Share Name Share Symbol Market Type Share ISIN Share Description
Fair Oaks Income Limited LSE:FAIR London Ordinary Share GG00BF00L342 2017 SHS NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.01 1.71% 0.595 20,432 13:10:14
Bid Price Offer Price High Price Low Price Open Price
0.56 0.63 0.615 0.5875 0.5875
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -1.43 -2.27 -0.46 274
Last Trade Time Trade Type Trade Size Trade Price Currency
10:42:00 O 8,639 0.61665 USD

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Fair Oaks Income Daily Update: Fair Oaks Income Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker FAIR. The last closing price for Fair Oaks Income was US$0.59.
Fair Oaks Income Limited has a 4 week average price of US$0.52 and a 12 week average price of US$0.46.
The 1 year high share price is US$0.73 while the 1 year low share price is currently US$0.26.
There are currently 459,893,360 shares in issue and the average daily traded volume is 809,834 shares. The market capitalisation of Fair Oaks Income Limited is £273,636,549.20.
grahamg8: Historically the share price has followed the NAV very closely. The link was broken in roughly November 2019 but is much closer now although still lagging by a few %. My point being that if the NAV keeps going up or even stabilises the share price lag will eventually follow. Biden is tipped to launch a major stimulus package which should reduce the risk of loan defaults, plus with the prospect of a Covid vaccine we should be looking for more income and capital growth. Nice.
spectoacc: A rock bottom price you could have bought at in the market tho - lower in fact :) But yes, they're shooting the lights out with the monthly return once again. Last 6 months: +6.95% +4.14% +2.83% +8.45% +10.03% +13.04% Hope I'll be forgiven for not quoting the earlier month in that series ;)
grahamg8: Dividend, yesssss. See post #126. In fact 2.2c in the quarter is higher than the historic 0.7c per month. Another jump in NAV bodes well for an share price rise when the markets open. Although down on capital over my 5 year holding, when the dividends are added back I am in the black, wow. Plus traded out at the end of 2016 and bought back in early 2018 for a little extra return. Overall not too unhappy with the way things have gone. Still disgruntled with the new share issue as I can't help feeling there was a bit of sculduggery in crashing the share price and then almost immediately bringing in new investors at a rock bottom price.
spectoacc: But why not buy at a lower price in the market, if concerned by share issuance at higher prices? Obviously hasn't diluted by the amount the portfolio has "bounced back" by, unless the cash raised wasn't deployed, in which case the dilution would be proportionate to the number of shares issued. Or looking at it another way - your argument is that NAV and share price would be higher now, if they'd never raised those 3 tranches & hadn't had that cash to invest at or near the bottom? I'd argue the opposite. Did Numis respond to you, out of interest?
grahamg8: There is a difference. NAV drops by half due to covid and collapse in values of secondary finance market, you would need to be pretty brave to buy more shares. Investment manager comes for a cosy chat and says we've decimated the share price but things aren't so bad as we can see some juicy returns from new investment opportunities, are you up for it? Remember there is no active market for a lot of these loan packages and the 'value' is very much a matter of opinion.
rambutan2: Latest factsheet: httPs://
caternia: Thanks Yieldsearch. I now have a better understanding. Will leave for a while before deciding if I should get out as recently there has been an uplift in the share price. Made a cardinal mistake in buying a share without fully understanding their business. I remember money observer once gave them an award for their performance, that seems a long time ago!
