SHRS

Shires Income Plc

255.50
0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Shires Income Plc LSE:SHRS London Ordinary Share GB0008052507 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 255.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
251.00 260.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Investment Offices 10.29 9.08 29.50 8.79 79.11
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 255.50 GBX

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Shires Income (SHRS) Discussions and Chat

Shires Income Forums and Chat

Date Time Title Posts
31/7/202216:34Shires Income - 6.6% quarterly yield.411
15/5/200608:31....YIELD OF OVER 5%!!!!!...27

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Posted at 08/6/2021 11:11 by bluemango
Nice little director buy, a NED buying £6,000 worth.

Price approaching the level reached in early 2020, which was the highest in a decade.

Posted at 21/11/2019 09:58 by speedsgh
Half-Year Report - HTTPS://www.investegate.co.uk/shires-income-plc--shrs-/rns/half-year-report/201911210700051165U/
Posted at 27/8/2018 13:59 by andyj
Its now the same price as it was 28 years ago. Why would anyone buy this?
Posted at 26/3/2018 15:22 by cwa1
LOL, thanks topvest, though today's "great Price" often looks like a " bought way too soon" price in a few week's time! Time will tell......
Posted at 26/3/2018 14:48 by topvest
I've added some as well, but not at your great price of 242p!
Posted at 12/3/2018 15:23 by spectoacc
Big NAV fall thanks to prefs - they must average it? Was expecting that sort of figure in Friday's RNS.

ELLA's bounced at least - not so much the others.

Can't seem to short SHRS anywhere for lack of borrow.

Posted at 03/7/2017 14:50 by davebowler
Winterfloods;
On 29 June Ed Beal (EB), manager of Shires Income, provided an update on the fund, which is summarised
below. Ed Beal is a member of Aberdeen AssetManagement's 16-strong Pan-European equity team.
Performance
 Over the last five years the fund has delivered a NAV total return of 90%, significantly outperforming its
benchmark, the FTSE All Share, which has delivered a total return of 65%. As can be seen in the table
below, it has also outperformed over the last one and three years.
 In its latest financial year to 31 March the fund paid a total dividend of 12.75p per share, representing a
yield of 5.1% on the current share price. This dividend was fully covered by revenue of 13.08p.
Portfolio & Manager's Outlook
 The investment strategy is to invest primarily in equity securities alongside some higher yielding
preference shares and a small option writing programme. The aim is to provide an above average yield
from a diversified portfolio, with an emphasis on total return and the management of risk.
 A portfolio of UK equities comprised 74% of the fund at 31 March, with 26% allocated to preference
shares to enhance income. The team also write short dated call and put options, which are typically
between 5% and 10% out of the money, as another way to enhance income. In the latest financial
year options generated 5.5% of income, while 60% came from dividends and 34.5% came from
preference share, fixed and bank interest. Within the equity portfolio, income is also diversified across
sectors, with the largest contribution coming from Oil & Gas at only 14% of dividend income (estimated for
FY 2018).
 The preference shares are viewed as being more defensive than pure equities although the manager does
not expect to see notable income or capital growth from this area of the portfolio. EB views gearing,
currently equivalent to 20% of net assets, as being solely invested in the preference share portfolio,
meaning that the fund is effectively ungeared into equities.
 Up to 10% of the fund is now permitted to be invested in Europe, with the allocation currently standing
at around 2.5% and holdings including Novo Nordisk. The manager notes that performance benefitted in
the wake of the 'Brexit' vote due to the significant overseas earnings element.
 EB believes that smaller companies are offering better growth opportunities at present. Small cap
exposure is predominantly gained via the holding in Aberdeen Smaller Companies Income*, which the
manager highlights provides diversification among smaller companies. New purchases over the last three
years have had a mid and small cap bias, which EB notes have lower yields but greater potential for income
growth. The smallest new addition is Manx Telecom (£200m market cap), the leading provider of
telecommunications and broadband services on the Isle of Man.
 While the team's outlook for the UK economy and stock market is not particularly optimistic, with
political uncertainty, high valuations and a likely slowdown in dividend growth cited as key concerns, they
highlight that the focus is on good quality companies that are able to perform well even in difficult market
conditions. In addition, they are more positive from an income perspective where key advantages include:
Sterling weakness; positive underlying earnings growth; and a reduction in the risk of dividend cuts
amongst the biggest UK payers.
 There is a significant emphasis on corporate governance and engagement with boards, with numerous
meetings and AGMs attended each year. For example, the team met with Pearson's Remuneration
Committee Chair in Q1 2017 to discuss a number of issues, including the restructuring programme and
data issues.
Murray Income
 Charles Luke, the manager of Murray Income Trust, also provided an update. This fund has delivered a
NAV total return of 63%, broadly in line with the benchmark. There is a 56% overlap between its portfolio
and Shires Income's equity portfolio and six companies are in both of the funds' top ten holdings.
 Key differentiating factors between the two funds are Shires Income's higher level of gearing (20% versus
2%) and preference share portfolio and Murray Income's higher international allocation (approximately
15% versus 2.5%).
Winterflood View
Shires Income has a good long-term performance record, with income from its relatively mainstream
equity portfolio boosted by gearing, the preference share portfolio and option writing. The current
dividend yield of 5.1% is notably higher than the UK Equity Income peer group weighted average of 3.4%
and is supported by adjusted revenue reserves (14.9p) representing 1.2 years of the most recent full-year
dividend. We view the preference share portfolio as a key differentiator from its peers and believe that the
diversification of sources of income should help to allow the fund to maintain its attractive yield. However,
its small size (£75m market cap) means that it is likely to be off the radar of many investors, which may
partially explain its current discount level of 11%.

Posted at 24/4/2017 15:55 by spectoacc
Still cheap IMO, happy holder here. ASCI (7% of SHRS) also popped back to new highs.
Posted at 12/4/2017 16:44 by essentialinvestor
Hoping to add back some SHRS lower down,
easier in theory than practice though.

Posted at 02/3/2017 10:18 by tel5
one to hold onto as dividend looks secure and possible capital growth as nav above 10% discount to share price
Shires Income share price data is direct from the London Stock Exchange
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