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 -0.61% 164.00p 160.00p 168.00p 164.00p 164.00p 164.00p 10,000 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 10.8 6.0 6.4 25.7 148.09

UIL Limited Share Discussion Threads

Showing 826 to 850 of 850 messages
Chat Pages: 34  33  32  31  30  29  28  27  26  25  24  23  Older
DateSubjectAuthorDiscuss
24/4/2018
09:04
Poor result for UIL today placing less than 50% of their £ 25 million 2026 ZDP. Does not say much about UIL 'financial platform' when it cannot place the ZDP. Despite claiming funds needed to pay down bank debt always seemed to me to be more about keeping the fees flowing for ICM. They place it all by UIL buying their own debt 'the remaining 14,383,240 new 2026 ZDP Shares are being acquired by UIL at a price of 100 pence per 2026 ZDP Share and will be held by UIL for investment purposes in accordance with its investment policy.' the advisers still earn their fees.. Little wonder the share price is at such a discount and will remain that way until they start to pay down the debt and realise their investments. Shareholders still get the dividend but nowt in UIL at moment to make me want to reinvest them as they get paid.
morton2011
03/4/2018
10:09
The ZDP repayments make cashflow a bit lumpy. Fine if they can roll over the ZDPs at lower rates. UTL are retiring expensive debt before rates go up.
russman
01/4/2018
21:21
They seem to have revamped the website a bit lately. The capital structure is now clearer and there is now a section for "Substantial Share Interests" where we actually see GPLPF (62.1%) and Permanent Mutual Ltd (7%). Http://www.uil.limited/about-us/capital-structure/ Same info as before, but now less "behind the curtain" than it used to be. They have added some new photos for the slides on top of the pages.
vacendak
23/3/2018
20:31
Well, Morton was right, they are loading up on debt... they talk about raising ZDPs to pay back debt; still zeroes ARE debt! Http://www.uil.limited/index.php/download_file/view/259/158/ Basically, if I understand, there will already be some ZDPs 2016 around when they roll-over the 2020s. To be fair, debt is still cheap at the moment as they say, so it is a viable move to make. The equivalent gross redemption yield will be 5.0%, which slightly more than for the 2024, which were at 4.75%. I assume they have factored in the likely hike in rates by the Bank of England in May.
vacendak
18/3/2018
09:27
As long as they can keep rolling the ZDPs over should be long term value.
russman
17/3/2018
12:47
The UIL Ltd report has always interesting bits near the end, under "related party transactions" basically all the incestuous relations between the companies managed by ICM. From the amount of dividend payments, there is indeed a lot of skin in the game for the main actors (alternating directors/chairmen/non-exec/etc.). We now own £1.8m (for 2.8 million shares) of a company called "Coldharbour Technology", the British English spelling hints at it being based in the UK: Http://www.bizstats.co.uk/ltd/coldharbour-technology-limited-10636773/ Oh... and with the usual play on warrants issued 2.8m of them (one-to-one share) if I understand the statement right (page 30 of the report). A bit more time on Bing/Google unearthed this link: Https://www.coldharbourmarine.com/contact this one is a wholly owned subsidiary of Coldharbour Technology as noted at the bottom of the page. The last serious foray of UIL Ltd/Utilico into waste management was with Augean, which we sold last year. Hopefully this one will turn out more profitable.
vacendak
12/3/2018
21:11
@Morton Thanks. We do not hold for the money, we hold UTL for love. :) I should refrain talking up Zeta, it was down this morning. Back above 165 for UTL, there is a lot of lost ground to recover over three years indeed.
vacendak
12/3/2018
14:34
@v Good luck with the new job Results from UIL not very exciting. They use NAV as their key criteria when quoting returns and its where the performance fees are assessed against. The share price total return is pretty ordinary however. FT has them both providing a total return of 35% for share price and NAV over 5 yrs while FTSE up 70%. Talking of more ZDP was disappointing to me as would like to see the debt down. Zeta's major investment is panoramic resources whose main asset is a nickel mine that was mothballed. Money being raised to reopen they hope and no doubt ICM and UIL will be providing some of this funding.
