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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Queen's Wk | LSE:QWIL | London | Ordinary Share | GB00B0HW5366 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.99 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.99 | EUR |
Queen's Walk Investment (QWIL) Share Charts1 Year Queen's Walk Investment Chart |
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1 Month Queen's Walk Investment Chart |
Intraday Queen's Walk Investment Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 20/9/2010 | 09:53 | Queens Walk with Charts & News | 440 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 12/9/2010 19:37 by horndean eagle The blueprint to look at is IERE. Tom Chandos chairs both IERE and QWIL. Its no co-incidence it has been set up in a similar way. IERE issues prefs yielding 9% with a 7 year life. Those prefs opened at 106 and now trade at 107 and yield circa 8% ytm. Huge amount of debt ahead of those preference shares and free cash flow isn't great. Would be surprised if QWIL hasn't been marketed to the same investors as the IERP preference shares were. Cheyne are looking to dispose of their entire holding in the preference shares and it is obviously in their interests to keep the price firm. |
Posted at 11/9/2010 12:56 by marben100 bisiboy - sorry to say that the poor O.O. take up makes no difference to our dilution. Those O.O. shares not taken up are guaranteed to be placed by Liberum.Unless the motions are defeated at the EGM, as per yesterday's announcement: "The remaining 12,023,912 New Ordinary Shares to be issued pursuant to the Capital Raising have been allocated to Placees procured by Liberum Capital." 13.3m new ordinary shares WILL be issued on 16th September, subject to approval at the EGM the day before, irrespective of O.O. take up. Just to clear up some further possible confusion: only the ordinary shares currently in issue (not the 13.3m extra shares) will receive the cash dividend of 0.145, payable on 22nd October. ALL ordinary shares, including the 13.3m new ones, will be eligible for the preference share bonus issue of 1.25 prefs per ordinary share held. The prefs will be issued (and the ords will go "ex" that scrip) on 17th September. Hence a big drop in the share price of the ords can be expected on 17th. The hard question to answer is how big the drop on that date will be? It is not clear what the dividend on the ords will be in future, but the prefs will pay 8p/annum each, payable in 4 quarterly instalments. It is all but certain that the ords will trade at a big discount to NAV (where NAV is net of the notional value of the prefs) but how big that discount will be remains an open question. As always this is all AIUI, DYOR. Cheers, Mark |
Posted at 24/8/2010 09:28 by 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. |
Posted at 23/8/2010 23:15 by 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. |
Posted at 23/8/2010 11:05 by 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 :-) |
Posted at 22/8/2010 14:48 by zastas I think we should not overlook that capital goes up by about 25%. If, IF the return on new, MBS investment is similar as the current ones, then the total income available for the increased ordinaries goes up too. So, not 32 eurocent but 40 eurocent will be available for pay-out. Or alternatively, part available for an increase in NAV.So, Marben100 has calculated 18.3 cent for the PREFs. Then about 22 cent is available for the Ords. So about 14 eurocent per Ord. They were recently trading at about 13% yield, so I suppose somewhere between Euro 1 and 1.20 should be its marketprice to settle at in the near future. The Prefs could be more attractive then we, mostly share-investors, think. Because it will be redeemed in 7 years, esentially it is a 7-year bond. But with the advantage of coming with basic-tax already paid. And this company has no other debt, in particular bank debt which usually sits as more senior secured ahead of bonds in other 'ordinary' companies. So, a bond-equivalent yield of 10% with guaranteed redemption in 2017. In the case of IERP 9%, these are trading above-par and IERE has 10 times as much bank-debt sitting senior to the 30 million Prefs. QWIL could lose 50% of its asset-value without endangering the Prefs. That sounds almost safer than lending to governments, including the UK's, which only pays 3.5% pre-tax. We could be surprised by market-strength by fixed-income buyers, including big funds. For now I am taking-up only a part of my entitlement, essentially what I have already in cash euros available. I would buy gladly more except that I currently am at my self-imposed ceiling of what I want to have invested as a percentage in a single share. There's more time to re-consider. So if you do nothing, you should end-up with an ordinary worth about Eu 1.10 and in Prefs £1.25, together about E 2.50, the same as the marketprice before the OO announcement. That leaves the question how this benefits the current shareholders. For us small ones, not a lot that I can see. But the big one, Cheyne, can get a big capital return now if it off-loads its Prefs. And ofcourse as a manager it will get more fee-income. QWIL is almost following in the footsteps of the splits, with one income share and a growth( variable dividend for now) one. Perhaps the sum of these two will prove to be worth more. |
