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Share Name Share Symbol Market Type Share ISIN Share Description
Secured Income Fund Plc LSE:SSIF London Ordinary Share GB00BYMK5S87 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 66.00 65.00 67.00 66.00 66.00 66.00 10,378 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.3 -0.9 -1.7 - 35

Secured Income Share Discussion Threads

Showing 151 to 174 of 175 messages
Chat Pages: 7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
20/8/2020
10:08
Yes, the incentive fees are interesting too. Look pretty balanced to me. Interesting that they get 10% of anything in excess of NAV. That gives incentive to keep pursuing loans that have had a provision applied to them, ie a lot of the platform stuff. A key theme seems to be simplicity and avoidance of cost. I'm delighted with that and the simplicity of repayment via dividend. Your 3rd point is correct but doesn't affect me personally
makinbuks
20/8/2020
06:14
Reduction in fees is a positive, no obvious bad news, but a few things stuck out from a quick read: 1. Moving to qtrly divis (fine) 2. Avg duration is short, under 3 years, but longest loan is over 5 years and an obvious possibility of extensions due to Covid 3. They plan to return cash via more dividends, which isn't going to be particularly tax-efficient for those holding outside ISA/SIPPs
spectoacc
30/7/2020
06:43
Some write-backs to offset a loss it seems - good job. Sounds generally positive, as per usual.
spectoacc
15/7/2020
12:32
Agreed - something close to NAV (c.87p), and the divi along the way, with hopefully some decent capital returns sooner rather than later. Good point about platform loans, and of course Covid. Pretty sure the SQN RNS the other day will have opened the SSIF Board's eyes to Dawn Kendall & co. They had enough of that from the GLIF days. Could perhaps have given an option to roll into SQNX rather than SQN, but SSIF does have one of the shorter durations & aren't alone in winding up. The whole sector's been a palava, with just one or two notable exceptions (eg read GABI RNS today), & others gone into wind-down (eg HWSL). "Secured" is a misnomer.
spectoacc
15/7/2020
11:06
Yes I agree, although I was still half expecting a rabbit to be pulled out of the hat because I'm confused now regarding Dawn Kendall's new business as manager. Surely she saw this coming, but it does her no good at all?? I think they snuck in a warning today about the Covid related issues. The platform P2P stuff is still c. 6% or something so there may well be further write downs. Still not happy but no problem to hold for 3 years while something close to NAV is returned
makinbuks
14/7/2020
13:16
The only sensible choice IMO, tho suspect the recent SQN shenanigans put the nail in the coffin of rollover. We'll be waiting a good while to get full value back, but if they're still earning/paying divis in the meantime, happy with that. Plenty (SQN!) have much longer average duration: "The longest dated loan in the portfolio matures in March 2026, whereas the weighted average life of the portfolio is 2.9 years which includes some extensions for CoVid. Subject to shareholders approving the managed wind-down, the Board will, in seeking to maximise value from the Company's portfolio, consider asset sales if appropriate terms can be agreed, but expects that the majority of the portfolio will be run off in accordance with the maturity profile of the loans with the possibility of some borrowers refinancing their loans with the Company prior to such maturity dates."
spectoacc
19/6/2020
13:54
They requested the vote go this way, they expected it. So why do we have to wait until September, presumably at the limit of the 90 day limit, to know what's going to happen next? "Accordingly, the directors are required under the Articles of Association to convene a further general meeting of the Company to be held within 90 days of the date of the General Meeting to consider a special resolution to approve the voluntary winding up or other reconstruction of the Company. Therefore, the Board will now undertake a strategic review into the future of the Company, in particular examining the likely returns to shareholders and the timing of any managed wind down of the investment portfolio compared to other options to return capital to shareholders or the creation of a more liquid investment in a larger vehicle listed on the London Stock Exchange. The Board will consult with shareholders as part of the strategic review process and intends to inform shareholders of the outcome of the strategic review at the end of August 2020 with a view to holding the required general meeting in September 2020."
spectoacc
26/5/2020
16:03
I assume he represents the shareholder who wants out. I suspect they are agitating for a wind up for cash rather than rolling their stake into another vehicle. At least we will be saving some fees! David Stephenson strikes me as a sensible bloke with PI's interests to the fore. I did think the announcement was somewhat downbeat.
makinbuks
26/5/2020
09:04
Couldn't tell from that whether they really want to wind it up, or want to go down the route mooted above - and what's with the director resignation/conflict?
