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SLFR Slf Realisation Fund Limited

0.00 (0.00%)
Last Updated: 08:00:08
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Slf Realisation Fund Limited LSE:SLFR London Ordinary Share GG00BN56JF17 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.72 142,827 08:00:08
Bid Price Offer Price High Price Low Price Open Price
1.60 1.86
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services -13.89M -16.7M -0.0338 -0.51 8.51M
Last Trade Time Trade Type Trade Size Trade Price Currency
08:48:40 O 50,000 1.60 GBX

Slf Realisation (SLFR) Latest News

Slf Realisation (SLFR) Discussions and Chat

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Date Time Title Posts
01/4/202418:12An updated thread for KKVL with chart90

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Slf Realisation (SLFR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-05-22 13:56:531.6010,469167.50AT
2024-05-22 13:50:471.6011,335181.36AT

Slf Realisation (SLFR) Top Chat Posts

Top Posts
Posted at 23/5/2024 09:20 by Slf Realisation Daily Update
Slf Realisation Fund Limited is listed in the Finance Services sector of the London Stock Exchange with ticker SLFR. The last closing price for Slf Realisation was 1.72p.
Slf Realisation currently has 494,899,891 shares in issue. The market capitalisation of Slf Realisation is £8,512,278.
Slf Realisation has a price to earnings ratio (PE ratio) of -0.51.
This morning SLFR shares opened at -
Posted at 01/4/2024 18:12 by scburbs
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).
Posted at 28/3/2024 12:32 by wilwak
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.
Posted at 21/3/2024 18:42 by cousinit
I suspect it will be a punt as both share classes at that point will be predominantly a single loan exposure
Posted at 21/3/2024 18:32 by wilwak
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.
Posted at 29/12/2023 12:03 by wilwak
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.
Posted at 20/12/2023 17:22 by chucko1
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.
Posted at 25/11/2023 17:11 by 2wild
What I find odd is how a 1.4 million pound realisation. Resulted in a further 3.9M Behind the sofa. They could have returned 1P weeks ago, about 40% of average share price over the previous month. With 0.5 p announced this week. Therefore, returning most of money in time for a probable Santa rally.
Posted at 24/11/2023 19:19 by chucko1
It seems to me that the benefits of running it still outweigh the costs. Suniva was a very good result (well, relative to the most recent paltry value assigned to it) given the previous management despair over the costs of getting anything out of it. It seems that patience is still being rewarded to an extent.

I am not sure how to analyse the Cs any more - I do not understand why they cannot get the helicopter sold in short order. It is a tangible and moveable asset which has a value known to a good degree of accuracy. But I sense they are only able to rely upon an income stream derived from its use. The collateral (asset) is not the helicopter, but the loan. I wonder if there was a deficiency in the original documentation, but that is little more than a wild guess.

Were they to sell the helicopter loan, then I think they could sell the other C loans at 70% to someone and at that stage, with just £3mn assets on the Cs, a final hit of £900k would be tolerable - especially considering the current share price and the fact that the wind down on the Cs had been way beyond expectations relative to the NAV of the portfolio upon commencement of wind down. They would leave with reputations enhanced.

But the complication is that there are a number of small loans still in the Ords portfolio and I cannot see a buyer for any of these. And certain fund costs are shared (in some undefined manner) between the Cs and the Ords. It ought to be in proportion to the NAV of each share class, but I am not sure it is.

Normally, a wind down such as this would result in a quick sale of the remaining odds and sods once the 90% barrier was breached. But this is a portfolio like few others! What might happen for other sorts of portfolios is that you could appoint a special administrator (servicer) who would merely manage flows, but NOT look to enhance value via extension or refinancing etc. This would result in far lower costs at the expense of realising any further potential. And this would also be far more relevant for an investment grade loan portfolio, or at least one which was not so distressed (as are the Ords).

There might be some solution to the rump which involves factoring or such like, but they would not want to say anything about that until it was a done deal for fear of damaging current refinancing negotiations.

With the Cs at 4p to buy and an NAV of 6.25p, even with this uncertainty I see it as a decent risk-reward. Other than the helicopter, the loans appear to be doing fine, paying amortisations and interest when "due" (one is rescheduled). Even if the helicopter loan was haircut by a further 40%, you would still be about breakeven.

All that said, their more recent statements have indicated this might take a while longer, and by the end of 2023 was not what I was expecting. More like end of 2024.
Posted at 24/11/2023 11:52 by chucko1
No. MC at mid-market is around £10mn. The £1.8mn is therefore moderately material (being 18%). And the share price has moved up by the roughly 0.5pps that this repayment represents over the carrying value.

But I did not buy as so much of the remaining value depends upon the wildly oscillating prospects for the French gas manufacturer which is at the whim of inflation and French industrial relations. I can do without that randomness, even though I recognise the 50% discount to NAV.
Posted at 19/7/2023 18:03 by chucko1
The raison d'être of SLFR is the repayment of loans associated with the ADs or the French glass company.

This is a tiddler by comparison and was generally expected to make full repayment. The only reason it is 1/6th of the share price is that the rest is at a tremendous implied discount. The triviality of this repayment can be associated with the triviality of the movement in the share price today. The Cs moved the same amount, as it happens, so this could even be associated more with the low core CPI print.
Slf Realisation share price data is direct from the London Stock Exchange

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