morton2011
11/3/2018
20:10
New job, more money, less time to read about UIL Ltd, even less to post about it. Trying to catch up with the recent flow of information, but I have only partly read the Somers one. Fun bit: The chairman, Warren McLeland, appears to moan about Somers having had to repay UIL Ltd, the same Warren McLeland who is a director of UIL Ltd. :) The relation is duly noted in the UIL Ltd and Somers reports, so is above board, but it is always funny to read what he says, the way he says it. UIL Ltd Half-year report: Http://www.uil.limited/index.php/download_file/view/255/145/ The same for UIL Finance: Http://www.uil.limited/index.php/download_file/view/256/158/ And for the holdings: Somers: Http://www.icm.limited/uploads/news/2017_Annual_Report_FINAL.pdf Resolute: Http://www.icm.limited/uploads/news/2018.02.22_RSG_2018_Half_Year_Financial_Results_Summary.pdf Zeta: Http://www.icm.limited/uploads/news/2018.02.09_ZER_Interim_Financials_to_Dec17.pdf I have noticed that Zeta got traded several times of late and the price has gone up. There seem to be gold there, pun intended, if only it traded more and the price adjusted accordingly. Homeloans: Http://www.icm.limited/uploads/news/2018.02_Homeloans_2018_Half_Year_Financial_Results.pdf Bermuda Commercial Bank. Http://www.icm.limited/uploads/news/2016-17_BCB_Annual_report_-_Final.pdf The UIL Ltd NAV is again heading in the right direction. From the various RNS, we have off-loaded some UEM, with a juicy profit for certain. Not sure though if UIL Ltd paid for the conversion of its subscription shares or if it cashed in through the trustee. Now that the UEM subs are all gone, the structure is simpler, cum- or ex-income NAVs only for UEM. The big plus in the medium term being the re-shoring to the UK.
vacendak
15/2/2018
21:05
Would think that would be a 'plus' for the share price
eeza
15/2/2018
20:49
I have posted the following on the UEM thread. Is UIL Ltd going to follow in its sister fund's footsteps? __________________________________________________ I would like to bow my head in shame and eat crows about my post at 162. I had read the statement about looking to relocate the way most people would have read it: Paying too much tax, looking for a place to pay less. Even though we were talking about leaving Bermuda! And now this, from yesterday: https://uk.advfn.com/stock-market/london/utilico-emerging-markets-UEM/share-news/Utilico-Emerging-Markets-Limited-Proposals-to-Re-D/76713115 They now want to move back to the UK. Maybe the whiff of tax avoidance - despite being above board and legal - now proves costlier with regards to image concerns than the lower tax bill. I am certainly not complaining this time.
vacendak
11/2/2018
14:29
Thanks Morton for the information. As the saying goes "Market is always right". Having said that one can also argue that other gold miners are not exactly operating in very safe environment,such as cey in Egypt and rrs in africa. Anyway one cannot argue with the market.
riskvsreward
11/2/2018
11:38
You can only really tell if something is or was cheap when you try and sell it. ICM/ saville have been invested in Resolute for over a decade and still waiting to prove that. I agree RSG looks 'cheap' but it only recently started paying dividends and its key asset is in Mali which has a clear political risk. Resolute investing to increase production significantly on the basis of their various models for what they will find. Still 12 months away so investors cautious maybe as at the moment production for RSG is decreasing annually despite all the increases in 'reserves'.
morton2011
11/2/2018
11:14
talking about gold shares in utl portfolio, can anyone explain why rsg is looking so cheap (pe < 6), compared to other gold stocks like cey (pe > 22) and rrs for example? It is a low cost producer, very cash generative and having good reserve. Perhaps utl and its affiliates can buy the whole company out at the cheap?
riskvsreward
11/2/2018
07:51
Gold will come into its own when Trump bombs N Korea nuclear facilities after the winter Olympics, and the N Koreans nuke Guam. :(
spectoacc
10/2/2018
21:37
Yes to both points, add AfterpayTouch to the list. The problem remains that very few seem interested in buying UTL. Having bought in a long time ago, I have been merely holding and reinvesting the divis, living in the hope that one day the discount will shrink when others become excited about the company. The issue for new investors is of course the silly spread, so once you are in, it is costly to leave in the short to medium term. Still, like Mulder in the 90s "I want to believe" in UIL Ltd. :) We also took a big hit with the return of volatility to the markets, sadly disproving the gold hedge strategy (gold did not really go up during the week in £ anyway) of the portfolio setup.
vacendak
10/2/2018
12:32
Some of their investments seem to be doing really well. Optal Limited looks a very interesting company and could well be listed at some point. A rare bread of company: technology, high growth and enormously profitable. PCF Bank also looks like it is in line for a number of years of high growth now it has its banking licence.
topvest
28/1/2018
10:49
I would keep up the buybacks. Manage the cashflow from sales to stay within gearing limits.
russman
27/1/2018
15:38
UIL Ltd must have been shorting Bitcoin hard since Christmas! :) Latest NAV sligthly down, but since it is always given a couple of days late next week RNS could be better. Discount not moving much, but the share price jump is welcome.
