Uil Share Discussion Threads

[vacendak] 05/6/2017 15:02

From the ICM website:


Good news from Afterpay (ASX:AFY), good numbers in the announcement and the merger with Touchcorp (ASX:TCH) is still on track.
9.3% jump for AFY and 6.8% for TCH overnight.

Theoretically this should feed into UIL Ltd, so the next NAV update could be cheerful.

[vacendak] 02/6/2017 13:18

Someone has been hungry for the ZDP 2022 today: a batch of 10,000 followed by another of 20,000 for what is currently a 1.5% daily jump (+1.625p).

The ZDPs usually trade quietly, slowly going up by at most a few increments of 0.125 p at a time. I have a some money in all classes, so I follow.

[vacendak] 28/5/2017 13:20

@Morton

UIL Ltd: "Undervalued Illiquid Liabilities Ltd" :)

[morton2011] 25/5/2017 16:32

No surprises - NZO make their capital payment and then ZETA in the $ and repay some/all of their loan to UTL - they don't have to make an ASX announcement on that apparently. Never been clear how UTL record debt in their factsheets so will wait and see how the ZETA % of portfolio is reported next month.

As @vacendak notes no new investments outside the ICM universe of related investments which are becoming more illiquid as a %. Invested in smaller companies, unlisted and ICM rarely traded 'listed' entities (Somers, Zeta, First Bermuda). 50% + in this category

Dividend remains the main reason for me remaining invested as remain of the opinion the share price discount will only narrow and price jump as the debt is paid down significantly or if ICM want to get some cash out by way of a capital return. Plus side of holding the shares is the discount provides a lot of protection for long term investors. Once again going to pass on reinvesting dividend unless the share price actually goes down ! (Mr Buffet would be impressed possibly with this approach) or if ICM provide more guidance on how they propose to see share price improve.

[vacendak] 25/5/2017 15:06

Well that surely got the price adjusted in the right direction.

UTL up by 5p and in five instalments since this morning, so hopefully a sustained trend. Still not the 200p we expected for last Christmas though.

[spectoacc] 25/5/2017 07:22

FYI
UIL Limited
25 May 2017
24 May 2017
UIL Limited
Scotiabank GBP25m bridge facility - repayment of facility
Further to the announcement on 24 April 2017, UIL Limited ("UIL") is pleased to announce that it has now repaid its senior secured multicurrency bridge facility with Scotiabank Europe PLC ("Scotiabank").
Having been fully drawn as to NZ$43.75 million as at 31 March 2017, UIL repaid NZ$8.75 million on 13 April 2017 and repaid the balance of NZ$35.0 million today. UIL continues to utilise its existing GBP50 million committed senior secured multicurrency revolving facility with Scotiabank which runs until 22 March 2018.

[spectoacc] 23/5/2017 08:39

Still a dividend stock at least!

[vacendak] 22/5/2017 10:52

The factsheet for April is out:


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 ( 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.

[vacendak] 16/5/2017 14:53

The April factsheet is out for Zeta.


Interesting to note that the discount has narrowed down to 7.7% (from 20.3%), mostly due to an increase in the share price. The NTA/NAV is more or less stable at +2% from last month.

[vacendak] 12/5/2017 13:16

The latest NAV from yesterday: 268.62p, technically an improvement from last week as it was 267.85p; but it has been pretty tepid for a while now with the share price is still hovering between 155-170p.

Not much news either since the overdraft extension, beside a director buying some more shares.

Things are looking well on the AssetCo front. The auditor has already been fined by the FRC, so it augurs well for the trial next year. ASTO has only gone up marginally.




UIL Ltd own around 20% of AssetCo. They should update their website though, 2015 is beginning to look old.

[vacendak] 29/4/2017 10:16

Resolute posted a quarterly activity report on April 20th.


The 300,000 tr. oz. production guidance for 2017 has been upgraded to 325,000 tr. oz.
More gold found at the Syama mine.
Syama development ahead of schedule.

Now what we need is a good thermo-nuclear war with the Norks to help UTL breach 200p. :)

[riskvsreward] 27/4/2017 17:54

very puzzled by the sharp price increase of aug which has gone up by more than 25% in less than 2-3 months. Just to show how shabby the so called professional fund managers in their timing and stock picking (unloading the winner aug and keeping the pcf etc which is moving nowhere).

[morton2011] 24/4/2017 10:56

@vacebdak - good spot - NZO cash goes to ZETA who presumably repay UIL loan

[vacendak] 24/4/2017 08:43

@Morton

Yes, I was also puzzled about the NZ$ choice. The ZDPs are definely Sterling denominated, then I have just remembered something: They have already explained the SNAFU with the forex hedges gone bad.

See my post #692 about the latest interim report:
"The year end position on 30 June 2016 saw a negative derivative position of £13.6m which needed further cash investment on rolling. Over the past 18 months to 31 December 2016, the currency gains of £2.0m were partially offset by the FX hedges.

Largely as a result of the FX demands, UIL drew down the Scotiabank bridge facility of £25.0m as cash reserved for the ZDP redemption was utilised to fund the FX hedges."

So, the facility is still not being used for what it was for, but apparently it has always been "multi-currency".

Hopefully you are right about them using the forthcoming NZO cash to repay that debt.

[morton2011] 24/4/2017 08:23

Intersting how UIL borrow £ 25 million to repay its £ ZDP. The RNS today states thar the borrowing was drawn in New Zealand Dollars ?! Not clear at what point it became NZ dollars but if it was at end of Sept then around $1.70 to £1

Currency moved against UIL and never clear in the factsheets in which directions the hedges work but at $ 1.87 without a hedge that is a 10% loss on the currency. Starts to make sense now that they suffered/ suffering currency losses as been selling more assets than buying while debt stays the same in last few months



The NZO capital distribution still on track which will be in NZ dollars which is why they took loan in NZ Dollars presumably.

Shame they did not explicitly state they would repay the loan and/or only extend £ 20 million. UIL needs less borrowings to see share price rise.

[vacendak] 24/4/2017 08:18

Extension of the overdraft:

Only two extra months until June, so UIL is still on track to repay it within this financial year as stated in the latest interim report. They also said no to any more buybacks until this one is paid off.

[vacendak] 20/4/2017 11:50

UIL Ltd:

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.

Zeta:

April has been nicer to Zeta so far, so the next factsheet should be more exciting.

UEM:

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.

[vacendak] 13/4/2017 16:49

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.

[morton2011] 13/4/2017 09:23

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.
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
claims to have '3% of online retail transactions'

[gucci] 12/4/2017 14:32

lovely - chart looking great

[spectoacc] 12/4/2017 13:37

A few keen buyers pushing it up today.

[spectoacc] 30/3/2017 15:44

UTL does seem to get regarded as a gold proxy - moving with the metal - when it should be moving with its holdings.

Income stock!

[vacendak] 30/3/2017 13:57

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

[vacendak] 29/3/2017 09:12

[Assetco]
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.

[Somers]
I think this is pretty recent (last edit or creation on March 24th); someone has set up a page for Somers Ltd on Wikipedia.