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% 97.75p 96.50p 99.00p 97.75p 97.75p 97.75p 0 07:44:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 3.8 3.7 6.9 14.1 51.48

Sqn Secured Share Discussion Threads

Showing 1 to 15 of 25 messages
Chat Pages: 1
DateSubjectAuthorDiscuss
03/8/2017
15:13
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
13:39
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
06:51
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
17:58
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
16:26
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
10:47
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
15:37
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
15:35
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
12:18
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
08:32
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
13:07
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
16:10
The monthly fact sheet should be published any day
makinbuks
01/6/2017
19:57
MD looks well qualified
makinbuks
19/5/2017
17:12
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
14:21
As we have a new ticker I thought we could do with a fresh thread too.
makinbuks
Chat Pages: 1
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