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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Secured Income Fund Plc | SSIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 24/1/2020 08:14 by spectoacc Has taken them a few days, but the communication at SSIF is much improved:"We would like to share with you a recently published research note from Kepler on the SQN Secured Income Fund. In light of Monday's announcement from SSIF's sister fund, the Asset Finance Income Fund, we would like to take this opportunity to highlight the following points: -- The SQN Secured Income Fund is managed by Dawn Kendall who joined to set up a separate subsidiary for SQN in April 2017 in order to take over stewardship of the trust. Dawn has over 30 years experience of fixed income investing, previously holding senior positions at Twenty Four, Investec, Architas, Newton and SG Warburg. -- The Fund is very well diversified across sectors with the diversity of borrowers reducing thematic or sector risk. The Fund does not hold any exposure to Anaerobic Digestion projects and therefore will be unaffected by the write downs associated with these assets in the sister fund SQN Asset Finance Income Fund managed by Neil Roberts. -- As you will read in the attached independent note from Kepler, since taking over the Fund Dawn has built a portfolio of senior secured direct loans and reduced the Fund's (inherited) exposure to peer to peer platforms. Dividend cover has been achieved with the new asset mix, the underlying portfolio now generates a yield of 10% which is in excess of the target return of net 8% total return per annum. -- As highlighted in the note, the Fund AUM at the end of December was GBP50m which is below GBP250m targeted when management was assumed. As a result, investors will be given the opportunity to decide on the Fund's future by way of a continuation vote and as mentioned in a press release in December 2019, SQN and the Board are in discussions regarding the timing for this and we will be in touch on that point shortly. We hope that the work carried out by Dawn and the team provides comfort that the mandate is in good shape and will continue to provide the returns that make it an attractive proposition to investors seeking a regular income. We thank you for your continued trust and support. If you would appreciate a follow up call to discuss the Secured Income Fund in further detail we would be very happy to organise. " |
Posted at 10/10/2019 07:11 by spectoacc Wow. It's as if we've been in the dark for the past 3 years, and now suddenly there's full & frank disclosure. Must admit I started skim-reading about 2/3rds of the way through but there's some fascinating stuff in there.Somerston clearly going to be an overhang issue. Can't see them not favouring Option 3, which I'm guessing involves folding into SQN or SQNX. Some very interesting legacy investments - loved the "..All the directors had resigned and it's now a crytpo investor" paragraph. The divi cover comments are a big positive. The continuing cash levels, in part to cover currency hedging risk, less so. As is are the comments about a future rise in provisioning as the legacy portfolio runs down. I'd go with any of the 3 options in truth. |
Posted at 16/4/2019 13:13 by makinbuks Just been reminding myself of the following from the announcement made on Dec 11th"In further support of SSIF's relaunch and growth plan, Somerston (owner of c.28% of SSIF) has agreed to make up to 11,780,000 of its shares (the "Option Shares") available to new investors at a price of 95p per share, a 2.2% discount to the last published NAV in October. The Option Shares represent approximately 80% of Somerston's entire shareholding in SSIF. The Investment Manager and the SSIF Board see this as an important step in further broadening SSIF's investor base and it is expected that any increased free float of SSIF's shares will boost liquidity in the market. To the extent that Somerston retains any Option Shares at 31 March 2019, the Investment Manager has agreed to buy any such residual shares at 95p per share with a view to making such shares available to new investors as SSIF's growth strategy takes its course. The number of Option Shares has been agreed such that the Investment Manager can at most hold shares representing 29.9% of SSIF's voting rights and as such no obligation under Rule 9 of the Code will be triggered" So quite apart from the question of raising new funds I find it surprising there has been no RNS post 31st March concerning the shareholdings of Somerston, the Investment Manager and others. I can't imagine anyone will have paid 95p when 92p was available in the market but if the transaction didn't go ahead surely a RNS would be necessary for that too |
Posted at 27/7/2018 14:25 by spectoacc @Makinbuks - finally found it, from Feb 17 (the Secondary Placing of course being the sale of the GLIF shares, which passed off successfully):"General The Directors recognise the importance to investors of increasing the Company's size to increase the liquidity in its shares in the secondary market. The Directors believe that the Company's prospects for issuing further shares in due course will be enhanced significantly if the Secondary Placing is completed and the other proposals referred to in this announcement are implemented. However, the Directors recognise that there are no guarantees that the Company can increase its size substantially. Accordingly, if the Secondary Placing is completed, the Directors will seek shareholder approval to amend the Company's articles of association so that they will be required to convene a general meeting of the Company to consider a continuation resolution (an ordinary resolution) if the Company's net assets at 31 December 2019 are less than GBP250 million." |
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