Sequoia Economic Infrast... Share Discussion Threads

[orinocor] 18/4/2023 10:08

Happy with todays update and they are going to announce a dividend in 2 days. There is something worrying the market though for this to be yielding over 8%. That's too high.

[gateside] 12/4/2023 16:39

Looks like it's finally edging back upwards.Buys a nice yield at current price

[badtime] 28/3/2023 16:24

Took a nibble at current day low

[spoole5] 28/3/2023 16:07

GCP more reliant on power prices I think

[apollocreed1] 28/3/2023 15:56

I'm comparing SEQI to GCP Infrastructure (GCPI). SEQI on a discount of 13.88% and GCPI on a discount of 22.71%. They seem to be very similar, so does it not make sense to sell or trim some SEQI and reinvest that into GCPI?

[williamcooper104] 17/3/2023 15:24

Yep If maturing funds can't be invested at a decent risk adjusted premium to the divi yield then best to buy back - which is like buying into your own divi yield

[cocopah] 17/3/2023 15:21

#spoole5 they should do in time because shares in Treasury pay no dividends and obviously the less shares in circulation the better for investors. Not aware of any other new debtor problems and we should see the benefit of increased rates feeding through into the NAV as well as the dividend cover increasing.🤷‍♂ᥧ9;🤔

[spoole5] 17/3/2023 12:00

Buybacks not helping this

[uapatel] 14/3/2023 16:32

Small top up this morning for me.
Hopefully share price will recover at some point, but here for the income.

[cocopah] 14/3/2023 14:35

Pity that mark to market means that we have to show unrealised FX movements otherwise would have seen an increase in NAV. Not much new lending going on but there again I guess the opportunities for quality business are few and far between. Interesting to see that of the remaining £40m we are under water to Bulb £11.3 million has now been agreed as a swap for equity in the technology. Fingers crossed that over the next year or two, we might see that make a profit and then get charged back to us.🤞🏻;🤷‍ 794;️🤔;

[cocopah] 14/3/2023 14:27

The NAV per share for SEQI decreased to 93.10 pence per share from the prior month's NAV per share of 93.55 pence per share, representing a decrease of 0.45 pence per share. A full attribution of the changes in the NAV per share is as follows:
January NAV 93.55
Interest income, net of expenses 0.68
Asset valuations, FX movements net of hedges -1.14
Subscriptions/Redemptions 0.01
February NAV 93.10

As the Company is approximately 100% currency hedged, it does not expect to realise any material FX gains or losses over the life of its investments. However, the Company's NAV may include unrealised short-term FX gains or losses, driven by differences in the valuation methodologies of its FX hedges and the underlying investments - such movements will typically reverse over time.



Non-performing loans
There has been ongoing progress over the past month in relation to the Company's non-performing loans and there has been no significant changes in their book value as at 28 February 2023.

The Company has agreed with the administrator of Simple Energy (which is the guarantor of the Company's loan to Bulb Energy) to, in effect, exchange approximately £11.3 million of its loan for a majority shareholding in Zoa. Zoa is a pioneering business that owns all the software developed by Bulb and has about 100 employees focused on further developing the software, which will be marketed to energy supply companies in the UK and elsewhere. Zoa is taking steps to raise additional, third-party equity (e.g. from venture capital or private equity funds) to support its growth. Further updates will be provided to shareholders in the future when developments occur.

[spangle93] 16/2/2023 17:13

At least you found a positive - share performance hasn't been "shout it from the rooftops" good, and the graph is ugly

At this rate I'll have to average down, but still hope it's a good long term investment for income and for some growth too

[spoole5] 16/2/2023 16:34

Another chunky buyback.

[cocopah] 14/2/2023 11:00

The following investments settled in January (excluding small loan drawings of less than £0.5m):



• An additional loan for £14.1m to Project Spinnaker (Toob Limited), a high-speed Broadband provider in the UK; and

• An additional loan for PLN 15.4m (equivalent to £2.9m) to Green Genius to finance the construction of solar PV projects in Poland.



No investments sold or prepaid in January.



Non-performing loans

Interesting that having been given lots of detail over the last few NAV updates … just a general “nothing’;s changed” in this update. Doesn’t look like much new lending is going on, probably a reflection of the lack of opportunities.


From the update … “There has been ongoing progress over the past month in relation to the Company's non-performing loans and there has been no significant changes in their book value as at 31 January 2023.”

[spoole5] 14/2/2023 08:18

Decent nav update

[williamcooper104] 08/2/2023 08:15

ThanksI sent the KID to IBKR and after a few days they've restored access Fortunately was able to top up at similar prices as was prevented from

[spoole5] 08/2/2023 08:05

Nice chunky buyback there

[catch007] 02/2/2023 20:11

There are 2 ways I have found to get around the nonsense KID issue.

1. Buy directly via app not the website. I bought last week and deal concluded without hassle.

2. Speak to adviser and seek a workaround trade i.e the telephone trade but executed at online rates. I have done this previously with ii.

Hope this is helpful

[cocopah] 02/2/2023 00:55

Interesting price action over the last week.

[williamcooper104] 26/1/2023 14:39

Thanks Just found the KID on HICL on their website (also blocked) and sent it via secure message

[jonwig] 26/1/2023 14:24

re ii and KID -

You try to trade, ii says no, we don't have a KID.
You phone and object, "there's a KID on the company's website".
They say they get the KID from Morningstar along with a load of other material and have an exclusivity contract. Advise you send a secure message.
You send a secure message and after a day or five they say they will sort it.
They do, eventually, but the bird has flown.

Suggest sending the secure message at the first stage and remind them that it's an old problem.

[williamcooper104] 26/1/2023 13:41

Thanks They've blocked most uk investment trusts on basis that they can't find their KIDs HL did this a few months ago but sorted in out pretty quickly

[cwa1] 26/1/2023 13:29

No problem with buying at ii or iDealing FWIW