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UIL Limited Share Discussion Threads
Showing 701 to 724 of 725 messages
Debt slightly down but gearing up due to lower NAV.
Orbital and Resolute taking a hit. The former due to lower than expected interim result, the latter because gold miners were shunned in March.
UIL is now an emerging market investment company, with UEM rising to the top of the portfolio.
UEM has been doing well lately indeed.
April has been nicer to Zeta so far, so the next factsheet should be more exciting.
Beating their MSCI index for the month, good results overall and it has still got better in April so far.
Glad I am holding some directly after converting some subscription shares at the latest round.|
|Another mildly disappointing NAV update at 280.10p, considering the jump in the share price yesterday, I was expecting 290+p. It is up from last time though.
Overall, there has been some good uplift over the past week or so:
UEM is doing great.
Someone must have bought some Zeta last week :)
It jumped from 0.36c (AU$) to 0.40c, narrowing the spread from 63% (yes, it was that silly) down to 11.6%.
But as Specto mentioned earlier, people seem to associate UIL with gold, even though it only represents 20.9% of its assets according to the, now old, February factsheet. Gold is doing pretty well these days.|
|May not be linked to share price rise but...
NZO deal got various approvals this week so UTL looks like they will get the cash to repay the £ 25 million loan as announced recently - this to take place in May
TCH share price perking up ($1.45 albeit it was over $2 in October) as the Afterpay merger gets closer. TCH rejected a 'non-biding indicative proposal' they have had from a 3rd party yesterday so may continue to climb. http://www.asx.com.au/asxpdf/20170413/pdf/43hhrjw3llhyq4.pdf
From a UTL perspective be interesting if TCH was bought out completely by a 3rd party.
Afterpay itself posted a business update and impressive growth figures
http://www.asx.com.au/asxpdf/20170413/pdf/43hhsd69n245nh.pdf claims to have '3% of online retail transactions'|
|lovely - chart looking great|
|A few keen buyers pushing it up today.|
|UTL does seem to get regarded as a gold proxy - moving with the metal - when it should be moving with its holdings.
|Resolute apparently had stopped operating Ravenswood for a few days due to the tropical cyclone Debbie. They are now back at work at the mine. The announcement was made yesterday (March 29th).
Not sure if that piece of good news is responsible for the recovery in the UTL share price over the past few days, but we are now back at 167p.
The NAV over the past few weeks have been tepid at best:
281.54p, 281.13p, 282.72p and today 276.63p
The lowest this year was for the first week of January at 274.60p|
With reference to what Morton was talking about in post 704, yesterday Assetco has released some preliminary results:
They are now touting themselves as "Providers of management and resources to the fire and emergency services in the Middle East", in line with what the links from Morton's post mentioned.
Two things of import:
* Profits up, big thank you to a weak Sterling.
* Spat with Grant Thornton not going to be heard in court until Summer 2018.
I think this is pretty recent (last edit or creation on March 24th); someone has set up a page for Somers Ltd on Wikipedia.
|Indeed, I had been following the AUG thread for a while and people complained about the free-float: Post 2128.
"Liquidity is a problem with circa 83% of shares owned by 5 institutions according to Digital Look, some appear to reduce after a decent rise which we had a while ago up to 66p."
The UTL earlier sale, followed by the full exit, must have released circa 20% of the AUG shares.
Now if GPLPF, which owns 62+% of UIL Ltd dumped a lot of that on the market, it would be nasty in the short-term, but likely far heathier in the long one.|
|Interesting to see that AUG.L has been flying almost as soon as UTL sold out its stake.|
|The February factsheet for UIL Ltd is up:
No change in the top 10. Resolute still at the top.
The reporting mood was positive. It corresponds to the share price of 167p that we saw at the end of February.
They mention the forthcoming merger between AFY and TCH and the premium offered to TCH shareholders (us to a point).
Debt values unchanged beyond the accretion of the ZDPs, the extra £25m facility is still fully drawn. The higher NAV (again peaked at the end of last month) led to a slightly reduced gearing. The exit from Augean should be reported on the next factsheet.
More or less the same text in the introductory paragraph for the UEM February factsheet:
More optimistic results there. They bought back and cancelled more or less the same amount that they got in UEMS being exercised late February.
UEM has been climbing slowly but nicely since early March. I have exercised a few of my UEMS for a nice uplift at conversion. I now own UEM directly as well as indirectly via UTL and FRCL. :)|
|Zeta has just released its February factsheet:
Panoramic is now the top dog.