Posted at 19/8/2010 08:07 by rat attack envirovision - all prefs are repaid at par ie £1. Prefs have notional value of £1. Rights are explained on pages 103-104.Rights as to capital On a return of capital on liquidation or otherwise (other than by way of repurchase or redemption of Shares in accordance with the Articles and the Companies Law) the assets of the Company available for distribution among the Shareholders shall be applied first in repaying to the Preference Shareholders the sum of £1.00 per Preference Share (the "Preference Share Notional Value") together with a sum equal to any arrears and accruals of the Preference Dividend and any further sum payable in respect of the Preference Dividend in each case calculated down to the date of the return of capital and to be payable whether or not such dividend or further sum has been declared or earned (the "Repayment Amount"). Secondly, the balance of such assets shall belong to and be distributed among the Ordinary Shareholders in proportion to the number of Ordinary Shares held by them. Rights as to redemption The Preference Shares shall be issued as redeemable shares within the meaning of the Companies Law. The Preference Shares shall be redeemed by the Company in the following circumstances, in accordance with the terms of, and subject to the conditions set out in, applicable law and regulation including the Companies Law and the Revised Articles: (a) at any time, by way of the purchase of any such Preference Shares by the Company through the facilities of the London Stock Exchange; or (b) upon a change of control of the Company (defined as the acquisition by a single person or persons acting in concert of more than 50 per cent. of the voting rights attached to the Ordinary Shares), but only if a majority of Preference Shareholders attending and voting at a special class meeting of Preference Shareholders (which shall be convened within 60 days of the change of control) so resolve by way of an ordinary resolution, at a price equal to the Repayment Amount; or (c) if more than 75 per cent. of the Preference Shares have been redeemed before the expiration of the seven year period referred to under paragraph (d) below, by way of a mandatory redemption programme launched by the Company at its sole discretion, at a price equal to the higher of (i) the Repayment Amount, or (ii) the average mid-market closing price over the five Business Days prior to the announcement of the launch of such programme; or (d) if not redeemed earlier pursuant to paragraphs (a), (b) or (c) above, on a date that is seven years after their issue at the Repayment Amount. Redeemed Preference Shares shall be cancelled or held in treasury (subject to all applicable legal and regulatory restrictions). |
Posted at 17/8/2010 12:20 by 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? |
Posted at 17/8/2010 11:32 by 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? |
Posted at 25/6/2010 17:16 by papy02 I've just been in and out of QWIL made approx 10% in 3 days, incl the div to come. Many thanks to those on this board! Decided I didn't know/understand enough about their business to be comfortable LTBH at the mo, but would like to learn / gain the confidence to go back in. The circa 14% yield, 40% disc to NAV, low P/E, no debt, are all attractive value parameters and provide downside protection. On the other hand "riskiest tranches of ABS", large % exposure in Portugal, etc don't sound like a recipe for sleeping at night! Given this team delivered up to 95% capital loss (now down to 80% capital loss whoopee) to the original IPO investors, I'd greatly appreciate any views/comments as to the downside risks and protection now, e.g. in the event of worsening Euro zone sovereign debt and banking crises. I've scanned most of the IPO prospectus and latest Qly and 2009 results. The prospectus is amusing in a schadenfreude kind of way e.g. "Investment objective is to preserve capital and provide stable returns via quarterly dividends", given the subsequent capital losses! I ended up with too many queries I couldn't answer from my quick scan, which contributed to my lack of confidence to LTBH. I'd be grateful for any clarification from the discussion board on any of these: - Why are the shares of "no nominal value"? - Does Guernsey retain a Witholding Tax on the dividends? - Who do QWIL "dispose of" the portfolios to? Eg Magellan 2, or (future) Magellan 1. At what % of face? Is the Investment Manager getting any rake-off on sales? Do we know if Goldman Sachs is on the other side of the Magellan trades (re the total return swaps they provided to give QWIL exposure to the above 2 portfolios?). Or if GS passed the short exposure on, do we know who to? (eg the original Portugese bank, to shed their overall exposure?) - Given the investment management fee to Cheyne of 1.75% of NAV, and the 50% discount to NAV, the fee amounts to 3.5% of a new investment in QWIL shares. So to maintain the 16% yield they have to achieve circa 20% income pa (as % of share capital). This starts to look like "if it looks too good to be true ..." ? Do we expect the dividend to be maintained at current levels despite investment in lower income mezzanine debt? - BTW, I assume there are no incentive payments to Cheyne, under the Management Agreement, at the moment? (or has the Management Agreement been varied since Admission ?). Any ideas what will happen at end of this year when the current agreement expires? (eg is it likely to be "rebased" so Cheyne make incentive money despite the losses to original investors?) - Does Cheyne still own 44% (ish) of QWIL? - I'm not clear which SPVs are / are-not consolidated into QWIL accounts is there the potential for negative investor "surprises" from those that are not? Many thanks for any guidance / education on this one. I like all those value-indicators, just need to get more comfortable with what the risks are. |
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