Share Name Share Symbol Market Type Share ISIN Share Description
UIL Limited LSE:UTL London Ordinary Share BMG917071026 ORD 10P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 166.50p 161.50p 171.50p 166.50p 166.50p 166.50p 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 10.5 5.9 6.2 26.7 150.34

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Date Time Title Posts
27/4/201717:54Utilico for "good long term record in stock selection"722.00

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UIL Limited Daily Update: UIL Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker UTL. The last closing price for UIL Limited was 166.50p.
UIL Limited has a 4 week average price of 158p and a 12 week average price of 155p.
The 1 year high share price is 192.38p while the 1 year low share price is currently 110.50p.
There are currently 90,297,208 shares in issue and the average daily traded volume is 23,642 shares. The market capitalisation of UIL Limited is £150,344,851.32.
morton2011: May not be linked to share price rise but... NZO deal got various approvals this week so UTL looks like they will get the cash to repay the £ 25 million loan as announced recently - this to take place in May TCH share price perking up ($1.45 albeit it was over $2 in October) as the Afterpay merger gets closer. TCH rejected a 'non-biding indicative proposal' they have had from a 3rd party yesterday so may continue to climb. From a UTL perspective be interesting if TCH was bought out completely by a 3rd party. Afterpay itself posted a business update and impressive growth figures claims to have '3% of online retail transactions'
morton2011: One for vacendak Idly wondered about Assetco which UIL bought into a few years. It is still a large holding for UIL who own around 20% according to Assetco accounts, I think we looked at it years ago! Its 'worth' around £ 8 million so just under the top 10. Share price is based on whether Assetco can win their claim against Grant Thornton - not sure if this helps or not: Http:// and also the fact they are 'out of contract' but still working in UAE so big risk they might lose work there. Another 75% of the shares owned by Harwood (North Atlantic) and Henderson so little liquidity and its all going to turn on the Grant Thornton claim. Had a quick look at GT accounts and they have little in the way of provisions for this and some other big claims against them so presumably confident they win or its a small settlement. Conclude that current share price for Assetco too high and probably being supported by the lack of any liquidity.
morton2011: Looking at Bermudan Stock Exchange companies only leads to ulcers. BFIC is 4.5% of UTL assets so at end of Dec represents £ 22 million of assets on the monthly factsheet, so approx $ 27 million dollars (Bermuda and US 1:1) BFIC is owned 78% by UTL and BCB has most of the rest. BCB owned 100% by Somers so UTL totally controls BFIC. Our friends at ICM charge investment fees to all these entities in the chain and have common directors. Shame UTL does not own ICM.. BFIC investments as noted in vacendak post of Keytech and Ascendant represented 91.4% of the investments in 2013 and 86% in 2016. BFIC have rarely traded/ invested in much else and early all the rest of the money invested in Argus Holdings. Argus MD is no other than Alison Hill one of UTL 'independent directors'. These 3 shares do not trade publicly very much as little trading in Bermuda. The gross assets of BFIC in the June 2016 report were less than $ 25.7 as of the trading announcement in Dec Http:// so strange how UTL can value BFIC at the levels it does. Nett asset were around $ 2 million... UTL and BCB have a large loan to BFIC but you can't have it both ways as the gross assets are the only thing that is going to pay back a loan. The structure of BFIC I guess relates to some accounting trickery in 2012. At the very least its a very illiquid asset, I believe the last trade of any volume was over a year ago! It has yielded very little in last 5 years and so I write BFIC down significantly in my valuation of UTL from how they value it. Around 40% of UTL generally is very illiquid and therefore very difficult to value accurately - Somers, Vix, BFIC, ZER. Some of those appear undervalued which does offset BFIC. Other core investments like TCH are embargoed for share sales by UTL into the future and this difficulty to trade a majority its assets is another reason I assume why there is the large discount to the NAV. Odd for ICM to post Keytech results as what has it got to do with them? Only common point in the report I could find is Charles Jillings is a director. None of this any threat to the dividend or the overall value if you have followed UTL long enough imho. On the plus side for UTL Resolute has published a very positive operational update this week and was already up 10% since the last factsheet. Gold price will largely determine the share price short term.
