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 Shares Traded Last Trade
  0.25 0.14% 175.75 116,963 16:35:25
Bid Price Offer Price High Price Low Price Open Price
175.00 176.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 21.42 18.17 7.47 23.5 393
Last Trade Time Trade Type Trade Size Trade Price Currency
15:43:50 O 20,746 175.00 GBX

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Date Time Title Posts
23/9/202017:45Utilico Emerging Markets 259
07/1/201510:27Interesting New Inv.Trust314

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Utilico Emerging Markets Daily Update: Utilico Emerging Markets Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker UEM. The last closing price for Utilico Emerging Markets was 175.50p.
Utilico Emerging Markets Trust Plc has a 4 week average price of 172p and a 12 week average price of 171.50p.
The 1 year high share price is 252p while the 1 year low share price is currently 135.50p.
There are currently 223,822,382 shares in issue and the average daily traded volume is 156,918 shares. The market capitalisation of Utilico Emerging Markets Trust Plc is £393,367,836.37.
erogenous jones: The NAV is gradually rising and remains at a premium to the share price. A rising share price is usually assured in such circumstance.
riverman77: Good to see the UEM share price finally start to rise after a weak few months as the UEMS expiry date draws near. Should be worth 48p now based on latest UEM price of 231.
kenmitch: 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: 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???????"
riverman77: I guess it depends on what you think will happen to uem share price. If it goes below 183 then sub shares will be worthless. If the price stays at 222 then the sub shares would be worth around 39, so a decent profit from today's price of 35p Ultimately I would say if you want exposure to uem, then the sub shares seem a very cheap way of getting this exposure, but remember to divide the exposure you want by around 6 (since 35p uems shares gives exposure to 223p uem share). When I put this through the black Scholes option calculator using a conservative volatility of 15%, I think it said uems was worth around 41p so clearly very cheap at 35p.
kenmitch: killing time. If you really want to switch to the shares you can do so at any time by selling your subscription shares and buying the shares with the proceeds. i.e presumably you realise that you can buy and sell the sub shares at any time? As explained above I can see no advantage at all in exercising now, and the sub price rise today, which is far larger than the share price gain also shows you why. Share UEM up 0.7% and UEMS up 11%. Why give that sort of gain up by switching to the shares now? The sub shares as davebowler posted are still at a bargain price, so why even think about exercising now and losing potentially big gains from UEMS. If at any point you get worried about UEMS price falling fast, then SELL them. If wanting to sell out it is best to do so on an UP day for share and sub as it is much easier selling then and often well inside the spread. You might even get the chance to take the profits on UEMS once worried about the share price, and then wait and hope for the share price to fall and then use the sub proceeds to buy the share cheaper then. i.e these tactics give more flexibility than if exercising now. btw like vacdenak I also got notification from my online broker (TD as was) about opportunity to exercise a while ago.
kenmitch: contact. Yes it DOES matter when you buy UEMS IF the share price rises between now and expiry next Feb. Buy UEMS now at 28p with share at 217p OR buy later when share is with luck around 250p. THEN If buying UEMS you'll have to pay around 60p. i.e UEMS will have doubled and you will not only be paying double current UEMS buy price if waiting but will also have missed the chance to SELL your UEMS for a double too! Remember you don't have to exercise UEMS. You can buy and sell UEMS at any time just as you can with shares. And you can also exercise some and sell the rest of your UEMS. And you also have the option of letting UEMS lapse. I.e don't sell them when they expire as a trustee is appointed to exercise any UEMS allowed to lapse and the proceeds are then sent to your account with no dealing costs within a week or two. There are risks leaving it to the trustee. UEMS are still fantastic value at 28p and well worth buying IF confident the share price is going to rise. One reason they are so cheap is because very few understand Warrants and sub shares and so few trade them. With the share at 217p UEMS are worth 34p so 28p is a barmy too low price.
