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Share Name Share Symbol Market Type Share ISIN Share Description
Chenavari Toro Income Fund Limited LSE:TORO London Ordinary Share GG00BWBSDM98 EUR SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.5575 0.55 0.565 0.5575 0.5575 0.56 32,060 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -37.6 -12.3 - 169

Chenavari Toro Income Share Discussion Threads

Showing 76 to 99 of 100 messages
Chat Pages: 4  3  2  1
DateSubjectAuthorDiscuss
31/1/2021
08:34
Thanks for that. "Continuous focus on delivering shareholder value". Don't doubt it, but not sure they've succeeded lately. Albeit they say most of the falls happened Q1. Sounds like possibly no more special divis - but to expect the 2.5%/qtr and a "stable to rising" NAV. A strong return, if they achieve that.
spectoacc
31/1/2021
05:45
Worth a watch: hTtps://chenavaritoroincomefund.com/assets/Uploads/e1f678db0d/Chenavari-Toro-Investor-Call-.mp4 htTps://chenavaritoroincomefund.com/assets/Uploads/c2b845b0a5/Chenavari-Toro-Income-Fund-Investor-Day-January-2021-EXTERNAL-v3.pdf
rambutan2
25/1/2021
12:02
The div is for the qtr ended 31 Dec 2020 not 2021 - that's an error on their behalf. As such the 10 to 5% reduction should apply to the next div for the qtr ending 31 March 2021 hopefully unless the manager keeps it at 10% if he thinks there are opportunities available. We also don't know how much cash is held at the qtr end when the div is declared.
scrwal
25/1/2021
11:09
Not for the first time with TORO, I've failed to fully understand them. Was expecting another Special, to reduce the cash level down to 5%, but we're back to just the 2.5% of NAV. So they've reduced the cash down to 5% how? By investing all the rest of it? "25 January 2021 Quarterly Dividend for the Quarter ended 31 December 2021 In line with the enhanced dividend policy announced by the Company on 8 June 2020 (the "Enhanced Dividend Policy"), the Company is pleased to announce payment of its quarterly dividend of 2.5% (Euro 0.0176 per ordinary share) (the "Regular Quarterly Dividend") for the period from 1 October 2020 to 31 December 2021. Payment will be made on 19 March 2021 to holders of ordinary shares recorded on the register as at close of business on 12 February 2021 with an ex-dividend date of 11 February 2021. The quarterly Dividend Yield remains targeted at 2.5% quarterly. .... With effect from 1 January 2021, the maximum cash balance cap will be reduced to a level of not more than 5 per cent. of NAV, unless the investment manager, at its discretion, decides to maintain such cap at a maximum of 10 per cent., should market opportunities in liquid and tradable European ABS / CLO arise."
spectoacc
06/1/2021
20:08
Aye it's almost a wind-up job now IMO, and perhaps that's right - discount was big even in the good times. Happy to get back a mix of capital and income for a while, and should that narrow the gap, all the better.
spectoacc
06/1/2021
20:05
Yes, if more uninvested cash is in the balance sheet than the 5% NAV. But it is still more money distributed now but even less for the future years as it will reduce the remaining NAV.
ceaserxzy
06/1/2021
20:00
This part not missed out deliberately I'm sure ;) "The implementation of quarterly special distributions of available excess cash: at the end of each calendar quarter until 31 December 2020, the Company will maintain a maximum cash balance in its portfolio of 10 per cent. of NAV and will distribute all excess cash above this balance arising in the portfolio as special dividends on a quarterly basis. These special dividends will be in addition to any quarterly dividends paid pursuant to the Company's dividend policy outlined above. With effect from 1 January 2021, the maximum cash balance cap will be reduced to a level of not more than 5 per cent. of NAV, unless the investment manager, at its discretion, decides to maintain such cap at a maximum of 10 per cent., should market opportunities in liquid and tradable European ABS / CLO arise." So cash balance cap gone down from 10% to 5%, which should enhance our divis.
