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SQN Sqn Asset Finance Income Fund Limited

25.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sqn Asset Finance Income Fund Limited LSE:SQN London Ordinary Share GG00BN56JF17 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 25.50 25.50 28.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Sqn Asset Finance Income Share Discussion Threads

Showing 526 to 546 of 550 messages
Chat Pages: 22  21  20  19  18  17  16  15  14  13  12  11  Older
DateSubjectAuthorDiscuss
06/8/2020
19:10
Started a KKVX


There's already a KKVL running:

spectoacc
06/8/2020
16:12
This is becoming an interesting mess. 20p is a low price for a credit portfolio, notwithstanding the serial mishaps (or worse) to befall it (or the Ords, at least).

The recent portfolio update might lead you to believe just about anything were possible, but the disparity between the assets under review for the Ords and just the (for now) £4mn on the Cs would seem to rule out fraud.

Does anyone care?

chucko1
22/7/2020
15:36
Iweb allowed me to buy KKVL just now.
apollocreed1
22/7/2020
12:28
OK with Equiniti, buy or sell, tho wasn't recognised on Day 1 (KKVX).
spectoacc
22/7/2020
10:57
Try ii. No problem there.
lord gnome
22/7/2020
10:52
I’ve tried buying KKVL shares this morning with three brokers including Barclays and IG. None have set it up for purchase yet and are only allowing sales.

No wonder the share price is falling. No buyers, only sellers. Crazy.

Same goes for KKVX. Can’t buy at all.

wilwak
21/7/2020
13:12
assume the instituations still holdings C's whilst most of the Ord's have been dumped on PI's?
cc2014
21/7/2020
12:48
Nothing new, tho comes to the conclusion the Ords should have voted for wind-up, the C's for continuation, which surely misses the longer duration in the Ords. Firesale of the Suniva claim, anyone?
spectoacc
17/7/2020
14:00
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.

spectoacc
15/7/2020
15:02
It seems that every day recently someone buys up loads of Ords at 27.9p. They seem to mop up all the days sales. Interesting that a big buy is confident at 27.9p.
wilwak
10/7/2020
08:24
Agreed which us why I put ‘new’ in quotes. They’re not new... more like a fresh start.

KPMG did a thorough valuation audit a few months ago and arrived at a NAV of 69p which is reassuring. Yes Covid is certain to have an impact on that.

I still feel that there’s plenty of room for profit in the current 26p share price provided the directors aren’t complete crooks!

wilwak
09/7/2020
22:56
Just checked all the investment team members of "KKV"

hxxps://kkvim.com/#team

3/4 of them worked at SQN before!

whoever calls KKV a 'new' management is totally naive to fall for this scam

george stobbart
09/7/2020
20:04
Not really a new manager in any meaningful sense. Just the same manager (rebranded) reporting on the poor investments they have made.
scburbs
09/7/2020
19:12
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.

wilwak
09/7/2020
17:02
Only extra point to make is around dividends

It 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.

gopher
08/7/2020
11:25
Agree with much of what has been written here.
The Cs look fine to me and I would want to extend life by a year before making a decision, impairments are in line with what property cos have reported on Covid-19, shorter duration leases and limited US exposure.

Judged on this report then team should be given a vote of confidence

The ordinaries ???

gopher
08/7/2020
10:30
Inclined to disagree for reasons above, but still a fan/holder of the C's.
spectoacc
08/7/2020
10:19
Covid writedown of this scale was to be expected. NAV still 55p+ and accounting guidance is usually very prudent.

They were good value at 32p and today’s drop to 26p is a good buying opportunity for those willing to wait.

Whether the fund winds up or carries on there’s money to be made at this price.

wilwak
08/7/2020
08:47
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

george stobbart
08/7/2020
08:41
The ords NAV were impaired by about 9.6% (£24m of £249m market cap) but the share price fell by 27% so I think the fall has been overdone and there is good value at this price.
apollocreed1
08/7/2020
08:26
@CC2014 - agree with that analysis. The Ords have always been a shocker (Suniva; AD) but the part about being able to meet obligations only thanks to suspending the divi takes the biscuit.

Last month - a nice 1%+ rise in NAV across both portfolios
This month - oops, 60% of portfolio of Ords is impaired (yes, we knew some of that already, but basically the same manager).

C's provision is small - £8-10m - but 30% "stressed or distressed". That's a lot to work through, tho c.98p NAV vs c.56p share price at least.

Shorter duration of C's v important, tho they'll also have commitments. Just that they can meet them a little more readily.

Will take some persuading not to vote for wind-up on the C's, tho suspect it'll be one year extension and they can take a running jump for the extra 3 years after that.

This was meant to be asset-backed lending. Agree that plenty of problems, at least in the Ords, predates Covid (eg Snoozebox).


Edit - and just to prove the C's aren't immune, these made me laugh ("Parts have proved to be of limited use" and "reliant on one key memeber of staff...currently unable to work full-time"):


" Auto parts manufacturer (FR): Carrying value: £6.4m

The facility financed key operational equipment to supply Renault/ PSA with engine parts. However, these parts have proved to be of limited use. There is uncertainty around the ability to recover assets given the domicile and actions are constrained by the French legal system. Debt service has remained unpaid since September 2019....


Energy (UK): Carrying value: £3.4m

This power cell hirer to building sites has an uncertain credit outlook as it had already a history of late payment and has been affected by Covid-19. It is also reliant on one key member of staff to facilitate operations and payments, and they are currently unable to work full-time."

spectoacc
Chat Pages: 22  21  20  19  18  17  16  15  14  13  12  11  Older

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