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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sme Loan Fd | LSE:SMEF | London | Ordinary Share | GB00BYMK5S87 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 98.25 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 98.25 | GBX |
Sme Loan Fd (SMEF) Share Charts1 Year Sme Loan Fd Chart |
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1 Month Sme Loan Fd Chart |
Intraday Sme Loan Fd Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 10/5/2017 | 14:22 | SMEF Loan Fund. Your 7.7% yield is paid monthly! | 69 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 27/4/2017 06:43 by spectoacc @Makinbuks - agree it's a pity SQN have slipped up a bit re solar. Though previous C-issues have been so oversubscribed, I'd be surprised if they didn't get them away at SMEF too.And if they don't, and don't get to a £250m mkt cap - we get our money back. |
Posted at 10/3/2017 09:02 by james188 There were much earlier transfers between SMEF and GLIF which included GLIF taking back some impaired loans. I believe that SMEF has closely monitored the quality of the portfolio and the performance (including recent loans acquired from GLIF platforms)has been good. As you say, SQN would also have conducted DD on the portfolio. |
Posted at 10/3/2017 08:35 by spectoacc Thanks for comments @james188, interesting to hear from someone who's been in SMEF from the start.Hoping/expecting that SQN had a good look at the portfolio before agreeing to take it on - kitchen-sinking was my only concern. Am sure part of that process is why they made GLIF take on part of the book. The original SMEF book will become less important over time, particularly after SQN have raised more cash, as I'm sure they will do over the next year. |
Posted at 08/3/2017 18:16 by james188 I have been a holder of SMEF since it launched and I am also a long term shareholder in GLIF. Actually, I am pleased with this deal from both those perspectives and relieved that it went through. The alternative would have been much worse.SMEF never achieved anything like the intended size that was hoped for, although it has actually performed well in comparison to its peer group. This was partly down to the general malaise in the sector, but it is clear that investors have never been comfortable with the GLIF relationship, despite a number of tweaks to the original structure. As such,it was inevitable that the parties would need to go their separate ways. A higher placing price would have been nice for GLIF, but it was really important that this placing was successful - and this for general credibility as much as to provide funds to pay off the expensive Sancus loan. SQN provided an effective partial underwrite up to £7 million and so I think that the placing price had to be announced in advance. Probably not a coincidence that 90p per share was the written down value for the SMEF shares set out in the end June 2016 GLIF interims as part of a kitchen sinking exercise. It would have been hugely difficult for GLIF to accept a lower strike price. SMEF as managed by SQN has a different focus and so I also think that it made sense to exit some GLIF related loans - although it seems that some remain. It would be interesting to learn which ones - maybe those where the British Business Bank/Irish Strategic Investment Fund are co-lenders? Time to move on. |
Posted at 08/3/2017 07:41 by spectoacc Substantially oversubscribed and scaled back - have to wonder why it fell to 89.5/89.75p.GLIF also buying a few loans - seems SQN didn't want them despite the yield, but all good in hastening the repositioning fo the portfolio: "Sale of Investments Following its due diligence on SMEF's portfolio of loans, SQN identified a number of performing loans in the portfolio that are inconsistent with SMEF's proposed future investment strategy. GLIF has agreed to acquire these loans for cash at their aggregate face value (including accrued interest) as at 10 March 2017 of GBP5.27 million. Completion of the sale of these loans is expected to take place on or around 14 March 2017. " And SQN only getting 3.3m shares, not £7m - does that indicate the extent of the scaling back?: "SQN will acquire 3.3 million Placing Shares, representing 6.3% of the Company's issued share capital." All looks good to me - the outcome we all wanted. Expecting a return to £1 in time, and wouldn't be surprised if next placing around that level, in say the next year IMO. |
Posted at 21/2/2017 16:39 by spectoacc SQN are good; I'd worry more about the residual portfolio, how easily it runs off, and at what sort of cost.90p for the placing perhaps says it all - and it won't be for a few weeks so share price set to drift. If they don't get the placing away then they're slowly winding up, & 90p might then prove optimistic (particularly vis a vis costs on an increasingly smaller portfolio). Agree there was an element of "dead man walking" about SMEF - but outcome still uncertain as yet. |
