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See you all on the KKVL board.
OK thanks, guess we will just have to see...
I'm no expert, sorry, but SQN, the ordinary shares are continuing as they are with the unknown Icelandic company KKV running things. No dividend for now (or ever ?), which is the one thing people invested for here. We can only presume that major shareholders voted to keep SQN going because it would have little value if broken up. There will be another vote in 12 months time to see if we then break up or continue.
The C Shares, SSIF, which are doing alright, without our bad investments, are being wound up, again, presumably because there is money to be made in their break up.
I'm also in Hardians Wall - HWSL - which is also being wound down. As each loan gets repaid or sold on, money is supposedly returned to shareholders. We had 19 pence per share back in April 2020, and are due another smaller repayment in the next couple of months, The trouble is they have commitments to issue a few top-up loans to the companies already involved with loans. There should be a fair bit more than the share price to get returned - eventually. I made a list of 20 loans Hadrians Wall had made. There were three to Bio-mass operations which ceased trading, although I believe there is equipment to sell on. The 19p we had returned was from a finance loan that was repaid in full, which leaves 16 loans of between £25m. and £0.5m still being repaid, all similar to what SQN has outstanding.
Apologies for my ignorance, however, how does the wind-down work? Are they redeem at NAV? Or fair-value? Is the discontinuation the preferred option for the ordinary?
That's a strange result. We continue for another year and the C shares go into wind-down. As @andsoforth says - not much value left in our company, and the holders of the C shares are getting out while they can.
I hope we now get a bit more input from KKV. Need to get tough to sort this out.
I voted against continuation, but think our thoughts are irrelevant for two reasons. First, as you say, the big share holders will prevail. Secondly, the assets may be of very little value anyway.
HWSI Realisation Fund Limited announces that Mr Brett Miller, a director of the Company, has been appointed a director of SQN Secured Income Fund plc, with effect from 8th July 2020. SQN Secured Income Fund plc is listed on the London Stock Exchange (LSE: SSIF)
Would have thought he would be better for SQN. One disaster to another.
Have people voted ? I sent off my vote against continuation, but it will already have been decided with consultations with major holders I guess.
Continuation vote next week.
It has continually disappointed so I sold half. If it gets to 30p I will sell the rest.
The fair NAV value is around 50p.
For such a beleaguer report, it has moved ~+18% since the lows this morning. Strange??
A massive loss for me too. This was part of my "don't do anything but collect the dividends" portfolio! I have sold off half to look for a new home. The AD portfolio seems to me to be worthless, that's a 28% write down straight away. 60% is "stressed" or "distressed", so again probably worthless. Massively disappointed!
Too much of a loss for me to sell, I've averaged down four or five times. I felt that SQN were trying hard, but I haven't much faith in the new lot. They need to bring in experts in AD (not risking spellcheck) to sort those problems out. J.Laing Environmental seem to make a go of it.
I will have to go through my portfolio and rate every holding. SQN will be a 4 ...in distress.
Disappointed, but brought in at 23.6 to help average cost down as i think slightly oversold. Interested to see the NAV, but would now be keen to get out and move on.
Yes, very dispiriting. I reckon NAV is now c30p. No dividend as "it is unlikely that a sustainable dividend can be re-established in the near future". I see little point in owning these, to be honest.Is anyone else considering selling up?
Very negative report, presumably so they can make themselves look good saving the company. Time to shut it down and return the capital.
Hopefully .... eventually. I've voted against continuation, purely because of the lack of any clarity. If they had started paying a small dividend and given a decent update, I would have been happy. Of course, what we small investors vote is of little consequence. It will all be pre decided with the big players.
May not survive the continuation vote in which case about 60p? would be redeemed.
SQN - NOTHING
SSIF - The Company is pleased to announce the eleventh monthly dividend for the year ending 30 June 2020: Dividend amount: 0.583 pence per Ordinary Share
SQN could be paying SOME dividend. Time to sort this out or shut it down. Kvika making no comment ?
Fingers crossed one way or another we move forwards from this line in the sand, even though I have no idea how to pronounce their name!!! GLA
At least it's sorted the share price out - you can tell the sells from the buys now.
I presume they will already know what the result of the winding up vote will be, having consulted with the share holders who matter.
Kvika's website leads me more to think of them as long term asset managers rather than asset strippers. Maybe they will point some Icelandic investors in our direction. https://www.kvika.is/en/uk-operations
It seems similar to the Hadrians Wall one maybe?
The fact the SP is up slightly means the market is positive and anything to bridge the gap between SP and nav is most welcome although in many ways I was hoping for recovery and restoration of a monthly dividend,either way if the SP goes back up who cares!
I read the RNS as an intention to wind down the company. As it has a share price of 25p and a NAV of 70p this is brilliant news.
Just looked through the rns and it’s just a load of management speak from what I can see mate! I’m resigned to not receiving divs on so many in the short term so I guess as and when it’ll be a bonus!