spectoacc
26/5/2020
08:54
Sounds like get the wind up startted with a deal in a few months/ a year once the position with COVID is clearer to shorten the process. Whats the difference between that and the ongoing payment of an uncovered dividend? Obviously the main concern is that we get as close to NAV as possible. Personally I have no problem waiting
makinbuks
02/5/2020
07:12
Hold SQNX & SSIF (in size) but no SQN, & wouldn't much fancy a merger with that long duration, dodgy AD co too. Thinking they might realise as much cash as they can across all 3, then announce an option of getting money back (at a discount) or continuing with a larger, fully merged entity. Certainly won't be imminent but perhaps a year down the line if/when Covid over, AD issues resolved etc. With the cash exit not too generous in the knowledge the SSIF s/holders wants out.
spectoacc
01/5/2020
10:30
Yes creating size through that sort of merger would help make the management side more efficient
makinbuks
30/4/2020
14:32
Thanks @Makinbuks. Wonder if there'll now be an attempt to merge with say SQNX? Otherwise, IMO SSIF just too small to survive. They're never going to grow it.
spectoacc
30/4/2020
10:41
"It is the SSIF Board's expectation that at the same time as the appointment of KKV to manage AFIF is formalised, which is expected to occur on or around 1 June, 2020, the management of SSIF will transfer to KKV on the same contractual terms as are currently in place. This transfer is expected to take place with the agreement of both the SSIF Board and SQN CM which will continue to provide support and consulting services to KKV for a period of at least an additional twelve months at no additional cost to SSIF. The SSIF Board remains aware, however, that the appointment of KKV to manage AFIF remains subject to the finalisation of various agreements between AFIF, KKV and SQN CM. Shareholders should note that this expected change in management arrangements will not affect the previously announced Continuation Vote that is due to be held on 19th June 2020 and that Dawn Kendall and her team will be extensively involved in that process. "
spectoacc
30/4/2020
08:02
@Makinbuks - any views on previous RNS? Also interesting to see SQN.L "change" their manager - basically the same people, in a different corporate body.
spectoacc
27/4/2020
07:03
This line is a pleasant surprise! "In addition, the Board wishes to obtain a clearer view on the impact of Covid-19 on SSIF's portfolio before making any recommendation to shareholders. This applies to both the legacy portfolio and the more recent loans which SQN has originated and which, to date, are all performing in line with expectations with no missed payments."
spectoacc
31/3/2020
13:48
Saw it come out this morning, meaning to go back to it, completely forgot. It's excellent, IMO. Recognises the Covid-19 issue, recognises it may drag on (unlike so many, who think it'll be over inside a quarter). Saying an extra 12 months or so for wind-up, and delaying the EGM, perfectly sensible. And: " During these turbulent times our priority is to focus on preserving cash and maintenance of dividend cover for our Shareholders. Equally, we are pleased that the Manager is conducting sensible and cooperative conversation with our borrowers to set their minds at rest with a priority given to protecting their financial health and that of their people. This emergency period will pass and it is incumbent on all stakeholders to behave in a responsible and fair manner. We do expect the maturity profile of the loans to be extended but are encouraged that updates from underlying businesses have been broadly encouraging at this early stage. " So likelihood is loan extensions until Covid-19 passes. Often get nervous holding SSIF, but it's the pick of the bunch IMO. Compare it to SQN's latest massive NAV write-down of the AD plants today.
spectoacc
31/3/2020
13:42
Seems a pretty decent update today. Don't have much time, need to re read it carefully
makinbuks
25/3/2020
15:00
Lol - someone sold 20.6k when bid was 79p - and got all of 72p for them. Divi seems to still be getting paid - one of the very few! But realistically, who knows atm.
spectoacc
09/3/2020
16:10
Gorra laff - 84/84.5, really? No - 82p to sell 16.5k, then 81p to sell 12.4k. Tiny in the scheme of things, yet MMs given the sellers way under bid. SSIF should be moderately OK thanks to the NAV discount and monthly yield, and can see some sort of govnt relief for businesses unable to pay their bills. Can't say I'm adding tho!
spectoacc
02/3/2020
12:11
Quiet month in January, another 5 platform loans repaid yet cash slightly reduced. Monthly payout uncovered again
makinbuks
19/2/2020
16:08
Disappointed with the December update issued three weeks ago. Cash increased again to 8% and NAV fell by £458k after a dividend of £307k. This was sfter two months in whihch the dividend was fully covered and NAV rose. The implication is that something was written off, possibly in the region of £400k - £500k. Could that be a year end review knowing that the auditors are due in? The number of platform loans is now down to just 40 with an average value of £97k, 6.3% of the fund
makinbuks
17/2/2020
12:54
The three trades so far today are all shown as sales but they are in fact purchases!
dodgyknees
28/1/2020
12:55
I agree that is a pretty bold statement given their position and the uncertainty overt he future. Good to see, open and honest
makinbuks
Chat Pages: 7  6  5  4  3  2  1
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