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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| T2 Income | T2I | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 28.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 28.50 |
| Top Posts |
|---|
Posted at 27/10/2009 08:33 by aleman T2I now GLIF.L (seems to accept just GLIF) |
Posted at 14/10/2009 12:03 by aleman Could be some funds want to invest but can't invest in AIM shares. (Note - only raised £11m in the placing against £15m target.) I think the debt facility is limited by gearing so if they raise more capital they may be able to utilise more of the cheap finance available and have a bigger company. This is often where shareholder and director interests diverge - directors like bigger salaries for running bigger companies where shareholders just want higher earnings and dividends per share.For the benfefit of lurkers, the shares are down today by 0.5p because they went ex-dividend by that amount so the announcement of the placing quantity and price hasn't moved the shares. I thought they might actually have risen on today's news. Dilution isn't too bad really and the company looks to have solved its cashflow troubles for a while although the various investment risks in volatile coporate debt markets remain. |
Posted at 14/10/2009 11:33 by timanglin although the placing dilutes the company, i would argue that this is the key to the unlocking of the value of the 'locked' CLO's. I dont see this as a placing as in a 'bombed out' company. It will be interesting to see how the unlocking process occurs - this was once paying 5p per share dividend. This is why i bought, however I would have been happier paying 25p. dyor. |
Posted at 14/10/2009 11:31 by aleman I make it that cash is now about 39p per share after the placing and the company should have the flexibility to buy back CLO debt at a discount, buy riskier assets off the CLO so it meets covenants but without selling them at a loss into the market at a large discount to par, pay a regular dividend, and possibly pay for a main market listing. Main market listing seems ambitious with the increased market cap of £25m but they look to be trying to somehow crystalise the company's very cheap finance facility. |
Posted at 13/10/2009 17:02 by timanglin Hi Aleman, first used idealing - and left my order on the lse orderbook for about 2 hours - no joy, then phoned different broker who said there was no counterparty and something else which i didnt understand, however finally idealing executed the order for 7000 at 29.5p over the internet. I am only a lowly pi, however very interested, and for the long run, and waiting for the placing, and look forward to the divi - if i had a couple of million, i probably would seriously consider putting a chunk in T2I. Thank you for your replies. |
Posted at 13/10/2009 11:13 by aleman 8 October 2009 The Directors of the Company today announce that on 30 October 2009 the Company will make a dividend payment to all shareholders on the company register as at 16 October 2009 of 0.5p per ordinary share in respect of the 3 month period to 30 September 2009. - End - |
Posted at 08/10/2009 15:19 by aleman EGM is a week tomorrow. Looks like that is when we will get CLO payment tests and dividend news.However, this is in the placing document: The precise number of placing shares to be issued and placing price will be determined following completion of the book-building, which is currently scheduled for 12 noon (London time) on 7 October 2009 and a further announcement will be made as soon as practicable once the results of the Placing are known. So there should be news before as well. (Funny the shares are going up the day after completion of the book-building.) I like this from the placing document: The Board believes that the benefits of increasing the certainty of interest payments being made by the CLO Limited would be to improve the overall creditworthiness of the portfolio and in particular: (i) increase the value of the Company on an NPV basis; and (ii) Give the board more scope to sustain and potentially raise the dividend So they're still talking about raising the dividend from 0.5p per quarter, provided the fundraising achieves its objectives. |
Posted at 02/10/2009 15:06 by aleman I wonder if we will get an announcement on the CLO payment tests yesterday. News of another 0.5p dividend and some more cash for the parent company would go down well, I would imagine. |
Posted at 16/9/2009 12:34 by aleman 2 RNSs today. First one says no defaults as yet so interest still accruing and that if the same results were achieved on October 2nd - not a foregone conclusion but not far away - the parent company would receive its interest payment and one hopes that means shareholders would get another dividend. The 2nd RNS is to raise cash which can be used for opportunistic purchases of the CLO's debt where it becomes available and also to buy assets from the CLO to improve its test results. CLO debt notes are not traded much so this could be a bit hit and miss but should be profitable where it occurs. Currently, downgraded debt notes within the CLO can hit test results and its ability to pay out the interest to the parent so it is having to sell the poorest quality notes into the market at a loss and lose the high rates of interest they carry at market values. If the parent company had the cash to buy them instead, there is no capital loss and the interest payment still goes to shareholders and avoids any restrictions that might hold it within the CLO, making it available for any use, including dividend payments. £20m raised should generate a great deal of flexibility as the act of improving the CLO's asset mix so it can pay interest also generates independent assets for the parent company giving it new sources of cash generation. Although the £20m placing may create some dilution, it generates the flexibility to unlock the substantial interest payments from the CLO and this looks like good news to me. On top of that, there is good news of the possibility that the CLO could meet tests leading to a Q3 dividend anyway, and the news that there have been no actual defaults on any notes despite credit rating downgrades. I think there is enough value here that I have topped up, although it is still only a relatively modest holding in my overall portfolio of investments. |
Posted at 11/9/2009 16:11 by aleman I'm back in for a few. This is an interesting piece of financial engineering. Clearly there is some risk from rising bad debts but the discount and extra profit from buying up its own debt seem to make up for it and there must be some confidence to reinstate the dividend. I can imagine it will come good in the end although I won't be buying too many. |
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