yieldsearch: Davebowler post in the VTA board, copied below: Liberum; Large mark-to-market NAV impact in March VTA: Mkt Cap £123m | Prem/(disc) -23.4% | Div yield n/a - Suspended FAIR: Mkt Cap £144m | Prem/(disc) 9.8% | Div yield n/a - Suspended Event Volta Finance and Fair Oaks Income Fund have both reported large NAV writedowns for the month of March: Volta Finance's NAV per share fell by 32.4% in March to €5.06. Mark-to-market performance across the company's asset classes was -36.9% for CLO equity, -41.3% for CLO debt, +0.1% for cash corporate credit and -4.5% for bank balance sheet transactions. Average prices for CLO equity tranches were 43.6c and 28.9c respectively for USD and Euro positions. USD CLO debt tranches were priced at 54.3c. Fair Oaks Income Fund's NAV total return in the month was -50.5%. The average valuation for BB and B rated CLO tranches in the portfolio was 54c and 45c respectively. All of the investments are in full compliance with their overcollateralisation tests. Both managers expect to see a rise in loan downgrades to CCC, followed by an increase in loan defaults. Volta expects to see partial diversion of CLO equity cash flows from July due to an increase in CCC-rated loans in CLO portfolios. Over the longer term, the manager expects a downgrade in underlying loans to the point where CCC-rated loans reach c.15% on average of CLO portfolios. This could trigger a diversion of payments away from CLO equity tranches. Market expectations are for an increase in loan defaults to c.10%, in line with the global financial crisis. The spike in defaults in 2009 was relatively short-lived, with a significant reduction in 2010. Due to the increased prevalence of covenant-lite loans, Volta believes default rates may be above average for a number of years, but there is unlikely to be an increase as sharp as occurred in 2009. This would be beneficial for CLO equity positions as it would allow more time for reinvestment of capital into loans at a discount. Volta has sought to maximise balance sheet liquidity. Four positions have been sold for a total of €9.7m to fund margin calls on FX hedges and drawdowns. These disposals resulted in a loss of €0.13 per share in the month. The amount of currency hedging has been reduced to minimise margin calls and Volta previously announced the cancellation of the April dividend. Cash on the balance sheet at the month-end was almost enough to close the repurchase agreement. April is typically a month of relatively high cash flows due to quarterly payments from the CLOs. Liberum view CLO structures include a number of protections that are designed to protect senior noteholders from losses including overcollateralisation tests, interest coverage tests and limits on CCC-rated loans. The typical limit on CCC-rated loans within portfolios is 7.5%. A breach of this limit could leads to payments being diverted to repay the senior debt tranches of the CLO. The repayment of the senior debt would increase the average cost of financing within the structure and reduce the excess spread for CLO equity tranches. S&P Global estimated that 19% of US broadly syndicated CLO loan pools comprised B- loans at the end of 2019. Rating agencies were criticised for acting too slowly in the 2008-09 financial crisis and are likely to be much quicker in responding with downgrades this time around. These weaker credits lack flexibility to withstand the impact on revenues during a global recession Both managers have outlined that the depressed valuations offer potential for high returns, as in 2009. Based on the current valuations, Fair Oaks models a 21.2% gross IRR for the portfolio after stressing the loan-level assumptions (9% default rate in year 1, 3.5% thereafter with 60% recovery rate). The principals of the manager intend to personally invest $0.65m in Master Fund II alongside a new commitment in the fund. We also note the c.4% increase in US and European loan indices to date in April, offering the potential for a partial NAV recovery this month
rambutan2: Latest fact sheet: hTtps:// We have modelled a stress scenario to reflect the current market environment. The key assumptions imply a significant increase in defaults in Oil & Gas, Hotel, Gaming & Leisure, Retail and Consumer Transportation sectors, CCC rated and loans trading at a discount. We give very limited credit to reinvestment, assuming low prepayments and a reinvestment price 10pt above current index levels. Using prices as at February 28th and excluding the impact of the share price discount to NAV, the gross IRR under this scenario is -2.4%3. The CLO market has not been spared the stress and volatility experienced by broader markets in March. In these unprecedented times, we will endeavour to keep our shareholders and general market informed about the evolution of the market and Fund.
grahamg8: Well it makes a 15% running yield. The only problem is that the share price has dropped by 20%. The asset value is down around 5%. So this means a great buying opportunity or the assets are greatly overstated. If the US economy takes a downturn then property prices will go down and debt defaults will rise. Which would make a perfect storm for FAIR. Clearly pessimism has taken over for the moment but that could easily be reversed. It has happened before with the FAIR share price bouncing off previous lows. I'm hanging on for the moment. The bounce was very fast taking just 2 months in Summer 2016. I remember it well and rode the price down and back up again, pretty scary at the time. The madman in the White House only has two more years till he gets kicked out. Then hopefully normal service can be resumed.
Fair Oaks Income share price data is direct from the London Stock Exchange
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