ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

SSIF Secured Income Fund Plc

6.00
0.00 (0.00%)
23 Apr 2024 - Closed
Delayed by 15 minutes
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 Shares Traded Last Trade
  0.00 0.00% 6.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
4.00 8.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 6.00 GBX

Secured Income (SSIF) Latest News

Secured Income (SSIF) Discussions and Chat

Secured Income Forums and Chat

Date Time Title Posts
26/8/202218:48Another change of name for SMEF176

Add a New Thread

Secured Income (SSIF) Most Recent Trades

No Trades
Trade Time Trade Price Trade Size Trade Value Trade Type

Secured Income (SSIF) Top Chat Posts

Top Posts
Posted at 26/8/2022 18:48 by andy246
The only disclosed cash collections in H1 2022 are £1.0m from borrowers #1 & #2. In addition, the company has confirmed that borrowers #3 & #7 have continued to make payments on time.

Since Dec-21, the NAV per share has increased by £1.82p (net of the dividend payment in the period), which can be broken down as follows:
a) -0.89p from the confirmed impairment increase of the Film loans (disclosed in the HY report)
b) +1.33p from interest income less opex (this is my estimate based on H2 2021 actuals and the reducing size of the loan portfolio)
c) +1.38p (i.e. the remaining amount) from impairment releases due to either:

c1) Change in impairment methodology - none have been disclosed to date, other than the Film impairment change listed above (changes in impairment policy are generally disclosed in the monthly NAV updates)
c2) Releases from cash collections, whilst keeping the impairment rate unchanged - this is what I believe is driving the NAV increase (mostly borrowers #1 & #3)

In H2 2021, the Medical loan repaid £520k, and the impairment was reduced by £260k, to keep the impairment rate constant between Jun-21 and Dec-21 at 50% of outstanding loan amount. This is what is driving item c) above

Would be good to get your view of the 3 items below, and their drivers (if different from mine).
I can send you my excel model with all historical data and my projections if you send me your email by private message
Posted at 26/8/2022 09:29 by andy246
Mak,

I tracked the semi-annual repayments and provision movements of all SSIF loans over the last 12-18 months, and I am focussed in particular on the Lending and Medical loans, which are marked as of Dec-21 at 70% and 50% of the gross loan amount (included in the NAV figure)
If these loans are repaid, their provision will be released and booked as profit in the P&L.
Each time cash is collected on these 2 loans, an amount of provision is released so as to maintain the same loan marking level. This is what is driving the consistent monthly NAV increases since Jan-2022 (which also reflects interest income net of opex, and FX impact). Note that the company has announced significant cash collections on certain loans since Dec-21.
It might be helpful for me to share my research.
Posted at 25/8/2022 13:25 by andy246
Good time to buy some more SSIF below 15p before the expected H2 loan repayments and capital return announcement. The shares are quite illiquid, but I can see a few brokers have >200'000 shares available for sale
The NAV has increased every month since January 2022, which means that cash repayments are ongoing, and the company is releasing provisions (for example on the Medical and Film loans).
Posted at 06/6/2022 10:20 by markth
You get one b share per 16.66 shares owned
Posted at 01/6/2022 14:38 by makinbuks
The B share return of cash is 6p, where do you get 0.36p from?
Posted at 11/3/2021 10:52 by makinbuks
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
Posted at 07/1/2021 15:41 by spectoacc
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.
Posted at 15/7/2020 13:32 by spectoacc
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.
Posted at 30/4/2020 11:41 by spectoacc
"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.
"
Posted at 22/8/2018 12:53 by spectoacc
XD wont have helped SSIF share price.
Secured Income share price data is direct from the London Stock Exchange

Your Recent History

Delayed Upgrade Clock