Posted at 21/2/2017 16:26 by makinbuks 1. The dividend was not supported by the fundamentals of the business so a re-alignment was inevitable. If you have costs of c. 2% and you target a gross return of 8% you are assuming secured lending at 10% which is unlikely in the current market. In addition several of the biggest loans are due to be repaid shortly some of which, to be fair, had attractive rates but it was always going to be a struggle to replace them. On top of that there is already a drag effect of 12% cash.2. GLIF are in the middle of a significant restructuring. They had a loan to repay in March and needed to realize their asset. 3. The tender offer was an attempt to ensure the share price tracked nav and it backfired GLIF originally intended SMEF to be much larger and considered it sub optimal at the current size. They foresaw a virtuous circle of new shares being issued at a premium to NAV and reinvested in attractive loans lowering fees in % terms. The model has not worked so this is simply plan B. Still attractive however in my view. At the end of the day we still have 100p of value to be realized in the next 2 years despite today's SP I don't have a view on the new manager or what direction he will take the business. More research needed there |
Posted at 26/1/2017 11:31 by orinocor Ha here is confirmation. The discount is 6.7% just now and NAV is 100.42p will be able to tender at 100.42p in March---- Next oldest of these funds is SME Loan fund (SMEF). It has just passed its first birthday, generating a creditable 6.1% NAV return over the last 12 months. Loans to businesses make up 100% of SMEF’s portfolio and 82% of its lending is secured. Its currency exposure is hedged, it is not geared and, unlike most of its peers, it is not trying to boost returns by investing in platforms (a nice idea but a very different risk proposition). I recently stepped down from the board of GLI Finance anymore and have no holding in SMEF, so I am not as biased as I might have been, but I like SMEF’s steady approach. It is trading on a 5% discount but there’s an opportunity next year for investors to cash in part of their holding at a price close to asset value so this discount ought to narrow. SMEF also has relatively low management fees – 0.75% on the first £100 million of assets and 0.5% on the balance and no performance fee. hxxp://citywire.co.u |
Posted at 09/1/2017 11:31 by orinocor This bit is interesting. The current discount is 8%Discount During the recent period the Company’s Ordinary Shares traded at an average price of 98.42p and at 89.75p at 30 June 2016 – a discount of 11.4% to its NAV. At 30 September 2016, the NAV and share price had risen to 101.30p and 96.00p respectively – a discount of 5.2% to NAV. The Board would ideally wish the Company’s share to trade closer to par and will consider any means at its disposal so that the discount does not remain at an inappropriate level. One of the mechanisms for managing this process is the periodic tender offers. In March 2017 the first tender offer becomes available where Shareholders may tender all or part of their shareholding at the Dealing Value. Moreover, SMEF’s maturity profile is short and cash is constantly being generated to allow the Directors latitude to exercise other means to close the discount if the Board deems it appropriate and in shareholders’ best interest. |
Posted at 09/1/2017 11:30 by orinocor Growth and Corporate ActivityThe Board aims to establish the Company as one of the leading funds in the AltFi sector and to grow current assets significantly in the years ahead. In the short term this is likely to be achieved by small, ongoing issues of shares to new or existing investors. Once the Fund has added to its existing performance record and demonstrated the ability of the Investment Manager to generate a consistently high yield on the shares, a larger fund raise may be possible. At all times the Board will take into account the interests of existing Shareholders before increasing the share capital of the Company. The Company came into existence largely as a result of a spin-out of GLIF. This company held a portfolio of investments in platforms that match borrowers and lenders together, with a portfolio of loans that had been arranged through these platforms. Your Group’s portfolio was seeded with a significant number, but not all, of these loans. Hence the two companies now have clearly different investment strategies. GLIF invests primarily into the equity of the platforms and seeks to achieve capital growth as the value of these platforms rises while SMEF aims to produce a high ongoing yield for its investors with limited capital growth. In March 2016 the Somerston Group made a significant investment into SMEF by buying 15 million Ordinary Shares from GLIF. It is the wish of the Boards of SMEF, GLIF and Somerston that SMEF is a truly independent company. Recent name changes, referred to in more detail below, seek to reinforce this evolution. SMEF is investing in loans originated by platforms that our Investment Manager considers to have a high level of credit experience, that undertake significant due diligence and originate loans that are amply secured and attractively priced. We also require these platforms to be open and transparent with us in all their dealings. The platforms we use are constantly reviewed and the Board believes that it is in Shareholders’ interests to contain the number of platforms used, by concentrating investments in loans originated via platforms that come up to our expectations. At a general meeting held on 3 August 2016, the investment policy of the Group was amended to allow greater exposure to high quality, alternative finance loans. |
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