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
  -0.50p -0.31% 162.50p 160.00p 165.00p 162.50p 160.50p 160.50p 52,984 13:11:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 10.8 6.0 6.4 25.5 146.73

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Date Time Title Posts
16/10/201715:13Utilico for "good long term record in stock selection"802

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UIL Limited 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 Limited was 163p.
UIL Limited has a 4 week average price of 158p and a 12 week average price of 158p.
The 1 year high share price is 181p while the 1 year low share price is currently 135p.
There are currently 90,297,208 shares in issue and the average daily traded volume is 11,142 shares. The market capitalisation of UIL Limited is £146,732,963.
vacendak: Some financial reports for both UIL Ltd Https:// (could find it on the UIL Ltd website yet) ... and UIL Finance LTD. Http:// 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: Private & Commercial Finance (LSE:PCF) is changing its name. We hold this through Somers. They got a banking licence recently and the name change wants to reflect that. The ticker remains the same. They have been doing well of late, hence the banking licence, but their share price has remained lukewarm likely because of baseless fears about PCP. PCP contracts may turn sour soon enough; but "PCF group" as they are now known as, does not offer PCP, only car/vehicle finance to SMEs. Another one of those investments "where the underlying value is not reflected in the market share price" as stated on the UIL Ltd website. @Morton Yeah, that what I would be expecting for Somers indeed: London listing and UIL Ltd dumping a lot of shares to increase (or even create!) a sizeable free-float that would let people trade it and help put a proper price on it. Somers has good fundamentals.
morton2011: @V - the warrant price is stated as being at a discount to the NAV. As you point out share price is $ 13 so the UIL NAV will probably fall a bit as they are paying $ 13.50. '.. The Bonus Warrant Issue also enables all Qualifying Shareholders the opportunity to invest in the Company at the Subscription Price which is a 24.2% discount to the Company’s last published net asset value per share of $17.81. ' Its all financial engineering to swap the debt to equity. After September Somers will load up with debt up again. They possibly were finding it difficult to get extra loans to try and buy growth with the UIL debt in situ. As Somers would presumably be considered on the LSE as being similar to UIL unless UIL offload a lot of shares then not much to be gained by listing in London as discount would stay the same. Its a labyrinth as MF says but find it quite interesting to track it all and they don't appear to try and hide news if they are required to publish it. Afterpay does seem to have good potential as pointed out in past, particularly if the model can roll out of Australia, they recently announced they are going to NZ. Paypal offering some Buy now pay later within their system and Klarna seem to be big in Europe and got some big investors in recently Https://
vacendak: The May factsheet is out. Http:// Again a perfect timing for the report since end of May saw the share price finish at 168p. As commented above by Morton and myself, they paid out the bridging facility. They indeed used the returned capital from NZOG through Zeta, which in turned paid back some debt owed to UIL Ltd with the cash. The only additional information is that UIL Ltd also sold some UEM to help clear the £25.0m from Scotiabank. No mention of having offloaded all the ZDP 2020 they held in treasury even though they had an RNS on April 20th related to that matter. Looking at the numbers, they dumped three millions of ZDP 2022 on May 15th and another six-hundred and seventy thousands on May 26th. The remainder is now only 619,956, which means only one more round of sale before going fully invested. This hopefully will make the balance sheet clearer to understand and potentially lead people to buy more and narrow that discount. No matter how much 2022 they seem to dump, the UTLF share price is ticking-up nicely increasing its premium again. Those are from the latest NAV update, not the May factsheet: Premium UTLF 6.77% up from 5.11% Premium UTLE 13.25% (expensive I think) Premium UTLD 6.51% The covers are also increasing. In the latest report they said that the buy-backs had stopped until clearing the bridging facility. They have not done any since then though (no RNS). This means that they may even wait until issuing all the debt (ZDP 2022) before doing so, which would be the right thing to do. It is always bad for the image to be seen to borrow to fund buy-backs. Despite the UEM sale, the top-ten remains the same. May was a bad month for Resolute/gold. The gearing is getting better at 67.7% (previously at 75.2%). The latest published NAV is 271.77p and the one on the May factsheet was 267.85p, so despite the recent drop in the sp, things seem to be improving incrementally.
