http" or "https", it shall make your links clickable. The internal links, to other ADVFN pages, are not "xx"ed.
We are getting into more gold? Damn... This used to be about electricity, gas, waste management, toll roads, rail and airports you know! :)|
|@V On CCE the other clever part by that company was to buy (out) the EMC microgrid company
Diversifies the company into a connected area with lots of steady revenue both now and in the future that does not actually need wave power but could do.
It was your post that noted the canny move by UTL to take the shareholding out of the bust renewable company as shares in CCE.
CCE has raised a lot of money over the years in various incarnations (it was/is earning $ 1 milllion per annum approx in gold royalties as was apparently a gold company at one point which is slowly decreasing) and this presumably is why there are so many small shareholders.
CCE a good prospect but at 7 cents valued at $Aus 135 million so already quite fully priced.
Convertibles earning 8% that can be swapped into shares at 8 cents look very enticing.|
|@Morton: Happy New Year to you too.
Totally forgot about that, how rude of me.
The latest NAV (January 6th) was up indeed: 261.72p (prior was 252.76p and dropping)
About the mid-November events, there was some kind of perfect storm:
* RSG was raising money (Morton mentioned it I think, just too lazy to read a few pages back, sorry) at the same time that gold was dropping. Bad for the image of the stock of course.
* There was one or more mystery sellers and those trades were usually reported a day or two after they had happened.
* ICM was kind of late for one NAV update and we saw the various NAV estimates (from different sites) predicting a catastrophic drop. In the end the drop was not too bad and the share price jumped back up by 10p in a matter of hours after the NAV related RNS.
* It looked to me as if people were equating UTL with RSG from August to October, buying UIL Ltd as a proxy for Resolute on the LSE or something... They got over-excited then potentially panicked when gold went in for a dive.
Things were going fine during the Summer as far as the spread was concerned, as UTL market cap was closing-in on joining the FTSE 250 (when the NAV was above 300p), at least figuratively as it somehow does not seem to qualify as a FTSE fledgling or FTSE "anything" for that matter. I was following out of curiosity.
What I found extremely annoying is that we never really had any bad news from any of the companies in the portfolio. In fact, we picked up mostly good news! The only drawback was a no-show for a planned IPO for Ascott Lloyd on AIM (a Somers holding).
UIL Ltd / Mr Saville et al. are all about convertibles, loans secured on equity (Zeta if I am right) and other fancy agreements/derivatives.
I bet they were on this one too. :)
The odd thing about CCE is that the biggest shareholder has only 5% of it, UIL is second with around 5% too, and the remaining 90% seem distributed evenly in very small holdings. We own 20+% of Augean for instance, same for Resolute, i.e. substantial share-holdings that give seats on the board. I wilfully ignore the "platforms" as those are part of the ICM family.
As an engineer, I must admit I like the wave generation bit, this is a very clever idea. It would be nice if it became the Google of electricity generation if they play their cards right; and if they can keep the current momentum, those few shares could become very valuable soon.
Some PDMRs/Directors buying a few shares today. Must be part of a remuneration package of sorts.|
|Belated Happy New Year
UTL seem to be doing well across the portfolio with exception of TCH. So agree next NAV should be up
CCE been really motoring since @v mentioned it before Xmas. Up around 40% but still quite a small investment, heading towards 1% of gross assets. Let's hope UTL in on the convertibles announced today
The share price and spread is a mystery. I noticed last week I could buy up to £ 3000 approx at 150 but if I wanted £ 5,000 at same time was being quoted 155. To sell was offered 142 but for £ 3000 max only. 1pm today then could buy £ 10,000 at same price as lower amounts (159) while I could sell in excess of that for 151. So @specto probably right in that there was a persistent seller before xmas which was why the spreads so wide. They seem to have disappeared as easier to sell now. Generally not enough liquidity to allow the MM to narrow the spreads.
@Specto - hope it goes well for you at SVR. I sold out at a loss in the summer ):|
|Thank @v; the tank & widening of the spread was odd, but perhaps just a reasonable-sized seller in the market before Christmas. Fingers crossed for onwards & upwards.|
|UTL is getting slowly back on track, up a point or so on average per trading day since Christmas past. The NAV is going North again. It may all be down to the quiet recovery for gold over the same period though, which means UTL is again in synch with RSG.
Gold is in fact rallying very strongly at time of typing: +12 £/oz. tr.
Resolute mentioned three days ago:
Good news about Emerging Markets today in the FT:
So UEM should tick-up again soon. I made a bet buying some UEMS last year and 'twould be nice if the share price went back up a bit for me to convert in February. :)|
|Orbital Corp is ASX:OEC not ASX:OEX, tsk tsk tsk... :)
We cannot track the Bermudan shares from ADVFN, only from the BSX website and it is not really user friendly.
I had forgotten about post #107. Yes, I know, it is highlighted at the top...
With hindsight, the year had not been too bad for UTL. Taking the share price at January 1st and final one at December 30th, we got 33.5% gains. Sure it had been better at one point (and worse, with a nadir at 95.25p), but pretty decent overall. And we got some dividends on top of that; surely beats a cash ISA.|
ASX:OEX Orbital Corporation - 28.09% owned by UIL (as of march 16)
ASX:HOM 49.4% owned by Somers
LON:PCF 75% owned by BCB which is itself 100% owned by Somers
don't bother trying to chart any bermudan shares imho
Somers is 49% owned by UIL for anyone new here who wants to understand what size stake UIL has
|Vacendak, thanks for posting CWE > CCE I've added to post 107 which I try to keep charts of the unerlying holdings in. If you know any other codes for the underlying please post them and I will add them.