vacendak: The Zeta December factsheet is out: Http:// Mostly gloomy (better news happened earlier this month) and the reverse of November: Panoramic down and Resolute up a bit. Debt slightly up, NTA (Net Tangible Assets) down, share price down and discount widening. Mention is made of the Kupe sale for NZOG, which had been noted in earlier posts. Odd day yesterday, Sterling up, FTSE down, gold down... and of course UTL down. Funny stuff found while Googling: Https:// We have a UTL in the UK! Nothing to do with our shares though. It could become confusing for UIL Ltd to loan some money to UTL and have it reported in an RNS. :)
morton2011: Those financials might provide some useful upside as @v points out - Somers UK investments all going well in recent months. In theory financials will like rising interest rates. Not sure I agree with ZETA being oil focused unless you think Gold is doomed ! hxxp:// Zeta trying to spin out Horizon Gold which was meant to list today on ASX but could not find record of that happening. Underwritten by likely the exposure to Gold across the ICM/UTL/Saville has increased. Surprisingly ZETA price has not moved despite the Gold price and Resolute falling so far. Panoramic follows Nickel prices which was up 50% from March so maybe that it offseting Resolute - ASX:PAN share price very volatile (8 p low 38 p high in last year currently 32p) ZETA to me is around 25% gold, 25% other metals and 50% oil and gas Anyone understand what the increase in 'foreign exchange hedge position' means under debt. I was surprised debt rose from £ 77.8 to £ 81.6 million for non ZDP debt in month. Is this a reflection of those hedges as they only refer to £ 75 million of bank debt? Generally UTL seem unconcerned about the debt as they state they invested £ 10 million into the portfolio while realising £ 3.6 million.
vacendak: Let's look at what happened for the past two ZDP rollover/redemption by unearthing the factsheets. ZDP 2014 (redeemed October 2014) September: Bank debt £0 (yep, that low) Share price 117 NAV 164.48 Gearing 139.2% October: Bank debt £54.7m Share price 114 NAV 156.03 Gearing 141.7% Delta sp: -2.6% Delta NAV: -5.1% November: Bank debt £52.2m Share price 116 NAV 155.19 Gearing 141.5% Delta sp: 1.7% Delta NAV: -0.5% ZDP 2012 (redeemed October 2012) September: Bank debt £2.6m Share price 160.5 NAV 258.52 Gearing expressed as 1.90x October: Bank debt £47.9m Share price 175.5 NAV 258.45 Gearing 1.93x Delta sp: 9.3% Delta NAV: -0.02% November: Bank debt £47.9m Share price 175.5 NAV 256.89 Gearing 1.94x Delta sp: 0.0% Delta NAV: -0.6% The bank debt stated on the September 2016 was £13.6m and the gearing 65.6% So, slightly less prepared to redeem the ZDP 2016 than in 2014, but the gearing was nothing like it was back at the time of the 2012 and 2014 redemption dates. Note that the bank debt shot up in both earlier redemption cases, so again nothing new. Something else than the debt must be scaring people holding UIL Ltd. We are losing more than 50% a month on the share price right now.
vacendak: Infratil (ASX:IFT) published its interim report on Armistice Day: Https:// While the returns are technically slightly up, the debt seems to balloon. The excuse is that the debt was too low last time due to some asset realisation: "The low level of debt funding utilised at the start of the period reflected recent asset sales and was sub-optimal for a company with Infratil’s risk profile." To be fair, the new debt is at a better deal (4.9% and 5.5% instead of 8.5%). I had noticed the share price drop two weeks ago but forgot to comment on it.;symbol=ASX%5EIFT They mention the poor showing in the interim report: "The current share price in the market is a disappointing measure of what we believe to be Infratil’s intrinsic value and credible growth prospects. It is never clear whether sharemarket prices reflect market supply/demand dynamics or some more potentially long-term circumstance." UIL Ltd tends to be more contrite when the share price is down, they are "disappointed" but usually say something on the lines of "we shall try to do better". Infratil blames the market... No sure it is a good sign. Infratil is down to 4.1% of the UIL Ltd portfolio now, so it is unlikely to be responsible for last Friday's catastrophic - or at least worrying - drop.
