Share Name Share Symbol Market Type Share ISIN Share Description
Utilico Emerging Markets Trust Plc LSE:UEM London Ordinary Share GB00BD45S967 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 233.00 230.00 233.00 0.00 0.00 - 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 21.4 18.2 7.5 31.2 531

Utilico Emerging Markets Share Discussion Threads

Showing 451 to 471 of 575 messages
Chat Pages: 23  22  21  20  19  18  17  16  15  14  13  12  Older
DateSubjectAuthorDiscuss
19/9/2017
08:05
Share now back up to 219p to sell, so UEMS worth 36p, but could be bought for just over 31p yesterday. Worth reading the fact sheet.
kenmitch
16/9/2017
10:18
August factsheet. Http://www.uem.limited/files/6515/0547/1253/UEM_Factsheet_August_2017.pdf NAV progression a bit meh, but upbeat commentary on the holdings. The UEM share price got hit on Friday due to the current excitement about Sterling I suppose.
vacendak
07/9/2017
14:57
UEM 225p to sell and UEMS worth/intrinsic vale 42p. UEMS just 35p to buy!
kenmitch
01/9/2017
08:31
Below is part of my first post on this thread on 15th Feb with reasons why UEMS looked a strong buy. One of the target prices has already been reached - the 32p sell price for 35% gain, against 5% for the share. The higher 42p target has also been hit but so far only the buy price. Very high chance that 42p will be exceeded if current bull market continues. Share now 226p to sell so UEMS worth 43p but can still be bought under 40p. Target 240p share price. Then UEMS worth 57p if exercising but probably as now lower is deciding to sell the subs. Trustee route is risky but has the advantage of need to do nothing and just wait for proceeds in accounts. Here's the first part of Feb 15th post. Hope one or two hold from 24p or so or lower:- "The subscription shares (UEMS) are now very good value AND (some probably don't realise this) sub shares can go in to ISAs. For any not familiar with sub shares and warrants,they are traded the same way as shares though you may have to sign a risk form first if never having traded them before. As with shares they can be bought and sold at any time up to expiry date of Feb 28th next year. Exercise price is 183p. So with the share at 205p to sell, UEMS are currently worth 22p. Current buy quote is 24.5p but they can be bought inside the spread at 23.25p. Yesterday they could be bought for just 21.3p. Target a 5% gain for the share price to 215p and UEMS would be worth 32p, and around 35% more than the buy price today. Target a 10% share price gain to 225p to sell and UEMS would then be worth 42p and not far off double the current price."
kenmitch
24/8/2017
16:12
Agree again. Also UEM is a good performer. 2nd out of 13 Emerging Trusts over 5 years and 5th over 3 and 1. 23% in electricity, 16% gas, 12% ports, 10% transport and 10% airports. 29% in Latin America, 29% Asia/Japan and 18% Europe. Share stilltrading at discount of more than 10%. So very high chance of more to come for UEMS and hoping for/expecting at least 50p now, and with good chance of 60p.
kenmitch
22/8/2017
18:25
Thanks kenmitch - agreed. Happy enough with my gains so far (doubled and then some) but hoping for quite a bit more before the subs go the way of all things. On this one, I suspect many investors haven't realised that utilities in emerging markets is a growth sector!
hiddendepths
22/8/2017
15:07
VERY interesting hiddendepths and good to read of someone else who not only realises what brilliant investments Investment Trust warrants and subscription shares are (now WERE unfortunately) but also knew how to invest in them successfully. Limited understanding of warrant basics was one of the reasons they fell out of favour, and we only have to look at the posts here and on the warrant thread to see how otherwise clued up investors don't "get" them. e.g they rush to exercise at the first possible opportunity so as to get the dividends, so don't even realise (and still don't even when the figures are provided to show it) that the gains from the warrant/sub are far far higher. Perhaps now UEMS is up 90% from around 20p when I first posted to say they looked well worth buying, to 38.5p to sell today, compared with share price gain of around 10% they will get it now......... if they haven't already exercised.
