Share Name Share Symbol Market Type Share ISIN Share Description
Sqn Secured LSE:SSIF London Ordinary Share GB00BYMK5S87 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 95.50p 94.50p 96.50p 95.50p 95.50p 95.50p 1,573 07:47:44
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.5 2.4 4.6 20.6 50.29

Sqn Secured Share Discussion Threads

Showing 1 to 23 of 25 messages
Chat Pages: 1
DateSubjectAuthorDiscuss
22/11/2017
07:42
Surprised how this can go uncommented on: "The NAV total return in October 2017 was -0.10% (September 2017: +0.39%)." Negative NAV return when average coupon around 10%?
spectoacc
01/11/2017
13:48
I do think a bit more transparency would help the share price I believe what stops people investing is the quality of the loans and the lack of a default provision. For example who, in the current market, are you getting to pay a rate of 12%? What is the security? What progress has been made on the overdue payments 3-12 months that were reported in the last accounts? More transparency like that would help PI's but I suppose they target II's more for future fund raising and they have the opportunity to do due diligence and charge an underwriters fee
makinbuks
30/10/2017
13:58
Another month of significant progress in September. Two new loans appear with a 12% coupon for 10.5% of the fund as cash reduces from 13% to 4%. Number of loans again reduces to 144 and the term ticks up to 3.8 years. Once again they appear to be delivering what they promised yet the share price continues to drift lower
makinbuks
02/10/2017
14:21
So in August they managed to lend £4m in a single loan at 10% to someone in the UK reducing the cash balance. The number of loans reduced to 146 from 152 and the average maturity went out from 3.5 to 3.6 years. All trends I think we'll see more of in the coming months. If the credit quality of these 10% loans is good then they should deliver on their promises regarding the dividend. Looks like the rest of the cash should disappear in September or October, then the fundraising question is going to arise
makinbuks
15/9/2017
07:29
Agreed - that seems a lot between 3 & 12 months overdue. They might be very confident of the asset-backing but surely it deserves some sort of impairment, even one that's later written back. SQN have form in not impairing - the solar loan on SQN.L
spectoacc
13/9/2017
12:36
This concerned me somewhat At 30 June 2017, repayments of GBP1,031,000 (2016: GBP181,000) were past due, aged as below. However, the Company assessed the recoverability of the loans and did not consider any impairment necessary. 30 June 2017 30 June 2016 GBP'000 GBP'000 Less than 30 days overdue 385 16 More than 30 days but less than 90 days overdue - 165 More than 90 days but less than a year overdue 646 - ------------ ------------ 1,031 181 ------------ ------------
makinbuks
11/9/2017
06:23
Anodyne but positive: "Outlook The Board has made significant progress towards both improving corporate governance and the Company's internal control processes. Rationalisation of platform investments and increased secured direct lending have also been addressed. Meanwhile the outlook for direct lending opportunities remains very promising and the Company has an abundant pipeline of investment opportunities to consider over the coming months. After a period of turbulence, I anticipate that following the appointment of SQN as our Investment Manager, the Company will now fulfil its mandate of delivering stable income and a healthy risk-adjusted total return. Richard Hills Chairman 8 September 2017 "
spectoacc
22/8/2017
15:22
New factsheet today. NAV confirmed at 98.96p. Some new loans of substantial values in the top ten list at impressive gross yields. Cash reduced from 24.3% to 20.3% which is still high but its a good start. Bigger reductions next month maybe. Interesting that the biggest loan is 5% in USD
makinbuks
03/8/2017
14:13
SQN XD 0.6p today I think - so NAV a bit lower, c.98.5p. Good point re lack of NAV impairment.