morton2011: No surprises - NZO make their capital payment Https:// 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.
morton2011: 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'
morton2011: Looking at Bermudan Stock Exchange companies only leads to ulcers. BFIC is 4.5% of UTL assets so at end of Dec represents £ 22 million of assets on the monthly factsheet, so approx $ 27 million dollars (Bermuda and US 1:1) BFIC is owned 78% by UTL and BCB has most of the rest. BCB owned 100% by Somers so UTL totally controls BFIC. Our friends at ICM charge investment fees to all these entities in the chain and have common directors. Shame UTL does not own ICM.. BFIC investments as noted in vacendak post of Keytech and Ascendant represented 91.4% of the investments in 2013 and 86% in 2016. BFIC have rarely traded/ invested in much else and early all the rest of the money invested in Argus Holdings. Argus MD is no other than Alison Hill one of UTL 'independent directors'. These 3 shares do not trade publicly very much as little trading in Bermuda. The gross assets of BFIC in the June 2016 report were less than $ 25.7 as of the trading announcement in Dec Http:// so strange how UTL can value BFIC at the levels it does. Nett asset were around $ 2 million... UTL and BCB have a large loan to BFIC but you can't have it both ways as the gross assets are the only thing that is going to pay back a loan. The structure of BFIC I guess relates to some accounting trickery in 2012. At the very least its a very illiquid asset, I believe the last trade of any volume was over a year ago! It has yielded very little in last 5 years and so I write BFIC down significantly in my valuation of UTL from how they value it. Around 40% of UTL generally is very illiquid and therefore very difficult to value accurately - Somers, Vix, BFIC, ZER. Some of those appear undervalued which does offset BFIC. Other core investments like TCH are embargoed for share sales by UTL into the future and this difficulty to trade a majority its assets is another reason I assume why there is the large discount to the NAV. Odd for ICM to post Keytech results as what has it got to do with them? Only common point in the report I could find is Charles Jillings is a director. None of this any threat to the dividend or the overall value if you have followed UTL long enough imho. On the plus side for UTL Resolute has published a very positive operational update this week and was already up 10% since the last factsheet. Gold price will largely determine the share price short term.
vacendak: Let's look at what happened for the past two ZDP rollover/redemption by unearthing the factsheets. ZDP 2014 (redeemed October 2014) September: Bank debt £0 (yep, that low) Share price 117 NAV 164.48 Gearing 139.2% October: Bank debt £54.7m Share price 114 NAV 156.03 Gearing 141.7% Delta sp: -2.6% Delta NAV: -5.1% November: Bank debt £52.2m Share price 116 NAV 155.19 Gearing 141.5% Delta sp: 1.7% Delta NAV: -0.5% ZDP 2012 (redeemed October 2012) September: Bank debt £2.6m Share price 160.5 NAV 258.52 Gearing expressed as 1.90x October: Bank debt £47.9m Share price 175.5 NAV 258.45 Gearing 1.93x Delta sp: 9.3% Delta NAV: -0.02% November: Bank debt £47.9m Share price 175.5 NAV 256.89 Gearing 1.94x Delta sp: 0.0% Delta NAV: -0.6% The bank debt stated on the September 2016 was £13.6m and the gearing 65.6% So, slightly less prepared to redeem the ZDP 2016 than in 2014, but the gearing was nothing like it was back at the time of the 2012 and 2014 redemption dates. Note that the bank debt shot up in both earlier redemption cases, so again nothing new. Something else than the debt must be scaring people holding UIL Ltd. We are losing more than 50% a month on the share price right now.
