Slf Realisation Share Discussion Threads

[chucko1] 19/11/2024 11:28

Although Miller's consultancy fees run to £300k per annum (reasonable, in my view), spread over both SLFR and X it is reasonably tolerable - say for 18 months. One hopes the other costs relating to listing and associated regulation will take a sizeable cut. In any event, Miller's fees aside, at least one can be confident that all interests are pretty well aligned.

Well, once the lights go out on December 27th, we will see what the hibernation brings forth.

[cousinit] 19/11/2024 08:55

Patience is obviously part of the answer!

Miller has been able to buy at low levels previously. I can only presume that he has indicated to the broker he is a buyer in size at a particular level and they have been happy to facilitate that (with no one taking much of a cut) when a motivated seller approaches them.

The (indicated) spread at times is so wide you could fit a bus through it but occasionally it does seem to close up.

On IG I have been able to buy at near the bid, but often with lots of small fills and the occasional chunkier amount. So far I have tested selling a few but a bit like Hotel California, that seems tricky to do!

The last capital return seemed a bit miserly. Realise costs are very high now versus remaining NAV, but the amount retained seemed conservative.

[chucko1] 18/11/2024 19:42

CousinIT, it's a bit hit and miss, but I persevere and leave orders if I cannot transact there and then. Why some get filled and some do not is something I am not an expert in. But it's the same with other shares, so it is not as though HL are especially "bad" re. SLFR/X.

I was trying to lift the 1.25 offer in 200k, but that did not occur. No clue why. How Miller is getting all his fills at just over 1 (or even under) is a mystery to me. Someone who knows the intricacies of the LSE might be able to add to the body of knowledge!

[cousinit] 18/11/2024 14:49

Chucko - if you don't mind me asking, how do you find HL in this regard? A lot of the time I can obtain neither a bid nor an offer (even in small size) through HL. Do you leave an order with them? I have had some luck with 'fill or kill' orders but there seems no consistency when they are rejected these days in having any feedback along the lines of 'the current offer is Xk at Yp'.

I have now opened accounts away from HL to hopefully be able to cover the increasing number of gaps in their service (eg KIDs on GABI).

[chucko1] 18/11/2024 11:34

Yes, been buying through HL for both Ords and Cs.

Brett Miller is happily buying (on the bid side from institutions, very likely) millions and millions. This suggests there will be ample cash to fully liquidate this at a good proportion of the remaining NAV. Currently NAV on Cs is around 3p, so buying at 1.4p or so (1.05p for Miller) has ample margin of safety considering the new information that he is content to buy what is now approaching 20mn combined. Not quite SUPR level of Director buys (their holdings must be worth £3mn+ combined, even at the current low SP), but he never had a senior position at Goldman Sachs.

[wilwak] 18/11/2024 10:51

Are any brokers still allowing buys on these?

[wilwak] 18/11/2024 10:47

Well Brett Miller is certainly mopping up a lot of shares just prior to delisting. He must see a nice recovery coming on the final few investments.

Another 2m shares bought today at 1.05p.

[2wild] 18/7/2024 07:33

Totally missed yesterday's announcement. Just seen SLFx as my largest % game. Suppose we will get cash return announcement for both classes soon. Also during market hours.

[chucko1] 17/7/2024 14:19

I bought more, but could have got them cheaper if I had not been likewise distracted.

Even at 4p it's an OK buy (I got them around 3.5p) but 3.1p was there for the swifter of foot.

[cousinit] 17/7/2024 14:12

Agree.

Although seems to be 4p on the offer now.

Was out and about at the wrong time! Clearly being on an errand buying plants should be outside market hours...

Had been nibbling away at both share classes outside of my ISAs given the likely delisting.

[chucko1] 17/7/2024 14:04

At 3.5p (to buy) if they repay 3p capital in a month, then the ex value of the share is 0.5p, but still with about 2p of NAV (albeit it in three loans, of which one dominates). 75% discount, but with the risk of de-listing and higher costs. But at a fraction of the capital at risk, as 100% of the prior carrying value (3pps) gets repaid.

Just added more!!

[chucko1] 17/7/2024 13:51

Just landed!! Share is now very, very cheap again.

Paid full amount.

[spectoacc] 27/6/2024 06:41

Perhaps waiting for it to land.

[chucko1] 26/6/2024 17:59

A loss of only 0.05pps. Given the discount on the Ords, a non-event so far as the share is concerned.

Still all quiet on the helicopter front.

[spectoacc] 26/6/2024 15:31

Not such a rosy one for the Ords:

"The Board of the Company announce that within the Ordinary Share Class portfolio, Borrower 23* has settled their facility. The position repaid a negotiated £96,700. It had a carrying value of £258,000 as at 31 March 2024. No Income was received from the Borrower between quarter end and the settlement date, the difference in value represents a loss."

[scburbs] 01/4/2024 17:12

Assuming the helicopter in the C class refi’s then both classes will probably make a further return of capital prior to delisting. The ords must have c. 1.5p per share in cash so well below 0.5p seems unlikely (other than ex- a further return of capital).

[wilwak] 28/3/2024 12:32

I agree. A total punt.

Prior to delisting I can see the shares collapsing to well below 0.5p.

Could be worth a dabble depending what’s happened in the meantime.

Very few investors want to be stuck with a delisted share.

[cousinit] 21/3/2024 18:42

I suspect it will be a punt as both share classes at that point will be predominantly a single loan exposure

[wilwak] 21/3/2024 18:32

The big problem here is that if they delist they can’t be held in an ISA so holders in ISA’s may be forced to sell to keep the value within an isa.

Anybody fancying a punt on this should look to buy in the days leading up to the delisting when the share price is likely to plummet.

Depending how low they go I could be tempted.

[cousinit] 21/3/2024 17:04

Sounds like a last capital repayment as a listed structure once the refinances of the helicopter loan completes for the Xs and one of the small AD plants for the ords, with the residual being worked out in one way or another over the next 18 months

[cousinit] 13/2/2024 09:35

I was thinking exactly the same!

The other question is, who has been paying up for shares since that? Sold a chunk yesterday at a similar price to the one he managed to get.

If someone thinks they know more than one of the Board? Well, after the mess this has been maybe that's a silly question...

[steve36] 13/2/2024 09:29

How could a director sell 170,000 shares on 8th Feb when the company made an announcement on the 9th re expected downward adjustment to nav of £4m? Not price sensitive info?

[wilwak] 29/12/2023 12:03

There’s certainly a big buyer of Ords at the moment. Liquidity is amazing. Probably an insider that knows something we don’t?

In the past I’d not even been able to sell 10,000 shares!

I’ve done incredibly well on these shares and have grabbed the opportunity to sell all my 2m shares at 2.4p this morning. So I’m done.

Knowing the history of SLFR there could be a big surprise coming for shareholders either one way or the other. They still have the AD assets that could be sold as a block to another fund or investor. They could give a bumper return.

I hope it’s a profitable ride ahead for remaining investors.

Feeling a little relieved to obtain a total exit. No regrets on this one.

[chucko1] 20/12/2023 17:22

2wild, that's about the size of it! However, as the number of credits diminishes, the risk increases and that helps to explain (if anything ever really does) the increasing value in the shares. Yes, 33% discount on the realisation at the same time as a 50-60% discount on the share price is always a good thing, but seldom shows up immediately.