Member Info for damofarl

Seatanks; just as political largesse/incompetence is ever present in Nigeria so is paper talk, and as such I initially dismissed this because they already own a majority interest in the oil fields, so this seemed irrelevant. However this rumour may have legs, because in the Govts desire to utilise/monetise gas into the future, SEPL's entire purchase would, in conjunction with other small holders mean the the state only had a 49% non controlling interest in the Bonny Terminal.

So say, a 90% purchase of MPNU and 10% by NNPC would acquire majority control of the terminal to NNPC, a situation which would allow the state to proclaim itself as a national champion whilst embracing open market investment.

I do feel an outcome is imminent.

Gavster-NBC; thanks too your kind words. Yes divvy announcement due but we know it's 2c, as is the monthly factsheet. The renewables you mention - I'm a big fan of those, but only recently bought NESF - I've considered all off those in the past few years, but until recently avoided, purely because, until late last year, they were at premium to NAV, hence I am looking at them anew at the moment. I think the long term fundamentals, societal, environmental and regulatory, support long term income return (divvys) - I see the utility predictability of say UU but higher, so will definitely be diversifying more into this area. As for TPT, yes I too missed that oppurtunity, hesitating too much, but still like. We can't catch every fish! I feel I missed out similarly on SNWS which I still like too. As for PAF, thanks for highlighting that. I actually looked at it a while back and like it then, but looking at it today, it is the kind of contrarian value/yielding stock I like. As for the employee involvement there, I'm actually a fan of such, so that's more a plus for me, and as for country, well, I'm in Nigeria, Tanzania, Azerbaijan, India, Kurdistan, Brazil , Kenya etc so that holds no concern for me.

Archy147; ......."can see myself moving more funds into this arena when my other (mainly FTSE-250) holdings have run out of steam (think they have plenty of gas in the tank yet)...." - interestingly, ever the contrarian, I actually recycle the high yielders into 250/aim stocks for growth, which just highlights you have to find something that works for you.

Happy investing all.

Archy147; thanks your kind words. Just trying to debunk the 'mystique' around CLO type investments; with these my starting point is, due to the illiquidity/spread you need to be prepared to hold for circa 5 years.

I was running the rule over RGL at the weekend, as for POLN, a new one on me so thanks for that.

Mulder; but only because GKP have been paying out large the divvys.....and I think of the 2, GKP have the better relationship. That said I agree, top up time. Divvy will be maintained (at worst) according to last announcement/presentation, so a 10% reward whilst we wait for some action.

Do they buy GKP oil, or is some wit suggesting GKP is going to be flying high soon?

As for 55k production - well that's our in the sky. And if realised, I'll happily eat humble pie....

Sd235; well slowly but surely it is rising. One for the patient this, but there is deep value and oppurtunity here. This may be the tortoise that catches the (BGEO) hare.....

Note from the annual report, that loans constituting about a third of the market cap expires within 12 months, and wonder what this means.

Surely it means a lot of cash at bank, and yes I know the company invests, invests, invests but maybe some of that realised cash maybe heading investors way?

Very noticeable the SP rise recently. People seeing the quality/value/income here.

The fact that Parasol has had a regulatory notice since Dec 21 should have raised mgmt diligence. That there seemed no urgency to unwind I find worrying . If extrapolated across the group, this lack of mgmt diligence, how many "aren't" in trouble/paying rent fully but are also subject to statutory notices, warnings or judgements?

Fundamentally, the business model of SOHO and the whole supported housing REIT is valid, and will only grow in relevance, as it the continuance of premium rental allowances to support vulnerable people (it is still cheaper than alternatives - The Salvation Army, one of the biggest providers of supported homeless housing for instance, charges eye watering rents well in excess of these reits). The concerns for me are not the funding sources, but the providers - and SOHI and it's ilks complacency (laziness) on such.

Welcome back tom78 - I think the results will be good, and the dividend ticked up to 60c. However I wouldn't be surprised to see a wild drop as with last announcement as this does gyrate/get played.

Indeed I feel in the last few days institutions are trying to push it down prior to results, to get cheap shares, but interesting to see it holding up.

Definately an up change in institutional understanding and ownership here, and increasingly catching the attention of US retail investors, both seemingly suddenly realising this isn't a new fly by night company but one which has been highly profitable, and crucially, both consistent and respected, for decades.

For me, I see it as the equivalent, in a boring reliable way of a LGEN or Aviva, on steroids for the next 2 years, as the embedded value is both acknowledged and realised (fiscally).

Wiscos; I think you pretty much nailed it in your post - there will be Govt incentives/ruses/tax bungs - precisely to smooth/mitigate their strong (and in my opinion correct) arming over cladding.