kenmitch
21/8/2017
13:54
All time high :-) Didn't risk the trustee on PCFS. Subscribed for about half and sold the rest in the market shortly before they expired. Will probably do the same here. I used to be a big investment trust warrant investor and devised my own model (which came up with very different valuations to the ubiquitous Black-Scholes used in the City). Made money on 24 of my 25 investments made on the model and a tiny loss on the other. I mourn the disappearance of warrants. The model is gathering cobwebs on my laptop. Just transferred my largish SIPP to self-select. It's going to be an Investment Trust portfolio with about 20 -25 holdings
hiddendepths
17/8/2017
17:44
Hi kenmitch, Just been reading what you posted on the warrant thread. Have come to the same conclusion that like you say I will need to sell early any subs I don't want to exercise. Thanks, KT.
killing_time
17/8/2017
12:21
killing time. re risking the trustee. Trustee got a very poor price for Polar Finances subs. Share sell price around 20p so sub worth about 20p. Yet trustee only got a bit less than 15p. Don't know whether that was trustee greed (nearly 5p for their expenses) or they had to exercise at a discount to the sell price, or a bit of both. Hence my preference if possible to sell any subs I don't want to exercise at least a month ahead of final expiry date.
kenmitch
17/8/2017
12:18
jonwig. Thought I had seen your posts before somewhere. After you left Mike Walters site I ran a warrant portfolio. Had to close it a couple of years ago as too few warrants left to invest in. It ended up doubling but had done far better at one stage before mix of too few warrants left and a few iffy decisions knocked performance. Now running an Investment Trust portfolio there instead and that can include the odd subscription share but not warrants as every holding must be ISA eligible. It's up around 35% and f25% annualised so far, and includes UEMS with first stake bought at 20p and a further buy yesterday at 35p. Warrants/sub shares are often a big win for the investor and also for the issuer as long as they finish in the money. The Investment Trusts get £millions more to invest when the warrants/subs are exercised. It doesn't matter how far in the money they end up. As long as they get exercised the Trust wins. Also the costs of issuing new warrants/sub shares are very low compared with a rights issue. Often costs are around £200.000 which is small beer for most Investment Trusts and yet huge reward if they finish in the money. Yes, subscription shares and warrants were often issued as a sweetener, usually on a 1 for 5 basis with new Investment Trust issues. When there is a bonus sub share issue to existing investors as happened with UEM, then really it is like a disguised rights issue. BUT the negative effect of the warrants being exercised on NAV is usually small. btw both Geiger Counter and Golden Prospect are hoping to issue bonus subscription shares soon and on a 1 for 2 basis for existing investors. There has been a delay as they say there is now more red tape than when they last issued them.
kenmitch
16/8/2017
18:27
kenmitch, thanks for the response.
killing_time
16/8/2017
17:40
kenmitch - I respect your experience with these instruments: from memory you wrote a lot on the Michael Walters site some years ago, when I was a subscriber. My recollection is that a lot of warrants were issued in the past as sweeteners when new investment trusts were launched. (Investors didn't fancy paying 100p for 98p of assets.) Nowadays trusts seem to get off the ground without the incentive. Maybe fashion, like split capital trusts, etc? In a sense you could argue that if a warrant was good for the investor, it was not good for the issuer, but I'm unsure of my ground there.
jonwig
16/8/2017
16:32
killing time. re trustee. IF you can get near to the right price it is best to sell UEMS rather than risk the trustee. Sometimes trustee gets a very good price (e.g recently with Vietnam Holdings warrants) but sometimes not. Sometimes the market makers widen the spread and by hammering the sell price up to a month before final expiry date - though this didn't happen with PCFS recently. IF that happens the only way to get full value for UEMS would be to exercise as many as you can afford to, and risk the trustee for the rest. If the final sell price for UEMS is way too low then trustee is almost certain to get a better price.
