Member Info for CaneToad

All continuing to look rock-solid here: No doubts about the dividend for the foreseeable:

"The proportion of contracted revenue for the global portfolio now stands at 90% for 2023, 85% for 2024 and 75% for 2025. This active hedging strategy has substantially insulated Foresight Solar from the fall in near-term merchant power prices. The revenue stability and solid cash distribution also provides confidence in the targeted 1.5x dividend cover for the next three years."

Anything is possible - the problem is that LIO has had more outflows than its peers.

Looks to me like this is unlikely to go through - but the question is whether it's a good entry point irrespective? Perhaps we'll see another leg down and then some consolidation once it's clear there's no deal?

Everything looks stable and rock-solid to my eye. Attractive dividend while we wait for capital appreciation.

Pros: An interesting/quirky debt/royalty company with a decent dividend and good track record

Cons: An overly concentrated portfolio; some of the US BDCs already have biopharma on their books; are more diversified; are more liquid and offer even higher yields - take your pick from 40+ listed companies, many with an equally long track record.

Back in my day, the term 'asset-backed' meant that when a loan goes sour, there's a physical asset that the lender can sell to recover the loss. This seems to be very different to the 'asset-backed' nature of GABI's loans, because GABI seems to suffer a loss as soon as the lendee decides not to repay:

"In the period, cash payments were received in respect of the guarantee underwriting 50% of the outstanding amounts under the previously disclosed football finance problem loan (0.3%). A creditor proposal has been received in respect of the other 50%, the impact of which (if accepted) would be an impairment of c. £0.9 million. As recommended by Mazars, this impairment has been reflected in the NAV. "

What was the asset which backed this loan. Did they pledge a barrel of footballs or maybe some autographs from the players?

More LumiraDx worries ?

This must be approaching the point at which LumiraDx has been written down to zero by investors.

Results look excellent from my initial scan.

"Why don't they just stick to the things they are good at. Anyone agree."

Totally agree. Life Insurance, pensions. WTF do they know about electric cars and flatpack houses?

All looks rock-solid to me.

A nice addition to the divi portfolio with a decent chance of a capital gain over a few years.

I've been watching this for a long time; unsure about the validity of NAV and with questions about the founder, but ultimately, the financial results were good; the dividend has been consistent , is covered and appears to be sustainable. That's enough for me to open a small position.

Interest rates rise, bonds and preference shares fall. Even the safest prefs such as GACA have been falling consistently in this time. It's that simple...

It has not been rebased. It was a hypothetical comment, that it would still be an attractive yield ****IF**** it was.

FY results look good to me. Quite impressive in the current climate.

This is normal for the UK markets - one of the reasons why companies are fleeing listings here. International MM firms love the UK, because they can fleece the local investors. FCA doesn't give a hoot.

The reason is not simply discount rates; it is because 30% of the portfolio is 'equity-like' (with this portion being within the renewables exposure) - confirmed by IR. I'm happy with the risk/reward here though and will probably take a small position at some point.

This is looking v. attractive, now yielding 7.85% @112.93p, will it reach an 8% yield? yes, I think so.

@Yuri, this is a technical trade for me; I just watch the chart/volume. Only time will tell the level!

The divi looks like an illusion; just 74% covered; company needing to sell more assets, which will further trim EPS.

@Agricore: We're both just guessing, but whether it's 9% or 11% makes no significant difference to valuation/risk. Anyway, as mentioned, I think the retail bond is manageable, due to its modest size and the cash position as you mention. The LTV is an issue though; it only has to rise a similar amount to what it already has and they will be forced to start offloading assets. We're only guessing if that will happen - but with rates forecast to continue rising, it's definitely possible.

On the other hand, I think there is value here and I'll probably take a modest position here at some point.