Uil Limited

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Uil Limited LSE:UTL London Ordinary Share BMG917071026 ORD 10P (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 143.50 2,803 01:00:00
Bid Price Offer Price High Price Low Price Open Price
139.00 148.00 143.50 143.50 143.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Finance Services -110.65 -137.10 - - 120.31
Last Trade Time Trade Type Trade Size Trade Price Currency
11:25:17 O 1,895 139.09 GBX

Uil (UTL) Latest News (1)

Uil (UTL) Discussions and Chat

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Date Time Title Posts
10/3/202310:14Utilico for "good long term record in stock selection"1,178

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Uil (UTL) Most Recent Trades

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Uil (UTL) Top Chat Posts

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Posted at 21/12/2022 15:31 by cc2014
I think I may now understand how UTL managed to sell so many millions of shares in UEM now. I could never figure it out at the time. Presumably to a Saville third party trust or some such that didn't have to declare the purchase.

I find it hard to see myself buying back in here again.

Posted at 21/12/2022 15:16 by spectoacc
It's kept going this long, hopefully you'll be fine.

Can't see me ever buying back into UTL.

Posted at 21/12/2022 12:58 by vacendak
This one is fun to read:

Long and short of it: Nothing happened.

From what I have understood (understood being a powerful word in the case of UTL) Saville was lending some money to himself with collateral from himself using shares in companies that invested in themselves. I know money was created, and distributed to Saville in the process; but I have no idea how! :)

Posted at 19/10/2022 11:52 by vacendak

Selling some more UEM, most likely to pay for our 2022 due at the end of the month.
UEM is not doing too badly considering the strong dollar and the overall current climate. I mean, it is not doing great but at least it is not collapsing.

Posted at 17/6/2022 18:04 by morton2011
The 6% loan only goes to the 'unconnected parties' and sounds cash neutral for now. If you are a an 'unconnected party' you are going to swap your share for a loan note which at least will mature in 2 years for cash plus interest unlike your share which hardly ever trades. The connected parties just get shares.
NewSomers is presumably going to not be listed and once the pesky non ICM shareholders out the way in NewSomers then ICM can just sell off all the parts as they see fit, after allowing somehow to ensure they have the 5% + interest safely banked to pay off the loan note.
As noted by others all this talk of closing the NAV gap is hot air. If they wanted to close the gap simply sell off all the assets in Somers, close the company and distribute the cash received to UIL and all the other shareholders. Not difficult to do as 10 holdings represent over 95% of the NAV.

Posted at 17/6/2022 11:18 by cc2014
Of course it's not unsolicited. Perphaps the shareholding is such they can argue that but the parties are clearly connected.

But, it's Bermuda isn't it. Like the chair of the meeting at Somers doesn't actually turn up and run the meeting as that's the way it works out there.

It's all wheels within wheels.

And now we have UTL selling down part of it's stake in UEM even though they point out with such force in the Edison report that it's a discount on a discount.

I'm delighted to be out of my 26's and 28's a few weeks ago, mostly triggered due to rising interest rates plus the fact the bank loan is due in about 3-4 months and they haven't yet renegotiatedt terms.

I assume the new 6% loan UTL will be taking out to buy part of the shares of Somers (how does that work if several parties are taking out one loan all on the same terms? No don't answer that, I'm probably seeing things that aren't there) will push the ZDP lower down the stack? Or perhaps they aren't taking out a loan but instead liquidating part of their stake in UEM to pay for it.

As I said I'm delighted to be out of my 26's and 28's. I have a few 22's. Surely they are safe and they redeem in about 4 months.

Posted at 16/6/2022 14:49 by morton2011
Following up on the Somers notice in UIL factsheet saw this in Bermuda. It seems that UIL would not receive the loan notes as that is for the unconnected shareholders.

In a filing with the Bermuda Stock Exchange [BSX], Somers Limited announced they received ‘an unsolicited offer from shareholders representing approximately 95% of the Company’s issued share capital.’

The full filing stated: “Somers Limited, a financial services investment holding company, announces that it has received an unsolicited offer from shareholders representing approximately 95% of the Company’s issued share capital [collectively, the “Bidder”] to acquire all of the Company’s issued shares [the “Proposed Transaction”]. If consummated, the Proposed Transaction would result in all shareholders unconnected with the Bidder receiving $21.00 for each share of the Company they own [the “Transaction Consideration”].

“The terms of the Proposed Transaction include that the Company would merge with a to be formed special purpose merger vehicle incorporated by the Bidder, with the Company being the surviving corporation [the “Surviving Corporation”].

“The Transaction Consideration would be payable in the form of a two year loan note to be listed on the Bermuda Stock Exchange with an annual interest rate of 6% [accruing daily] issued to current non-Bidder shareholders by the Surviving Corporation.

“The Company has formed a special committee of two directors independent of the Bidder to assess the Proposed Transaction, including whether or not the Transaction Consideration represents fair value for the Company’s shares.

“At this time, no decision has been made by the Company or the special committee on whether or not to recommend the Proposed Transaction to shareholders. The special committee intends to give careful and urgent consideration to the Proposed Transaction.

“A subsequent announcement will be made once the special committee has decided to support or reject the Proposed Transaction [including if the special committee decides to support the Proposed Transaction on modified terms]. Any Proposed Transaction will be subject to shareholder approval.”

Posted at 16/6/2022 11:12 by cc2014
"The majority shareholders in Somers, including UIL have made an offer to acquire all of Somers' issued shares at a value of USD 21.00 per share. The consideration would be payable in the form of a two-year loan note to be listed on the Bermuda Stock Exchange with an annual interest rate of 6.0%."

Wheels within wheels.

Posted at 27/5/2022 07:51 by cc2014
Over the last couple of weeks I've sold my 26's and 28's. I didn't have any 24's and I've kept my 22's.

April's factsheet shows:
Gross Assets £497m, Debt £196m,Net Assets £301m. The NAV was 359p/share

As of yesterday it would look like this:
Gross Assets £453m, Debt £197m,Net Assets £256m. The NAV is 306p/share

The 22's which has a size of £52m are due for repayment later in the year and as far as I can see UTL has little cash so that becomes bank debt unless UTL go for some 30's, which seems unlikly to me. The bank will be happy to lend them that as the ZDPs will be subordinated to them.

If you re-do the numbers based on what the market thinks UTL is worth at 202p/share you get:
Gross Assets £366m, Debt £197m,Net Assets £169m. Based on 202p/share

The level of gearing was starting to concern me and I didn't like being at the end of the stack. I'm a pretty cautious person and the risk/reward didn't feel quite right when I looked at how the rest of the market had moved since the start of the year and what returns I can now get elsewhere.

Posted at 10/1/2022 12:55 by vacendak
Told you to get out when they went from main to specialist market some years ago.
Exiting UTL near the time of the announcement was one of my very few "perfect timing" moments.

I had enjoyed a good twenty year with them and I still trust them to repay their ZDPs, but UTL itself had become a bit too "original" for me, for lack of a better word.

Oh well, you are on other stock/threads I have interest in, so we shall keep on chatting there. :)

Uil share price data is direct from the London Stock Exchange
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