SLF Realisation Share Discussion Threads

[ctrader3] 02/10/2022 11:23

I've updated the thread for SLFR so the
chart at least is up to date.

[ctrader3] 02/10/2022 10:58

The Ordinary Share NAV at 30 June 2022 was £62.07 million (17.44p per Ordinary Share)
compared to £93.24 million (26.19p per Ordinary Share) as at 30 June 2021.



The Board of Directors of SLF Realisation Fund Limited is pleased to announce that it has resolved to return an amount of 1 pence per share to Ordinary Shareholders, being £3.6m based on the current number of shares in issue.
July

NAV £58.47 m > 16.42p per ordinary
current share price 6.25p value £22.25 m

[chucko1] 30/9/2022 09:58

The rate of amortisation on many of the loans in the C portfolio has been impressive. I am ignoring their words (where they talk in generalities, not differentiating between the Ords and the Cs), and looking at the facts. The Cs are notably cheap once again.

There are many clues in their annual (and semi) statements which strongly indicate a C loan portfolio which has moderately good chances of returning a further 15p. Over the past year, these loans have been providing 0.75p per quarter of cash, and the level of cash on the balance sheet attributable to the Cs (as of June 30th) indicates a healthy cash inflow.

Will the inflow continue at this pace? That is the risk, but most of the loans are still described as paying down on time. The most troubled one is actually the one amortising the fastest.

[ctrader3] 29/9/2022 15:09

Outlook
The Board expects the wind-down plan will likely take approximately 18 to 24 months to exit the majority of the remainder of the portfolio. Our goal is to achieve a balance between maximising value received for assets and making timely returns of capital. Whilst the realisation program has proceeded extremely well so far and certainly ahead of expectations, we are cognisant of the greater risk that remains in the balance of the portfolio, as whatever remains in the portfolio has not yet achieved a satisfactory exit. The Board continues to work on achieving positive outcomes. The task ahead remains great and as always, we shall keep investors informed of any developments as they occur. We thank investors for their continued support and we hope to be in a position to report more progress in the coming months.

[ctrader3] 10/9/2022 10:10

My share programme has
SLFR up 23%
SLFX up 19%
since last Friday.
Sadly that will not be the price u can sell for.

[chucko1] 09/9/2022 13:48

Yes - ISIN ending in F17 are the Ords and J13 represent the Cs.

Strangely, the TR1s were not difinitive in terms of the actual security name.

Whatever, nice to see someone waking up to the opportunity(s).

[spectoacc] 09/9/2022 13:12

Milton knows little IMO ;) Once had a "debate" with him when he put his clients' money into WPCT.

I think the Ords are much more interesting than they were now there's been some AD movement, but remain solely invested in the C's/X's, and looking forward to the next cash return announcement when it comes.

[wilwak] 09/9/2022 13:05

That’s reassuring. Thank you.

We all know the C’s look pretty safe. The fact that big buyers are picking up the Ords is encouraging. They probably know more than we do!

I’m mainly in the Ords and keep hoping for a big sale announcement near (or above .. ha) NAV!

[spectoacc] 09/9/2022 11:58

Edit - PJM's holding is all in a single class, ISN GG00BN56JF17.

I believe Mr Chucko1's BN terminal can quickly tell us which of the two that is..

MS's 5% is held 3.3% in the latter, and 1.77% in GG00BFXYHJ13.

Just need to know which is which..


Edit #2 - the first is the Ords (..17), the 2nd is the C's (...13). So Milton has bought all Ords, no C's. He did well to pick that many up, both are tradeable in miniscule size online.

[ctrader3] 09/9/2022 09:47

The ord's have approx 338 m shares in issue.
The x have approx 138m shares in issue.

Total 476M

The declared holdings were 25 m and 24.8 m
so it appears the 5% is aggregated in both classes of share.

[andy246] 09/9/2022 09:36

Based on the ISIN, Philip J bought the Ord

[wilwak] 09/9/2022 08:46

Are the two new 5% holders holding Ord’s or X’s?

