Fair Oaks Income Limited

-0.004 (-0.83%)
Share Name Share Symbol Market Type Share ISIN Share Description
Fair Oaks Income Limited LSE:FAIR London Ordinary Share GG00BNNLWT35 2021 SHS NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -0.004 -0.83% 0.476 432,719 16:35:12
Bid Price Offer Price High Price Low Price Open Price
0.474 0.49 0.482 0.479 0.48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trust,ex Ed,religious,charty 0.37 -0.69 -0.01 - 216.87
Last Trade Time Trade Type Trade Size Trade Price Currency
16:39:55 O 119,810 0.476 USD

Fair Oaks Income (FAIR) Latest News (2)

Fair Oaks Income (FAIR) Discussions and Chat

Fair Oaks Income Forums and Chat

Date Time Title Posts
08/6/202317:37Fair Oaks Income Fund305
13/11/201123:36Undervalued Natural Resources Stocks171
02/11/201110:37Undervalued AIM stocks discussion thread11
22/11/201009:52Exploration stocks still to break out3

Add a New Thread

Fair Oaks Income (FAIR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-09 16:39:560.48119,81057,029.56O
2023-06-09 16:39:030.4775,00035,250.00O
2023-06-09 15:35:120.48137,80965,597.08UT
2023-06-09 07:45:190.4750,00023,500.00O
2023-06-09 07:45:180.4750,00023,500.00O

Fair Oaks Income (FAIR) Top Chat Posts

Top Posts
Posted at 23/5/2023 11:38 by cwa1

Dividend for Quarter Ended 31 March 2023

The Directors of Fair Oaks Income Limited have declared that an interim dividend will be payable as follows in respect of the quarter ended 31 March 2023 in respect of the Realisation and 2021 Shares:

Ex-Dividend Date: 01 June 2023

Record Date: 02 June 2023

Payment Date: 30 June 2023

Dividend per Realisation Share: 2.00 US cents per share

Dividend per 2021 Share: 2.00 US cents per share

The default payment for dividends remains in US Dollars however, dividends are now capable of being paid in Sterling provided that the relevant shareholder has registered to receive their dividend in Sterling under the Company's Dividend Currency Election. A copy of the Dividend Currency Election form, which should be sent to Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL when completed can be found on the Company's website at http://www.fairoaksincome.com.

Posted at 21/5/2023 16:01 by cerrito
Sorry I do not have that anymore.
I hope you enjoy reading him as much as I do.
I do not have the courage to buy more here and a 60c share price this year or next would be a very
pleasant surprise.
Both VTA and Fair note defaults are lower than expected, which is correct.
That said defaults are a lagging indicator and we need to see what happens in the famous recession as well as any repercussions of tightening landing standards. .
I do not understand what the impact will be of tighter lending. I note Fair have said so far no impact.
I do not see myself selling either.
For those looking to get into Fair and needing a CLO 101 there is a good introductory 15 minute video on the Oaktree site.
Too bad FAIR do not do investor webinars.

Posted at 17/5/2023 10:12 by cwa1
Courtesy of davebowler on the VTA board...

Liberum on FAIR-

Default rates remain below expectations
Analyst: Shonil Chande

Mkt Cap £156m | Share price $0.48 | Prem/(disc) -17.9% | Div yield 16.7%


Fair Oaks Income's NAV per share at 30 April 2023 was $0.5847, representing a total return of 1.1% in the month (+5.7% YTD). Default rates continue to be significantly lower than the forecasts for 2023 issued at the end of 2022. The default rate in the US remained stable at 1.3% while in Europe it rose from 0.4% to 0.6% in April. The distressed ratio in the US remained at 8.7% and in Europe it dropped from 6.4% to 6.1%. CLO valuations continue to lag other assets, potentially as a result of investors modelling unduly negative market scenarios.

Liberum view

The resilience in default rates is notable and challenges the assumptions made in company models to calculate the NAV. The company points out that in early 2020, the median price of the Master Fund's US CLO equity investments fell from 67 cents to 30 cents based on predictions of increasing loan defaults due to the pandemic. However, the median price recovered to 63 cents by spring 2021 when it became clear that default rates would not increase as expected. Today, the median price of the same investments is 32 cents, indicating once again a substantial recovery potential in the NAV if default rates continue to remain below projections.

We continue to be Buyers of the fund with a target price of $0.60 (+25% upside from current share price)

Posted at 23/2/2023 09:17 by euameus
I am not sure that loan valuation is correct. The valuation of the CLO investments and the average price of the loans in each CLO is also is available in the monthly factsheet. As far as I can see the average price of the loans in the CLO equity investments is 94.3c, not 80c?

