Uil Share Discussion Threads

[mad foetus] 13/9/2017 10:15

Thanks Morton, I may dip my toe in again.

[morton2011] 13/9/2017 10:11

Afterpay in Aus has risen very significantly in last 8 weeks over 25%, announced tie in with a Qantas subsidiary today and price up 5% as perceived as a move into the travel market. Resolute up by 10% in same period and some of the other Aussie miners and oil stuff UIL like direct or via Zeta up as well. Zeta itself not moved much but was not at a normal ICM discount!
So its not linked to gold very much imho
I would expect the NAV to keep climbing in next week or so as it is always a few days behind.

[mad foetus] 13/9/2017 09:52

I see the NAV has risen by 20p between the last few announcements. Nice to see underlying progress, presumably linked to gold strength?

[vacendak] 31/8/2017 15:27

And Panoramic Resources today:



Quick read through:
Panoramic Resources: Losing less money than before, equity up.

Homeloans: Increased profits, RoE, AuM and paying dividends in 2017.

Pan Pacific Petroleum: Revenues down, losses up, equity down.
and that bit: "On 13 June 2017 PPP announced it had entered into a Scheme Implementation Agreement with Zeta Resources Limited (ASX:ZER“Zeta”) under which Zeta (or its nominee) will acquire all of the issued share capital of PPP that it does not already own by way of a recommended court approved scheme of arrangement."

NZOG: Making a profit this year. Dividend declared.
Zeta taking a bigger share of NZOG: "Chairman Rodger Finlay noted that while Zeta Energy has notified its intention to make a
partial takeover offer, the actual offer has not been sent yet. "The company has formed an independent response committee and a response document, called a 'target company statement', will be sent to shareholders following receipt of the Zeta offer. The Board continues to emphasise to shareholders that they should take no action on Zeta's offer until they receive the target company statement"

Mixed results on the resources component of UIL Ltd then.

[vacendak] 30/8/2017 15:43

Some updates from the ICM newsletter:

These two, we hold through Zeta:

New Zealand Oil & Gas:

Pan Pacific Petroleum:


and Homeloans is through Somers:

Homeloans


I have not read these yet.

The latest NAV is a week old (Tuesday last week)

At 261.43p it was going down (previous was 277.25p), but that was before the Norks decided to fly a missile over Japan; since then gold and Resolute have done better. UEM is still going strong too.

[vacendak] 22/8/2017 10:28

Look what I have found:

This holds, among others, some known UIL Ltd stocks:
AfterPay, Optal, Touch, Vix, Vix Verify.

This seems to be fully owned by ICM and UIL Ltd.
Allectus Capital is also a Bermudan company.

Could this be yet another "platform" component in the making for UIL Ltd?

[vacendak] 21/8/2017 10:08

Nothing new really, but some good reminders about discounts in this piece:


UIL Ltd does not do much buy-backs and if the statements made in the link are right, these would not be doing much good anyway, with regards to the "shrinking the company" bit. UIL Ltd is self-styled "value" and allegedly value is not doing that great at the moment compared to growth, hence the excuse for the discount. Other value stocks, like BTEM seem to be making good gains though.

As stated before, I feel the 40% discount is here to stay unless something radical happens like a "SkyScanner event", where one of the obscure stocks makes the news big time, puts UIL Ltd in the spotlight leading to a "Blue Horseshoe Loves Anacott Steel" moment for those of us of a certain age.

[vacendak] 16/8/2017 15:33

Fresh from the ICM website, the Somers quarterly results:


Harvesting the money thanks to FX movements with Sterling getting a bit stronger against the $ (Somers reports in $), compared to its post-Brexit nadir anyway. Self congratulatory pat in the back for lowering the debt load significantly through that warrant exercise by UIL Ltd.

@rambutan
I was about to mention GPLPF but you had already remembered.

[rambutan2] 16/8/2017 11:17

Ignore above. Memory creaking into action and I'm thinking of General Provincial (GPLPF), not Permanent Mutual.

[rambutan2] 16/8/2017 11:08

I have vague recollections of Permanent Mutual being controlled by Mr Saville's mum and in reality being his pension fund, and it being a Malaysian entity. However, this was when i was digging around about 10 yrs ago and much has happened since, including my memory fading.

[vacendak] 16/8/2017 10:01

True.
The only part of UIL Ltd that Duncan Saville does not own is the debt/ZDPs.

[morton2011] 16/8/2017 09:47

They would not find it so easy to refinance/ repay all the ZDP's if it went private. Following the Specto approach of it file this under Income with a possible bonus payout in future. Safer than most bonds paying same yield and you get the upside potential. So for me equities better than the ZDP and no longer hold those.

[vacendak] 16/8/2017 09:26

Welcome back Morton, you had been quiet for a while.

Permanent Mutual is mostly known for its relation to Somers and its shennanigans.
The recent ones were about the warrants to allow Somers to swap its debt for equity as you noted in an earlier post. They stated they would not play, so UIL Ltd gets all the equity at conversion.

Before that, during the ZDP 2016 rollover, they were going to swap their Somers shares for UIL shares (or sell to UIL tld, I am typing this from memory) and let UIL Ltd increase its stake in Somers to increase its own "clean" NAV. Somers tends to own listed stuff that trades regularly, even if Somers itself does not trade much. Back then the UTL share price was in the doldrums (February 2016) so the move was meant to improve quality. They subsequently dropped the plan when UTL shot back up.

