International Personal F... Share Discussion Threads

[rhino col] 17/4/2026 11:58:04

The bond runs to 12/12/2027

[grahamg8] 17/4/2026 11:24:57

Thanks Rhino, it sounds as if the bonds will run through to 12/12/27. Which makes the fall in price recently a bit of a mystery.

This is the text of Rhino post #2813 from December:
Finkie, re the 12% bond. I am a holder of these and on the 5th September 2025 I wrote to IPF with my concerns.
Rachell Moran of Investor Relations kindly responded. Here is a resume of what she said.
"IPF 3 does not include a call option and cannott be redeemed early by the company without bondholder consent.
The put option at 101 is entirely at the discretion of bondholders and would only be triggered if there was a change of control that resulted in the groups credit rating being downgraded to BB- or below. In this scenario bondholders would have the right, but no obligation to demand repayment and the price of such redemption would be 101"
Fitch rating is BB with outlook stable

[rhino col] 17/4/2026 09:14:16

grahamg8, See my post of 3/12/25

[grahamg8] 17/4/2026 08:48:05

badtime, I thought the fall would be because the bonds would be repaid at par at the same time as the shares ie some time in Q3. However I haven't found any mention of this in the offer documents. So this may not be the case.

Anyone else have more definitive information? Apologies if this has been covered earlier in the thread, and I have missed the comments.

[finkie] 14/4/2026 09:37:05

Yes I’m also looking at ipf3 graph not sure why the bonds would fall as low as they have tbh 104p probably a top up for me at that price you can’t buy the company and ditch the bonds!

[rhino col] 10/4/2026 17:47:13

Presume the fall is like eveything else over the past month

[badtime] 10/4/2026 16:44:12

Just as an aside IPF3 price been gradually falling this past month ...any thoughts as to why

[f8y9tmjnjg] 08/4/2026 12:57:22

If you wait, you would be waiting for 235p + 15p special divi to be paid on completion. The 9p divi will be paid in May. So up to you if you hang about for a total 250p return or take the 246p that it currently is and spread elsewhere

[rhino col] 08/4/2026 10:36:46

Has the take over been approved ?

[andonagis] 07/4/2026 23:22:57

So once the 9p dividend is paid early May if the share price is 2.44 or higher there’d be no reason to hang about
until quarter 3 to receive 235+9p

[novision] 16/3/2026 18:37:04

A bit late but nonetheless interesting.

[mrphil] 12/3/2026 14:35:57

deadly, thanks, didn't think I was going mad!

[deadly] 12/3/2026 12:30:55

Phil, you are right and there was a leak prior to the RNS as the share price rose above the previous total price.

[mrphil] 12/3/2026 10:56:39

andoganis, am I reading it wrong? It states we will receive 235P, retain the final dividend of 9p, and receive a special dividend of 15p so I make that a total of 259p?

[mrphil] 12/3/2026 10:45:10

Thanks GJ2. As mine are in the SIPP I would get the full 12% but the current premium will presumably disappear before then so I guess we're only talking about a few percent benefit to hang on.

[deadly] 12/3/2026 10:42:10

Is there a chance the T/O won't go ahead?

[winston270] 11/3/2026 19:25:49

Andonagis,
I'm thinking to cash in too, as market price is higher than takeover offer + special dividend.

[quepassa] 11/3/2026 19:14:29

also bear in mind that the characteristics of the issuer of the bond will potentially be a different risk profile.

currently a bond issued by a UK quoted/listed company changing into a bond issued by a private sector company ultimately owned by a US based speciality finance group.

all imo. dyor.
qp

[gj2] 11/3/2026 18:46:19

MrPhil : Rhino Col was in contact with the Company and got a reply - see his 3rd Dec'25 post 2813. Basically yes, they will run to maturity unless bondholders vote otherwise[Rhino's post also covers the case if the bonds get a lower credit rating due to the new owner's creditworthiness].
It's unclear what will then happen - previous bond issues have offerred generous rollover options, with coupons increasing from 6.125 to 7.75% to 12%. However, presumably the new owners have access to cheaper/deeper capital pools and hence may just redeem them at par in 2027 ?? In which case one would need to weigh up the possible capital loss (8%) vs the remaining (taxable, for me) coupons. Any other ideas ? ATB Geoff

[andonagis] 11/3/2026 18:32:01

The special dividend included the 9p so the closing price today is 4p higher. Just debating whether to just cash in now and reinvest those funds elsewhere rather than wait till quarter 3.

[mrphil] 11/3/2026 17:01:26

Isn't there a 9p "normal" dividend as well?

[winston270] 11/3/2026 16:48:07

Anyone have any ideas why the IPF market price is now higher than the offer (235p) + special dividend (15p) = 250p?

[mrphil] 11/3/2026 16:42:06

Anyone know what's planned for the IPF3 bonds? I presume they will just carry on until maturity?

[deadly] 11/3/2026 15:46:47

No comments? 15p special divi now

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