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
  -1.50p -0.99% 150.00p 145.00p 155.00p 151.50p 150.00p 151.50p 6,400.00 14:00:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 10.5 5.9 6.2 24.1 135.45

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Date Time Title Posts
20/1/201710:09Utilico for "good long term record in stock selection"656.00

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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 151.50p.
UIL Limited has a 4 week average price of 151.94p and a 12 week average price of 152.73p.
The 1 year high share price is 192.38p while the 1 year low share price is currently 93.50p.
There are currently 90,297,208 shares in issue and the average daily traded volume is 25,995 shares. The market capitalisation of UIL Limited is £135,445,812.
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. :)
vacendak: 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:// 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. :)
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.
spectoacc: Interesting RNS - Somers deal is off: UIL Limited 17 October 2016 17 October 2016 UIL Limited ("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.
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
vacendak: Morton Another good analysis. Careful though, Saville with all his money could hire a hitman and silence you. :) Funny that you pointed out that the ZDP shareholders have done better over 10 years. When they restructured the company the last time they gave me a lot of ZDP 2012. Being younger and greedier than I am now, I thought that 7.25% a year was a paltry return compared to the Ordinary Share (they sort of tripled in value every couple of years back then). I wanted to sell them but in the end cashed them in at maturity. I did have a use for the money back then anyway; but with hindsight, I should have rolled them over and drained my cash ISA. Oh well, live and learn. While the Ordinary Shares have been doing less than stellar over the past ten years, they also started to pay not-to-be-sniffed-at dividends in early 2011 (specials then regular), which of course became more substantial as a yield figure as the share price dove. I agree that the fees seem to be an issue, but if they were milking UIL for these, why would they voluntarily lower the fees for ICM until the share price for the ordinary shares goes back up? After all, as discussed above, all those companies are linked to one another. Good of you to have spotted Somers in Stockdale. I visited the Stockdale website when reading the ZDP 2022/rollover offer prospectus but did not think of checking on who owned them. And yes, UIL indeed owns a lot of Somers, "a lot" being an understatement as it is now close to 70% with that recent special resolution authorising them to go ahead with the transaction. It was kind of them to ask us, but with GPLPF having more than 60% of the voting rights, this was already a given. Share price still climbing at +2.25 today.
UIL Limited share price data is direct from the London Stock Exchange
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