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
  -2.50 -1.41% 175.00 4,300 10:08:05
Bid Price Offer Price High Price Low Price Open Price
165.00 185.00 177.00 170.00 177.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 12.68 8.47 9.77 17.9 154
Last Trade Time Trade Type Trade Size Trade Price Currency
11:17:12 O 1,300 178.00 GBX

Uil (UTL) Latest News (1)

Uil News

Date Time Source Headline
01/12/202012:07UKREGUIL Limited Net Asset Value(s)
25/11/202016:53UKREGUIL Limited Director/PDMR Shareholding - Burrows
25/11/202012:17UKREGUIL Limited Net Asset Value(s)
23/11/202012:18UKREGUIL Limited Dividend Declaration Q1 2020-21
19/11/202016:55UKREGUIL Limited Director/PDMR Shareholding - Jillings
18/11/202011:47UKREGUIL Limited Net Asset Value(s)
11/11/202012:27UKREGUIL Limited Net Asset Value(s)
04/11/202012:52UKREGUIL Limited Net Asset Value(s)
02/11/202014:48UKREGUIL Limited Net Asset Value(s)
29/10/202016:36UKREGUIL Limited Director/PDMR Shareholding - Hill
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Uil (UTL) Discussions and Chat

Uil Forums and Chat

Date Time Title Posts
25/11/202018:32Utilico for "good long term record in stock selection"1,045

