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Https://x.com/UKinDRC/status/1775563359502352540
That seems to work well with the suggested timing of the UK Trade Envoy visiting to sign off/meet applicants (as well as for Fowler to be back with the signed contract for his broker update
It's growing, but if this website is correct 43.5% of the Fund is still in cash. I haven't looked in for a while - has that been addressed? Its investment policy to the right hand side states The fund will invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes), in Credit Investments.
I've been here for years, but the company does need to start up again. We've had a storm in the corporate bond market and, with rates where they are, it's well documented that cash has been pouring into Fixed Income (all of those bonds on their factsheet are vanilla). AUM will also naturally increase as the value of their investments increase so if they are sitting on near 50% cash this feels like a hugely wasted opportunity and why would anyone pay TER fees of nearly 1.5% to sit 50% in cash?
If it's not been asked, I'm happy to write to Mark Treharne...
It's very easy for sentiment to drop, and I do think the company's approach to investor comms has been awful of late. I read the comments that the company would be simply taken off the market as a privatisation and laughed. It's not that easy.
cszjrh01 wrote a really good update following on from the AGM and I've had to keep reading that lately to remind myself of the investment propositon. Yes, it has moved slightly away from being solely a Life Settlements business but that is certainly still at its core. The additions to the business from the insurance side only bolster the company further and I for one very much hope to see strong examples of cross-selling between these businesses. Ultimately, we are now a profit making company with a £9m MC and a tightly-held shareholder community. Comms could be better, undoubtedly, but if it is true that the reason for keeping it low-profile is to help them achieve acquisitions more keenly then I guess I can live with it. I suggested to IR that they remove the references to regular Q&A's and quarterly updates if they aren't going to stick to them. I'm genuinely looking forward to the next set of results. Assertions that this is a "lifestyle company" are totally unfounded. For that to be the case there would need to be continued "keep the lights on" dilutionary raises which have been confirmed explicitly as not being looked into. So I'm broadly happy, have added recently and am keeping the faith as much as possible.
https://www.lsaplc.com/
Interesting company with their HQ just round the corner in Mayfair. Interestingly keep their business lean and pass everything out to 3rd Parties - don't have an Investment Manager. Would be an interesting acquisition as they are also quoted on the LSE (LSAA.L). Have a read of their Factsheet as keeps up to date with the Life Settlement space.
https://alphagrowth.io/
Found this as well - unsure how I feel about this seeing as the logo is almost identical to ours as well...
It's quiet today, and the question of free float being one discussed before, what % do we think is roughly in the hands of holders already. From what I can glean from various reports I arrive at this from the declared holdings:
Type %OS Position (000) Report Date Source
Total 28.85 123,569
Ward Mark 19.60% 83,932 15/03/2021 Regulatory News Svc (UK)
Adler M B 3.00% 12,849 13/05/2021 Regulatory News Svc (UK)
Fitzherbert 2.80% 12,000 15/03/2021 Regulatory News Svc (UK)
Sahney 1.74% 7,463 31/08/2020 Periodic Company Report
Rawlins Roy 1.71% 7,325 19/01/2021 Regulatory News Svc (UK)
So 28.85% is in the above declared if I'm right that shares in issue are 428,315,959 ...
We've then got PI's holdings as well
And it may have been posted already but seeing as we know most of the cash will be coming in a dividend form, for those with a holding outside of an ISA/SIPP the tax-free dividend allowance is £2,000. From there:
Basic-rate taxpayers pay 7.5% on dividends. No problems on this as if this were a takeover CGT rules would apply. CGT basic rate is 10% and higher rate is 20%. However, if a higher rate tax payer, taking this as a dividend will mean that you are taxed more...
Higher-rate taxpayers pay 32.5% on dividends.
Additional-rate taxpayers pay 38.1% on dividends.
I nearly got stung on this once. Obviously not advice, just trying to be helpful.