Good increase in NTA/NAV, share price up as well on a month-to-month basis.
Nickel has inched above Gold in the sectoral split: Oil&Gas/Nickel/Gold and Copper a distant fourth.
ICM should therefore update the factsheets for UTL and UEM soon.|
Will add Assetco to my search list when looking for portfolio news when I am bored. :)|
|One for vacendak
Idly wondered about Assetco which UIL bought into a few years. It is still a large holding for UIL who own around 20% according to Assetco accounts, I think we looked at it years ago! Its 'worth' around £ 8 million so just under the top 10.
Share price is based on whether Assetco can win their claim against Grant Thornton - not sure if this helps or not:
and also the fact they are 'out of contract' but still working in UAE so big risk they might lose work there.
Another 75% of the shares owned by Harwood (North Atlantic) and Henderson so little liquidity and its all going to turn on the Grant Thornton claim. Had a quick look at GT accounts and they have little in the way of provisions for this and some other big claims against them so presumably confident they win or its a small settlement.
Conclude that current share price for Assetco too high and probably being supported by the lack of any liquidity.|
Yeah. I thought it would also have been a block trade of some sort. I must admit I did not bother to check on it, hence defaulted to the value at close.
I was just surprised to read about exiting in one big dump after all those years. AUG, ironically a bit like UTL, has/had a good story but it never really picked-up. AUG was no longer part of the strategy: Not gold, not resources, not finance and not FinTech.
Next big event should be the merger of TCH and AFY.
There was also an AGM for PCF (Private & Commercial Finance) earlier today. No reaction on the share price Something Somers holds I think.|
|vacendak : Adfvn have historic prices and the prices quoted for the millions of shares sold was 47 pence on 9 March for Augean. So around £ 1 million less possibly. They bought a lot of the shares in 2010 at around the prices they sold for. Worth a punt but seems a good time to get out.|
|We have fully exited Augean (LSE:AUG).
Yesterday's close for AUG was 52.50p. The deal happened on March 9th.
The 16,371,942 UIL Ltd held must have been sold for around £8.6m (assuming mid-price at close). That should help with the overdraft.|
|NZO outlined more details on the proposed capital distribution which will allow Zeta to repay UIL and UIL its £ 25 million loan as per various RNS
Resolute has driven the NAV down despite good reading results.
Not sure on reinvestment myself - might wait to see they do repay the loan and start to bring the debt down and try to narrow the discount or increase the dividend. Otherwise plenty of other places to try and get 5% approx yield UIL offering. I noticed in the recent UIL results how UIL and ICM like to measure performance using the NAV, seems pointless to do so unless there is a way for them to close the discount.
Any new shareholder is only going to look at the share price price growth potential and income yield. The discount to NAV which moves around 35 - 55% and large spreads put many off. Its not a reason to sell more posting it as a comment for new investors.|
|UTL going ex-dividend today.
That might explain the drop at opening. Then again, UTL has opened at -3/-4 for the past couple of days before dropping by only a fraction or so by close.
We have not seen any fireworks with the share price for a while now, so I shall just reinvest and hold as usual...
And another drop in the NAV to 281.54p. Oh well...|
|More updates from ICM. They are usually quiet for months on end, but very verbose of late:
Homeloans HY results (2017)
Basically doing well if the one-of costs of the RESIMAC merger are excluded.
Merger announced between TouchCorp and AfterPay.
As usual the placeholder name is called NewCo.
Both sides seem to be in favour of the merger.|
|Resolute has had a torrid few days. Although the price of gold is up on the week, gold miners have taken a pasting, something which may get unwound in time but which may hit forthcoming NAVs.|
|Cross posted on the UEM thread:
Result of the conversion round.
Around one million shares have been converted, which represents only 0.6% of the total in circulation. Thirty three odd millions subs are left for the next rounds.|
|Got another email update from ICM:
An audited financial statement for Bermuda First Investment Company Limited.
BFIC ranks at number six in the UIL portfolio.|
|The PDF versions of the HY-reports mentioned yesterday have been posted on the website:
And for UIL Finance Ltd (the ZDP shares):
Selling more of Augean, getting below 16% now.
AUG has been higher, then again it has also been lower... so the time is as good as any.
Just received an email alert from ICM: The Somers annual report is available:
A work of art, fancy nautical background and all. I have not had the time to read it yet.|