kenmitch: Posted this on UEMS thread earlier today, but as even fewer posts there (just 12 since August!) it might get seen by and be of interest to a couple of people here. UEM again at 218p to sell and worth 35p but can be bought for just 28.25p. The only trades so far today are one tiny sell and another 4000 or so at 25.5p. Why sell when such incredible value unless thinking the share is heading down. UEMS is likely to continue to trade at a discount, and it could even widen a bit too. But it's amazing so few investors are aware of this bargain. Target just 5% more on the share price to 230p and UEMS will be worth 48p. OK the discount could get even wider, at share 230p UEMS should be at least 40p to sell. i.e not far off 50% gain compared with 5% for the share. As long as this isn't the peak for UEM, UEMS looks a no brainer. EDIT. £1000 UEMS stake - profit around £500 for 5% share price rise any time between now and next Feb. £10000 share stake. - profit around £500 for 5% share price rise. Same profit. £9500 less staked. Share goes down 5%.... loss on UEMS ( if not selling out long before share falls that much) would be around half the stake, i.,e £500., Loss on £10000 share stake would also be £500. If wanting to hold the share long term, then just exercise UEMS at expiry for no dealing or other costs. i.e if holding, say 3500 UEMS, then exercise by using UEMS to buy 3500 UEM at 183p a share.
kenmitch: Hi badday. Good to see a post from you here. I've happy memories of your posts and some excellent investment finds on Mike Walters subscription website. As you'll know (but the helpul vacendak probably won't) there was a thriving warrant thread there, and also I ran a warrant portfolio that rocketed for a while (nearly tripled at it's peak) before we had to end it because there were so few warrants and subs left. And you'll also know my strong feelings about keeping it simple. Warrant fans elsewhere are inclined to make them sound far more complex than needed! Anyway to your questions: 1. They OUGHT to go up penny for penny with the share price BUT there are now very few warrants and sub shares left, and for reasons I can't fathom the market makers are now pricing PCFS and to a lesser extent UEMS at a discount. So it is not certain that they will go up penny for penny in line with the share. e.g as explained in my earlier post, if the share gets to 240p then UEMS is worth 57p (exercise price is 183p). BUT it's likely that UEMS will not go as high as that. My guess would be about 50p to sell with share at 240p. (You/we can get the full value by exercising). Note too that though spreads are wide it is often possible to buy both UEMS and PCFS so far inside the spread that sells are recorded as buys. This is nothing new btw. Biggest sub share winner on the portfolio on Mike's site was Geiger Counter sub shares where we bought a small stake at just 0.8p when the spread was 0.75p to 1.5p!!! The price peaked nearly times 60 higher at 46p. Bet you didn't buy any! (That gain was when the share only doubled) 2. re US interest rate rises and effects on Emerging markets. Opinion on the effects of this is divided, and also it varies from Country to Country, and anyway since rises this year are expected some of this will already be priced in. Also remember that UEMS invests mostly in Utilities. A safer than average sector, if a little boring. Hence share price upside potential not that large over the next year or so, and hence why imo it is far better to buy a small stake in UEMS than any stake in UEM. If UEM can go up a boring 10-15% or so over the next year, then UEMS is likely to go up 80%- to a bit over 100%. Hence my view that it is unwise exercising except at expiry time. Finally PCFS is also well worth a look. Unlike for UEM/UEMS interest rate rises are seen as good for banks - easy to widen margins. And US bank shares are flying this year. PCFT shares is 133.5p to sell,making PCFS worth 18.5p (exercise price is 115p and expiry July 31st this year). Yet though worth 18.5p PCFS could be bought for 13.5p on Friday. Ask if wanting to know more. Now that I know you're here I'll check this thread more often. Btw I don't see why you need to time your buying, except that ideal time is an up day for share and before UEMS is up too. As you might know I've rarely exercised a warrant in nearly 30 years investing in them, including the good old days when there were several hundred of them!
kenmitch: 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. Downside. If the share price falls then UEMS will fall faster too. e.g 190p share price would mean UEMS only worth 7p. And if the share is 183p or lower at expiry then UEMS would expire worthless. A very good tactic if currently in profit on the share would be to take just that profit and reinvest it in UEMS. Then EITHER exercise at expiry by converting UEMS in to shares at just 183p a share OR sell ahead of expiry date or let them lapse and let the trustee appointed exercise for you. That trustee route is a last resort and better one of the first two options. Not always easy to trade sub shares in size as there are so few trades. BUT a very good way of maximising profits IF the share price can keep rising. e.g to give another example. While Polar Capital Finance Investment Trust shares have risen from around 115p late last year to 135p to sell now, their sub share PCFS has risen from 4p to buy to 13p to sell.
Utilico Emerging Markets share price data is direct from the London Stock Exchange
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