Gavster-NBC; yes there is much excellent discussion/contribution here. Particularly refreshing here is how differing view points/considerations are integrated into a greater understanding of DEC rather than dismissed out of hand/used to denigrate contributors. A very refreshing board indeed.

Dividend announcement must be imminent. Going for 5p

Sonofyoda; IF the divvy is maintained this will reach 20p - if it doesn't, because the Toliara is go, it'll be 25p.

Greeno; I hope you are right bit don't believe it. I feel they will retain cash, so at a maximum, will maintain at last year's level with a unequivocal statement of 'rewarding shareholders' but that going forward Co's intention is to retain all cash within business to facilitate Toliara.

My (long term) view is that any reduction/ loss in dividend yield will be immediately reflected in SP appreciation, acknowledging the value realisation of Toliara progression. Either way, I think it's a win win, and despite being primarily a yield investor, I'd prefer the latter.

Pictsloup; I have purchased it similar prices to you, almost spooky, and don't mind admitting at times I was getting a little nervous with the sharp/large gyrations, but I invest for value/yield and when it dropped about 20% in a week following one of the quarterly reports, which numbers wise I thought was fine, but the market hated, I re-examined, and just felt that shorters had taken advantage of a lack of historical reporting/it's relative US small cap status, that it was undervalued, and such value would out. It's starting too, but I feel there is still much much value here.

I have about 25% in US stocks; this is my largest US stock, which with the recent tickup/revaluation is now my 2nd largest holding, and above my 5% individual stock threshold, which causes me a comfortable difficulty.

Ordinarily I would sell down (my SP gain) to a 5% portfolio holding, but agree with you there is still considerable value not realised/reflected in the SP, and I'll stick my neck out on this, upto about $70 so I'm betwixt and between having seen SP gain, which as a value investor I would ordinarily sell out off, but but as a yield investor believe this will grow with holding to be a high yielder (it's hardly shabby now).

Dividend/buybacks. I get the feeling, being a US co, that they favour buybacks where they consider themselves undervalued and whilst this signals mgmt believe undervalued, I'm not a fan of buybacks, believing they flatter performance/performance related pay/share options rather than returning value. I feel they will (almost eternally) do buybacks, it's the US way, albeit in this instance they must have actually created/crystallised value. I too believe the dividend will increase, but feel the nature of the business/the mgmt, steady but sure, it'll uptick to 60c and continually uptick, slowly but surely very beyond your 70c prediction.

Yes roll on the earnings results. Obviously interesting in themselves, but also interested in the promised 2022 return to holders of $500m, which at last quarter reporting left a considerable chunk. Has it since been used for buybacks (on current SP all accretive) or will it materialise in your divvy increase?

Whatever way, there is still much value here, and it's great to have you here.

Rate; agree about the poor timing/valuation received by PRU at demerger. It was actually that, the retention of value/funds in JXN that made me research a little and invest directly beyond the spin off allotment.

As for lack of UK knowledge of US retail stocks, agree totally. I hold several US listed stocks (about 25% of portfolio), none of which would be considered a household name in the UK, but all well known/established in their homeland, JXN being a prime example. As stand alone quarterly reporting builds a history, institutions seem to be increasingly taking an interest/stake. $50 dollars a buy? Definately. There is still much embedded value here, which will at some point (for the patient) out, or be taken out.

Glad to see you here (I was getting lonely!), and good luck, although I believe time rather than luck will deliver here.

Aceofclubs;

Thanks your recent post, on the money here, as usual, with which I concur totally.

I'm a big fan here, for the reasons far more prevalently posted here, but find your posts an insightful considered counterbalance.

Seatanks; I'd disagree with Nigerians wanting GBP version, and as for institutions offshoring, well, if you going to, surely there are better places to affect 'offshoring' than the UK - but I get your point.

Your message does remind me that I did previously contact IR regarding UK free float/possibility of UK index inclusion. I'll have a look again at that and contact them again re their non response.

On just about everything else prospects wise for SEPL we are one. Keep up the excellent posts/insights here. They are a breath of fresh air, as this specific board is, amongst the flotsam or irrelevant chitter chatter/personalisation.

Latest factsheet......err, they seemed to have nothing to say! The least informative I've read yet!

Well, I'm going with the adage, no news is good news, business as usual, nothing to report....

Seatanks; noting the Nigerian uptake in the last couple of days, think even less likely we are close to a UK free float for indexing. When we run the numbers on free float last year, you highlighted, beyond institutional/govt pension holdings which were sticky, how popularly held SEPL is with pi's in Nigeria. Alas I think we are further away from the 3% (to memory) short of inclusion now.