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% 89.50p 88.50p 90.50p 89.50p 89.50p 89.50p 14,143 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.5 2.8 5.3 16.8 47.13

Sqn Secured Share Discussion Threads

Showing 51 to 75 of 75 messages
Chat Pages: 3  2  1
DateSubjectAuthorDiscuss
30/8/2018
15:18
Factsheet published today. Good to see NAV increased and committed cash fell to 9.9%. Slightly surprised there hasn't been a positive reaction in the market to this, as a yield of 7.8% and discount of 8.1% is a pretty attractive entry point. I am confused by the Top 10 loans list which includes an offshore loan representing 2% of NAV to be repaid in September. This was not shown in the top 10 list last month so far as I can see.
makinbuks
29/8/2018
15:57
I think the newsflow on SQN has just been generally positive and reassuring whilst SSIF has published very little. They are even late this month publishing the factsheet. Someone on holiday?
makinbuks
25/8/2018
07:53
Interesting that SQN has been doing reasonably well of late, vs SSIF continuing to tick lower relative to NAV. May be as simple as the buy-back on SQN, vs none on SSIF.
spectoacc
22/8/2018
12:53
XD wont have helped SSIF share price.
spectoacc
22/8/2018
12:43
Interesting too that the IFRS effect was announced for SSIF in July but only in August for SQN. As the effect was similar it would appear the manager sat on news he knew was negative
makinbuks
22/8/2018
12:41
Not sure why the SQN NAV is always announced a few days before SSIF now. We should get the monthly update by the end of the week. Discount has widened for no apparent reason this month
makinbuks
30/7/2018
12:57
On a cost/efficiency argument it makes sense. Having been successful with SQN however SSIF was supposed to utilize their expertise but also diversify away from pure asset finance. Or that's my understanding of the strategy. I'm not sure that SQN holders would be too keen to suddenly take on a load of SME loans arranged through platforms (albeit asset backed). On the other hand SQN holders must also think the growth story has rather come to a halt given they had to return part of their latest "C" issue. Maybe it would give them a fillip too?
makinbuks
27/7/2018
16:32
What odds of them trying to get a merger with SQN through before then - because as you say, the chances of raising more cash when trading well below NAV & seemingly permanently suffering cash drag seem very slim.
spectoacc
27/7/2018
15:50
Ah yes I had completely forgotten that. Absolutely no chance of of achieving that in 16 months. We may see a narrowing of the discount in advance of that although its a completely wooly commitment. Made a nice return on ACD in similar circumstances. Might be a nice solution
makinbuks
27/7/2018
15:25
@Makinbuks - finally found it, from Feb 17 (the Secondary Placing of course being the sale of the GLIF shares, which passed off successfully): "General The Directors recognise the importance to investors of increasing the Company's size to increase the liquidity in its shares in the secondary market. The Directors believe that the Company's prospects for issuing further shares in due course will be enhanced significantly if the Secondary Placing is completed and the other proposals referred to in this announcement are implemented. However, the Directors recognise that there are no guarantees that the Company can increase its size substantially. Accordingly, if the Secondary Placing is completed, the Directors will seek shareholder approval to amend the Company's articles of association so that they will be required to convene a general meeting of the Company to consider a continuation resolution (an ordinary resolution) if the Company's net assets at 31 December 2019 are less than GBP250 million."
spectoacc
27/7/2018
06:42
Merger with SQN certainly crossed my mind - and don't SSIF have to wind up after a certain time if they've not managed to raise cash? Or get to £250m mkt cap? I'll have to look it up, but am sure that was the deal.
spectoacc
26/7/2018
17:11
Yes the discount at today's buying price of c. 6% is surely adequate cover for default risk while the dividend at 6.8% remains attractive although you have to ask yourself what will it be in future (can it be covered by fundamentals) and how will it look as interest rates rise (compared to a cash ISA for example). I wonder what SQN are thinking about taking the fund on a year and a bit after they did so? Its clear they thought they could dramatically increase the fund size and thereby their AUM and fees. That seems a distant prospect and extracating themselves from the Platform business and the old manager seems to have been prolonged and more complex than they thought. Might they have a plan B? Wind up for example? Merger with SQN? Bit of both?
makinbuks
25/7/2018
17:44
Thanks @Makinbuks, valid points all. The discount still keeps me in, & the comments on Sept 18 divi.