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Uil Daily Update: Uil Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker UTL. The last closing price for Uil was 177.50p.
Uil Limited has a 4 week average price of 157.50p and a 12 week average price of 155p.
The 1 year high share price is 253p while the 1 year low share price is currently 117.50p.
There are currently 87,733,389 shares in issue and the average daily traded volume is 90,236 shares. The market capitalisation of Uil Limited is £153,533,430.75.
vacendak: @Morton As you know I used to read the small prints in the last couple of pages with the grey background back when I held the shares. Nowadays, with only some ZDPs in hand, I merely check the covers and the timetables for rollovers. What you have expertly picked up is interesting and continues the long established tradition of UTL in using legal/technical tweaks to blur the picture. The BFIC money story will likely end up being revealed as bonus warrants being given to UIL Ltd at some point in the near future. Either that or some loans-to-themselves "to support the investee companies" (UTL lends to BFIC to pay UTL), as per the usual tools ICM has in its armoury. The latest RNS says that the £60.4m for the 2020s redemption has reached the registrar and this is all I care about for this ZDP issue. :) I still enjoy reading about UIL Ltd though, kind of emotional attachment...
morton2011: @V Worth doing wordsearch for BFIC in that report. On 30 June 2020 BFIC is listed as 94.2% owned by UIL and is a subsidiary but has not been shown as in the Top 10 as a holding for sometime. It is listed as having a value to UIL of $3.6 million (page 103). We now discover it has been able to pay $ 70 million to UIL in October.. as per todays RNS: " On 19 October 2020..UIL also announced that it had sold its direct holding of Ascendant shares to BFIC at the sale price of USD 33.3m. In October 2020, UIL sold the majority of its holding in One Communications to One Communications' majority holder. The balance of One Communications' holding was sold to BFIC in October and BFIC paid USD 39.0m to UIL. " So where did BFIC get the money from to do all this. No details in the report I can see.
morton2011: The Ascendant asset is 99.9% sold and they have not over-priced it in the portfolio to be fair to UTL - its just smoke n mirrors as to the cross shareholdings and debt. Be interesting to see where the rest of the money comes from.
vacendak: Oh... the dreary world of accountancy. :) Your hypothesis seems very believable. There must be some sleight of hand in the accounts to redeem those 2020 as it was definitely not the plan before the plague. Had it been planned, they would have crowed about deleveraging, simplifying the capital structure and whatnot well in advance. They have no juicy assets to sell and cash in at the moment, UEM has not recovered fully, financials are in the doldrums so selling some Somers would not be great, and RSG is still one of the few underperforming gold miners. As for lending to UTL directly, your previous point on the dreadful discount on the 2026s would explain why lenders would have walked away.
morton2011: Ascendant sale in rns today typical UTL. Sell the shares to your own subsidiary bfic from whom you got them a few years ago at the price they are due to be redeemed mid November Why bother?Reality is bfic must be borrowing the money to pay the 30 million otherwise they would be included in the Top 10 for UTL end of September. Subsidiary borrowing presumably does not to be declared as utl debt. That borrowing effectively being used to repay the UTL zdp but no mention in the RNS.The lender to bfic no doubt has the ascendant shares as collateral so they should all get paid off mid November.Why not same lender loan to Utl directly, Covenants?
vacendak: End of life for the 2020s: htTps:// As surmised, the market conditions were not favourable for a rollover.
morton2011: Been vaguely following UIL and noted in the latest factsheet for August that came out this week this: "UIL is focused on redemption of the 2020 ZDP shares in late October and realisations will rise over the coming months as ICM executes its strategy for full redemption." Odd wording as anything other than full redemption would be catastrophic I would have thought. If they mean there is going to be no issue of any more ZDP or new debt that is good as I see it. It should help clear some of the uncertainties as to values, they need £ 60 million to repay the debt in October. Zeta has a bonus issue ongoing which is stated to largely pay down debt, which is owed to UIL. As UIL owns 90% + of the shares not sure how that works unless Zeta sells the bonus shares in the market at a profit as why pay 25 pence for a bonus share the proceeds of which may only be used to pay back your own debt, which is earning interest. It has had the benefit of increasing the share price but does not seem to raise any cash. The factsheet disappointed in Resolute so perhaps they might sell a big chunk if they can there. Ascendant sale not gone through yet and early October is supposedly a date for regulatory decision on quick google search - ttp:// so going to be close in timing. This is worth around £ 25 million. All the ZDP beyond 2020 trading around 8%
morton2011: feels wrong to only be warning of problems but as a few of us have invested and followed UTL thought I would update. NAV is simply not reflecting the current situation. Somers is the largest investment in the portfolio and its value is based on the price in Bermuda which rarely trades. That price has not moved in the last week. Somers largest investment is/was Resimac which was 50% of gross assets, its share price on ASX has halved. The sale of BCB has not completed despite the annoucement it was to shortly end of Feb and PFG in the UK has had its share price half. The problem is compounded as UTL lends money to its platforms as well as owning shares and has lending to Somers but only splits them out in Annual reports. There are similar issues elsewhere. Closely watch Resolute Mining and whether ICM make the investment they are due to this week, Resolute said it would be w/c 16 March not 13 March as in my previous post checking more carefully. Some solid investments within its just the valuation that I think is way off the mark
vacendak: 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: Http:// 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.
vacendak: The factsheet for April is out: Http:// This corresponds to the time when the share price was 167.5p. The NAV tanked slightly again during April, the discount narrowed a bit. No mention of having exited Augean. The share price of Orbital (the drone/UAV company) dropped heavily, thus it has left the portfolio Top-10. Vix Verify is now #10. Vix seems to turn into an ICM type company, with many names registered: Vix Technology (#5), Vix Verify (#10) and there is a Vix Investment or something sounding like that somewhere in the UIL Ltd books. Somers back as the biggest holding, for April anyway. Debt: They repaid part of the bridging facility in mid-April. They mention the extension of said facility. All the ZDP 2020 (the extra ones emitted at the last roll-over/ZDP 2022 issue) have now been sold/put on the market and UIL Ltd is only left holding 4.9 mils of 2022 ZDP shares, roughly £7.2 millions at current prices. Once these are gone, the debt numbers should be clearer. Gearing slightly up at 75.2% from 74.2% (worse NAV, better sp) Not sure what to think about UIL Ltd these days. Kind of stagnating. A nasty -7p correction followed by a slow return to the 160-170p range. Maybe once they have cleared up that "bridging facility" (which would be called overdraft if it applied to the plebs) things will improve. TBH, the mining sector and gold have also been doing so-so recently. Some potential scares (unfounded) also about PCF (Https:// and the PCP market as mentioned in the PCF thread ( may have had adverse influence on the UTL share price We hold PCF through Somers I think.
Uil share price data is direct from the London Stock Exchange
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