spectoacc
03/8/2017
12:39
Yes initially the price fell from a high of 114p to about 105p and more recently its about 100. The initial fall was obviously news driven but the reason behind the second step is less clear. What you have to remember is that they have not made an impairment provision so the quoted NAV assumes full repayment. From what I've read the loan was 4.5% of NAV at Dec 16 then I think about 6.5% at the time of the announcement and they have committed more money to it since so if recovery was less than 100% you could effectively say its currently rated at a premium. There must also be doubt that they can maintain the dividend when only c.94% of the assets are delivering. I have to say I am tempted at current levels
makinbuks
03/8/2017
05:51
Indeed, though I was surprised to see SQN had come back so close to NAV (or within a penny or two anyway) - was at a big premium before the solar error.
spectoacc
02/8/2017
16:58
Yes they seem to have got off to a flying start and have a lot of their own connections to lend to. Still quite a lot of repayments to come in the next few months (approx. 30% of NAV) so they need to keep it up. A small positive reaction in the share price to this but nothing significant, we just need it to be rated on the same basis as SQN itself
makinbuks
02/8/2017
15:26
Today's update reads well. Suspect they need to raise cash to dispel prospect of being wound up. But agree there's a good chance of them trading above NAV before long.
spectoacc
01/8/2017
09:47
Going to be a slow burner here until they turn their words into action and reinvest all the cash. Once the market is confident the dividend is being paid out of interest received we should see the share price move to a premium as long as interest rates remain low. That might deliver a useful 5% capital gain over the next few months on top of a 6% dividend. Beyond that its a question of how much they want to raise for future investment. If the recent announcement is correct they have placed maybe £15m in a couple of months. Not sure what the ideal size of a placing and open offer would be bearing in mind costs, maybe £30m to roughly increase size by 50%? Would they utilize borrowings first to invest and then fund raise to repay?
makinbuks
27/7/2017
14:37
Very much so, I read into that that the cash buffer will dry up in the next two months. Disappointed they have dropped the commentary from the factsheet and it is yet to appear on the website which itself remains under the old SMEF name
makinbuks
24/7/2017
14:35
Seems positive? "Investment Update The Company is pleased with the level of new business having completed directly sourced loans totalling GBP7.9 million and has approved transactions with value in excess of available cash. The Company is managing the commitment and phasing of these approved deals to ensure maximum income is earned whilst retaining sufficient cash to meet dividend payments and overhead. The average yield on this new business is in excess of 9.00% per annum net to the Fund."
spectoacc
06/7/2017
11:18
That's certainly one scenario that could unfold although like the previous redemption deadline they can always have a change of heart and announce an extension. I am comforted by the fact that we remain at a discount to NAV. If the dividend isn't covered by earnings its like a return of capital.
makinbuks
06/7/2017
07:32
Crossed my mind they're building cash because they think they might have to wind up? ie the defenestration of SQN.L's reputation means their informal chats about raising more for SSIF (to get to the £250m market cap required) aren't going so well. Just a thought. Either way, that level of cash doesn't suggest that raising more cash is the right way forward.
spectoacc
05/7/2017
12:07
I actually found this months factsheet slightly concerning. Firstly the cash level increased to 31.1% when I was hoping for a reduction. Secondly, if I read the table correctly, in the next six months there is another 43.5% of the loan portfolio maturing representing another 30% of NAV. So there's quite a challenge to churn current funds and maintain the dividend stream. Maybe once that six month hump is out the way future cash requirements can be met by share issues. Finally I found the decision to increase exposure to BMS surprising as I thought we were breaking from the old structures
makinbuks
20/6/2017
15:10
The monthly fact sheet should be published any day
makinbuks
01/6/2017
18:57
MD looks well qualified
makinbuks
19/5/2017
16:12
First factsheet published today under SQN management. I like the sound of a fully collateralized loan to a media company at 10%. Good also to see the 29% cash position confirmed. Plenty of demand out there so its all to play for. The key is going to be getting the share price above NAV to allow new shares to be issued
makinbuks
10/5/2017
13:21
As we have a new ticker I thought we could do with a fresh thread too.
makinbuks
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