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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% 28.50 25.00 32.00 28.50 28.50 28.50 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.3 -0.9 -1.7 - 15

Secured Income Share Discussion Threads

Showing 151 to 174 of 175 messages
Chat Pages: 7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
20/8/2021
17:03
Its all relative , apollo, have a look at the KKVL board and their announcement! Could the directors of these two trusts get together and cut costs? Do we need two boards for example?
makinbuks
20/8/2021
15:20
They charge a lot for very little work! "Management fees payable by the Company to KKVIM of £20,500 per month from 1 August 2021 to 31 December 2021; ยท A payment of £20,000 in total payable by the Company to KKVIM, but conditional on a senior employee providing continued services to the Company to 31 December 2021; ”
apollocreed1
01/6/2021
10:06
Disappointing revelation today though not completely out the blue. Is this the cause of Dawn's sabbatical?
makinbuks
25/3/2021
17:12
Still no factsheet on the website two days after the RNS
makinbuks
11/3/2021
10:52
12.5p to be returned, 16% of NAV. Pleased with that and the B share issue is a sensible construct. Wonder if we'll see a narrowing of the discount
makinbuks
24/2/2021
18:43
Might they buy back shares with the spare cash in the market? That would seem a sensible move when we trade at a significant discount
makinbuks
24/2/2021
18:42
December factsheet reveals cash of 4.7p, scheduled maturing debt to June of 8.9p and income for six months to June around 3p net of fees. Wonder when we'll get another slice repaid?
makinbuks
07/1/2021
17:13
Fair enough Spec, shame to see you go but encouraging that there appears to be a buyer in the background. With cash plus repayments <6months at 23% I think you're premature but your points about comparative value elsewhere and lockdown risk are well made
makinbuks
07/1/2021
15:41
I've sold almost all this week, in trades mostly not reported, and at nearer mid than bid, so there must have been a decent buyer. Don't dislike the return profile for SSIF - income coming in, returning chunks, winding up, discount. But I've been in them for yonks, and the last few capital returns have been chunky, eg the recent 5p divi paid out and still been able to sell at the same price if not higher. Has been enough to tempt me - once size finally available. Good luck holders. I'd be slightly wary of the few p of NAV left over from original incarnation (I think it'll be at risk), & the last NAV of 83p is really 78p. There's bull cases on possible write-backs and ongoing income, but not the margin for me atm. Much better than Dawn Kendall's others - eg KKVX - with "..All borrowers...meeting their debt obligations..", but lockdown is back, and risk is on.
spectoacc
26/11/2020
14:45
Not with the chunks they're returning to us. But I guess it'll get increasingly concentrated to the more dross-y end over time - and can never rule out mark-downs, even at this late stage of Covid.
spectoacc
26/11/2020
14:39
Is a 20% discount to NAV justified here? Assuming theyve done their bad debt provisioning correctly I'd have thought not
makinbuks
20/8/2020
11:08
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
07:14
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
07:43
Some write-backs to offset a loss it seems - good job. Sounds generally positive, as per usual.
spectoacc
15/7/2020
13:32
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
12:06
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
14:16
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
14:54
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
17:03
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
10:04
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
09:54
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
08:12
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
11:30
Yes creating size through that sort of merger would help make the management side more efficient
makinbuks
30/4/2020
15:32
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
Chat Pages: 7  6  5  4  3  2  1
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