Anyone know for sure?

[spectoacc] 09/9/2022 08:18

Keen buyer in the X's at 8p - "North Devon's leading wealth manager" I wonder? He's a little late to the party.

[ctrader3] 08/9/2022 18:22

SLF Realisation Fund - Holding(s) in Company
Date/Time: 08/09/2022 17:14:22 ▼

TR-1: Standard form for notification of major holdings

Issuer Name

SLF Realisation Fund Limited

UK or Non-UK Issuer

Non-UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation

Name

Philip J Milton & Company Plc

City of registered office (if applicable)

Barnstaple

Country of registered office (if applicable)

United Kingdom

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above



City of registered office (if applicable)



Country of registered office (if applicable)



5. Date on which the threshold was crossed or reached

11-Aug-2022

6. Date on which Issuer notified

08-Sep-2022

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8.A)

% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer

Resulting situation on the date on which threshold was crossed or reached

5.010000

0.000000

5.010000

24813714

[chucko1] 06/9/2022 10:53

Perhaps they also wrote a model for this!!

[wilwak] 06/9/2022 10:52

5% purchased by Res Privata N.V.

Positive I’d say.

[ctrader3] 06/9/2022 09:33

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)



1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii:

SLF Realisation Fund LTD

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer



2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments






3. Details of person subject to the notification obligation iv

Name

Res Privata N.V.

City and country of registered office (if applicable)

London, United Kingdom

4. Full name of shareholder(s) (if different from 3.) v

Name

Morgan Stanley & CO. International PLC

City and country of registered office (if applicable)

London, United Kingdom

5. Date on which the threshold was crossed or reached vi:

5 September 2022

6. Date on which issuer notified (DD/MM/YYYY):

6 September 2022

7. Total positions of person(s) subject to the notification obligation




Resulting situation on the date on which threshold was crossed or reached

5.07%


25,083,759

[wilwak] 06/9/2022 09:31

Is it fair to assume that with energy prices rocketing the AD assets in the Ord pool should be worth a lot more than they would have been?

I’m not sure if they’re locked in to feed-in prices but surely the energy they generate is worth far more now?

Am I being too simplistic?

[chucko1] 01/9/2022 16:16

Nothing else is looking too cheerful. This is not really an equity, but a bond which has an unknown discount rate. I am talking about the Cs - the Ords are a lottery ticket with an unknown payout.

We could be waiting a while, but the credits within the C portfolio are current and paying around 10%. Additionally, I do not really see any major exposure of these final C credits to energy costs.

[spectoacc] 01/9/2022 15:40

13th June last C-share realisation/refinancing I think - looking forward to another before too long, certainly before the end of the year.

One of the few I'm confident on in this market.

[ctrader3] 30/8/2022 09:07

SLFR current 6.00 - 8.06.
The max spread on a SETS ON10 is 10%.
Rules are only for plebs.

[ctrader3] 23/8/2022 05:59

Speaking on Radio 4's Today programme on Monday, Octopus Energy Chief Executive Greg Jackson said that if the price of beer had risen as much as gas prices, getting a pint would cost GBP25.

"People don't know what a therm is, but, underneath it, the price per therm has gone from 60p to around GBP5 at the moment and that's what's passing through to customers if we don't do something," he said.

[2wild] 16/8/2022 13:49

Record UK wholesale electricity prices of £474 this morning up another 100% in 2 months. I think it was below £50 3 years ago.

[chucko1] 16/8/2022 11:04

Yes, and notable that both SLFR and X got hit yesterday. It is a strange "coincidence" given the almost zero risk overlap of the two.

I have thought for a while that one or two weak hands own both issues, and "de-risk" by selling holdings of each, irrespective of any fundamentals.

Since the last capital distributions, trading of the Xs has been pretty tough and I expect to own most of these until they are ultimately wound up. Even selling 50k (so £3.5k worth) tends to leave the MMs running for cover.