Share Name Share Symbol Market Type Share ISIN Share Description
Queen's Walk Investment LSE:QWIL London Ordinary Share GB00B0HW5366 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% 0.99 € 0.00 € 0.00 € - - - 0 06:37:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 2.3 0.1 1,100.0 39.57

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20/9/201008:53Queens Walk with Charts & News440

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timanglin: I think Cerrito has got it right when he says that the 'old' qwil, was maybe not of an economic size, the costs vs income ratio were maybe too high, potentially if the investments are succesful then this ratio decreases with time in the new 'qwil'. The effect of the OO has been to decrease an increasing share price by 20%, which is depressing. imho.
cerrito: Marben100 I hear what you say and your points are valid but I will not be joining you in voting against it. I also dislike the Chairman who has so many irons in the fire getting so much.. I very much prefer the present QWIL to the new look one and given the way my portfolio is have no need to do this move up the credit ladder; but I also appreciate that QWIL would have soon got to an uneconomic size and of course I am a minnow so cannot expect to have any sway in things. My analysis shows I will be better off going into the new offer and that is what I am doing. While this does not do anything for me it is a cute deal:my understanding is that the Cheyne Fund is in long term run off so the issue of the preference shares should allow them to liquidate alot of their position in QWIL without hammering the ordinary share price and as noted it is more healthy to have a more diversified shareholding structure and the shares should be more marketable.
envirovision: Lets not get to dispondant on the ords though, they are indeed saying they do intend to pay dividends on them (IF THEY CAN). If they were intending it to become a non income share they would simply not be saying that would they! I guess in the long term it all depends on the returns on the portfolio, if its irregular then maybe there will be "special dividends" declared from time to time. This is what they have said: "the Directors do currently intend that the Company continues to pay a dividend to Ordinary Shareholders when it is able and appropriate to do so" Liberum Capital who are bookrunners here were joint book runners in IERE last year. They did a same kind of deal ie. 7 year prefs however instead of offering a bonus issue they did warrants. IERP prefs have done quite well considering the rather high underlaying risk due to the high leveraged debt they have (which we wont have). Also the ord share price has been ok, not falling below the open offer price and infact at one moment increasing 50% from issue. So i guess theres always hope :-)
marben100: I observe, from p10 of the circular, that Cheyne ABS Opportunities (CAO), currently holding 59.2% of the shares, will NOT take up its open offer entitlement, thus expecting to reduce its holding to 39.47%. From p8, CAO may also seek to sell its Pref share allocation. Does make me a bit suspicious (why are they so keen to reduce?), but a) a more diverse s/h base would be no bad thing; b) if CAO sales depress the pref share price in the aftermath of the issue, could be some great yields on offer. More reading to do...
erstwhile2: [I stand corrected, there are 2 different record dates] So, we've got an investment trust on a discount. The usual thing is to desire the company to return cash @ close to NAV, or buy shares in the market to take advantage of the discount. Yet QWIL is selling shares at a bigger discount to NAV (and without the antidilution provision I thought was present for existing shareholders the pref is just a NAV wash even if it might not be a share price wash) . I hope this gets voted down but I doubt the investor base contains enough value based investors to figure it out (read hedgies like Weiss, Laxey etc), just a pile of sleepy, malleable private client stockbrokers.
