Sequoia Economic Infrast... Share Discussion Threads

[williamcooper104] 26/6/2022 14:43

Looks like good news FT reporting that the Bulb loan will be repaid at par Centrica pulls out of Bulb auction in blow to government https://on.ft.com/3OGJZvB

[cocopah] 22/6/2022 07:29

#Gateside Grr … blooming’ charts now pointing towards 88p as a low. Personally I can’t see that happening but I’m going to sit tight for a while to see what the next set of fundamentals are from the monthly update. Inflation worries abound and it’s too early to see the impact of their new hires on their risk parameters. It’s the old catch 22 on seeking income whilst making sure the gains aren’t wiped out by capital losses. I’d like them to pivot to more renewables lending if they can to mitigate infrastructure risks. 👍🏻😎

[gateside] 22/6/2022 07:07

There's your 94pHopefully that might be the bottom.

[cocopah] 16/6/2022 06:35

Latest NAV shows further deterioration to 98.39, no more money pumped into Salt Lake Potash but a bit more into Whittle school. Looks like Bulb may not be so disastrous but I still think there’s a little way to go to the bottom here, charts pointing at 94p. Thoughts?

[eithin] 09/6/2022 15:30

Many Thanks. Missed that one.

[rik shaw] 09/6/2022 14:17

The RNS of 6/5 revised the payment date

'The revised timetable in respect of the Q4 dividend is set out below:

Ex-Dividend date: 28 April 2022
Record Date: 29 April 2022
Payment Date: 27 May 2022

[gateside] 09/6/2022 13:31

A number of brokers paid the dividend early for some reason.

I got mine on 27th May

[eithin] 09/6/2022 13:17

9th. June now 2pm + NO DIVI RECEIVED CS Direct.

[gateside] 27/5/2022 10:37

From their website...

Interim Dividend for the Period Ended 31 March 2022

The Directors of the Company have declared that an interim dividend of 1.5625p per share will be payable to holders of Ordinary Shares as follows in respect of the three-month period ended 31 March 2022:

Ex-Dividend Date: 28 April 2022

Record Date: 29 April 2022

Scrip Reference Price Announced: 6 May 2022

Deadline for Scrip Elections: 24 May 2022

Payment/Allotment Date: 9 June 2022

Dividend per Ordinary Share: 1.5625 pence per share

[gateside] 27/5/2022 10:36

I received mine from ii today too.

[ramellous] 27/5/2022 10:24

Dividend paid today but it was declared to be paid on 9th June. I haven’t seen anything as to why I’ve received it early.

[williamcooper104] 18/5/2022 09:22

It's super senior so in theory should be recoverable, but does put pressure on the other outstanding loans as subordinates them Usually it's a case of bad if you put it in; worse if you don't

[cocopah] 17/5/2022 23:00

#Williamcooper104 … yes I thought that too. Some good news and assuming more payments are received it will continue to improve the NAV position. Not sure whether the extra potash loan is throwing good money after bad but the company appointed Andrea Finegan in February (presumably to apply some rigour to risk management). More comms and an investor briefing would help but that won’t happen! 🙄😂

[williamcooper104] 17/5/2022 10:55

Good to see a £10m distribution from Bulb

[cocopah] 17/5/2022 10:08

Latest monthly update. It looks as if things are bottoming-out a bit but still a bit of pain to come IMHO. Too early for me to commit more funds because I think the discount to NAV still needs to find a support level.

hxxps://wp-seqifund-2020.s3.eu-west-2.amazonaws.com/media/2022/05/SEQI_Monthly_Report_20220429_C0j3b9En.pdf

[cocopah] 28/4/2022 14:25

Still trying to ascertain how much more bad news needs to be factored in here … if Bulb is worthless then we could see another 1.6% off the NAV before accounting for any damage from the other two loans in trouble. Thoughts?⬇5039;

hxxps://portfolio-adviser.com/sequoia-trust-questions-government-actions-as-value-of-collapsed-energy-supplier-halves/

[speedsgh] 21/4/2022 10:34

Dividend Declaration -

The Directors of the Company have declared that an interim dividend of 1.5625p per share will be payable to holders of Ordinary Shares as follows in respect of the three-month period ended 31 March 2022:

Ex-Dividend Date: 28 April 2022
Record Date: 29 April 2022
Scrip Reference Price Announced: 6 May 2022
Deadline for Scrip Elections: 24 May 2022
Payment/Allotment Date: 9 June 2022
Dividend per Ordinary Share: 1.5625 pence per share

Dividends will be paid gross of tax.