vacendak
20/1/2018
21:23
Yep, all the dodgy things are done in broad daylight and reported openly. One only needs to read the reports. Of course, the bits with a boring grey background and in smaller print contain the juiciest bits, namely who owns UIL Ltd... and clues to who owns the vehicles which own UIL Ltd. :) Something to bear in mind: ICM is rewarded according to the performance of the NAV, not really the share price. So the buybacks may not have much to do with fighting the discount... and we also know about the incestuous relationship of ICM/ICICM with UIL Ltd. I was a bit late in reading the factsheet: hxxp://www.uil.limited/files/3715/1575/0399/UIL_Factsheet_December_2017.pdf The NAV hiccups of December might have been linked to this: "A review of the value of unlisted holdings resulted in the equity of Vix Technology being written down, although loans to the company were not impaired." Have they at long last placed the bets right when it comes to forex? "The foreign exchange hedge positions were increased during December. A New Zealand Dollar short position was reinstated with NZD 14.4m short position at the end of the month. The Australian Dollar short position was increased from AUD 127.8m at the end of November to AUD 140.9m at the end of December. The US Dollar short position was increased to USD 74.8m from USD 54.0m over the period. The Euro short position of EUR 6.0m was unchanged for the month." Sterling has been going strong lately, also a good point for UIL Ltd current performance as it is seemingly against strong forex headwinds. I assume they short with relation to Sterling. Sarcasm aside: Overall a good week as a UIL Ltd shareholder.
vacendak
20/1/2018
12:12
All news seems good at moment but one thing to note is that UIL is based in Bermuda and this means that a lot of the UK regulations don't apply to them in relation to large shareholdings and what it means for other investors. It is mentioned in the risk sections for investors in various documents they issue so is not hidden. I don't pretend to know what it all means but don't think the buybacks represent some kind of endgame. If I understand the maths the NAV will increase as part of the buyback as less shares: simple split cap 10 shares of £ 1 each Borrows £ 10 Gross assets = £ 20 NAV = £ 1 per share (20-10/10 shares) Mr Market values the shares at £ 0.50 So split cap buy 2 shares for 50 p each at a cost of £ 1. Gross Assets = £ 19 Borrowings same at £ 10 NAV = £ 1.125 per share (19-10 / 8) If Mr Market thinks the share price value is 50% of the NAV then shareprice would increase to £ 0.5625. Mr Market however may not like the gearing which was 100% and is now 111% In UIL case as the gross assets increasing due to the underlying shares moving up its gearing is coming down so the buyback effect to the gearing will be more than offset. They are within their gearing limits so sort of makes sense. so £ 3 NAV looking more and more likely and share price should rise as well..
morton2011
19/1/2018
17:48
looks like a breakout upwards of the share price. It is understandable the majority shareholder (board member in this case)will pursue share buy back if they plan the end game for their majority shareholdings. Why would one invest money anywhere else when his own company is on sale for half price, especially the asset are quite good liquid assets like rsg, apt, uem etc which can be realized easily at market price. Personally as a small PI stakeholder I would like to see also more distribution through progressive dividends which may spur the share price from income seekers. All in all a happy holder at the moment and will trade a small part of my holdings in and out depending on the price action.
riskvsreward
17/1/2018
20:43
Agreed, depending on the liquidity of the stock, share buybacks can just make things worse rather than fighting a large discount. And we all know about the not so diverse aspect of UIL Ltd share register indeed. I have just learnt to live with that big discount anyway because UIL Ltd is one of the few remaining split capital trusts left and people are still wary of those. The no nonsense solution to reduce the discount would to grow the NAV steadily and strongly, then people notice and start buying. Things have improved of late with regards to the NAV progression.
vacendak
17/1/2018
14:13
I see ASX updated today on Utilico shareholding in APT www.asx.com.au/asxpdf/20180117/pdf/43qvw339q3yblh.pdf Utilico have 7.25% of AFT now - 15,572,467 shares worth AUS$ 121 million. So around £ 63 million or around 13% of UIL if guesstimating Gross assets for UIL of £ 500 million. They sold £ 6.5 million approx of APT shares since September, not clear when they sold but as it was averaging over AUS$ 6 a share most would have been this month. I don't see the benefit in buying back shares for the smaller investor. It just concentrates the ICM holdings and increases the gearing.
morton2011
17/1/2018
10:29
Thanks all. Been buying back too I see: "The Board of UIL Limited (the "Company") announces that on 16 January 2018 the Company purchased for cancellation 243,237 ordinary shares of 10p each at a price of 171p per share. " Would rather they'd have paid 161p the other day!
spectoacc
Chat Pages: 34  33  32  31  30  29  28  27  26  25  24  23  Older
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