Posted at 20/2/2023 22:30 by cerrito
Been kicking the tyres here.
You are right Ramellous that we are owed a dividend announcement.
I was comparing the figures at Jan 31 23 with those of June 30 22. Then the NAV was 0.588c and now it is 0.6c. Judged by ratings the portfolios were virtually identical. The percentage of subordinated notes was identical. The only difference in the portfolio was that the %age of US$ assets had decreased from 65% to 61% and an equal rise in Euro assets.
The difference was that the mid share price was 0.555c and at end of January was 0.495c.
As Fair says in this month’s commentary, investor positioning in the CLO market is at one of its most conservative points since 2009..

Posted at 21/9/2022 10:27 by cerrito
September 21 22
Good to see that yesterday’s share price is continuing. Like others, I am going on the basis that it is returning to July levels more to the new distribution policy rather than the fact that it had a 4.2% NAV increase in August.
As a UK investor with sterling as my base currency at current exchange rates I really like the sterling dividends ie instant gratification. I take the point that I can get my return through a higher share price if this buy back does increase the share price but as my internet broker Barclays does not allow me to trade FAIR I have to go through my full service broker with commensurate transaction costs.
I note comments about helping people exit their position without causing market upheaval. I checked the latest AR to see who the largest holders were and it was 4 nominees ie basically as clear as mud. These 4 nominees have 35% approx. in total with the largest at 11%. Since the AR we have read about Fidelity with their 10% and Waverton with their 5%. I know nothing about Waverton and their propensity to sell.
I checked the LSE website to see how liquid the market is. Yesterday 150k shares were traded. Trading volumes are erratic. Since August 8th there have been 4 days with 1m shares traded and quite a few days with virtually no activity. Not clear what that told me.
I note that the buyback could potentially be 11.6% odd of all the realization shares.
In theory this should reduce the v wide bid/offer spread.
At current prices and with the current outlook I do not see myself as buying or selling.

Posted at 20/9/2022 17:54 by grahamg8
Oh dear gloom gloom gloom. Even at 2cps the yield was 17%, are you really moaning that this isn't enough? All companies treat share buy backs as part of distribution to shareholders. The problem is that you don't usually see the effect immediately. Although in this case we have. If the share price goes up by 5% that has exactly the same effect as a 5% dividend and no increase in share price. The problem is not dividend yield it is share price discount. Traditionally FAIR trade close to the asset value and the managers are trying (with some degree of initial success) to restore that link. They have identified that there is insufficient liquidity, the buy back is aimed at solving that. They are also aiming to provide predictability of income from a rather lumpy revenue stream. Presumably this is what the ii's are looking for. If we can get a stable share price and the income then I'm all for it.
Posted at 25/8/2022 10:36 by cwa1
From davebowler elsewhere:-

Liberum on FAIR-note the last sentence.

Fair Oaks Income Realisation Shares

First capital distribution for realisation share class

Mkt Cap £30m | Share price | Prem/(disc) -1.3% | Div yield 17.7%


Fair Oaks Income will return $4m to shareholders in its realisation share class. The distribution will represent 6.4 cents per share and will be effected by way of a compulsory redemption (11.2% of the shares will be redeemed).

Liberum view

This is the first capital distribution for the realisation share class. Dividends will continue to be paid alongside regular capital distributions. The full redemption of the previous realisation share class (2014 shares) took approximately two years. The 2014 shares fully redeemed in March 2019, resulting in a 9.8% IRR from inception. Alongside strong credit performance, we believe the option of a realisation share class is one of the reasons why Fair Oaks has commanded a much stronger share rating than peers in the CLO sector.

Posted at 12/8/2022 21:05 by grahamg8
scrwal I am a bit more positive. NAV on 31/12 was 66.82c and the share price 62c which is a 7.21% discount. For the latest RNS the NAV on 29/7 was 59.83c and the share price 50c which is a discount of 16.43%. If you go back further then the NAV and share price follow each other very closely. The exception being from November 2020 to March 2021 when world markets crashed on Covid restrictions, but the discount was eliminated entirely. Short term the NAV actually went up in the past month.

So history tells us that the gap will close, share price up or NAV down or a bit of both. My thinking is that the doom merchants are in charge at the moment and the price will rise to 55-60c in the next six months. If not we can console ourselves with a 20% yield.

Posted at 27/11/2020 17:31 by grahamg8
NASA started assembling the SLS rocket on 19 November. The biggest in the world (of course), just about matched by the FAIR share price with a bit of luck.
Fair Oaks Income share price data is direct from the London Stock Exchange
Your Recent History
Fair Oaks ..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com

V: D: 20230609 23:56:59