Ex div today |
No not really it's 500,000 new shares at 52p.Company gets the cash, NAV goes up by said amount, shares in issue goes up by said amount. Impact on NAV per share = zero.Impact on existing holders = zero. But as the issue was at a slight premium then technically it's actually accretive not a dilution. |
Half a million dilution then. |
You need to revise both your link to the NCYF fact sheet & your top 10 holdings dated Aug 2009 |
Jeez, Neilyb675 the not so phantom downticker fairly gets about, doesn't he?
He infests nearly every board I visit, downticking away like a bad smell.
The sad beggar must spend most of his day just downticking board after board, post after post, for no particularly good reason other than he can. No rationale whatsoever. He's one very sad human and should perhaps try getting out in to the sunshine from time to time! |
Stop it you plonker |
 Regarding Share Issuance - found this note (page 22, link below) from 2022
Share issuance continues
As we have previously discussed, NCYF’s premium has reflected strong underlying
demand as for its strategy, which has allowed an ongoing programme of share
issuance. Despite trading at a tighter premium following COVID, NCYF was still able
to issue stock and grow (following the market rout, NCYF was able to issue stock
as soon as 28 May 2020); however, the pace of equity issuance has picked up
during the last 12 months as the premium has strengthened.
By way of illustration, during 2020 NCYF issued 9.7m shares (or 2.27% of its issued share capital at the beginning of the year), while 2021 saw the issuance of 27.35m shares (or 6.27% of its issued share capital of the beginning of the year). NCYF has tended to issue stock when its premium is in excess of five to six per cent.
The manager and board say that they did look to repurchase stock when the discount was elevated in 2020 but there was negligeable liquidity at the prevailing prices and so this proved to be impossible. So far this year, NCYF has issued 7.30m shares at around a 5% premium to NAV.
As we discussed on page 22, NCYF has tended to trade at a marked premium to
the Debt – Loans and bonds sector average, and this continues to be the case (the
COVID-related market collapse in March 2020 being the one obvious exception,
although this was relatively short lived).
Figure 21 illustrates two situations were NCYF’s premium over the sector has narrowed significantly. One instance was at the beginning of February 2018 when early signs of inflation in the US (as economic growth accelerated), coupled with signs of rising wages (which had stagnated for a number of years) led to fears of an increase in interest rates and concerns that this would lead to a bond market rout.
The second was in early March 2021, when markets were initially concerned by the prospect of a steepening yield curve, which was exacerbated by comments from Jerome Powell (the chairman of the Federal Reserve) that the Fed would be "patient" on rising inflation. |
ex div 2/5 |
New 52 week high |
issued June 2022 - Seems like nothing new on the NCYF website ... |
50.60 - 51.40 (GBX) at 08:02:45
on Market (LSE) |
Interesting presentation and Q&A.
I recall several posters on here being sceptical about NCYF due to the dividend (at the time) not being covered fully by income. That point was addressed and is now not the case as income exceeds dividend, plus dividend reserves of over 3p per share retained to enable smoothing of dividends should such a situation return.
I've done well from NCYF since first buying when the share price was at distressed levels due to market panic over covid in March 2020. Potential over the future sounds reassuring from this presentation and I'm planning to continue to hold/add. |
In case you missed our webinar with CQS New City High Yield Fund Limited (NCYF, the recording can be found on our YouTube channel: |
If you're interested in real estate or crypto investment opportunities check this outhttps://fintechcatalystsltd.com/u/signup?r=chrisinrealestate |
ShareSoc Webinar with CQS New City High Yield Fund Limited (NCYF) 23/11/23 3pm. Caroline Hitch (Chair) and Ian “Franco” Francis (Investment Manager) will present a full overview of the company and will give an update on current performance and future plans. Register here: [...] |
I wanted to beat CWA1 to it!
The Company announces its fourth interim dividend of 1.49 pence per share (2022 - 1.48 pence) payable on 31 August 2023 to shareholders on the register on 28 July 2023, having an ex-dividend date of 27 July 2023.
Lovely jubbly. I shall look forward to this. |
Estimated NAV 45.56Year high 54.80pYear low 43.03pPremium / Discount -3.42%Market capitalisation £230.51 mnDividend yield 10.1%Ongoing charge 1.55%Top 10 holdings at 31/05/2023 % of assetsGalaxy Finco Ltd 9.25% 5.15Shawbrook Group Plc 12.103% 5.01The Co-Operative Bank Finance PLC 9.5% 5.00Aggregated Micro Power Infra 2 Plc 8% 4.62Virgin Money UK PLC 8.25% 4.57REA Finance Bv 8.75% 3.58Stonegate Pub Co Financing 2019 PLC 8.25% 3.51Barclays PLC 8.875% 3.44Albion Fin & Aggreko Holds Inc 8.75% 3.04Inspired Entertainment (Fin) PLC 7.875% 2.91
Near year lows so have just added to my small holding - FWIW - DYOR |
Thanks CC2014, for detailed analysis hold off for now if goes to a 10% discount may consider, I think UK investors are swayed by yield, not total return. For example many successful companies make 20% returns on capital, but pay no dividend. UK investors like cash dividends. |
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