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% 91.50p 90.50p 92.50p 91.50p 91.50p 91.50p 8,662 07:35:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 4.5 2.4 4.6 19.8 48.18

Sqn Secured Share Discussion Threads

Showing 51 to 74 of 75 messages
Chat Pages: 3  2  1
DateSubjectAuthorDiscuss
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
20/2/2018
09:55
Apologies I was misled by the spin, the NAV actually decreased in the month showing again that the dividend is partially actually coming from capital. Around 1.5p per year. If you strip that out of this years payment it means the yield is really 5.2%
makinbuks
20/2/2018
09:43
Fairly uneventful month in January. Good to see NAV increase. Number of loans continues to decline, now 118 and the cash balance increased again a couple of points to 8.4%. I guess that's just timing as they have said previously they have a full pipeline but it does highlight the challenge they are having churning the funds. On the face of it a 7.5% yield (assuming the July target is kept) and 6% discount looks a good entry point.
makinbuks
09/2/2018
15:46
Thanks - my guess is, they'll make a good case to keep it going, ie still hold the vote but make sure they've the votes largely sewn up first. Still happy to hold here, whatever the market does - but ever-wary of how this & others will fare in a recession. Amazes me how badly some have performed in boom times! (SQN...).
spectoacc
09/2/2018
13:15
The original announcement simply states: "enhance the prospect of increasing the size of the Company through share issues in due course". However, there is a commitment to increase the dividend to 7p per share from July this year and there is a winding up vote at the end of 2019 if the net assets are less than £250m (5x todays value). They clearly envisaged being able to make it a similar size to SQN but given events there and rising interest rates the return to days of a premium at which to conduct share issues seems a distant prospect. Of course they can always change their mind about the wind up vote and move it forward a couple of years as happened last time. Or indeed shareholders might vote not to wind up
makinbuks
08/2/2018
13:28
How long did they give themselves to increase in size? I can't remember.
spectoacc
08/2/2018
13:27
Change of bankers signals a further move away from Guernsey I guess. Not sure I agree with the comments about the lack of need for custodians and depositary. OK it might not be a regulatory requirement but it is best practice. Perhaps if the fund value was larger it would become more cost effective
makinbuks
25/1/2018
19:44
Interesting. Thanks for the bit of background Mr Buks.
hugepants
25/1/2018
14:01
Good question. They have a new manager SQN who started in the middle of last year and the number of loans originated by them is gradually increasing. They also manage the SQN Asset Finance Income Fund which has experienced some problems in the last six months with potential defaults (see discussion on the SQN board). The old manager was part of GLIF which has bombed itself. It is a mixture of a pretty decent asset manager and a bunch of investments in loan platforms. Few, if any of these platforms make money as they are not at critical mass. Its not clear to me what happens to the loans if a platform fails. Fortunately as time goes on the influence these platforms have over this fund will decrease
makinbuks
25/1/2018
11:04
6% discount to NAV and a 6.8% yield paid monthly. Secured loans apparently. Just how secure though?
hugepants
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
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