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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.00p +0.62% 163.00p 158.50p 167.50p 163.00p 162.00p 162.00p 0 08:20:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 10.8 6.0 6.4 25.5 147.18

UIL Limited Share Discussion Threads

Showing 801 to 825 of 825 messages
Chat Pages: 33  32  31  30  29  28  27  26  25  24  23  22  Older
DateSubjectAuthorDiscuss
16/10/2017
15:13
Factsheet for September: Http://www.uil.limited/files/2215/0772/7827/UIL_Factsheet_September_2017.pdf Blame put on Resolute for the drop in NAV (gold went lower last month before climbing slowly recently). A couple of mils have been shaved from the overdraft, but gearing up due to the NAV drop. Good news from Afterpay Touch Group with a contract from Jetstar (low cost Quantas subsidiary). Zeta up by 5.3% and Somers by 1.8%. I have at last read the paper version of the AR. Did you know that UIL Ltd traded at a PREMIUM of 3.9% back in 2008? It was after the restructuring and change in investment strategy (2007) so it was already the UIL Ltd we know even if the name was still Utilico Investment Ltd.
vacendak
09/10/2017
11:33
Just putting some ballast in the pf as pseudo-fixed income, as I see the dividends being in essence collected at maturity; but not planning on making millions at 4.75% indeed. [Prospectus] I sort or read through the 125 pages in the end and learnt a few things. For instance, the official list of UIL Ltd subsidiaries are (p. 117): UIL Finance (I knew of that one of course) 100% Bermuda First Investment Company owned by UIL Ltd at 95.8% Energy Holdings 100% UIL Holdings Pte Ltd, dormant, 100% Zeta Resources Ltd owned at 85.5% All the above are incorporated in Bermuda, except UIL Holdings Pte Ltd which is incorporated in Singapore. Still no word about what UIL Holdings Pte Ltd is intended for, it has been showing up in the small prints at the back of the ARs for some time. I assume the rest (Somers, UEM, etc) are merely considered investee companies.
vacendak
06/10/2017
20:47
I'm not really interested in rolling for a 5% return. Just not worth it as I want 10% per annum ideally for any investment.
topvest
06/10/2017
19:22
Just received my formal corporate action notice from Equiniti, for the rollover of my ZDP 2018. I have been asked to make my decision by October 25th. This is a bit odd because the prospectus mentions October 20th as the deadline with the rollover results due to be announced on October 23rd (see page 43). Anyway, I have already applied for the full amount. I got all I wanted last time (ZDP 2016), but this time the entitlement is even lower.
vacendak
05/10/2017
10:35
They always seem to buy the same amount and at 165. That seems to be the price UIL protecting as they were doing share buybacks at that price as well and Annual Report suggests more to come. Prefer debt being paid off personally. UIL sold off 1% of Afterpay Touch for $Aus 8-9 Million in recent weeks I saw this week, it was around 10% of UIL's holdings. Seems prudent to take some profits out of Afterpay Touch.
morton2011
05/10/2017
10:19
Director's buy, always reassuring: https://www.investegate.co.uk/uil-limited/utl/director-shareholding---mcleland/201710051013588047S/ [edit] A few more directors doing so as the RNS notifications drop in.
vacendak
29/9/2017
14:13
Having read the RNS again in more details, I missed this bit: "In the event that UIL decides not to sell some or all of the 2024 ZDP Shares acquired by it pursuant to the UIL Subscription then UIL may, at any time, transfer back any 2024 ZDP Shares held by UIL to UIL Finance for cancellation in consideration for UIL Finance releasing UIL from its obligation under the Subscription Agreement to the fund the redemption of such 2024 ZDP Shares." This does not mean that they MUST cancel the extra ZDP 2024 if there are enough 2018 rolled over and a successful placement of the new ZDP 2024 occurred. The only limit on this deal is the 1.35x cover threshold for the freshly minted ZDP 2024 (they had the same multiple threshold for the previous ZDP 2016 rollover offer). The basic entitlement for the rollover is pretty low at 38.5831%. Last time (2016) it was 55.979%. Also from the RNS, lovely euphemism for all the juggling they do between warrants, debt swaps and other incestuous deals within the ICM managed family: "The Group's Joint Portfolio Managers also have a track record of raising funds through alternative debt structures both for the Group and for other companies which they manage." [edit] I should have put my glasses on: The cost for the rollover/placing/subscription exercise is estimated to cost £0.56 million. and not lead to an increase of capital of only £0.56 million as previously stated. [/edit] Funny thing is that everything is supposed to happen this October (2017). Last time, they did the rollover in June 2016 for an October 2016 redemption. It is as if they want to lock things in before the interest rates seriously go up. This would be a wise move. With hindsight, I think they got Brexit wrong last time with being caught with their pants down by hedging Sterling the wrong way, hence their use of the Scotiabank rollover facility for the hedging faux-pas.
