Member Info for hghotshot

How do you know all this?

I would go for the total dikhead full of BS.

Received on September 29 (due date) net of 15% WHT in ISA with Interactive Investor.

Belt up.

What is missing now is share purchases by BoD and PDMRs. In the absence of any such purchases, one is forced to conclude that these insiders do not consider the shares to be worth the 27.5p at which they currently trade.

What is missing now is share purchases by BoD and PDMRs. In the absence of any such purchases, one is forced to conclude that these insiders do not consider the shares to be worth the 30p at which they currently trade.

At last. Stephen Inglis interview on September 23, 2023.

https://www.edisongroup.com/edison-tv/regional-reit-executive-interview-3/32710/?j=108477&sfmc_sub=12783975&l=715_HTML&u=3068163&mid=536001663&jb=1

I find it embarrassing that a business can lose 33% of its value in two weeks and nobody, BoD or managers, has got anything to say. Clearly, nobody at the business (directors or PDMRs) believes the shares are worth buying at 30p.

I am beginning to wonder if this company has a Board of Directors? The silence is deafening, the apparent inaction bewildering. It is clear that none of the directors or PDMRs consider the shares to be worth the current share price of 32p. I am not a member of the Doomsday Club or Armageddon Society but ..............................

there is an encouraging recent review from hardman & co dated august 30, 2023.

https://www.***************************/real-estate-credit-investments-why-cre-equity-worries-should-not-apply-to-reci/4121126605

i like these shares a lot. there is no suggestion that the 12p dividend is under any real threat and i believe there is a good chance that the current 12.5% discount to nav will reduce significantly.

The discount is now close to 4% and starting to look attractive again.

Dividend of 1.49p declared (1.48p 2022). Total of 4.49p for the year, (near enough 10%) but discount has evaporated.

Why does this routinely (since October of last year) trade at a premium of around 2.5%? It only pays 7%. Surely there is better value elsewhere?

Monkshood, many thanks for the heads-up. The portfolio update is a very interesting read and serves to reinforce my confidence in the value of these shares and that the earlier discount of 5% was based on overly pessimistic future interest rate assumptions. I can buy these now for 99.81p implying a discount of less than 2%. Still good value, unless I am missing something?

It is good to see that one of the directors shares my view on the value of these shares. 26,250 bought today at £0.715.

The full year total dividend will not be known until the final is declared in October. However, all indications are that this will be at least 7.0p (near enough 10%).

See Chairperson's Statement from Interim Management Report and Unaudited Condensed Interim Financial Statement for the period from 1 October 2022 to 31 March 2023:

"The dividends declared for the period totalled 3p per share. At present, the possibility of the Company declaring total dividends of at least 7p per share for the current financial year is very likely."

While accepting that there may be some further increases to interest rates which could negatively impact NAV, I believe we are close to the end of this process and the effects are already priced in, in the form of the current discount. This sounds like good value to me; unless I am missing something?

Monkshood, many thanks. I missed that one. All the information available serves to confirm my conviction that TFIF is excellent value; significantly better value now than at June 30 when the discount to NAV was 2.0%. By the way, there is a similar discount on stablemate SMIF with MtM yield also in excess of 14%. I guess the unusual discounts on the TwentyFour ITs (and also NCYF) reflects the expectation that interest rates will increase further (not too much, I hope?).

Monkshood, many thanks for useful comments. By the way, how did you get your MtM of 14%?

Regular quarterly dividend (first interim) increased to 2p. This was increased from 1.5p to 1.75p in October 2022 and has just been increased again to 2p. One can only guess what the final dividend (ex div April 2024) will be, but if this is unchanged at 4.46p then the total will be 10.46p being a yield of more than 10%. There is also an unusual discount of around 5% to NAV. Looks very good to me.

Hello Actuary, yes I am aware of the fall in NAV around March time. It was my understanding that a default/failure of the nature you describe requires reporting? I can see no evidence (RNS) of any such reporting. Do you have any evidence of any such failure or default? My feeling was that the NAV decline was occasioned by the interest rate expectations rather than the result of the crystallisation of specific losses on investments.