spectoacc
06/1/2021
19:52
See their dividend announcement on the 6th of June and 19th of November. In particular the sentence pasted below from the 8th June announcement. 1. An enhanced dividend policy: The Company is targeting a quarterly dividend yield of 2.5 per cent. (by reference to NAV) equating to a targeted annualised dividend yield of 10 per cent. (by reference to NAV). The Company's net target return remains 9-11 per cent. per annum So if the NAV is reduced, the dividend will be reduced accordingly and vice versa.
ceaserxzy
04/1/2021
11:29
@ceaserxzy "Their dividend policy is no longer a fixed quarterly value but 2.5% of NAV." do you have a link for this? Edit - found the relevant RNS (0922U)
reverend bong
24/12/2020
09:02
They appear to be selling Project Wind for c.60% below book value, just as well it was a strong month elsewhere to lessen the impact of such a terrible project outcome.
scburbs
07/12/2020
21:42
Change of key man /portfolio manager. Sounds like he is leaving but not clear. Interesting that his share are bought at a premium above existing price. Not clear if the buy out is an internal requirement, or a way to remove excess stocks in the market.
yieldsearch
19/11/2020
19:07
Their dividend policy is no longer a fixed quarterly value but 2.5% of NAV. SO as they return the capital to shareholders the NAV will be down and the normal quarterly dividend will go down as well, from 2c to 1.8 c and even lower in future. 10% of NAV is still a handsome yield on the share price though.
ceaserxzy
19/11/2020
12:58
They're dropping the cash level from 10% to 5% after the Dec qtr tho, so may get higher divis (capital returns, of course) that way. Interesting they've managed to invest a bit of the cash - was expecting the capital return to be higher. Hopefully that'll help returns, which are running well anyway. NAV going to grind down overall, but the amount we're getting back is superb.
spectoacc
19/11/2020
12:48
The quarterly div is now 1.8c which presumably will be paid in the future compared with 2c in previous years. Expect this is a consequence of the special divs.
scrwal
19/11/2020
07:36
Finally the divi RNS. 3.6c for this qtr.
spectoacc
03/11/2020
15:00
Still no mention of divi, but this was at the end of the latest (Sept) Factsheet: "The cash position has ... increased to 16% of NAV at the end of Q3." Doesn't tell us where it is right now, but I'd fancy another decent divi if it's around those levels - committed to carrying a max cash balance of 10%, and paying out the rest.
spectoacc
30/10/2020
08:14
There's the NAV - up again over the month - but where's the divi declaration?
spectoacc
27/10/2020
16:00
Some interest ahead of the next qrtly distribution/divi. Last one announced 27th July, so expecting it this week. Doubt we'll get another mammoth 14c/share, but still trading well below NAV & promising to pay out uninvested cash. Be interesting to see if still making monthly gains too.
spectoacc
25/9/2020
14:31
NAV 70.8c, about where previously guessed & showing a little growth over the divi payment. Be interesting to see if they've invested more, or we get another chunky payout. Can't see it being as big as the large one but been really pleased with TORO in this market.
spectoacc
16/9/2020
19:45
Yes, a biggie!
rambutan2
16/9/2020
13:03
Divi paid today, what a whopper - got more than expected, £/Euro must have moved in favour.
spectoacc
03/9/2020
14:06
Glad to see no diversions in the waterfall ;) Yes, another strong month, and hopefully some more capital returns to come soon.
spectoacc
02/9/2020
08:38
July Factsheet out: "The NAV performance on the Chenavari Toro Income Fund was 4.06% for the month of July, driven by the payments on the TCLO retention pieces in Taurus. All TCLOs passed their interest diversion and OC tests and paid without any diversions in the waterfall. Annualised payments on the NAV for TCLO 2, 3, 4, and 5 were 37.3%, 32.4%, 31.7%, and 25.5% respectively and 30.8% on an aggregated basis. Except for supply/demand pressures in August, the chances of a rally in CLO spreads seemed to be limited, so the Portfolio Manager took the opportunity to trim further some of the Junior tranches early in the month while liquidity was stronger, and fears of further virus outbreaks were at the forefront. so i read that as good nav performance and reduction in junior risk
yieldsearch
26/8/2020
06:00
They could have been clearer about it, but that NAV will be pre the large divi, so c.70 cents current NAV IMO. Still too large a discount, particularly for a co returning so much cash.
spectoacc
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