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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Secured Income Fund Plc | SSIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 26/8/2022 18:48 by andy246 The only disclosed cash collections in H1 2022 are £1.0m from borrowers #1 & #2. In addition, the company has confirmed that borrowers #3 & #7 have continued to make payments on time.Since Dec-21, the NAV per share has increased by £1.82p (net of the dividend payment in the period), which can be broken down as follows: a) -0.89p from the confirmed impairment increase of the Film loans (disclosed in the HY report) b) +1.33p from interest income less opex (this is my estimate based on H2 2021 actuals and the reducing size of the loan portfolio) c) +1.38p (i.e. the remaining amount) from impairment releases due to either: c1) Change in impairment methodology - none have been disclosed to date, other than the Film impairment change listed above (changes in impairment policy are generally disclosed in the monthly NAV updates) c2) Releases from cash collections, whilst keeping the impairment rate unchanged - this is what I believe is driving the NAV increase (mostly borrowers #1 & #3) In H2 2021, the Medical loan repaid £520k, and the impairment was reduced by £260k, to keep the impairment rate constant between Jun-21 and Dec-21 at 50% of outstanding loan amount. This is what is driving item c) above Would be good to get your view of the 3 items below, and their drivers (if different from mine). I can send you my excel model with all historical data and my projections if you send me your email by private message |
Posted at 26/8/2022 09:29 by andy246 Mak,I tracked the semi-annual repayments and provision movements of all SSIF loans over the last 12-18 months, and I am focussed in particular on the Lending and Medical loans, which are marked as of Dec-21 at 70% and 50% of the gross loan amount (included in the NAV figure) If these loans are repaid, their provision will be released and booked as profit in the P&L. Each time cash is collected on these 2 loans, an amount of provision is released so as to maintain the same loan marking level. This is what is driving the consistent monthly NAV increases since Jan-2022 (which also reflects interest income net of opex, and FX impact). Note that the company has announced significant cash collections on certain loans since Dec-21. It might be helpful for me to share my research. |
Posted at 25/8/2022 13:25 by andy246 Good time to buy some more SSIF below 15p before the expected H2 loan repayments and capital return announcement. The shares are quite illiquid, but I can see a few brokers have >200'000 shares available for saleThe NAV has increased every month since January 2022, which means that cash repayments are ongoing, and the company is releasing provisions (for example on the Medical and Film loans). |
Posted at 07/1/2021 15:41 by spectoacc I've sold almost all this week, in trades mostly not reported, and at nearer mid than bid, so there must have been a decent buyer.Don't dislike the return profile for SSIF - income coming in, returning chunks, winding up, discount. But I've been in them for yonks, and the last few capital returns have been chunky, eg the recent 5p divi paid out and still been able to sell at the same price if not higher. Has been enough to tempt me - once size finally available. Good luck holders. I'd be slightly wary of the few p of NAV left over from original incarnation (I think it'll be at risk), & the last NAV of 83p is really 78p. There's bull cases on possible write-backs and ongoing income, but not the margin for me atm. Much better than Dawn Kendall's others - eg KKVX - with "..All borrowers...meeting their debt obligations..", but lockdown is back, and risk is on. |
Posted at 20/8/2020 11:08 by makinbuks Yes, the incentive fees are interesting too. Look pretty balanced to me. Interesting that they get 10% of anything in excess of NAV. That gives incentive to keep pursuing loans that have had a provision applied to them, ie a lot of the platform stuff.A key theme seems to be simplicity and avoidance of cost. I'm delighted with that and the simplicity of repayment via dividend. Your 3rd point is correct but doesn't affect me personally |
Posted at 15/7/2020 13:32 by spectoacc Agreed - something close to NAV (c.87p), and the divi along the way, with hopefully some decent capital returns sooner rather than later.Good point about platform loans, and of course Covid. Pretty sure the SQN RNS the other day will have opened the SSIF Board's eyes to Dawn Kendall & co. They had enough of that from the GLIF days. Could perhaps have given an option to roll into SQNX rather than SQN, but SSIF does have one of the shorter durations & aren't alone in winding up. The whole sector's been a palava, with just one or two notable exceptions (eg read GABI RNS today), & others gone into wind-down (eg HWSL). "Secured" is a misnomer. |
Posted at 26/5/2020 09:54 by makinbuks Sounds like get the wind up startted with a deal in a few months/ a year once the position with COVID is clearer to shorten the process. Whats the difference between that and the ongoing payment of an uncovered dividend? Obviously the main concern is that we get as close to NAV as possible. Personally I have no problem waiting |
Posted at 02/5/2020 08:12 by spectoacc Hold SQNX & SSIF (in size) but no SQN, & wouldn't much fancy a merger with that long duration, dodgy AD co too. Thinking they might realise as much cash as they can across all 3, then announce an option of getting money back (at a discount) or continuing with a larger, fully merged entity. Certainly won't be imminent but perhaps a year down the line if/when Covid over, AD issues resolved etc. With the cash exit not too generous in the knowledge the SSIF s/holders wants out. |
Posted at 30/4/2020 11:41 by spectoacc "It is the SSIF Board's expectation that at the same time as the appointment of KKV to manage AFIF is formalised, which is expected to occur on or around 1 June, 2020, the management of SSIF will transfer to KKV on the same contractual terms as are currently in place. This transfer is expected to take place with the agreement of both the SSIF Board and SQN CM which will continue to provide support and consulting services to KKV for a period of at least an additional twelve months at no additional cost to SSIF. The SSIF Board remains aware, however, that the appointment of KKV to manage AFIF remains subject to the finalisation of various agreements between AFIF, KKV and SQN CM.Shareholders should note that this expected change in management arrangements will not affect the previously announced Continuation Vote that is due to be held on 19th June 2020 and that Dawn Kendall and her team will be extensively involved in that process. " |
Posted at 03/1/2020 12:48 by spectoacc All fair points. My worry is that SSIF is still trading too highly, compared to eg SQN/SQNX, that ought to be very similar. Where once they traded at a big premium/SSIF at a discount, now we have SQN/X at a big discount and SSIF at a relatively smaller one.Yes, minor in the scheme of things, the divi is what matters. But as you say, there's a large holder wanting out of SSIF, with absolutely no liquidity in the shares and no prospect of bulking up. Do we just roll on until the next recession/depression |
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