So prior to the Vix Verify/Vix Whatever development they were only on the shareholding side of the ICM family. Now, we seem to have entered deeper in cross-holdings murkiness with the entity having shares/interests in itself if UIL Ltd begins to own Permanent Mutual.

And yes, Duncan Saville is a director of Permanent Mutual Ltd. I had found that earlier on:


They should take the nuclear option: Take everything private (most of the stuff already is in essence), de-list and re-enter UIL Ltd as a PE investment company.

[morton2011] 16/8/2017 07:37

I didn't reinvest the dividend last time and not quite sure what to do this time. Probably reinvest.

Factsheet introduces a new entity to me Vix Verify Group (Permanent Mutual), no 10 in their holdings. Permanent Mutual pops up from time to time. In 17 March 2016 UIL RNS a Permanent Mutual owned 6.6% of UIL itself and appears in some of the opaque Bermudan announcements. A Saville vehicle I suspect, nothing new in those appearing in UIL reports.

Typical of ICM and UIL to change the entity name in factsheets.
In the May listing @ No10 we have Vix Verify (unlisted) 1.4% of assets.
In June @ No10 we have Vix Verify Group (Permanent Mutual) (unlisted) at 2%.
They also state in June 'Valuations of the unlisted holdings in the top ten were unchanged'. That statement does not really make sense but at least June report a bit clearer.

[spectoacc] 15/8/2017 10:40

I've yet to get over selling my FPEO - or my BTEM come to that!

UTL's yield certainly keeps me in - as does the discount of course.

[vacendak] 15/8/2017 10:30

@SpectoAcc
Laugh all you want. :)

It brings home mucho dineros in actual yield (relative to my costs) compared to my others "income" or "high income" investment trusts.

Another odd-ball I hold is FPEO (private equity), pretty good yield considering the sector is meant to be risky growth only.

[spectoacc] 15/8/2017 10:13

Income stock :)

[vacendak] 15/8/2017 10:12

July factsheet out:

A bit more debt but nothing out of the ordinary, good performance for Afterpay.

Dividend declared, the usual 1.875p. UTL going ex-div on September 7th, paid on September 22nd.

[vacendak] 09/8/2017 11:57

Unaudited financial results for Resolute:


Less revenue and less profit than last year, but there were exceptional items back then.
More cash squeezed out of the gold sale compared to last year and a big war chest of AU$248 millions (cash & bullion), up 231% from last year (AU$75 M). They will declare the dividend on August 24th.

With Fat Boy in North Korea threatening to nuke Guam, Resolute should go up a bit in tandem with gold.

[vacendak] 04/8/2017 14:29

Mr Saville shows up on the oddest places online:


This is for a good cause. It is definitely him, I got the link through an ICM email alert.

[vacendak] 25/7/2017 08:50

Some Somers news in the Royal Gazette in Bermuda:

What we have heard before put in a newspaper article. The only new info is that UIL Ltd would now only be the second biggest shareholder after Permanent Investment Ltd.

[vacendak] 17/7/2017 10:56

[Zeta]
For mining afficionados only, a quarterly activity report from Zeta:


Related to the Bligh takeover, Zeta has announced that its offer is now unconditional, they have already gathered more than 88% of the voting rights.

[vacendak] 14/7/2017 09:08

The June factsheet is out today:


Debt ticking up by one million, but an increase in gross assets.
Gearing mostly unchanged 67.9% (last month 67.7%).
Afterpay replaced by Afterpay Touch Group Ltd as expected. The other change in the top 10 is also a change of name Vix Verify has been renamed Permanent Mutual Limited at #10.
As stated in the document: "There was a reorganisation of Vix Verify into Permanent Mutual although the underlying operations remain the same."

Permanent Mutual Limited is also one of the three major investors in Somers Ltd.

Hard to get any info on them:

Hhxxps://opencorporates.com/companies/bm/44950


The third entry shows a Duncan Paul Saville as a director. :)
Google search results generally link to RNS entries about UIL Ltd, Somers, Zeta, etc.

Unlikely, but possible: This could be another Permanent Mutual Ltd; in the sense that there are a lot of companies named Prudential or Prudential something that have nothing to do with LSE:PRU.

[editing the post to recycle and save Gaia]
The Zeta factsheet is out.

The Utilico Emerging Market is also published, I posted it on the UEM thread.

They mention having made the offer to buy Bligh Resources (see previous post).
Furthermore, they want to acquire the whole of Pan Pacific Petroleum (PPP is already 11.3% of Zeta).

As the name implies: Oil & Gas exploration/production in the vicinity of Australia New-Zealand.

Zeta's debt is up a bit A$36m (A$33.2m last month).
Zeta is allegedly now trading at a premium of 3.8%! Whatever "trading" means for this stock anyway.

[vacendak] 12/7/2017 13:58

@riskvsreward
True, the most surprising was in early 2016 when the directors also bought heavily when the share price reached the low 90s. Never knew if it was confidence or insider info! :)

FY17 and FY18 production guidance update from Resolute.


Everything is rosy, more gold and cheaper than expected to extract to boot.
The feasibility study for the Bibiani Gold Project (Ghana) has been completed. More drilling in West Africa (Mali, Ghana, Ivory Coast) and Australia (Queensland).

Resolute was mentioned in the Market Update in the FT this morning. The article has now been updated so I can no longer copy/paste. They wrote that the gold production was up for Resolute, as per the report, leading to a 3% jump in the share price overnight.

[riskvsreward] 10/7/2017 19:31

Good to see consistent, determined multiple directors buys here.