Intermediate Capital Share Discussion Threads

[davebowler] 06/2/2013 09:59

Looking at the 3 year chart it looks set for an assault on the £4 mark

[davebowler] 03/12/2012 12:55

Another double bottom 'W' shaped formation seems to be happening.

[davebowler] 28/11/2012 09:47

Investec are expecting to raise at least £100m for the ICG Longbow fund, according to their recent Roadshow presenters.

[davebowler] 21/11/2012 15:43

Operational Highlights
AUM up 6% to EUR12.1bn since year end
Fundraising for ICG Europe Fund V well above target, with EUR2.3bn of commitments
received to date, including EUR500m from ICG
Positive momentum across a number of products
Portfolio broadly resilient but weaker assets are affected by the prolonged
economic slowdown. Provisions against two large assets in the first half as
previously disclosed
New investments by the Investment Company of GBP157m and repayments of GBP52m
Financial Highlights
Group profit before tax of GBP39.6m compared to GBP108.8m in the first half of last
year (H1 12)
Fund Management Company profit of GBP17.2m compared to GBP17.1m in H1 12
Investment Company profit of GBP22.4m compared to GBP91.7m in H1 12, with net
impairments of GBP64.8m compared to GBP28.4m in H1 12
Strong balance sheet with unutilised debt facilities of approximately GBP442m
following a further GBP80m retail bond issue in September
Interim dividend of 6.3 pence per share compared to 6.0 pence in H1 12

[davebowler] 25/10/2012 12:49

ICP are in the process of raising up to £250m via Investec for a new closed ended fund called ICG Longbow to invest in senior secured loans (up to 65% loan to value) with an expected dividend yield of 6%.

[davebowler] 28/9/2012 09:52

Specialist investment firm and asset manager Intermediate Capital Group reveals good progress on fund raising in a pre-close trading statement.

It says assets under management have increased to ��12bn primarily due to additional investor commitments to ICG Europe Fund V.

It adds: "Our funds' investment portfolios continue to show resilience and our funds have maintained their strong track record.

"We have further strengthened our distribution team and are seeing early results from our enhanced distribution capabilities through increased investor interest across geographies for our ICG Europe Fund V.

"The fund has received commitments of ��1.5bn to date and we are on track to reach our ��2bn target in the fourth quarter of 2012.

"We have also launched our Total Credit Fund which combines investments in high yield bonds, senior loans and CLO debt.

"The fund is off to a strong start with a 4% return since inception on 13 July."

[18bt] 11/9/2012 07:47

Good strength in these shares. Let's see whether it holds above the 300 area, as then next stop 330

[topvest] 09/9/2012 10:48

I do think it's a bit off that existing shareholders are not automatically given the right to subscribe in these bond issues. That's Intermediate Capital and PHP that have been through this process. Don't see why we have to go through an intermediary with all other investors!

[wirralowl] 03/9/2012 21:22

Cheers Kiwi.

You may have already seen it, but another pretty detailed (and perhaps a little more positive)write-up here:



I've applied for a holding today, to go with the shares I already have in ICG.

[kiwi2007] 03/9/2012 21:09

Bit more on the bond issue.

Intermediate Capital Group (ICG) will pay interest twice a year on 19 March and 19 September until the eight-year sterling bond matures in September 2020. The bond can also be held in an ISA (individual savings account) or Sipp (self-invested personal pension), where the return is tax-free.

Investors are required to make a minimum investment of £2,000, but can buy bonds in multiples of £100 thereafter. Once bought investors will be able to trade the bonds on the London Stock Exchange's Order Book for Retail Bonds (ORB).

The deadline for retail investors is 12 September but the issue could be closed early – as we saw with CLS's new bond – depending on demand.

This is the second retail bond launched by ICG. At the end of last year it offered investors the chance to earn 7% on a seven-year bond maturing in 2018.

Philip Keller, managing director and chief financial officer of ICG, said the first retail bond delivered a 'positive performance' and, given the company's balance sheet, believes this bond provides 'an excellent opportunity' for retail investors.

ICG is looking to raise £50 million from the launch, but could take a little more, said Henrietta Podd of Canaccord Genuity, which has been appointed as lead manager of the bond.
A look at the risks

Investors should, however, bear in mind the risk associated with investing in ICG's retail bond.

ICG specialises in arranging finance for medium-sized companies, providing direct loans and managing external funds. This is not without risk, and leaves the company very exposed in the event of a stock market crash. ICG also does the bulk of its business in the eurozone, so could be adversely affected if there were a break-up of the eurozone.