Happy New Year.|
If you put a capital H in your copied/pasted URLs, they will appear as clickable, if not, most of the time ADVFN will default to "hxxp". It is a trick I have been told earlier. :)
No real explanation why TCH got whacked, apart from raising more money of course, but at least it is regularly traded, usually daily. Somers is indeed looking good, shame that the share price is barely "discovered" by the market, since as we all know very few want to buy or sell. Oddly enough Somers gathers some regular hits on Google/Bing, usually in the Bermudan press.
We have not had an RNS about the NAV for UIL due to Christmas and soon NYE leading to very short trading weeks, but I think the move should be upwards. With all that talk of good dividends (RSG before the correction, Somers now paying out a bit more) it would be nice to have an extra half a penny more per share on UIL too...|
|Thanks @Morton & @vacendak.|
|@V CCE does look interesting as you noted. 30 May 16 ASX announcement 101,330,192 shares 'bought' from REH. 6 dec 16 ASX shows this as 4.42% of total (same amount of shares). Voluntary escrow until 30 May 2017 so UIL cannot sell until then. Worth around $AUS 6 million at 6 cents.
Been plodding away looking into the other bits of UIL and clearly my hope for a share price at 200 p at end of 2016 is not going to happen!
Somers posted some good results Dec 23
but remains very difficult to value being based in Bermuda with its only listing being on the weird Bermudan stock 'exchange'. UK investments performing well and Homeloans in Australia deal all complete so is presumably the financial investment 'platform'.
Reading the link above Mr Saville/ICM seems to have switched his plans. Instead of UIL taking his stake in Somers, Somers acquires (more accurately perhaps is transferred) the ICM stake in Homeloans. In return ICM has a convertible loan note which will dilute UIL % stake in Somers when exercised 'upon the receipt of certain regulatory approvals'. Overall it will tighten ICM grip on Somers but they were in control before so no real change.
Touchcorp ASX:TCH has collapsed in last couple of weeks. At $AUS 1.10 per share around a $AUS 20 million dollar fall since $AUS 2 end of November which will feed into the NAV shortly. UIL locked into this investment until 2018. Mr Saville and his 'entities' bought into the recent fund raising on 17 Nov http://www.asx.com.au/asxpdf/20161117/pdf/43czn9z5jl3vf2.pdf
UOL bought 2.4 million shares at $AUS 2 which are not part of the lockin. The sell off seems overdone and I liked the diversification into fintech and TCH Investment generally but experience suggests no smoke without fire. Mr Saville is a director of Touchcorp so presume he knows better.
RSG as noted is up around 20% since last NAV so may offset the TCH falls but all quite volatile down under at moment.|
|I have noticed that ASX:CWE (Carnegie Wave Energy) had been delisted, it had disappeared from my ADVFN watchlist. It is now known as ASX:CCE (Carnegie Clean Energy).
They have just received a juicy grant from the Australian Government.
Oh, and the share price was hovering around 3.7 AU$ cents and is now at 6 cents. They have added the business (acquisition of EMC):
As of the AR published in October UIL Ltd own 5.07% of CCE, second biggest shareholder behind Log Creek Pty Ltd. (5.85%).
This time UIL Ltd did get in at the low ebb - pun intended considering the wave energy bit - the around 3 cents valuation when they raided the dead carcass of REH.
I am not actually a fan of renewables, the past forays of Utilico/UIL Ltd in these did not really send the share price skywards; but this one seems promising indeed.
In conclusion: Another company held by UIL Ltd that gathers good press/awards/grants/etc., so expect another 10p drop in UTL! :(|
|Volatility upwards I don't mind ;)|
|RSG up 11% overnight. Talk about volatility.|
|Managed to reinvest the div at 147p today. Not too bad considering the recent history of silly spreads. Right now it is on 2.7%.|
|Good news for Zeta (the NZOG story) so... the Zeta share price lost 14.3% overnight. ?!?
TCH and RSG up.
It looks like UIL Ltd sold some UEM, not at the best time though as UEM is below 200p right now.
The subscription shares have their next round of conversion in February 2017 only, so it would be too early for them to sell and exercise the warrants.|
Yes, I think Zeta will have its "Resolute moment" at some point, hopefully soon.
RSG had been kind of a dog for a long while before flaring up and gold will be back in fashion, always will, even if for a short burst.
As I have playfully pointed out above: The portfolio is sound, what they invest in maybe next to unknown, but it usually gathers good press. And most, possibly all, the components bring in a few pennies, and some some serious pounds (RSG recently, NZOG now/soon), to UIL Ltd.
Now if people traded the damn things (UTL and its components) a bit more, I am sure that they would see more of the potential. Oh well, the recent lows should buy me a few more shares when the divi gets paid and reinvested in the next few days.|
|Interesting post - was wondering why Zeta not plummeting with rsg share price collapsing - also see there is a lot of cash to come to Zeta reading chairmans report:"First, the Board intends to return $100 million of cash to shareholders. Several options for returning capital are being considered."Zeta had around 20% of nzog in 2015|
|ICM has produced the November factsheet for Zeta:
NAV, or NTA as they tend to say for this one, is up by 11.8% despite the RSG drop: Panoramic and NZOG were the top performers.
Since ZER seems to be traded only in shady back alleys - i.e. not that much - the increase in NTA has just widened the discount to 27% (13.7% last month).
Apparently NZOG made a lot of money by offloading Kupe, so more good news to put in the column "Good news that do nothing to push the share price up" like so many holdings in UIL Ltd. :)|