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Have a read of the KID. There is a performance fee as well, but that is also paid by the company to the management, Cheyne I presume, although these charges will of course affect NAV.
Am I wrong in thinking the fees just come out of the overall capital of the company you invest in ?
I am with I-web, which will exactly the same as seen_it gets with Lloyds I believe. I was with both HL and Halifax, but found that I got exactly the same service as Halifax/Lloyds with I-web for much less fees. I had to pay £25 to open an account, then it is just £5 a trade, nothing else. The £25 varies up to £200 depending on how busy they are.
So, when I invest in a lot of companies like RECI I get a page that includes all the fees - £5 dealing etc , - I'll see if I can copy it - this is for 500 shares
Your costs and charges
This shows the charges for your investment of £735.00
Charges Percentage Amount Who to
Dealing Commission 0.68027% £5.00* IWeb Share Dealing
Stamp Duty 0% £0.00* UK government
PTM Levy 0% £0.00* Panel on Takeovers and Mergers
Initial Charge 0% £0.00* RECI - REAL EST CREDIT ORD NPV
Ongoing Charge 2.43401% £17.89** RECI - REAL EST CREDIT ORD NPV
Transaction Cost 0% £0.00* RECI - REAL EST CREDIT ORD NPV
Incidental Fee 0.4966% £3.65** RECI - REAL EST CREDIT ORD NPV
Total 3.61088% £26.54
So I pay £5 dealing, no stamp duty, and, as far as I know, all the rest is just what the company pays to the management etc. Never seen any charges taken from dividend or my account.
By the way, did you do a dummy buy to verify the total charge?
Just to add, I've clarified this with HL. The 2.18% is inclusive of the management fee, so that's 6.1% yield net of fees.
I am with Lloyds direct investment. I did try to buy £30k worth of RECI before. There was a list of charges came up: commission only £8 but with annual management fee and accidental fee put together came to £1,100! The management fee and accidental fee are both charged annually, not one off! That's day time robbery! That's why I didn't go ahead with the purchase.
My broker will charge 1.25% management fee, plus the company charge of 2.18%. So that's 3.43%, which is pretty high for this kind of investment. However, the dividend is currently 8.3% so that's still nearly 5% net. The NAV is steadily increasing too and the shares trade at a discount of c. 6.4%. All in all, if the dividend is maintained at or above this level, it's not a bad investment by the look of it. Thanks for the useful info both of you. K
Oh, interesting sidi. Platform charges are a bugbear with me right now. My broker, HL, charged me £383 management fee for my holding of 3i last year, which is a FTSE 100 share! I'll do a bit more digging. adv11, have you experienced this level of fee charging from your broker?
Morning Krustysmegma, my friend. RECI is a different share. It will charge you annual management fee plus accidentally fee(also annually). The two put together is more than 3%! Which means the dividend will be minus 3+% a year. It's why that put me off from investing.
Yes I have been in RECI almost 3 years. Some people avoid credit companies as too risky, but RECI seems to have a diversified portfolio and has never let me down with dividends. Was 172p when I first bought, but have added down to 102p, and average is now 138p. My favourite in this sector is VSL. You can almost get 10 percent yield buying at the moment. It's a bit of a mystery company. constantly buying it's own stock, and directors also own a lot. I've always suspected they will eventually take the company private. Again I have been in three years and the dividend has always been 2p per quarter.
As for ALAI, I might be lucky to get out with any profit, I'll have to keep a watch and maybe sell out before ex-dividend.
adv11, I've just had a look at RECI, I hadn't come across it before. Looks really interesting, I'll do a bit more research but this might sit nicely in my portfolio too. Thanks for the heads-up, much appreciated. K
I wouldn't buy LXI from Primary Bid either. With 7.9% discount and the SP has already fallen by 6.2% today!
As for ALAI, they only got £310k cash in hand and at bank according to its 2020 balance sheet. They are surely unable to keep their current dividend pay out any longer. A cut is inevitable.
I really do hope that the next quarterly dividend will be 2p as well but it isn't very likely though.
I would have had a top up today had we been getting close to a 2p dividend, but will wait for now. Sold out of Edinburgh Trust this morning because it is so long to the next dividend and they are talking of reducing. Topped up RECI, and keeping some cash for now. Also tried to sell out of LXI when I saw the PBid offer, but couldn't sell for the first ten minutes by which time the price had dropped. I had a nice profit there, should have seen it coming.
I can't see the point of using PBid for REIT offers when you would then have to pay to get them in an ISA. Will also probably sell out of ALAI after ex-divi as they too are cutting dividend after next months.
Hi Krustysmegma, last year's final financial report was on July 16. We should expect similar date for this year.
Also last year's next quarterly dividend announcement was on June 21, ex-divi on July 8 and pay day was July 22. Therefore, we should expect the next quarterly dividend declaration any moment from now. Maybe tomorrow or next week. Let's wait and see then.
On top of that we shall hear the result of the 300 MW project completion soon.
Yes, steady as she goes for now sidi. That's fine by me tbh. adv11 mentioned full-year results expected mid-July, guessing we may not get another update until then.
...... let's hope that I won't be shot down by adv11 again.....hehe
It seems that right now we are marking time. Need some news break. As soon as the good news dropped we should see a new high, say maybe 113.5p or even 114p.....
Come on GSF, gives us some updates please..........lol
The SP finished the day unchanged eventually. That's just great.
The SP is falling back because of lack of news but it's still holding up well. Should bounce back soon. GSF's SP is always moving in a narrow range not the roller coaster style....
In fact the closing price on this site isn't correct. The trade reports also only up to 15:25. The actual closing price was 113p. Here are the last four trades including the UT:
Time. Price. Size. Type
16:35 113p 7,415,647 UT
16:36 113P 50,000 AT
16:46 113p 194,714 O
16.53 112.989p 233,568 O
I was talking about the price of 113p. The FTSE100 was down nearly 2% but GSF closed up 2.73%!! and larger UT than usual also 3 huge after hour trades. That's very unusual indeed. Don't you think??
UTs dont affect the mkt its just balancing buys and sells without troubling the mkt. Same generally with large trades after the bell.
....maybe some wanted to get in before the big project completion announcement??
Sorry wrong, they were 113, 113 and 112.989, my mistake....
There were 7.4m UT and three big after hour trades @133p, 133p and 12.989p respectively. Does it mean there were big boys getting on board here, I wonder?