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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Sqn Asset Finance Income Fund Limited | SQN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 25.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 25.50 |
| Top Posts |
|---|
Posted at 17/7/2020 15:00 by spectoacc Name change:"Further to the announcement on 16 July 2020, the Board of SQN Asset Finance Income Fund Limited (the "Company") announces that its change of name to KKV Not All That Secure After All Loan Fund Limited is now effective. The Company's Ordinary Share ticker will change to 'OHFUK' and the C Share ticker will change to 'KKVX' with effect from 8:00am on Monday 20 July 2020. |
Posted at 09/7/2020 23:56 by george stobbart Just checked all the investment team members of "KKV"hxxps://kkvim.com/#t 3/4 of them worked at SQN before! whoever calls KKV a 'new' management is totally naive to fall for this scam |
Posted at 09/7/2020 20:12 by wilwak It’s customary for ‘new’ managers to writedown hard so that they can claim the credit for any subsequent recovery.I feel KKV would be making very prudent provisions at this stage and the Ords look a promising buy at the current price. The Ords look cheaper than the safer C’s as is to be expected given the risk profiles. Hoping that in 6 months time the ord’s can return to some sort of dividend. Even 2.5p would be 10% at the current price. |
Posted at 09/7/2020 18:02 by gopher Only extra point to make is around dividendsIt is possible to envisage the C shares returning to the dividend list less so the ordinaries. In which case a different valuation metric comes into play. |
Posted at 08/7/2020 09:47 by george stobbart there is no such thing a 'new management'KKV employees are the exact same persons running the fund since IPO, but moved from SQN and formed KKV Effectively the whole thing is a scam |
Posted at 24/6/2020 22:03 by wilwak I really see value here. Both with the Ords and the C’s.It’s great to see that the ‘new’ manager is happy to publish the May NAV’s consistent with the previous month with no evidence over Covid write down concerns. The C’s are probably safer and steadier but the Ords are for the more adventurous. If the AD plants can be brought online then their NAV valuation and yield could prove very positive over the next couple of years. I still feel from my workings that 50p share price and a 4p annual dividend could be a fair position in the near term. I’d rather be buying these at 50% discount to assets that the overhyped general stock market as a whole which is being propped up by central bank stimulus. I see very little value in the markets at present and am struggling to find anything to buy besides both classes of SQN. |
Posted at 24/6/2020 18:40 by chucko1 So an uplift of 1.30% on the ords and 1.48% on the Cs. They may not be paying a dividend for the moment, but they appear to be keeping it in their bank for you. Safely, I hope.But this is how I see it. 25.4% of the portfolio of the Ords (21.5% for the Cs) are USD and for EUR, the numbers are 11.5% and 9.7% respectively. From April 30th to May 29th, the USD rallied by 2.03% against the GBP and the EUR rallied by 3.38%. This would have the effect of adding 0.90% NAV to the Ords and 0.76% for the Cs. So, the accrual from net income would appear to be 0.40% for the Ords and 0.72% for the Cs. This strikes me as being pretty consistent with the rate of accrual in each case given what we know about the composition and update on the respective portfolios. What is more, these accrual rates are for May 2020 which was not the best of times! So, for the Ords, 0.40% x 12 = 4.80% and so this implies a running rate of about 15% on the current price. For the Cs, the same calculation gives 15.4%. Well, I know which one I would like to be earning 15% on! (both, actually, but the Cs appear really cheap here). The portfolio relating to the Cs has always seemingly been in good shape, but the significant unlocking that is occurring will further help up to 25% of its assets whose cashflows were being impeded (and stopped in a few cases). But the accrual calculation does appear to support the notion that the portfolio is paying its way well, despite present uncertainty. On the Ords, where the portfolio is clearly of greater concern (though overdone in the long run), a further NAV uplift such as this will start tongues wagging. It might indicate the cashflows being received were still significant and with a greater understanding of the extent of Covid-19, could lead to a resumption of dividends. This likely puts 8-10p on the current price, or 30%. And even then, a halving of the dividend leads to a 9% yield. The problem with SQN is that the Ords have had a tough (really tough) last 2 years, but are liquid. The Cs are fine, but the liquidity is pretty poor. Makes it all pretty messy to play around in which helps explain the lack of correlation with the larger market. I think this is a stock (both of them) that will pay well to really understand. Each and every line item in the portfolio. Both in absolute and relative terms. Thoughts?? |
Posted at 22/6/2020 18:28 by wilwak I bought these at 90p, 19p and today quite a lot more at 34p.Hoping that the 31st March NAV of 69p that was audited thoroughLy by KPMG and already during the Covid crisis won’t have fallen too much. Even at 60p NAV the shares look a great buy at 34p. The new manager will be keen to get a dividend going again even if only 3-4p pa to start. I think 50p share price with a 6-8% dividend on that would be the target. The AD assets could prove to be the basis of a NAV uplift going forward once they’re operational. |
Posted at 29/5/2020 11:34 by cc2014 Hi Caternia,I don't own SQN so may be out of date with my information. Long story short but SQN spent cash on margin calls on their FX hedge until such point as they decided the hedge was costing too much so they binned it. After that in order to preserve cash they binned the dividend. I don't think there will be a dividend on SQN for some time. The C's I believe is different. |
Posted at 02/11/2019 15:28 by a0002577 Probably more due to the correction of the Annual Financial Report28/10/2019 07:00 UKREG SQN Asset Finance Income Fund Ltd Monthly NAV and Dividend 25/10/2019 13:28 UKREG SQN Asset Finance Income Fund Ltd Holding(s) in Company 08/10/2019 15:38 UKREG SQN Asset Finance Income Fund Ltd Annual Financial Report (Replacement) 02/10/2019 11:01 UKREG SQN Asset Finance Income Fund Ltd Net Asset Value and Dividend (replacment) 30/09/2019 06:03 UKREG SQN Asset Finance Income Fund Ltd Annual Financial Report |
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