vacendak
28/9/2017
18:25
My take, again just quick read, is that the 2024 subscription/swap/cancellation solution will not require them to request a temporary facility with Scotiabank like last time to smooth the rollover. As sarcastically hinted at in my previous post, if they do not ask for the temporary overdraft, they will not get it, so will not be tempted to use it for something else. Of course, costs must be involved with the proposed juggling of ZDP 2024, so we are back to the issues of fleecing UIL Ltd with fees by using Stockdale Securities Limited (owned by Somers, part of the family). I assume those costs are less than those of an overdraft. The NAV is sliding again indeed. ...and 4.75% is still better than a cash ISA. :)
vacendak
28/9/2017
18:06
@V Be interesting to see what the 2018 holders do. Assuming 4.75% is attractive for 6 year investors the premium should encourage a 2018 holder to swap. A 2018 investor can simply sell their 2024 holding in next 12 months if price stays above 100 p for the 2024 and make a small gain instead of holding the 2018 to redemption hence the premium on offer I assume. If they are all taken up then 30 million new shares created but only 38.5831% of the 2018 zdp are cancelled as per the RNS so £ 49 million will need repaying in 2018. Not every 2018 holder going to convert so the extra 2024 shares that are placed actually adds to the debt today albeit it could repay some of the o/s bank loan. I don't understand how UIL taking on £ 20 million of 2024 ZDP helps in any way. If they have £ 20 million in the bank just pay down the bank debt now. Unless they are not paying for them until they are sold into the market and then use the funds to repay the o/s bank loans or 2018 zdp in 12 months which would be ok, 128 pages too long for me to find out. Overall it is reducing the cost of all the debt and providing there is less than £ 80 million raised from new ZDP and bank loans in next year seems a good strategy for meeting the 2018 redemption. I got it wrong on the NAV prediction in my last post partly due to sterling strength and the aussie shares all dropping in last few weeks. Resolute given up the 30% it gained in a month to early September in the last 3 weeks.
morton2011
28/9/2017
16:48
The prospectus for the ZDP 2018 rollover is out, a beefy 125 pages: Http://www.uil.limited/index.php/download_file/view/243/158/ This is related to today's RNS: https://uk.advfn.com/stock-market/london/uil-limited-UTL/share-news/UIL-Limited-Publication-of-a-Prospectus-2024-ZDP/75745248 I have gathered the following from a quick read: * The equivalent yield will drop significantly. The ZDP 2018 were at 7.25% the ZDP 2024 will be at 4.75%. Remember that the latest rollover (ZDP 2106 to ZDP 2022) dropped only from 7.25% to 6.25% (the BoE rates were low already back then). So bad news for the rollover but it may also say that UIL Ltd is now considered far healthier than it used to if it can manage to offer only 4.75%. * From what I have understood: No Scotiabank facility shennanigans possible this time around - they did not actually used it to smooth the rollover but stanched some forex hedging gone bad - as UIL Ltd will subscribe to additional ZDP 2024 that they would be allowed to off-load on the market (probably at a small premium) to plug any gap left by the rollover (investors opting to redeem their investment or part thereof). They also say that if any or all of those extra "subscribed" ZDP 2024 are not needed, they would be given back to UIL Finance for cancellation. So they would not use this to increase the debt even more. I like the idea and hope it will work fine. Pretty miffed at the lower yield on offer though. :( [edit] There will be a slight premium at the rollover date (156p per ZDP 2018), I have not played with the calculator but I assume this is to soften the blow from whatever time was left to October at 7.25% yield equivalent.
vacendak
26/9/2017
09:07
Holy smoke, up by 4 at the opening! Someone bought more than a thousands at 168p. Got lucky with my divi reinvestment yesterday then. It is automatic so cannot really boast about the timing though. :)
vacendak
22/9/2017
13:00
Another drop in the NAV (267.46p) but the spread has been very reasonable of late, around 0.3% as it seems to be trading a bit more than usual... mostly selling though apart from today.
