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% 93.00p 91.50p 94.50p 93.00p 93.00p 93.00p 0 07:31:43
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.5 2.4 4.6 20.1 48.97

Sqn Secured Share Discussion Threads

Showing 26 to 50 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
20/1/2018
07:28
Or just a function of having more money out on loan? I've no idea - certainly if SQN is anything to go by, we need to keep a close eye on any loans going sour.
spectoacc
19/1/2018
17:24
I see accrued interest is increasing, now 2.1%. Something to be concerned about? ie its accruing because its not being paid?
makinbuks
19/1/2018
17:16
Yes another 5 loans repaid (net), cash reduced to 6.4% NAV back to July value and December growth of 0.73% is impressive
makinbuks
19/1/2018
09:16
A slight improvement this month @Makinbuks? Needs sustaining but still happy to hold here.
spectoacc
12/1/2018
17:23
I agree and personally I'd probably go along with allowing them some more time. Maybe they also need to revise downward their target size. It was a huge growth projection and it may mean they revise their own business model. The problem with secured lending is the cost of legals and financial due diligence in every transaction so they need to be a decent size to make it worthwhile
makinbuks
11/1/2018
14:16
Indeed, although since SQN's poor lending to solar & Snoozebox & others is specifically to blame for SQN's discount to NAV, they've made the rod for their own backs! Missed the chance to get a share issue away early methinks. My guess is they'll ask shareholders for an extension to wind-up date, and that we'll likely approve.
spectoacc
11/1/2018
12:55
Yes they cut the dividend and have also lent at higher gross rates of late so the NAV dilution over the year is possibly more historical. You're right they have announces a wind up deadline and also ambition to increase the dividend but they're going to have to work hard to achieve that. Non the less churning 27% of assets since April or May when they came in is impressive I think. Regarding a share issue, they're a bit unfortunate the way the market has turned in the last 6 - 9 months making issuing shares at a premium much less likely
makinbuks
09/1/2018
07:18
They need to build the co up with a placing soon too, or else it'll get wound up per the original promise. Surprised divi is dragging NAV down - they cut it when they took over of course, also with plans to increase it in future. Merger with SQN.L would once have been an option - but surely not now!
spectoacc
08/1/2018
19:01
Loans outstanding again reduces to 126 and the cash drag goes up to 8.2%. Looks like there's another 6% or so redeemable in the Jan - Mar 18 quarter or around £3m. They're having to run pretty quickly to reinvest. SQN have now invested 27% of the fund since they took over Good to see November's increase in NAV of 0.5% although it has still declined by more than 2% over the year highlighting that the dividend was unsustainable. SP close to all time low despite lack of newsflow. They could do with finding a way to get a bit of hype behind them
makinbuks
01/12/2017
15:58
Over on SQN where there continue to be issues I noticed this: "The Company is also pleased to announce that it has now successfully re-financed two anaerobic digestion plants generating premiums over the already-attractive initially projected yields. Since the Company's year-end, a total of six transactions have come to conclusion, all at premiums to the initially projected yields which maintains the weighted average yield on all completed transactions at over 12%." I wonder if SSIF was part of that refinancing and the 12% loans mentioned are the ones that appear on the table of our largest loans Can the manager refinance from one vehicle to another and charge a fee?
makinbuks
01/12/2017
15:48
So in October the number of loans reduced again to 136 and the amount of cash increased to 6.4% from 4%
makinbuks
27/11/2017
13:51
Average coupon might be pushing 10% on loans made but the cash drag still means the dividend is not covered so NAV decreases
makinbuks
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
Chat Pages: 2  1
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