Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Well there we have it, all other runners appear to have fallen so we look to be heading towards oblivion. Let's hope, like VSL, that the directors are able to continue paying the existing dividend for a year or more whilst they sell off our assets. I'm not sure what alternative fund RM might find to roll our interests over to but I'm not holding my breath on that one. The search for decent, regular, reliable income payers has just become even more difficult.
Interesting RNS this morning, finally some movement on consolidation and enlargement. The GABI Scheme proposes a combination of GCP with the (smaller) GABI fund to drive economies of scale amongst other potential benefits. Since both are effectively in the Gravis stable, and both Boards support the combination, it looks certain to proceed IMHO.
In addition, GCP has announced that it is one of the two concerns who have been in discussions with RM Infrastructure Income regarding the combination of the enlarged GCP/GABI with most of the assets of RMII.
As with all these things, the devil will be in the detail, most of which has yet to emerge. On the face of it though, both of these developments could be beneficial to all 3 entities, and I look forward to hearing more as things develop. K
Is it worth buying here? Paying 66p for 91p of assets seems on the face of it, good value, even if the fund is finally wound up in 2-3 years.
Why would there be a rights issue or placing when they are talking about the opposite (buying back shares or winding up)?
And whilst I'm having a moan, here's what the Chairman said in the Final Results on 26th April: "The current range that the Investment Manager is indicating to the Board is that there will be sufficient income to pay a dividend of at least 7 pence per Ordinary Share which will equate to a current yield of 8.24% versus the year end share price."
But the dividend for the first quarter is 1.625p, equivalent to 6.5p for the year, unchanged from last year. Is it just me, or are they making it up as they go along?
Another one bites the dust! How many more decent income-paying companies are we going to lose? Surely they just need to ride out the current high inflation / high interest period and wait for things to settle down later this year? In the mean time, someone is trying to take us out on the cheap (surprise, surprise) but the only solution seems to be to pack up & go home. Perhaps they'll combine with VSL where the same thing is happening already. So frustrating!
Please be very careful using Latin on these boards CarpeDiem1, people can be very sensitive.
"In preparing the financial statements we have considered the upcoming liquidity opportunity consultation. As this consultation will not conclude until after the approval of these financial statements it means that there is material uncertainty over the going concern of the Company"
Indeed Krusty, I hope this is not another situation where ii's will force a sale of the assets. A 9% div (or whatever it is currently) on very short duration debt should not be given up. I bought a few more today and hope this consultation is just a consultation. The company says it will buy shares if they are at an ongoing discount to nav.
I really don't understand the need for a liquidity consultation process. Here is a solid company making short-term loans to growing businesses in exactly the sectors Government needs to see growth, the dividend target has increased (to 7p, which is close to 9%) and will be fully covered, they've prudently bought back shares at a discount to NAV to hold in Treasury and sell at a profit when the premium is restored and they've been able to increase the level of income for shareholders by raising rates for new loans. Please, II's, just let them get on with their job and don't deprive me of yet another regular, reliable dividend payer.
14% discount.
No sign of a dividend increase. If its loans are floating rates it will be getting higher rates. As loans come to an end the new rates will be higher.
VSL are all floating rates 10.5% December 21 now 13.8% no increase in dividends yet.
BioPharma has increased its specials significantly.
Riverstone Credit Opportunities has increased its dividend and added a special for the first time.
The market appears to be choosing to ignore the increased lending rates.
Riverstone Credit and rm are also considered to small at 100 million. If they go into wind down there will be a bit of capital gain to boot. Hopefully they won't but it does act as insurance.
Investment Manager's Holding
RMII, which specialises in secured social and environmental infrastructure lending, announces that yesterday RM Capital Markets Limited (the "Investment Manager") acquired 12,500 ordinary shares of 1 pence each in the Company ("Ordinary Shares") at 90 pence per share.
Following the purchase, the Investment Manager's total holding of Ordinary Shares is 1,287,325.
The Company also announces that yesterday Thomas Le Grix De La Salle, Portfolio Manager at RM Funds, acquired 11,004 Ordinary Shares.
Very overlooked IT. Have a few of these in the PF. NAV is performing reasonably well. Not reflected in the SP. Pathetic market presently. Even ITs with real value or companies with excellent performance are being marked down. Nothing seems 'safe'