However, ICG has been in this business for over two decades, and they know their game, running a diversified portfolio with a strong focus on recovery of assets, said Mark Glowrey of Fixed Income Investor, which specialises in analysing bonds.

The bond is rated BBB- by credit rating agencies Standard & Poor's and Fitch – the investment grade above junk.

[davebowler] 29/8/2012 11:49

Intermediate Capital Group (ICG) has appointed Canaccord Genuity in a move to launch a sterling-denominated retail bond issue.

ICG, the credit and finance structuring firm, said in a stock exchange announcement is was looking to offer bonds, subject to market conditions, and has appointed Canaccord to arrange meetings with stockbrokers and wealth managers to discuss the potential issuance.

At the end of last year, ICG teamed with Evolution for the issue of retail bonds yielding 7%, which raised £35 million.

A spokesperson for ICG said the same team from Evolution joined Canaccord and will be working with ICG again for the new issue.

In July, three new issuers raised £275 million on the retail bond market, with Severn Trent's RPI-linked bond raising £75 million.

Primary Health Properties also raised £75 million with bonds offering 5.375%, while ICAP's 5.5% bond raised £125 million.

Pietro Poletto, head of fixed income markets at London Stock Exchange Group, said: 'From water services to real estate trusts, FTSE SmallCap to FTSE 100, it's clear that a truly diverse range of businesses are starting to appreciate the fundraising potential of London Stock Exchange's retail bond market.

'In July alone, £275 million has been raised from private investors with demand so high that ORB has repeatedly seen issues oversubscribed. We continue to see a strong pipeline of capital-seeking firms which are keen to be connected with retail investors in this way.'

[wirralowl] 17/8/2012 15:06

All looks very positive here on both a fudamental and technical basis.

BTW thanks for your regular updates here and on other income threads, Aleman, most insightful.

[aleman] 17/8/2012 14:23

I seem to be a lucky person, although that may just be a frame of mind. I shall wish you good luck since you did not specify which type.


Numis have lifted forecasts and added a year:

Numis Securities Ltd BUY 27 Jul 2012
2012 - 39.20 19.00 243.80
2013 - 34.60 20.00 199.00
2014 - 40.40 20.90 233.80
2015 - 42.70 22.00 248.10

[tom111] 17/8/2012 13:59

Seem to be following you around aleman, Northern foods, CAU now here.Hope you bring me luck

[aleman] 08/8/2012 21:41

Breach of downtrend confirmed today, suggesting a little upward movement in the near future. Just over 300p looks favourite for the next sticky zone.

[aleman] 18/7/2012 10:23

Numis reduce slightly.

Numis Securities Ltd BUY 16 Jul 2012
2012 243.80 47.70 19.00 364.40
2013 184.70 32.10 20.00 337.40
2014 230.90 39.90 20.90 375.10

[rogerbridge] 11/7/2012 08:34

ICP managed to pick up £256 million loans from a European institution. I wonder how many more banks and institutions are trying to raise cash. Rich pickings ahead for those with good finances.

[pvb] 15/6/2012 10:28

I have long since lost the plot wrt to ICP directors 'renumeration'.
Does anyone have a handle on the _performance related pay awards _scheme?

[aleman] 31/5/2012 12:01

£4m worth of free options granted to directors. Good value for money or not? Shares could halve over the vesting period and they've still got £2m for what? It's obscene.

[pvb] 30/5/2012 18:27

Interesting. that looks very like the chart for HSD!

[aleman] 30/5/2012 12:18

I'm going to have to amend my earlier statement. High yield shares have started to outperform in recent weeks, although they are not yet ahead over 2012 so far. It will be partly down to having a lower beta as the market falls but the magnitude looks like it might be just enough that the underlying trend is to nose ahead when adjusted for volatility.

[pvb] 30/5/2012 10:49

To be fair, my calculations were more of the capital value kind. Perhaps I should change to income calculations...

[aleman] 30/5/2012 10:41

Quite the opposite with me. I've been pleasantly surprised how well I have done and seem to do a bit better when things are looking bad as there are more bargains to choose from. I would not be as optimistic if I just followed capital values . It's nice to not be so bothered by volatility because the number of fat dividends I'm banking is steadily increasing and falls in the market provide better reinvestment opportunities.

[pvb] 30/5/2012 10:29

(My income will double in less than 9 years if that continues and the share prices should follow in time.)

I used to do these kind of calculations when things were looking good. I was always disappointed!

(The high yield index ticker for income shares in the FTSE 350 is HIX for anyone that wants to check.)

Thanks for that.