vacendak
20/9/2017
14:50
Some financial reports for both UIL Ltd Https://www.investegate.co.uk/uil-limited--utl-/rns/annual-financial-report/201709191636442042R/ (could find it on the UIL Ltd website yet) ... and UIL Finance LTD. Http://www.uil.limited/index.php/download_file/view/240/158/ The numbers look good thanks to the fact that last year's meteoric rise followed by the nasty fall, occured just after the cut off for comparison to June 2016... and the fall happened also before December 2016. I think Allectus Capital Ltd is mentioned for the first time (I could be wrong though) as the "platform" for FinTech/PayTech. Later in the Investment Manager's report we can read "...formerly named Vix Investments Limited." They tell us that "The bleeding discount is there and will remain so live with it!" with more polite words as expressed in the following: "A negative aspect of the platforms continues to be the 'discount on discount'. UEM's share price on 30 June 2017 was 219.50p, a discount of 9.3% to the diluted NAV for UEM of 241.92p. A look-through valuation of UEM, Somers and Zeta would increase UIL's NAV by 16.7% to 295.01p per share. If some brokers' look-through valuation for Infratil of NZD 4.00 per share was reflected in UIL's NAV, this would increase the look-through valuation by a further 3.2% to 303.10p." The problem I see with this justification is that it works fine for British Empire Trust, as it is their raison-d'etre, they are looking into investing in discounted stocks; but in UIL Ltd's case, it is self-inflicted through their engineering of the platform approach. Especially since the so called platforms are barely traded, most likely through lack of free-float. It works fine for UEM because we no longer own the majority of it. In fact UEM is now bigger than UIL Ltd. The gearing, including the ZDPs, has significantly reduced over the past four years and is now below the 100% target (again including the ZPDs). ZDP 2018: "The Board is considering proposals to refinance the 2018 ZDP shares and will announce further details in due course."
vacendak
16/9/2017
11:14
August factsheet. Http://www.uil.limited/files/7415/0547/2788/UIL_Factsheet_August_2017.pdf Positive reading overall with a noted good performance for Afterpay Touch Group as previously mentioned by Morton in an earlier post. Also noted the strong and steady contribution from UEM, of which UIL Ltd sadly sold a bit in the past couple of months.
vacendak
15/9/2017
10:12
@V A long term follower of Augean, it was UIL buying into Augean that got me interested in UIL. Wise move to exit by UIL as you note.
morton2011
15/9/2017
08:46
Zeta 2017 audited financial report: Http://www.icm.limited/uploads/news/2017.09.14_ZER_Audited_Financial_Report_FINAL.pdf Things have perked up since last year, mostly due to the debt repayment to UIL Ltd. There is another chunk coming this side of Christmas if I have understood well. Still no dividend, but Zeta has been on a serious buying spree of late. They only ended up with 85.75% or so of the Bligh Resources shares even though they wanted the whole lot. Not sure, but the threshold for compulsory purchase may be 90%, so they fall a bit short. Not much commentary from the people running Zeta, but the numbers do look better. Zeta still is still on a 24% spread, so not very inducing to trade either way. [UIL Ltd] Disappointing small drop in the published NAV yesterday 273.80p to last week's 281.31p considering the share price has been creeping upwards a bit... well technically merely going back-up, but it is the momentum that counts. I have just had a look at Augean (50+% drop in share price recently), which we exited a while back leading to moaning a bit when it went up after the sale. It turned out that it was a very good time to sell by UIL Ltd retrospectively. Some shennanigans about landfill tax, HMRC and whatnot. I have noticed Morton dropping a few lines on the AUG thread.
vacendak
14/9/2017
06:56
Ah, but at least instead of an offertory, they pay us :)
spectoacc
13/9/2017
15:32
Being a UTL shareholder is like having a church wedding. It is all about belief, dedication, suffering and suffering. (*) You cannot just "dip a toe". :) (*) Did I mention suffering?
vacendak
13/9/2017
10:15
Thanks Morton, I may dip my toe in again.
mad foetus
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.
morton2011
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?
mad foetus
31/8/2017
15:27
And Panoramic Resources today: Http://www.icm.limited/uploads/news/2017.06_PAN_FY2017_Full_Year_Results_Commentary.pdf 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: Http://www.icm.limited/uploads/news/2017.08.29_NZO_Annual_Result_news_release.pdf Pan Pacific Petroleum: Http://www.icm.limited/uploads/news/2017.08.28_PPP_Appendix_4E_and_Annual_Report.pdf and Homeloans is through Somers: Homeloans Http://www.icm.limited/uploads/news/2017_Homeloans_FY_Results_media_release.pdf 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: Https://www.allectuscapital.limited/ 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: Http://www.whatinvestment.co.uk/benefit-discount-control-policies-2553916/ 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
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