Initial Equity Trading Comments - 19 February 2024

Union Jack Oil+ (UJO, House Stock at 23p) - Landmark US$15m net revenues reached at Wressle

UIL - Uncaptured value from discounted assets

UIL Limited (UIL) is a specialist leveraged fund managed by long-term, deep-value investor ICM. The team, led by Charles Jillings, aims to generate strong total returns by investing in undervalued businesses across the globe. Around 80% of the portfolio is held in collective investment vehicles managed by ICM known as ‘platforms’, each of which has a specific mandate, while the other positions are direct investments. The fund’s three largest sector exposures are financial services, resources and

Budget behind us – it’s Back to the Future

Strong returns, attractive discount

Disposals, Deleveraging and Dividends

UIL - Seeking undervalued assets across the globe

UIL Limited (UIL) is managed by ICM, where the lead managers aim to generate strong total returns by investing in undervalued companies across the globe. Charles Jillings, responsible for day-to-day management, stresses that ICM is a long-term, deep-value, high-conviction investor, seeking exposure to companies with high growth potential. UIL has generated strong absolute and relative NAV and share price total returns for investors; it measures investment performance against the FTSE All-Share i

Third Quarter of 2019

There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies.

Understanding the deepest discounts

At Hardman and Co, we try to answer the questions of why to invest in a company and what the risks are in doing so. For many investors, simply having a deep discount to NAV is a good enough answer to the first question. However, investors need to appreciate the risks and, in particular, the reasons why the shares are at a discount. Having understood those risks, investors need to be convinced that there is a catalyst for change on the part of the manager and how long (if at all) it will take for

Placing of new 2024 ZDP shares, 4.75% GRY

On 28 September, UIL Ltd (UTL) released details of its plans to create a new class of 2024 ZDP. The aim of this new issue is primarily to provide holders of the existing 2018 ZDP the opportunity to rollover some or all of their 2018 ZDP shares into the new 2024 ZDPs (subject to overall limits on the Rollover Offer). With an issue price of 100p, a new class of up to 30 million 2024 ZDP Shares will offered for rollover at a GRY of 4.75% with a final capital entitlement of 138.35p on 31 October 202

Placing of new 2020 ZDP shares, 4.54% GRY

UIL Limited (UTL) has announced proposals to issue up to 14 million 2020 ZDP Shares (the “Placing Shares”) to raise up to £17.9 million pursuant to the Placing Programme at a price of 128p per 2020 ZDP Share (the “Placing”). At that placing price the GRY is estimated to be 4.54%. On 18 May 2016, UTL announced detailed proposals to provide holders of existing 2016 ZDP Shares with the opportunity to roll over some or all (subject to the overall limits of the Rollover Offer) of their 2016 ZDP Share

Placing of new 2022 ZDP shares, 6.25% GRY

On 18 May, UIL (UTL) released details of its plans to create a new class of 2022 ZDP. The aim of this new issue will be to provide UIL with new financing and simultaneously fund the redemption of the existing 2016 ZDP. Under its terms, this would also allow the opportunity for holders of the existing 2016 ZDP to rollover some or all of their 2016 ZDP shares into the new 2022 ZDPs (subject to overall limits on the Rollover Offer). With an issue price of 100p, the new shares will be placed at a GR