Enq 23 �pik Tog Discussion Threads

[steve73] 01/8/2018 02:33

Confirmation of cash payment on these..



Just under 8% YTM at yesterday's closing offer price of 95.5. (or 8.5% remaining if you're already holding some - based on the bid price)

[hpcg] 09/5/2018 13:51

Certain cash payment so far as I am concerned. Very difficult to get an average below the strike price now irrespective of the latest price.

[spittingbarrel] 09/5/2018 12:12

We must be looking at a cash payment in August now and still yielding 9%. Still cheap I would have thought.

[11_percent] 08/5/2018 11:04

What's happening guys.....price going down...on zero trades, and oil going up.

[11_percent] 20/4/2018 14:43

Guys,

So, looking good.

ENQ looking, ie producing.....and POO at $74 and imo, going higher.

[steve73] 20/4/2018 14:25

Remember also the redemption date has been put back by 12 months, as well as the coupon now at 7% pa.

[hpcg] 20/4/2018 14:20

Yes, average Brent price over 65 for the period. Dates not identical to the payment, there is a shift of a couple of weeks. It would take quite a collapse in the next 4 months so odds on for getting cash.

[11_percent] 20/4/2018 11:37

Just bought a few.

This is going to £1.

Can someone remind me......what is the terms for going back to paying cash and issuing more bonds. I think it was 6 months over poo $65.

[aureliusprimus] 22/2/2018 21:13

Still waiting for HL to add mine as of 22nd Feb close...

[spittingbarrel] 20/2/2018 11:07

Steve, just checked and they've arrived. Thanks

[steve73] 20/2/2018 02:46

Thanks IanB.. just checked my i-D account and mine have turned up already consolidated also.

spitting, you need to check your actual account holding as they don't show up in either your ledger or trading summary... they just "appear" out of thin air.

[ianbrewster] 19/2/2018 15:57

Additional bonds in my AJ Bell a/c today - consolidated holding, not an interim line.

3rd time round the process has become a lot slicker.

[spittingbarrel] 19/2/2018 09:17

Thanks Steve - That's a long old wait, still as long as they show up it doesn't really matter, the master plan is to keep them all to redemption.

[grahamg8] 17/2/2018 15:48

Why wait for the new bonds to sell them? Sell some of the old ones and when received keep the new ones. You end up with exactly the same holding (excluding CGT considerations).

[steve73] 17/2/2018 01:49

spitting... I'm with I-d... normally takes around a month until they show up in my account.

edit... I've just checked my records... They have previously showed up as an interim line after about 1 month, which then converts to a consolidated holding about a month after that.... So if you want to sell the new bonds you'll need to wait until around 15-18th April.

[spangle93] 16/2/2018 15:12

Not yet - my bonds are with H-L

[spittingbarrel] 16/2/2018 15:10

Anyone got their PIK yet? Nothing from Idealing

[11_percent] 04/2/2018 18:33

Anyone think this is going to get hit in the bond sell-off.

[grahamg8] 04/2/2018 17:23

Recent posters should note my post 353 paragraph 5 which gives chapter and verse on cash v PIK and how it is all calculated. Neither ENQ nor anyone else can yet say whether the August payment will be cash or more notes. So the reference to....accrued interest from.... is either ENQ not understanding the terms of their own notes or (I hope) an error. The February payment is in the future but the interest in PIK form is TO 15 Feb not FROM. I suspect that someone just copied the previous RNS and forgot to change the date i.e. The last August payment would be for interest from 15 Feb 2017

[spittingbarrel] 01/2/2018 12:26

Thanks Steve

[steve73] 01/2/2018 10:03

From the recent RNS.....

"The Record Date for determining the entitlement of individual Noteholders to Additional Notes will be the close of business on 31 January 2018."

..so my guess is Yes!

[spittingbarrel] 01/2/2018 09:38

Anyone know for sure if these are ex PIK now?

[steve73] 30/1/2018 01:32

11%.. As far as I can recall, yes. 31 Jan/31July daily average for Brent..

Although use of the word "from" in yesterday's RNS suggests the next period will also be PIK. Maybe it's a typo?

"As a result of the Cash Payment Condition not being satisfied in respect of the Interest Payment Date falling on 15 February 2018, accrued interest on the Notes from (and including) 15 February 2018 will be capitalised and satisfied through the issue of Additional Notes in an aggregate principal amount of GBP5,811,396 (subject to rounding in accordance with the Conditions)."

[11_percent] 29/1/2018 12:47

Being a bit lazy.......what is the story about restoring the cash on the bonds......is it 6 months over $65.

[hpcg] 26/1/2018 09:58

To my knowledge, which is backed by no qualification at all, no. These are conventional bonds with revised terms. PIK bonds are an extension of the retail notes.


Separately, as it may come up from time to time, if held outside tax advantage vehicles the PIKs are treated as interest rated at the equivalent cash value in the market at that time:

"The issue of the Additional Retail Notes should be treated for UK individuals and corporate investors as a payment of interest at the time of issue and the amount of such payment will be the market value of the Additional Retail Notes at that time. The tax position of any such investor will depend on their own individual circumstances and certain categories of investor to whom specific tax regimes or exemptions apply may be treated differently. Overseas investors may be subject to taxation in their jurisdiction of residence. Any UK or overseas investor in doubt as to his or her tax position should consult his/her own professional advisers without delay."