cerrito: Thank you Insipiens for that clarification. The FT yesterday had the following: Cheyne Capital, one of London's most prominent credit hedge funds, is poised to reorganise its listed vehicle Queen's Walk Investment, which was an early victim of the global housing slump when it hit in 2007. Losses at the fund, which specialised in investing in complex mortgage assets, presaged the collapse of Northern Rock and the spread of problems in the US subprime housing market into the UK. In spite of a broad recovery across housing markets over the past 18 months, shares in Queen's Walk have traded at a significant discount to the value of the fund's actual assets, valued at more than €100m (£82m). Shares have been trading at as much as a 35 per cent discount recently. Cheyne aims to refocus the fund on opportunities in more liquid mortgage-backed assets, according to people familiar with the plan, which is due to be disclosed on Tuesday. It is hoped that the move will narrow the share price discount. Shareholders will be presented with a plan to alter the funds' investment policy and agree to an open offer from Cheyne that will inject a further €25m into the fund. The money will go towards purchasing a new tranche of mezzanine-level mortgage-backed credit. The fund has been running off its existing investments in illiquid asset-backed instruments for the past year. Since February, Queen's Walk has sold three large legacy assets, all accretive to the fund's net asset value. Trading on mezzanine asset backed securities has proved a profitable strategy for Cheyne, which runs $6bn (£3.8bn) of hedge fund and credit strategies. The fund manager's $550m real estate debt fund, launched in August 2009 to pursue the same strategy, has returned 24 per cent since its inception. By the end of the year, the plan will aim to have 40 per cent of Queen's Walk's total funds invested in the more liquid mortgage debts. Other hedge funds that have moved to capitalise on the upswing in the UK and European mortgage market include Toscafund, which began raising capital to purchase £500m of UK residential mortgages and mortgage-backed bonds this year.
rat attack: Some thoughts from confused!! - I dont see the relevance of American Capital as its assets are required to be supported by govt guarantee, therefore completely different risk profile to CMBS and RMBS and little guide to future QWIL valuation. - Ordinary shares and preference shares have to considered seperately as different compenents of the capital structure. - Is an 8% preference dividend a satisfactory return for this company and its risk profile? Based purely on other prefs I would say not, with a required yield of 10-12% being more appropriate which would bring market price down from £1 par to a range of 80-67p. - What is NAV? Based on €3.73 per share quoted for March 2010 + uninvested funds raised now from the open offer and after deducting the preference shares I think it is only €1.61 per share. However, I recognise that with the deeply discounted CMBS and RMBS prices around at present newly acquired assets can quickly enhance the NAV figure, but might be difficult to justify on a mark to market basis in current environment. - Assuming no initial enhancement in NAV, ie shares trade @ 65% NAV, then post open offer I calculate an ordinary share price of €1.06 and a preference share price of €0.91 (ie 75p which equates to 10.66% yield). Obviously some additional premium value may be ascribed to the ordinary share price to take account of the potential use of the open offer monies. Thoughts anyone?
envirovision: Depends what you paid for your shares. Look at it like this I paid average 2 so for every two shares i pay an extra 2 or its like paying 3 per share ok. So for 3 per share I get fixed prefs paying 10% PA worth around Euro 1.5 and the shares i am left with which i suspect may trade around 2 and have a nav just over 3. They are a little unclear about the expected dividend amount on the ords, however going forward in time, the dividends returns on the ords could be quite good imo. If im right about the ord share price, well the discount to nav is still around 35% and as they state what they are trying to achieve is a good reduction in the discount to nav. So they need an uplift in the ord share price from 2 long term, hence another reason to suspect the dividend on ords could have fairly good prospects. Clearly the nav on the underlaying investments purchased closes with time and the nav appreciates in any case. As an example American Capitals ipo was 20 and the current price is 27 having been as high 32 (the fund is highly leveraged whilst returns linked to interest rates). I dont think the new company here wants such high leveraged risks?
madmix: In terms of the dividend yield going forward; as I understand it, for every share held on 17 September, we would receive 1.25 preference shares paying 8% each (i.e. effectively a 10% dividend in total). We may also receive a variable amount of dividend on the ordinary shares. Previously, the dividend yield was 13.3% (based on 32c annual dividend and 240c share price). Will be interesting to see if they can maintain this level going forward by paying a small amount on the ords.
envirovision: I wonder if QWIL could make it to a 8% Yeild that would put it on a share price of around EU4. In spite of the rather alarming inflation figures that have recently come through - RPI at 5.4 per cent - low headline interest rates are here to stay for some time. With this in mind, gilt yields of around 3 per cent may be as good as it gets for the next few years, which means at current prices there should be more capital upside from holding 10-year UK gilts. Also, based on this assumption, investment-grade corporate bonds will offer yields of perhaps 4.5 per cent to 5.5 per cent. Hopefully, there will be a few bargains to be had with higher yields than this, but 5 per cent looks to be the aiming point for a portfolio of decent quality corporate bonds.
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