davebowler: Summary per July factsheet; The top ten constituents were unchanged in July. Five stocks advanced, three remained the same and two declined. Three Australian listed holdings, Resolute Mining, Touchcorp and Zeta Resources performed exceptionally well in the month, driving the performance of the portfolio as a whole. Resolute Mining had another strong month, with its share price increasing by 30.1% to A$1.67. Zeta Resources recorded a gain of 41.5% in its NAV to A$0.44 per share and Zeta’s share price gained 33.3% to A$0.24 per share. Touchcorp’s share price was up by 34.1% in July, and benefited from the success of Afterpay, of which Touchcorp owns 30%. Afterpay, which allows Australian e-commerce websites to offer a ‘payment by instalments’ option to their customers, listed at the end of May and gave a very positive trading update in July. Afterpay’s share price advanced 61.8% in the month. Other gainers during the month were Infratil, up by 5.6% and UEM, up by 4.7%. Augean’s share price fell by 4.3%. There was a slight decline in the value of Vix Investments. Purchases during the month amounted to £8.9m and realisations totalled £5.3m. 1. Resolute Mining Limited 22.2% 2. Utilico Emerging Markets Limited 16.1% 3. Somers Limited 13.1% 4. Zeta Resources Limited 9.5% 5. Touchcorp Limited 6.0% 6. Vix Technology (unlisted) 5.8% 7. Infratil Limited 4.9% 8. Bermuda First Investment Company Limited 3.8% 9. Vix Investments Limited (unlisted) 2.9% 10. Augean plc 1.8% Total Top 10 86.1%
vacendak: Morton, True, when I said "bond like" I should have said "bond like-like". :) There is indeed some degree of gradual loss between * Fire sale of Mr Saville's family silver in Hamilton, Bermuda, to pay for the ZDPs redemption. * UIL pays its bills with freshly minted Krugerrands or Sovereigns from Resolute mining. I may have missed something about your comment on the ZDP 2016 cover: The ZDP cover for 2016 was at 5.13X according to the latest factsheet (June 2016), the smallest being of course for the 2022s, which was still at a healthy 1.60X. This is not really a problem anyway as the money for their redemption in October is already earmarked (rollover, bank facilities, etc.). To be fair to UIL, even during the bad days for the share price, such as looking at the Annual Report for the year ending in June 2009, the ZDP cover for the longer dated ones (ZDPs 2016 at the time) was at worst 1.29X (in a passage about share buy-backs). As for the plate spinning, they may be increasing the amount of money in play now by borrowing more at cheap/cheaper rates via ZDP issues. In the past they played around with free warrants to attract more capital. The first batch, when they restructured from Special Utility Trust to Utilico, was a nice gift, I redeemed them progressively as the share price was shooting up nicely. The second time - was it 2007? - the warrants ended-up being duds as mentioned in my earlier post. They had an exercise price around 330p+ if I remember well. Back then, it was all believable, then of course, when one looks at the share price retrospectively... Note that Utilico Emerging Markets have currently a class of "subscription shares", which are in effect warrants (ticker UEMS); details of which appear in their annual reports. As for the yield, yes, it is indeed very decent. In fact, I decided to sit tight with my investment because of it. Sure, I got a lot of value destroyed (the share price collapsed pretty badly since its heydays, with a nadir of 95.250 on February 11th, 2016) but there always had been a bit of cash coming every quarter. The old Special Utility Trust was advertised as "growth only" in the late '90s, we only started to get some dividends (specials then regular) in March 2011. Considering yesterday jump of 7p, I would say that the only thing to moan about now would be the level of gearing, which this time indeed seems to be enhancing the valuation. The July factsheet should be out in less than two weeks now, and that should be even lower than the last reported value of 82.7%. Apparently, UIL has just made it to the FTSE "600" last week at 599: hxxp:// Still some ways to Royal Dutch Shell, but hey! On a more serious note, this could increase the visibility and the level of trades, hence lower the spread in the longer term.
morton2011: Resolute flying this morning in Aus. Very positive update on long term future for Syama. UIL had sold 5 million shares last week at 150 $AUD in Resolute approx along with Alliance but not Zeta and others that ICM manage. UIL still holds a lot more shares (over 150 million incl ZETA and UEM in RSG) and the share price is over 190 $AUD close of today. Morningstar have a 'predicted NAV' for UIL I noticed today, not sure how they calculate it but it was at 307 which given the Resolute price sounds feasible. I have alos been looking at the revenue streams for UIL and they are looking pretty solid, UEL, SOM, Infratil and likely to be some from Resolute and in the next couple of years likely to be more from the tech shares. There is a years worth of dividends in the reserves so the yield seems secure. Sold out of the 2022 zdp (at over 106) and into the ordinaries as the share price c/should test 200 pence feasibly and even if the NAV does drop the dividends attractive when buying at 150 share price with a yield of 5%. This should reward the LTI
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