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Surely other IIs will follow Artemis now and we should see more holding RNS next week alongside a hopefully another trading update.
Recos should be uplifted by 50-100% now. For Providence Financial which seems to have sligltly worse potential opportunities in the future comparing to IPF a nice reco in past days. But technically it has to rise more to finish the current trend.
Fully agree, this has now risen to where it was when the bond issue first came up, (yes I know it fell further when the stupid going concern statement came out). However this is completely derisked now with visibility out to 2024...
A number of rerates on the card as the penny drops. last broker target I saw was £2.47 (Numis 20 Oct pre Bond being sorted...)
Big correction on the cards now.
With the bonds and convenant concerns put to bed, collection rates at 95% and plenty of liquidity and headroom there is no reason why this can’t surge back above 100p now.
‘Following this successful liability management exercise, IPF has strong liquidity, no material near-term debt maturities and an appropriate and uniform covenant package across its Existing Notes and the New Notes.‘
From RNS excellent news onwards and upwards
I think we are expecting a Trading Update next week which should be better
Potentially a good day and stability from now on.
Let’s hope for a positive reaction with that rns.
SP reacted well so hopefully update posted tomorrow morning sees us back on track to 70p+
I think the meetings are this afternoon between 4 to 5pm. But I agree am expecting an update this evening or tomorrow morning
Well I’m expecting an RNS later this afternoon or tomorrow am. A summary shouldn’t take my time to put together following the meetings this morning.
The timeline is detailed in the 14th Oct RNS
So as summary:
- 28 October 2020 is the Early Deadline for acceptance
- 3 November 2020 is the Final Deadline
- 5 November 2020 is the EUR Meetings, GBP Meeting and SEK Meeting where one votes in person or via nominee
- Announcement expected to be as soon as reasonably practicable after the Meetings of conditional acceptance (or NOT) of Existing EUR Notes exchanged pursuant to the Exchange Offer and results of Consent Solicitations
Due to COVID restrictions there was some debate, and the generous terms offered in the Exchange Offer, whether the meetings on 5th would be required. Or whether all the votes would be in by Early/Final deadline and we would get an early announcement. SP raising in anticipation suggests some confidence. Noticeable that SP is below Artemis purchase.
Did we have a date for the bond/funding update?
That was my understanding of it too. Either way sorting the bond sorts the debt, takes a lot of the risk off the table.
Assuming all goes to plan with the bonds this week, do we envisage we will also get an update on confirmation of bank loans this week? Ie so that as l funding is sorted this week? I think they mentioned they had credit approvals for 136m....would be good for this to also be confirmed if its part of the package moving forward
With Barclays recovering most of its losses from the last week to start closing in on its month high, it is surprising that the sp is not higher. Without the wider market worries the sp should be in the 70s - 80s. Hopefully we shall se a resumption of the upward trend in the run up to next week's announcement
Apologies I have been wrong footed now twice by IR: (1) Believing that no monthly update was due at the beginning of the month and then getting the unexpected earlier release of the Q3 update plus bond refinancing news; and (2) believing that a further trading update was due today on other matters hence the notification not being corrected by IR.
Now that we are slowly moving on from our morning hissy fit we need to bear in mind that (1) the Trading Update came EARLIER and was not a NO SHOW and that (2) the Trading Update was GOOD.
The highlights as below:
Q3 update confirmed positive momentum with £348 million of cash and headroom on current debt facilities and collections effectiveness improving to 95% of pre-Covid expectations in Q3. Return to profitability subscribed to by recent Holdings RNS of Artemis. This all suggests that the Group annualised impairment as a percentage of revenue 38.1% (HY 2020:37.5%) will not be actually that bad. Funny thing is that the sp has fallen from its pre-Covid levels more than this impairment performance.
Although the news may suggest that the only sane course of action nowadays is to put one's money and build a bunker from where to ward off the infected masses; the Q3 trading update does realistically show quite a bit of impairment built into the annual projections. Whilst at the same time showing that collections effectiveness is actually back to pre-Covid levels. Further to that the sp is still trading at a discount to this valuation.
I am mindful that the drop earlier in the year was due to worries about the financial robustness however with the 14th Oct RNS we can see that these worries have been reduced in the last few months with increasing headroom and will be finally resolved realistically by the 5th November. As such this should give us some confidence in the underlying strength of the SP.
Apologies I have been wrong footed now twice by IR: (1) Believing that no monthly update was due at the beginning of the month and then getting the unexpected earlier release of the Q3 update plus bond refinancing news; and (2) believing that a further trading update was due today on other matters hence the notification not being corrected by IR.
Now that we are slowly moving on from our morning hissy fit we need to bear in mind that (1) the Trading Update came EARLIER and was not a NO SHOW and that (2) the Trading Update was GOOD.
The highlights as below:
Q3 update confirmed positive momentum with £348 million of cash and headroom on current debt facilities and collections effectiveness improving to 95% of pre-Covid expectations in Q3. Return to profitability subscribed to by recent Holdings RNS of Artemis. This all suggests that the Group annualised impairment as a percentage of revenue 38.1% (HY 2020:37.5%) will not be actually that bad. Funny thing is that the sp has fallen from its pre-Covid levels more than this impairment performance.
Although the news may suggest that the only sane course of action nowadays is to put one's money and build a bunker from where to ward off the infected masses; the Q3 trading update does realistically show quite a bit of impairment built into the annual projections. Whilst at the same time showing that collections effectiveness is actually back to pre-Covid levels. Further to that the sp is still trading at a discount to this valuation.
I am mindful that the drop earlier in the year was due to worries about the financial robustness however with the 14th Oct RNS we can see that these worries have been reduced in the last few months with increasing headroom and will be finally resolved realistically by the 5th November. As such this should give us some confidence in the underlying strength of the SP.
It came out in the Q3 update the other day.. I personally assumed it had been brought forward and looks to be the case
Certainly indicated, maybe not then