Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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GLIF has a stated progressive dividend policy, bearing in mind alternative uses for the cash and its preference for steady increases over time rather than a sharp increase followed by a cut. We noted with the interim results that rising revenue exceeded operating and finance costs by £3.1m, ie more than covering the dividend cost of £2.2m. The full-period effect of the management fee cut would only be seen in H212, indicating a positive outlook. In Q312, the growth in NAV announced last week was partly attributed to confirmation of this positive trend and that net cash retained had helped build net assets. Management has decided to use part of this surplus to increase the quarterly dividend by 9% to 1.25p, taking the annualised yield over 10%, but still ensuring that it continues to be more than covered by cash generation. The group is now cash generative, providing a cushion against market movements. The portfolio mix is also more balanced with more assets outside the CLO structure and a more diverse mix of assets within it. In 2008/9, even though the end loans were still paying, the CLO structure meant some cash was diverted to meet mark-to-market capital tests within the CLO and thus was not available for dividends to GLIF shareholders. Clearly the business is sensitive to extreme market stresses, but its dividend-paying capacity is much more sustainable than in 2008/9.
http://www.edisoninvestmentresearch.co.uk/researchreports/GLIFFlash291012.pdf
The quarterly NAV contained no surprises with a rising NAV reflecting market conditions and revenue more than exceeding costs and dividend payments. This is despite FX effects reducing the NAV by 3% (£:$1.57 end June, $1.61 end September)
http://www.edisoninvestmentresearch.co.uk/researchreports/GLIFFlash221012.pdf
The statutory accounts for GLIF are distorted by marking to market accounting. On the asset side, GLIFs objective is to identify assets where the market price is wrong and often holds them to maturity. As a going concern it will repay its debts in full, so that market price is also meaningless. We believe investors should look through the consolidated (capital and income) EPS loss in H112 of 11p to the business messages. Revenue exceeded administration and finance costs, with c two thirds of this surplus distributed to shareholders. The current annualised yield is c 9.6% and is more than covered by this measure. We expect the group to be active in acquisitions following the value-accretion from the AMIC deal. In this statement, we believe it has flagged that that it is close to doing a deal. While negotiations may falter, we believe the reiteration of intent is clear. While the MTM of assets fell 6%, the credit quality improved, with only 1% (down from 2%) of the portfolio expected to show any loss of principal. The already-announced accounting NAV at end-June was 47.9p. We prefer our franchise valuation approach, which is 52.9p
http://www.edisoninvestmentresearch.co.uk/researchreports/GLIF140912Flash.pdf
Valuation: Franchise value As noted above we believe the franchise value is the best measure of valuation and as at end June this was 52.9p, around 10% above the NAV and current share price. The near 9% yield is also a major attraction for the stock
http://www.edisoninvestmentresearch.co.uk/researchreports/GLIF200712Update.pdf
Show NAV of 47.9p previously 47.8p. Dividend 1.15 per share. Ex date 27/7 pays 10/8
Good investment for income from the country with best economic growth prospect at present
With a quarterly dividend increased 15 % to1.15 p . may be increased. On current price of 49 p to buy yield is 9.3% so particularly good in an ISA or pension fund. Opportinity for capital growth too as Net asset value about 70.50p so 31 % discount
With a quarterly dividend of 1 p but the final divi. this year, announced around 25th of Jan. may be increased. On current price of 45 p to buy yield is 8.8 %( Or more if divi increased ) so particularly good in an ISA or pension fund. Opportinity for capital growth too as Net asset value about 72.25p so 39 % discount
http://www.investegate.co.uk/article.aspx?id=201001210700128868F&fe=1
http://www.investegate.co.uk/Article.aspx?id=201001111515003504F
http://www.investegate.co.uk/article.aspx?id=201001081442202778F&fe=1
http://www.investegate.co.uk/Article.aspx?id=200912210700214327E
please advise.. what does this mean ???
http://www.investegate.co.uk/Article.aspx?id=200911170700095980C
the major buys yesterday DYOR
http://www.investegate.co.uk/Article.aspx?id=200910300928456586B