kenmitch
16/8/2017
16:25
Agree re interesting posts but also an "if only!" Why "if only?". Because if only far far more had realised what wonderful investments warrants and subscription shares are they would not have dwindled from hundreds to choose from to just a handful and very few of those worth investing in. Here's an extreme example of how easy it was to do well with warrants and in very good years almost impossible not to. In 1993 there were hundreds of warrants to choose from. That year only 2 warrants fell in value over the year. The average gain for all the warrants was an incredible 222%. 70% of the warrants at least doubled that year. Sphere Investment Trust warrants went up 18 times. I've been investing in warrants since 1989 and am a founder subscriber to what was once an invaluable monthly warrant newssheet, Warrants Alert. Warrants have been by far the most successful part of my investing. I'm a low risk investor who otherwise invests in quality shares - now using the brilliant Stockopedia for some of those. Those who just want out of the subs (UEMS) at the first opportunity and prefer the shares and dividends imo just don't get it. Those who don't and didn't get it are the reason there are now so few left! So is it really better to hold UEM in preference to UEMS? Aside from earlier trades, including one at a significant loss when the share fell to 155p, I've been back in UEMS since July last year. The the share was about 195p and UEMS were 18p to buy. The share has gone up 15% to 225p to sell. UEMS has almost doubled to 35p to sell. So EITHER buy 30000 UEMS at 18p for a cost of £5400 last July OR Buy 10000 UEM share at 195p for a cost of £19500. That 30000 £5400 UEMS buy is currently worth £10500. PROFIT £5100. That 10000 £19500 UEM buy is currently worth £22500. PROFIT of just £3000. So those buying the shares have risked an EXTRA £14000 and have got a current profit £2100 less than if investing in UEMS instead. Dividends won't make up that much! Yes, the subs are riskier if markets turn nasty. But when markets did turn nasty for a while I sold UEMS for a loss and was then out until buying again last year. Even if it goes badly wrong the losses on a £5400 subscription share stake are often much smaller than the losses on a £19500 share stake. Warrants and warrant pricing are so simple and it is so easy to invest in them successfully. Also note that the market makers don't seem to understand them either because UEMS (and this has happened to plenty of other warrants over the years) are at a simply barmy wrong price. UEMS were worth 42p when I added 5000 earlier today at just 35p. The price should be around 45p to allow for the remaining time value left. Re market makers also not understanding them. Geiger Counter subs could be bought for just 0.8p when the quoted spread was 0.75p to 1.5p and the share with over 6 months to run was not much below the exercise price. I bought a smallish stake then and it went up 59 times in a few months, though being too cautious I sold most of mine too soon. "picking up dimes in front of railroad engine???????"
kenmitch
16/8/2017
15:01
@jonwig Like you and possibly KT, I ultimately want UEM. Buying UEMS for me was just like putting a deposit towards the purchase. If the market discounted UEMS when I bought them, that's more money for me. And as we all agree, if the sh*t hits the fan before February and UEM tanks, losses will only be on UEMS and not the fully priced UEM. KenMitch and others know how to deal in warrants/subs and are winning. I am also glad they are because it means that UEM is doing well. This is the kind of game I do not think I would be good at playing, so I am not playing it. Anyway, another good day for UEM as Dave and Getscenic have already mentioned: Highest NAV so far 251.90p (up again today).
vacendak
16/8/2017
14:20
Interesting academic discussion, I suppose. I got my subs, exercised them at the first opportunity and cashed some extra dividends. The rest seems like picking up dimes in front of a railroad engine.
jonwig
16/8/2017
13:01
Make that a new high today as well Dave
getscenic
16/8/2017
09:11
Hi kenmitch, this is what im trying to understand. You say you sell out before expiry or risk the trustee selling them. How much risk is there from the trustee getting a bad price or are we talking a few % for their costs, thanks.
killing_time
16/8/2017
08:47
Kt. Yes that's how to work out your profit if exercising. Exercising should be free of charges. fwiw. Unless I'm very keen on the share, I usually just trade the subs and don't exercise. i.e sell out of UEMS ahead of expiry or if spread too wide risk letting them lapse and risk the trustee, but that's just a personal preference. Spread varies. Sometimes narrow for UEMS, and when wide often possible to deal well inside spread. Nearly always narrow for UEM. Worst case for UEMS is share falling about 17% to or below 183p exercise price. Should get chance to sell long before it gets that bad unless big market crash. Then 10000 UEMS if bought at current 35p would mean £3500 loss. (A lot smaller loss for those who bought much lower). As Riverman77 posted - UEMS gives roughly the same upside/downside as 6 times the £3500 in UEMS..i.e £21000. So if UEM fall 17% then cash loss is about the same.
kenmitch
16/8/2017
06:49
Thanks Riverman77
killing_time
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