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 Shares Traded Last Trade
  +1.00p +0.51% 199.00p 34,189 14:55:05
Bid Price Offer Price High Price Low Price Open Price
194.00p 204.00p 199.00p 198.00p 198.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 10.57 6.18 6.67 29.8 179.7

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Date Time Title Posts
15/5/201912:52Utilico for "good long term record in stock selection"924

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Uil 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 was 198p.
Uil Limited has a 4 week average price of 193p and a 12 week average price of 171p.
The 1 year high share price is 203p while the 1 year low share price is currently 162.50p.
There are currently 90,297,208 shares in issue and the average daily traded volume is 38,996 shares. The market capitalisation of Uil Limited is £179,691,443.92.
vacendak: The short answer is they no longer care. The investment team, directly or indirectly, owns 60% of the company and they do not seem to mind. Also, it is one of the last few split-capital trusts around. The update to the rules some years ago forced them to count the ZDPs as "debt", making the whole thing appear ultra-leveraged, which in a way it is. They are now "happy" that the gearing is below 100%. Were the ZDPs to disappear or be reclassified as shares, I guess professional investors would buy. There was an update in the past (factsheet or report, I cannot remember) that mentioned that the buy-backs were adversely lowering the free float (whatever ICM/ICICM/etc. let people play with) which made the spread look even more horrible. As you can guess, a wide spread puts people off from dipping their toes. The NAV is also not that easy to estimate, it is not as bad as it used to be, but UTL holds a lot of stuff that, even if listed, is not traded that much; so again impeding the price discovery mechanism, wide spread, etc. The whole discount thing is therefore caught in a vicious circle. Absent a reorganisation of the capital structure, I do not see a way out of it. Ideally, if the NAV keeps on ticking up, it could attract "momentum" investors, so maybe, just maybe a subsequent share price catch up.
morton2011: Vix Verify investment valued at £ 9.7 million of UIL assets as per Sept factsheet. Presumably they knew the sale was imminent. £ 40 million of bank debt available as well according to the Sept factsheet. The cancellation of the 2024 is a little odd as why not sell the 2024 in the market as they are trading above the Accrued Capital Entitlement level. Maybe no large buyers around. It works for me as I believe UIL needs to reduce its overall debt rather than focusing on its Gross NAV and this achieves that. Afterpay share price hammered in last month. Optal has been increased significantly in last 6 months in the NAV @V mentioned Assetco who announced last week they are losing their one contract in the Middle East and combined with the court case result due to be announced this year should produce more cash in next 6 months as presumably the company will be liquidated or sold for cash.
vacendak: Some cancellation of ZDP holdings: If I understand it correctly, UIL Ltd is no longer willing to sell more of its debt on the market if it is cancelling some of its ZDP 2024. The ZDP 2018 cancellation is par for the course since they would have to be redeemed at the end of the month anyway. Are they going to go easy on debt or were those ZDP 2024s held just in case the cash flow had been tough to payback the ZDP 2018s? Considering the relatively decent returns, there should be enough cash/liquidities to pay the bill next week.
morton2011: Afterpay coming to the UK having bought Clearpay this week. Share price for APT valued at 3 billion aus this morning ,another 5% increase, and behind most of the NAV increase as others pointed out.
vacendak: Pretty good progression for the NAV over the past month or so, it is now clocking at 338.20 p Last week it was at 328.11 p However the share price has been progressing painfully at best. Well, at least the NAV is safely holding above 300, which is already something. The ex-dividend date was announced recently, same as usual. I know "progressive" dividends are a gimmick for many an investment trust, but it would be nice to see a bit of change, even a mediocre 1% uptick from 1.875 to 1.9, would cheer things up.
ceaserxzy: Thanks Vacendak. I have been accumulating this share over a year now, starting from about 155p, in my SIPP and my ISA. My latest buy was last week at 179.95 p. Things I like about this share are NAV performing ahead of the share price meaning value getting better and better, an over 4% dividend, regular multiple director purchases, diversification from UK market. I will hold as long as all these are still valid but will trade some if discounts ever narrows down to mid 20%as it is alarge position in my accounts. Good luck to all holders.
morton2011: 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..
riskvsreward: 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.
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.
Uil share price data is direct from the London Stock Exchange
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