spectoacc
25/7/2018
16:03
Well, firstly they have changed "cash" to "committed cash" and it has risen marginally to 13.4% "Cash" is now zero. That is a step forward in disclosure but still a worry from a dividend cover point of view and the long term viability of the fund at its current size. I wonder if there are commitment fees for these undrawn amounts or what the expected drawdown schedule looks like. 2% repayments due in July. This point is further illustrated by the reduction in loans outstanding to 101. Basically there's more flowing in than flowing out. Secondly the IFRS 9 adjustment is partial recognition of the impairment issue we have long highlighted here. Shame on them for not adopting early. The real question however is not what level of impairment provision does an accounting standard require, but what level is realistic. The way they try to dress it up as non cash and historic doesn't inspire confidence which is why the price dropped today. I note that the provision is set to halve by the time the platforms reach 20% of the portfolio. According to the graph that is in 2026!!!! I also think the IFRS 9 issue is a worry for GLIF shareholders which I am not. I liked the greater transparency on SQN as well so although I don't think Suniva is out of the woods yet by a long way I appreciate that the manager is at least on the right page and making an effort to improve. Its in his interest to do so because its only trust and confidence that will get us back to NAV or a premium and allow future growth in the funds size
makinbuks
25/7/2018
07:42
Any thoughts @Makinbuks? June newsletter out.
spectoacc
27/6/2018
18:32
Just to add to that there's another 3% scheduled for repayment in June. Tongue in cheek shouldn't they buy shares in SQN instead of holding cash?
makinbuks
27/6/2018
18:30
...And so in May cash increases to 13.2%, the NAV drops again but by less than a tenth of a penny and the discount widens to 6.55%. 103 loans outstanding, 5 down from 108. So the tidy up continues and in a way its good to see loans being repaid without default but where's the promised reinvestment? We will not get that dividend fully covered with 13% in cash
makinbuks
04/6/2018
16:18
April Newsletter update, cash still 10.8% with a further 3% to be repaid in May and June
makinbuks
25/4/2018
13:52
Quiet March, NAV stabilized cash still 10%. a new graph has appeared showing the build up of direct loans from the current 31.7% to 60% in the next year or so. I guess the point of that is that margins will improve. Personally I'd rather see the old style commentary and in particular detail on when the cash will be invested and how they are progressing with collections
makinbuks
21/3/2018
07:28
@Makinbuks - or timing of interest payments? Agreed re impairments/provisions - all very SQN-esque, no surprise there! But I guess yes, the answer to it must be "they've stopped paying but we get the asset so net effect is no write-down".
spectoacc
20/3/2018
21:42
Hardly anything happened in February. NAV reduced again as the dividend was not fully covered. We don't know if they increased impairments. Cash increased by 1.7% to 10% which is part of the reason the dividend is uncovered but they keep insisting funds are fully committed. I wonder if there is an issue with loans not being fully drawn?
makinbuks
20/3/2018
21:35
If they can't issue new shares they could gear up a little to boost performance
makinbuks
20/3/2018
21:19
Half year report confirms broadly what has been posted here previously, namely: Dividend not currently fully covered (albeit statement re the full year and the weighted average gross yield is encouraging) Expansion of the Company by issuing new shares cannot happen unless or until the shares trade at a premium Comments regarding the demand for loans are encouraging also. The point about consolidation in the industry as interest rates rise and credit quality becomes an issue is new for me and its not immediately clear what sort of opportunity they envisage. The impairment notes are surprising. £500k impaired but not written off or approx. 1%. But frighteningly £1.4m overdue (approx. 3%) and of that £1m (2%) more than one year. Apparently no impairment provision required. Really? So someone doesn't pay you for over a year but you still think its reasonable to assume you will be repaid in full? We only have the time element of the equation to consider so the security must be rock solid. Lets hope so. Cost control looks pretty good and there will be a saving once Amberton disappear as joint managers. The fact that they are retained for two extra months shows that the transition is ongoing and problematic. Costs remain high in percentage terms which is another reason the fund needs to be much larger to be truly viable
makinbuks
16/3/2018
11:10
Quite a bit of info in the Half Yearly, not been through it all but had to laugh at the second para of this: "The Board expects the Company to achieve its annual fully covered dividend target of 6.25p by the year-end, rising to 7.00p thereafter. Discount For the reporting period, the Company traded at an average discount to NAV of 2.4%. The directors would prefer to see the Company's shares trade at a premium to net asset value and we believe this is warranted given the progress made in reducing platform loan exposure coupled with the very low default and impairment performance. "
spectoacc
20/2/2018
12:54
Yes, and why the dip in returns in Jan? Bad debts?
spectoacc
Chat Pages: 3  2  1
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