davebowler: Summary per July factsheet; The top ten constituents were unchanged in July. Five stocks advanced, three remained the same and two declined. Three Australian listed holdings, Resolute Mining, Touchcorp and Zeta Resources performed exceptionally well in the month, driving the performance of the portfolio as a whole. Resolute Mining had another strong month, with its share price increasing by 30.1% to A$1.67. Zeta Resources recorded a gain of 41.5% in its NAV to A$0.44 per share and Zeta’s share price gained 33.3% to A$0.24 per share. Touchcorp’s share price was up by 34.1% in July, and benefited from the success of Afterpay, of which Touchcorp owns 30%. Afterpay, which allows Australian e-commerce websites to offer a ‘payment by instalments’ option to their customers, listed at the end of May and gave a very positive trading update in July. Afterpay’s share price advanced 61.8% in the month. Other gainers during the month were Infratil, up by 5.6% and UEM, up by 4.7%. Augean’s share price fell by 4.3%. There was a slight decline in the value of Vix Investments. Purchases during the month amounted to £8.9m and realisations totalled £5.3m. 1. Resolute Mining Limited 22.2% 2. Utilico Emerging Markets Limited 16.1% 3. Somers Limited 13.1% 4. Zeta Resources Limited 9.5% 5. Touchcorp Limited 6.0% 6. Vix Technology (unlisted) 5.8% 7. Infratil Limited 4.9% 8. Bermuda First Investment Company Limited 3.8% 9. Vix Investments Limited (unlisted) 2.9% 10. Augean plc 1.8% Total Top 10 86.1%
vacendak: Morton, True, when I said "bond like" I should have said "bond like-like". :) There is indeed some degree of gradual loss between * Fire sale of Mr Saville's family silver in Hamilton, Bermuda, to pay for the ZDPs redemption. * UIL pays its bills with freshly minted Krugerrands or Sovereigns from Resolute mining. I may have missed something about your comment on the ZDP 2016 cover: The ZDP cover for 2016 was at 5.13X according to the latest factsheet (June 2016), the smallest being of course for the 2022s, which was still at a healthy 1.60X. This is not really a problem anyway as the money for their redemption in October is already earmarked (rollover, bank facilities, etc.). To be fair to UIL, even during the bad days for the share price, such as looking at the Annual Report for the year ending in June 2009, the ZDP cover for the longer dated ones (ZDPs 2016 at the time) was at worst 1.29X (in a passage about share buy-backs). As for the plate spinning, they may be increasing the amount of money in play now by borrowing more at cheap/cheaper rates via ZDP issues. In the past they played around with free warrants to attract more capital. The first batch, when they restructured from Special Utility Trust to Utilico, was a nice gift, I redeemed them progressively as the share price was shooting up nicely. The second time - was it 2007? - the warrants ended-up being duds as mentioned in my earlier post. They had an exercise price around 330p+ if I remember well. Back then, it was all believable, then of course, when one looks at the share price retrospectively... Note that Utilico Emerging Markets have currently a class of "subscription shares", which are in effect warrants (ticker UEMS); details of which appear in their annual reports. As for the yield, yes, it is indeed very decent. In fact, I decided to sit tight with my investment because of it. Sure, I got a lot of value destroyed (the share price collapsed pretty badly since its heydays, with a nadir of 95.250 on February 11th, 2016) but there always had been a bit of cash coming every quarter. The old Special Utility Trust was advertised as "growth only" in the late '90s, we only started to get some dividends (specials then regular) in March 2011. Considering yesterday jump of 7p, I would say that the only thing to moan about now would be the level of gearing, which this time indeed seems to be enhancing the valuation. The July factsheet should be out in less than two weeks now, and that should be even lower than the last reported value of 82.7%. Apparently, UIL has just made it to the FTSE "600" last week at 599: hxxp:// Still some ways to Royal Dutch Shell, but hey! On a more serious note, this could increase the visibility and the level of trades, hence lower the spread in the longer term.
UIL Limited share price data is direct from the London Stock Exchange
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