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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cqs Rig | LSE:RIG | London | Ordinary Share | GG00B1GVK032 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.25 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
15/3/2011 15:08 | As at the close of business on 14 March 2011 the Estimated NAV per share was 29.28 pence. | steelwatch | |
09/3/2011 09:49 | Indeed, he would have been out of his teens in just under two weeks. It has been a pretty amazing 10 weeks from 26th December being at the MCG, to winning the Carling Cup. | tiltonboy | |
09/3/2011 08:45 | yes...i can imagine that..his birthday coming up if memory serves me right...great win....amazing day! | badtime | |
09/3/2011 07:22 | badtime, I certainly did; a day I thought I would never see, and a day that I will never forget. Lots of tears for those who were not there, and to whom it would have meant so much. | tiltonboy | |
08/3/2011 23:21 | Thought it might...ot did u go to wembley? | badtime | |
08/3/2011 22:48 | badtime, Yes, a 20% discount and a 4% yield are getting me interested. | tiltonboy | |
08/3/2011 22:32 | wel ther u r tilts a div now payable..asset value up..maybe a buy? :) | badtime | |
08/3/2011 19:44 | Dividend resumed and discount to NAV widening! Price static :-/ As at the close of business on 07 March 2011 the Estimated NAV per share was 29.23 pence. | steelwatch | |
07/3/2011 11:03 | As at the close of business on 28 February 2011 the NAV per share was 28.68 pence. | steelwatch | |
04/3/2011 14:36 | For immediate release: 4th March 2010 CQS Rig Finance Fund Limited (incorporated in Guernsey as a closed-ended investment scheme with registration number 45805) (the "Company") Notice of Annual General Meeting, Declaration of proposed Final Dividend and proposed new Investment Object and Investing Policy Notice of the Annual General Meeting is being given today. The Board of the Company has today proposed a final dividend and, further to the Annual Results announcement on 20 January 2011, a new Investment Objective and Investing Policy for the Company. Proposed Final Dividend The Board of Directors of the Company is pleased to propose a final dividend of 1 pence per ordinary share of no par value (the "Shares") in respect of the year ended 30 September 2010. Shareholders will be asked to approve payment of this dividend and alterations to the Company's articles of association (the "Articles") to take advantage of changes to Guernsey law with respect to payment of dividends at the Annual General Meeting to be held at Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1 3BG on 7 April 2011 at 9.30am. Subject to the necessary shareholder approvals, the final dividend will be payable on 11 May 2011 to all shareholders on the register on not later than the close of business 15 April 2011. The Shares will go ex-div on 13 April 2011. On 1 July 2008, an updated companies legislation came into force in Guernsey, entitled the Companies (Guernsey) Law, 2008 (the "New Law") replacing the Companies (Guernsey) Law, 1994, as amended (the "Previous Law"), under which the Company was incorporated. Although a number of transitional provisions were adopted to ensure as little interruption as possible to the operation of Guernsey companies, it is anticipated that the New Law will be amended during the transitional period which expires in July 2012. The Directors however believe that a number of changes are required, in advance of the end of the transitional period, to the articles of the Company to comply with certain provisions of the new legislation which would be of immediate benefit to the Shareholders. Under the New Law there are no longer restrictions on paying dividends only from profits available for the purpose. Under the New Law the "profits available for the purpose" test is substituted for a solvency test whereby distributions (which include dividends) may be made if the directors of a company are satisfied on reasonable grounds, and certify to that effect, that that company will immediately after the distribution, satisfy the solvency test as set out in the New Law. The Articles currently contain restrictions on the payment of dividends otherwise than out of profits and as a consequence, the Articles are more restrictive than required by the provisions of the New Law and to allow the Company to utilise the increased flexibility permitted by the New Law, it is proposed that the Articles be amended by passing the resolution (set out in the Notice convening the Annual General Meeting) as a special resolution and if the Resolution is approved, dividends will be paid in accordance with the New Law. Proposed new Investment Objective and Investing Policy Following the significant changes that have taken place in the market in which the Company operates since the failure of Lehman Brothers in September 2008, it has been necessary to update the Investment Objective and Investing Policy of the Company to reflect the current and expected market environment and opportunities. After discussion with the Company's Investment Adviser, the Board proposes that the Company's Investment Objective and Investing Policy be amended to provide Shareholders with an attractive total return, through a combination of capital appreciation and dividends. Under the current Investing Policy, the Company's portfolio principally comprises of secured debt instruments primarily issued to finance the construction, modification and/or refurbishment of rigs and other infrastructure and/or equipment used for offshore exploration and production of oil and natural gas. The Investment Adviser believes that there are now an increasing number of attractive related opportunities available for the Company to invest in instruments that are unsecured and/or subordinated within individual issuers' capital structures. The related opportunities significantly widen the investable universe and thereby allow the Company to source attractive investments while also widening risk diversification and improving portfolio liquidity. Additionally, the Investment Adviser believes that investments in convertible bonds can offer an attractive combination of yield and equity participation while providing some protection from declines in equity valuations. It is therefore proposed that the Company expand its investable universe to include unsecured and/or subordinated debt instruments, including convertible bonds and other associated securities. Furthermore, the Investment Adviser believes that expanding the investable universe to include a wider range of financing opportunities relating to oil, natural gas and other resource sectors should also assist in increasing the opportunity to generate attractive returns in addition to widening both portfolio diversification and improving portfolio liquidity. The proposed new Investment Objective and Investing Policy is set out below: "The Company's investment objective is to provide Shareholders with an attractive total return, through a combination of capital appreciation and dividends. The