[speedsgh] 14/4/2022 07:59

NAV and Investment Update -

The NAV for SEQI, the specialist investor in economic infrastructure debt, increased to 100.50 pence per share from the prior month's NAV of 100.34 pence per share, representing an increase of 0.16 pence per share. A full attribution of the changes in the NAV per share is as follows:

February NAV: 100.34p
Interest income, net of expenses: 0.61p
FX movements, net of hedges: 0.05p
Decrease in asset valuations: -0.50p
March NAV: 100.50p

Portfolio update

With regards to the ongoing conflict in Ukraine, the Company confirms it has no investments in Russia, Belarus or the Ukraine (none of which is an eligible jurisdiction) and is compliant with the international sanctions imposed on Russia.

As at 31 March 2022, the Company had cash of GBP94.50m and had drawn GBP121.40m on its GBP325m revolving credit facility. The Company also had undrawn commitments on existing investments collectively valued at GBP66.30m. The Company's invested portfolio consisted of 66 private debt investments and 10 infrastructure bonds across 8 sectors and 29 sub -- sectors. It had an annualised yield -- to -- maturity (or yield -- to -- worst in the case of callable bonds) of 7.9% and a cash yield of 6.2%. The weighted average portfolio life is approximately 4.1 years. Private debt investments represented 95% of the total portfolio and 50% of the portfolio comprised floating rate assets. Investments which are pre -- operational represented 13% of total assets.

The Company's invested portfolio remains geographically diverse with 51% located across the US, 17% in the UK, 27% in Europe, and 5% in Australia/ New Zealand. Currently the Company is not investing in Portugal or Italy but has selectively invested in opportunities in Spain. The Company's pipeline of economic infrastructure debt investments remains strong and is diversified by sector, sub -- sector, and jurisdiction. At month end, approximately 99% of the Company's NAV consisted of either Sterling assets or was hedged into Sterling. The Company has adequate resources to cover margin calls on its hedging book.

The Investment Advisor continues to focus on the Company's non-performing loans. In relation to the loans to Bulb and Salt Lake Potash, there is no material news this month, although work towards their resolution is ongoing. In the case of the loan backed by a private school in Washington DC, discussions in relation to a re-capitalisation of the asset have progressed and, when completed, will put the project on a more stable basis. The marks for Salt Lake Potash and the Washington school loan have remained approximately unchanged this month while the mark on the Bulb loan has slightly decreased. We calculate the mark through assessing a variety of different factors each month, some of which have been positive and some negative, with a net result in the mark of Bulb being slightly decreased this month...

[cocopah] 04/4/2022 22:26

Not enough comms about their troubled assets and impaired income for me. See they have ‘strengthened’ their risk management ‘team’ … a bit late IMHO. Next NAV will be interesting. Some saying they can’t understand the fall in the share price … pretty obvious and more to come.🙈ԍ35;‍♂5039;

[gateside] 28/3/2022 14:05

Seems to have found support.Personally I think they will hold the dividend.

[cocopah] 25/3/2022 20:01

Are we thinking that a divi cut may be on the way?

[cocopah] 22/3/2022 18:49

3p from its all time low. I think more comms necessary especially on the bad debts and lower income.🤷R05;♂️

[cocopah] 14/3/2022 16:28

#speedsgh Flat NAV which is probably better than I expected. What do you think of the additional $2.4m lent to SLP to finance them during the restructuring process? I thought the last update talked about that investment being dead in the water.

[speedsgh] 14/3/2022 12:07

NAV and Investment Update -

The NAV for SEQI, the specialist investor in economic infrastructure debt, increased to 100.34 pence per share from the prior month's NAV of 100.31 pence per share, representing an increase of 0.03 pence per share...

... The Investment Advisor continues to focus on the Company's non-performing loans. In relation to the loans to Bulb and Salt Lake Potash, there is no material news this month, although work towards their resolution is ongoing. In the case of the loan backed by a private school in Washington DC, discussions in relation to a re-capitalisation of the asset continue and, if successful, will put the project on a more stable basis. In each case, the loans' marks this month remain approximately unchanged...

[cocopah] 09/3/2022 17:11

What is everybody’s thoughts about the upcoming NAV update given the government’s recent comments about Bulb?

Also, what impact do you think the loss of income from the three non-contributing investments will be?