Member Info for Guitarsolo

Many thanks SimonM for your response, that is most helpful.
Regards
GS

Reader, I don't think Labour pose any nationalisation threat to NG at all.
1) At the last Labour conference, Starmer proposed the creation of state-owned "Great British Energy", but this is will be an energy producer. It will still need NG's networks to distribute the energy/gas. So no change there.
2) Rachel Reeves has ruled out nationalising energy saying the country can't afford to spend money on that (she's probably correct, given how indebted the country already is).
3) Further, in my opinion, if there is ANY nationalisation programmes at all, they will start with water companies and train operators. That alone will keep them busy for more than a decade I reckon, so the prospects of getting anywhere near the energy producers, let alone NG, are so remote I wouldn't worry about it.
4) If there is any "Labour ideology" it will be directed at who is paying (or not paying) their share of tax. Again, there's more than enough to chew on there to keep them busy.
5) NG isn't viewed negatively. Indeed, as people learn what NG is doing to help bring about electrification and net zero, they should be impressed.

Just my thoughts!
GS.

Good morning all,
I came across this share recently and it peaked my interest. I'm currently doing a bit of research to see if it has a place in my portfolio as an income generator.
There are some substantial loans on the P/L account but I haven't yet found details of the terms. Can anyone advise if these are predominantly fixed or variable rates? Do the durations tend to match the lease to Thai/Emirates?
I also note the Asset Manager's comments as well that they monitor the lessee's obligations regarding insuring the aircraft. Have there ever been any issues here?! I particularly note some current aviation insurance restrictions regarding Russia etc. I only ask as in a professional capacity I come across situations where this has gone wrong! (Note, I am not talking about companies of the quality of AA4, Thai or Emirates!). Provided insurance of the aircraft is secure this isn't a significant risk to worry about.
Many thanks in advance,
Guitarsolo

Agricore, that's very kind of you to share so much! I'll work my way through it.
All the best.
Guitarsolo

I forgot to say, it's entirely your prerogative Ade whether to pass on comments of another person (even anonymously). But if you weren't going to, why even reference them unless it was nothing more than a "I know someone, who has spoken to someone, and I won't tell you what they said but, well, you know, it must be supporting my position"! As I said, a waste of time!

Ok Ade, whatever!
Perhaps you didn't have any conversation with an investor who spoke to Mike about dividend washing. Perhaps you claimed you did because wanted to support your case and thought it would sound good?
You sat in on a webinar with the actual fund manager. You've spent over a year telling us your theory about dividend washing and yet, when you had the perfect chance to talk the Mike Kerley about it, you wimp out! Sounds like a keyboard warrior to me! It's a shame though, because you've put the effort in to analyse things so why not ask Mike?
And now you're getting all defensive again just because you think people disagree with you! I don't necessarily disagree with you, but I've asked you for the investor's comments (which you won't give), and why you didn't ask Mike yourself (which you won't explain)! It's all a waste of time.
Guitarsolo

TFE, sorry short on time as flying off to Argentina.
You've now read the report (after commenting what was in it). In media session Pierre Gourinchas explains tight labour market is contributing factor. What's caused the tight labour market I wonder?
You can convince yourself Brexit isn't an issue if you like. As I said, head in the sand.
Adios
GS.

Oh Iggy, such a lazy trope: "If you cannot or will not accept brexit, go and live in the EU."

"But NOT the economy"
That's some level of amnesia Iggy.

OK Dorfan, for you as well.

The Far End claimed that the IMF has not said Brexit was a factor in its projections that the UK would perform the worst of all G7 countries. But, just because the BBC hasn't reported it, doesn't mean the IMF didn't say exactly that. Here's the FT (or just go stright to the IMF).

https://www.ft.com/content/e44a1de1-a700-4384-8844-f26982d5c05c

Now, did TFE claim the IMF hadn't said Brexit was a factor? Yes.
DId the IMF say Brexit was a factor? Yes.
Ergo, TFE is wrong. Again.
It ain't hard!

You miss the point Far End (not the first time).

You said "....even today’s IMF report on growth forecasts couldn’t bring itself to attribute any faults in the UK economy to our decision to leave the bloc...."

And yet, they did. So you were wrong. Can you admit it?!!!

TFE: "...even today’s IMF report on growth forecasts couldn’t bring itself to attribute any faults in the UK economy to our decision to leave the bloc...."

