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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Raven Prop 6.5 | RAVC | London | Preference Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 85.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 85.50 | 85.50 |
| Top Posts |
|---|
Posted at 24/4/2020 14:18 by gfrae I agree with you tradertrev, clearly Quilters take a different view. Though I think this is a bad deal for RAVC which I have recently bought because ,like you,I thought they were by far the most attractive of the three. It is good for the ords though,which I also hold. |
Posted at 24/4/2020 13:01 by tradertrev As of a few days ago I thought RAVC was the most attractive risk/reward play of RAV's capital stack. Now we are being taken out in a nil premium paper swap for the less attractive instruments. The removal of the redemption liability does however improve the risk profile of both remaining instruments in the medium term. |
Posted at 02/12/2019 12:25 by yieldsearch Stun12: thank you, you are right that the ravc should gradually trade toward the 1.35, pls see below:RAVC was issued at 1.00 on the 7/7/2016 Ravc right of capital is increase by 3.5p per completed 12 months and proratat for the 12months. using 7/7/2016 and today, i am calculating 3.40 years of accrual, implying 11.92 pence above the 1.00 issue price. So if RAV is wound up, taken over, etc, today, the RAVC holder would be entitle to £1.1192 per shares. versus most recent trade at 1.0444 |
Posted at 02/12/2019 11:46 by stun12 Thanks, Yieldsearch. A full and clear explanation. Mine are indeed in a SIPP and the 2026 redemption option was the kicker for me. One other point is that you would expect RAVC to gradually amortise upwards towards the 135p price over time to keep the total return tom maturity at least reasonably consistent. Clearly, this is not the case currently with the Woodford overhang still keeping the price depressed. |
Posted at 02/12/2019 11:42 by davebowler Scrip dividend Tax |
Posted at 02/12/2019 11:40 by ramellous Thanks for that good reply. I wasn’t aware that RAVC were redeemable at 1.35. So that’s a guaranteed 30p profit on today’s price in 6 yrs along with a 6% yield in meantime. I can’t see much point in the share price dropping in that case unless it’s all Woodford related.I have a small amount of ravp in my sipp. |
Posted at 02/12/2019 10:58 by yieldsearch Ramellous:not sure that they are preferable to the RAVP, as they have different payout (Ravp large coupon, ravc large part of the yield is crystallised as maturity in july 2026), and also for the ravp dvd if it is received as certificate, it is part of your capital gain tax allowance, not income tax. see below summary feature of RAVC: dvd date: 31st March, 30 June, 30 Sept, 31 Dec dvd rate:6.5% per annum if dvd not paid, it is accruing at 8%, rising to 10% if not paid for 6 months Ravc dvd is ranking in priority to the payment of any other shares (pref or ordinary) Ravc capital is ranking senior to any other share, and that priority amount is increasing by 3.5p per completed 12 months since closing redemption at maturity (6July2026): £1.35 (versus issue price of £1.00 conversion rate: 1.8181 ord shares for 1 convertible shares So ravc is senior to ravp in term of dvd and capital. however the ravp dvd is paid on an ongoing basis, you have to wait till the ravc redemption to receive the full return on ravc. ravp running yield is higher than ravc running yield (12p vs 6.5%) yield to maturity on ravp is really 12p /current price yield to maturity on ravc is the 6.5 coupon/ ravc price, plus discount of the 1.35 to be received at maturity. and also the option value in the convert (just time value now i guess, too far away to be exercised) lastly, because ravp is a perp vs ravc expecting to redeem in 2026, it is more sensitive to change in interest rate that ravc: if interest rate environment is shooting up (yield curve), it would have more negative impact on the ravp than the ravc, as ravp has a larger duration (this paragraph may be completely irrelevant if people assume low interest environment for long term, just fyi) i have both ravp and ravc. ravp for the tax feature, really thanks to Kenny on the RAVP chat, he has a wealth of knowledge on this company, and ravc in tax sheltered structure (sipp) for the capital appreciation and the added bonus of potential conversion. |
Posted at 22/7/2019 15:48 by davebowler Apparently Woodford has dumped millions of RAVC at 95p (ish) and Singers have placed the lot at a profit!Missed out when I tried to buy at 97p. |
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