SLF Realisation Share Discussion Threads

[ctrader3] 09/4/2021 15:34

interims soon so maybe a bit of a catch up.

[chucko1] 09/4/2021 15:27

Ask yourself where the 6p on the Cs came from. It's cash, and yet no announcement of debt sales or refinancing.

Probably the maturity of Borrower 45 at £8.37mn. At an NAV discount of 44% that is worth 2.64p on the share price and that's about what we have got here. Borrower 45 was a Stage 1 borrower, so no freebie there.

But no news of Borrowers 46 or 49 which would be more interesting. They are beyond their scheduled maturity, I think.

[ctrader3] 09/4/2021 15:18

Headline: KKV Secured Loan Fd - Second Price Monitoring Extn
Date/Time: 08/04/2021 16:40:53 ▼


Second Price Monitoring Extension


A second and final Price Monitoring Extension has been activated in this security. The auction call period is extended in this security for a further 5 minutes.


Following the first price monitoring extension this security would still have executed more than a pre-determined percentage above or below the price of the most recent automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction execution.

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often but not always indicates something happening (news) in the background
which us plebs don't know about and there was.

[makinbuks] 09/4/2021 14:54

ctrader3, what do you mean , trouble closing?

[ctrader3] 09/4/2021 13:54

x date 21 April

[spectoacc] 09/4/2021 13:52

Pretty lucky with that purchase on Wednesday! Silly seller.

5.5p Ords, 6p X's. Really pleased the X's are returning at a reasonable rate, without any obvious loan redemptions.


"The Board of Directors of KKV Secured Loan Fund Limited (the "Company") is pleased to announce that it has resolved to return an amount of 5.5 pence per share to Ordinary Shareholders, being £ 19.6m based on the current number of shares in issue, and to return an amount of 6 pence per share to C Shareholders, being £8,335,453 (the "Distributions")."

[ctrader3] 08/4/2021 15:42

trouble closing again, the reason is not apparent.

[chucko1] 07/4/2021 15:23

Yes, poor X with its lesser liquidity suffers from the keen seller. L is just sitting there but will react sharply to news either way, irrespective of trading flows.

[spectoacc] 07/4/2021 13:36

Nibbled more X under 34p, that seems a good price. Hidden seller around I think.

[ctrader3] 07/4/2021 09:26

still a willing seller holding down the price. maybe
some news might get them to accept a higher price until
they finish selling.

[ctrader3] 01/4/2021 15:33

if they return 5p of capital the share price should fall
to around 15p to buy xrc and the NAV to 31p.
so anyone buying after the return of capital
could still double their money.
could and should being the words to note.
whatever the outcome they will out trade me,
all about timing and then time in.

[spectoacc] 01/4/2021 14:08

Ha ha - fair point, but you'd have preferred 5% premium to 5% discount.. ;)

Not sure it included fees/noise tho:

"The Company's interests have been sold for a consideration of £2.9m. For ease of reference, this loan was marked as Borrower 13 in the June 2020 Report and Accounts with a carrying value as at 30 June 2020 of £3.05m."


Hopefully very little in the way of costs, since it was effectively flogged by someone else.

[chucko1] 01/4/2021 13:08

I'm not counting the 5% - fees and noise. It was "marked" at NAV minus 50% so 5% is rounding (of sorts).

[spectoacc] 01/4/2021 12:52

The AD they sold went for 5% under last NAV I thought. Let's hope it wasn't the best/easiest to sell.

AD has been a fiasco, no income and big write-downs, but perhaps the lumpy nature of it will create more money back to shareholders soon.

Still got no L's here - but plenty of X's.

[chucko1] 01/4/2021 12:14

I agree on the issue of AD, except the sale price of NAV flat on that little AD 2 weeks ago was uninspiring to bulls like me. NAV flat across the board would be fine, of course (we would double our money from here), but ADs now represent so much of KKVL that it is a step riskier than it used to be with the recent assets having gone.

The French glass maker loan is important as well. Other than that, it's minor stuff left, although quite a bit marked at zero which, upon a reasonable outcome, could add a penny or two here and there. That's still 6.6% of the post-distribution price share price, mind you.

[2wild] 01/4/2021 12:06

Don't understand why anybody would sell below 20p with a 25% return of capital due imminently and 100% upside on rump, from 15p to 30p. There seems to be loads of money going into green funds. AD plant with its ability to generate electricity at night and during less windy periods, seems an obvious choice for such funds.

[chucko1] 01/4/2021 11:39

It might be an indiction they feel they are closing in on some other sale or refinancing. There is 5pps or so to distribute which is the a mount they felt happy to dole out last time.

Clearly a big buyer and a big seller duelling it out for the moment.

[2wild] 01/4/2021 11:33

Seems reasonable to me. Added 10K this morning at 20.4p. Surprised not yet had an announcement regarding next return of capital details.

[ctrader3] 01/4/2021 11:16

AGM Results Update Statement

At the time of the AGM on 31 December 2020, the Company received votes against Resolution 5 (Appointment of the Company's auditors) totalling 49,189,834 shares which represented 20.94% of those shares voting and 9.94% of the issued share capital.

The Board understands that the votes against this resolution were as a result of the delay to the publication of the 2020 Annual Report and therefore shareholders were unable to fully analyse the auditors' fees. This has now been resolved following the publication of the 2020 Annual Report. The Board does not propose to take any further action.

[ctrader3] 30/3/2021 14:41

on current info it will be a while before I sell,
although a return of capital to invest elsewhere would
be welcome.

[makinbuks] 30/3/2021 13:49

Im in no hurry

[ctrader3] 30/3/2021 10:28

still a seller at 20p, until he/she finishes selling,
it's doubtful, unless news, the price is going up.

[ctrader3] 25/3/2021 18:40

Secured Income Fund Plc Factsheet 31 Jan 2021 01-Mar-2021 10:38

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doubt if that will be available until next week.

[makinbuks] 25/3/2021 17:22

OK, was just wondering if the Feb fact sheet was out, doesn't appear on the website despite the RNS