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% 163.50p 159.00p 168.00p 163.50p 163.50p 163.50p 0 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 25.6 147.64

UIL Limited (UTL) Latest News

UIL Limited News

Date Time Source Headline
16/2/201812:31UKREGUIL Limited Net Asset Value(s)
13/2/201817:13UKREGUIL Limited Transaction in Own Shares
09/2/201809:57UKREGUIL Limited Net Asset Value(s)
07/2/201817:47UKREGUIL Limited Transaction in Own Shares
02/2/201817:51UKREGUIL Limited Transaction in Own Shares
02/2/201817:03UKREGUIL Limited Net Asset Value(s)
01/2/201817:14UKREGUIL Limited Transaction in Own Shares
26/1/201812:42UKREGUIL Limited Net Asset Value(s)
24/1/201816:50UKREGUIL Limited Transaction in Own Shares
23/1/201817:17UKREGUIL Limited Transaction in Own Shares
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Date Time Title Posts
15/2/201821:05Utilico for "good long term record in stock selection"837

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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 164.50p.
UIL Limited has a 4 week average price of 159p and a 12 week average price of 153p.
The 1 year high share price is 177.50p while the 1 year low share price is currently 153p.
There are currently 90,297,208 shares in issue and the average daily traded volume is 10,567 shares. The market capitalisation of UIL Limited is £147,635,935.08.
vacendak: 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:// 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.
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.
vacendak: The ICM secretary got busy and posted a lot of updates recently: [UIL Ltd] October factsheet: Http:// The timing was perfect for reporting good news, the NAV was up nicely. Both the NAV and share price have been rockier since. Gearing going down slowly. Dividend declared, same as usual (1.875p per quarter): [Utilico Emerging Markets] Factsheet: Http:// Slight underperformance compared to the benchmark, but otherwise steady as she goes. And a half-year report: Http:// Overall upbeat report, dividend to go up. The portfolio is slightly more concentrated at 83 holdings, down from 92. The Chinese holdings have lightened up seriously since March, UEM exited China Gas Holdings Limited (“China Gas”), which was responsible for most of the drop. Now for the strange bit at the end of the chairman's statement on page 3: "Over the last 18 months UEM has paid, or accrued for, taxes of £6.8m. Given this increasing tax charge, the Board and the Investment Managers are considering options for a possible change in UEM’s domicile." UEM is domiciled in Bermuda, like UTL. Where would they be planning to go to lower their taxes? [Zeta] October factsheet: Http:// Again good timing for the reporting before the recent correction in the ZER share price, mostly recovered as of today to be fair. Panoramic did well last month. The last line mentions that UIL Ltd exercised all its Zeta options, this is not mentioned in the UIL Ltd factsheet.
vacendak: [Zeta] Https:// It looks as if Zeta is about to offload NZOG, the offer seems to be at roughly 10% premium to the current NZO share price. Cannot get the NZ stock exchange on ADVFN but got this from the NZOG website: Http:// It seems that Zeta would be selling on the way up. Hopefully, if the deal goes ahead, it will also filter through UIL Ltd NAV and, with an even bigger helping of luck, make people want to buy UTL and lift the share price a bit; because the YTD data is looking pretty lame right now.
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: 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%
UIL Limited share price data is direct from the London Stock Exchange
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