That's because you're citing just the BBC News which, as we know, is knobbled by Sharp and Gibbs. If you actually read the IMF report, or at least other news sources, you'll see Brexit is a reason for the UK being the economic outlier.

https://www.ft.com/content/e44a1de1-a700-4384-8844-f26982d5c05c

But put your head back in the sand TFE, easier that way.

Ade, I am trying to have a conversation, but you won't answer the question. I'll try again:

You have spoken to an investor who has spoken to Mike (about the dividend income/cover/stripping).

So, what was the reply?

Ade, you have spoken to an investor who has spoken to Mike (about the dividend income/cover/stripping).

So, what was the reply?

Ade, you have spoken to an investor who has spoken to Mike (about the dividend income/cover/stripping).

So, what was the reply?

Ade, you haven't answered! I asked why you didn't take the opportunity to ask Mike Kerley himself about the alleged dividend stripping, and you reply "because the information is publicly available". How does that answer the question?
If you're confident enough to post about it for over a year, and you've been invested here from 30 years, it makes no sense that you wouldn't at least probe Mike about it!
But whatever, you had your chance to do it.

Dear All,
Please exercise great caution when providing details to websites that may appear to be Halyk Bank (or other Turkish/ Kaz banks or stockbrokers). They have been plagued in recent years by fraudsters setting up fraudulent websites that are designed to look like the real thing but are just there to steal information (and then money). I know about this from a professional capacity.
The frauds I have encountered are ongoing and have centred on Turkish/ Kaz users, but there is no reason not to apply the same to international customers (even if data is just traded).
To be clear, I am not casting aspersions on Halyk, they are just one of several banks I know are affected. My point is; please be very guarded about your information. Do not act in a rush and be aware that you're operating in a field that is very different to the UK (which has its own issues).
Guitarsolo

Ade, I don't get it. You're prepared to research and post evidence, in your eyes, that HFEL is dividend stripping (and, who knows, you may be right). You're prepared to watch the fund manager on a webinar who invites questions.... And you don't say anything? Why?

Are you kidding Ade2a?! You've frequently alleged HFEL is dividend stripping/ washing etc. When presented with a perfect opportunity to ask the fund manager himself about it, you go as quiet as a mouse and then claim all you want is a discussion on a chat forum with people you don't know?! You should have counted yourself lucky that you had a chance to question the manager directly and get direct answers.

To remind ourselves, these are just some of your comments regarding HFEL's dividend:

11 Dec 21: “https://www.youtube.com/watch?v=gBnFxAJkU3A Called it dividend capture / dividend stripping.”

11 Dec 21: “HFEL has had poor capital performance coupled with a high turnover. A recent transaction with Rio with the details reported by Gerry suggests they performing this 'dividend capture'. This allows the funds yield to be more than that of the underlying assets.”

13 Dec 21: “Given the known figures I think dividend capture is the technique used to generate most of the income above that of the underlying portfolio yield.”

14 Dec 21: “This is not a 7.7% yield in the traditional sense some of the 23,4p dividend they are paying is a repayment of capital dressed as income via these funky methods.”

27 Feb 22: “Thanks to Gerry's vigilence we now know:…… 3. How they can maintain fund distribution about 2X the income from funds under management.”

22 Nov 22: “What really matters is total return against the sector. HFEL is weak here since as some people are now realising capital is simply being returned as income. If anyone has followed my previous posts I have given a full expalanation of the likely methods of producing this outsized income and its likely effect of the fund.”

23 Nov 22: “The situation is rather more exaggerated that the Edison report indicates. When I calculated the yield on the top 10 investments that are quoted in the monthly reports some time after the 2021 Edison report that yield averaged 3.8% and HFEL yielded 8% at that time. Subtract the 1% annual fee and the true income yield on the fund was approximately 2.8%. Therefore 5.2% of the 8% yield is a return of capital since gearing is relatively low. We all know this is an income fund but in this case the income paid far exceeds the yield on the underlying assets owned by the fund.”

6 Dec 22: “There is sufficient information available for a diligent investor to estimate the level of dividend stripping. I have hinted at the level in this recent conversation and I have gone through a calculation of this estimate some time ago. In addition I know the managers have discussed their strategy with private investors. I have not personally had a discussion with them but I know an investor who has.”

Why on earth would you not take the opportunity to question Mike Kerley about it?!

Guitarsolo

So did anyone else watch the webinar? Did Ade or others that have alleged HFEL engages in dividend washing submit any questions to Mike Kerley to ask him?
As it happens, I did and I did. There wasn't much Q&A time so it wasn't addressed in the 20 mins MK had. I will see if I get a response from investor relations.