Investment Adviser seeks to achieve the investment objective of the Company by sourcing and trading a portfolio comprising predominantly debt instruments. The Investment Adviser will seek to use fundamental credit and industry analysis to identify instruments expected to provide attractive risk-adjusted returns which meet the investment objective of the Company. Such instruments are expected to be issued primarily to finance companies involved in the construction, modification and operation of offshore rigs and related infrastructure equipment, and companies involved in the development and operation of assets used in the offshore and/or onshore exploration, production and distribution of oil, natural gas and other resources. Investments in adjacent sectors such as shipping and transportation may be included at the discretion of the Investment Adviser. It is expected that the Portfolio will be passively managed, although the Investment Adviser may elect to become actively involved in workout situations should they arise. It is expected that some investments will be held through to maturity (or earlier redemption/repayment by the issuer /borrower), while others may be held for shorter terms to capture mispricing of risk. The Investment Adviser may trade investments depending on the prevailing market conditions at any time. The Company seeks, on a global basis, to capture on its investments attractive risk-adjusted yields and potential capital appreciation arising from possible corporate activity, including but not limited to, refinancing, industry consolidation and workouts, and from equity appreciation for securities exhibiting equity characteristics. The Company is permitted to borrow to enhance the returns of the Portfolio. The gearing of the Portfolio is not expected to exceed 30% of Net Asset Value, and from time to time the Portfolio may be constructed with little or no gearing. The Company may retain amounts in cash, or cash equivalents, pending reinvestment if this is considered appropriate to the achievement of its investment objective. The Company may construct the Portfolio using a range of securities, derivatives and other agreements including but not limited to positions in secured, unsecured and subordinated bonds, including convertible bonds, that may be fixed or floating rate securities, payment-in-kind bonds, senior, second lien and mezzanine loans, equities and equity warrants. The Company may trade both rated and unrated debt instruments although it expects, in most cases, that such instruments will not be rated by a recognised rating agency. Exposure to securities may be taken directly or synthetically through the use of repurchase agreements, total return swaps and other derivatives referencing the securities selected for the Portfolio. Interest rate and foreign exchange transactions may be effected using swaps, forwards, futures and options and other derivatives. The Company may trade listed and unlisted securities, and may execute derivatives transactions on exchange or over the counter." Adoption of the new Investment Objective and Investing Policy are subject to the approval of Shareholders. An ordinary resolution to approve the Company's new Investment Objective and Investing Policy will be presented for approval at the Annual General Meeting. Authority to repurchase Shares The current authority to repurchase shares will terminate at the conclusion of the Annual General Meeting. Shareholders are invited to continue the authority granted by Shareholders at the last annual general meeting by authorising the Company to purchase Shares at any time until the annual general meeting of the Company in 2012 provided that (i) the maximum number of Shares which may be purchased is 14.99 per cent. of the issued Ordinary Shares at the date the resolution is passed; (ii) the minimum price per Ordinary Share is 0.1p; and (iii) the maximum price which may be paid for any Ordinary share is not more than the higher of 5 per cent. above: (a) the average Channel Islands Stock Exchange LBG traded value per Ordinary share for the 5 business days prior to the day the purchase is made; or (b) the price stipulated by Article 5(i) of the Buyback and Stabilisation Regulation (namely the higher of the price of the last independent trade in Ordinary shares and the highest then current independent bid for the Ordinary Shares on the AIM Market of the London Stock Exchange). The Directors will exercise this authority only when to do so would be in the best interests of Shareholders generally. The Board considers the resolutions to be proposed at the Annual General Meeting and contained in the enclosed notice are in the best interests of the Company and its shareholders as a whole. The directors unanimously recommend that shareholders vote in favour of the resolutions as they intend to do in respect of their own beneficial holdings which amount in aggregate to 113446 shares representing approximately 0.11 per cent. of the existing issued ordinary share capital of the Company. The notice convening the Annual General Meeting will be sent to Shareholders today and will be available at www.cqsrigfinance.co General Meeting is scheduled to be held at the offices of Kleinwort Benson (Channel Islands) Fund Services Limited on 7 April 2011. | steelwatch | |
01/3/2011 15:11 | As at the close of business on 28th February 2011 the Estimated NAV per share was 28.58 pence. | steelwatch | |
23/2/2011 00:28 | As at the close of business on 21st February 2011 the Estimated NAV per share was 28.48 pence. | steelwatch | |
15/2/2011 19:20 | As at the close of business on 14(th) February 2011 the Estimated NAV per share was 28.53 pence. | steelwatch | |
14/2/2011 09:32 | Final Net Asset Value (NAV) As at the close of business on 31 January 2011 the NAV per share was 28.38 pence. | steelwatch | |
09/2/2011 16:43 | As at the close of business on 7th February 2011 the Estimated NAV per share was 28.49 pence. | steelwatch | |
05/2/2011 18:09 | noted..n ta | badtime | |
05/2/2011 13:42 | Probably not at these levels, but if the discount was another penny or so wider, I just might. I would like to see a dividend re-introduced, which might change my mind. | tiltonboy | |
05/2/2011 11:20 | tilts wud u still buy at this price? tahnx | badtime | |
01/2/2011 17:06 | As at the close of business on 31st January 2011 the Estimated NAV per share was 28.49 pence. | steelwatch | |
25/1/2011 15:31 | As at the close of business on 24th January 2011 the Estimated NAV per share was 28.29 pence. | steelwatch | |
24/1/2011 08:49 | Skip the Header facility removed as no longer needed. See grey strip at the top on all threads. | steelwatch | |
18/1/2011 19:12 | As at the close of business on 17th January 2011 the Estimated NAV per share was 28.07 pence. | steelwatch | |
11/1/2011 16:51 | As at the close of business on 10th January 2011 the Estimated NAV per share was 28.15 pence. | steelwatch | |
11/1/2011 12:20 | NAV creeping up nicely. Debt repaid, hopefully a dividend later this year. | tiltonboy |
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