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
Companies: UIL Limited
The Budget offered a clear picture of the state of the economy. Put simply, the economy will be 3% smaller in three years’ time than it would have been without the impact of the pandemic. However, it is forecast to return to pre-pandemic levels by mid-2022, six months earlier than previously thought. The OBR forecasts that the UK economy will grow by 4.1% in 2021, (lower than the 5.5% outlined in November 2020). It has set its GDP forecasts in 2022, 2023 and 2024 at 7.3%, 1.7% and 1.6%. Positive
Companies: AMYT ARBB CEG BVC BEG BRSD BWNG CBOX CTG CLG CML CWK EYE ECHO EML ESC FBD FA/ GSF HTWS INSE JDG MACF MTW NESF NAVF NSF NBI OTMP PCF PPC QFI SAVE SEN SNX TGL UTL VLS WYN
For the six months to December 2020, UIL (UTL) reported an NAV TR of 22%. This strong performance has continued into 2021. With several realisations having been completed/ in progress, UIL’s debt has been reduced substantially, including the full repayment of the 2020 ZDPs. The platform structure of investments has been successful and annualized NAV TR since inception was 12.1%, as at 31 December 2020, significantly outperforming the FTSE All-Share index. In particular, the financials (Somers) a
Despite significant headwinds because of COVID-19, UIL Ltd (UTL) has raised over £60m of cash to repay the 2020 ZDPs in full, which will reduce gearing and remove uncertainty. The funding of the ZDP shares has come from a full exit from Ascendant, a partial exit from One Communications Limited and a number of other portfolio realisations, including Afterpay (APT AU), which rose by 143.2% for the year to June 2020. The Board has expressed confidence in maintaining the current dividend profile, wh
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
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.
Companies: AEMC BIOG MAVT IBT JEFI MHN CHRY MTE PSH RSE SIR FJV LTI MVI SEQI SONG SLI EGL SUPP VNH CSH VSL BRLA UTL JADE SOHO GPM TPOU JRS JLEN SEC IGC MPO LIV CCRGF THRL
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
Companies: JADE BC12 BGHL CGI JZCP LMS MPO MVI MHN NSI NAS OCI PSH RSE SIHL TFG TPOU UTL VIP ELTA ELX
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
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
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on UIL Limited.
We currently have 10 research reports from 5
Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS
Companies: Duke Royalty Limited
Altus has acquired an effective 0.418% NSR over the producing Caserones copper mine in Chile. Altus’ royalty interest was acquired for $34.1m in cash as part of a strategic 50:50 partnership with EMX Royalty Corp. The acquisition was part financed with a $29m loan facility from major shareholder, La Mancha. The royalty is immediately cash generative and Altus expects the NSR to generate post-tax royalty flows of US$3.2m pa. Caserones is a large open-pit copper porphyry in Chile, operated by JX N
Companies: Altus Strategies PLC
Agronomics has announced a follow-on investment in existing portfolio company, Formo (previously LegenDairy Foods). The company has invested €3.15m in Formo's Series A funding, and now holds c5.9% of the enlarged share capital. The fundraise has generated a 7.5x uplift for Agronomics original €1m investment (Dec-19) and values Formo at c€180m (post-money) versus c€16m post-money value following the Seed round. Formo now becomes Agronomics largest holding, c9.1% and has delivered a net uplift in
Companies: Agronomics Limited
A disappointing earnings release coupled with low transparency on the Sandringham Financial Partners acquisition have led M&G’s share price to return to its pre-crisis level. While our valuation suggests a positive recommendation considering the low point, momentum remains uncertain.
Companies: M&G Plc
NextEnergy Solar Fund’s investment in NextPower III ESG is delivering in terms of widening international exposure with NPIII following its recent project win in Spain with another in Poland. This is the first acquisition the vehicle has made in Poland and the project will be supported by a fifteen year CfD. We see NESF’s investment in NPIII ESG as delivering a diversified asset growth opportunity and so far this is proving to be the case.
Companies: Nextenergy Solar Fund
Deltic Energy has had a highly successful 2021 year-to-date, as indicated in the interim statement. The key events have been the well investment decision in March for the Pensacola Zechstein prospect and the farm-out deal with Cairn Energy (CNE.L) in August over five licences in the Carboniferous/Zechstein fairway, towards the northern margin of the Southern North Sea Basin (SNS). The farm-outs firstly with Shell in 2019 and then Cairn have validated Deltic’s strategic focus on the Carboniferous
Companies: Deltic Energy PLC
What’s new: Tatton has signed a 5 year distribution partnership with Fintel and agreed to acquire Fintel’s Verbatim Funds for £5.8m cash consideration of which £2.8m is on competition and £3.0m is subject to performance
Companies: Tatton Asset Management Plc
Tatton has acquired the Verbatim funds from Fintel for (up to) £5.8m adding £650m AuM – and pushing Tatton’s AuM through the £10bn milestone. A long term strategic partnership has also been formed allowing Tatton to market to Fintel’s significant intermediary client base. We upgrade our earnings forecasts by +4% for the part year contribution in FY22e and +11% FY23e (the first full year) – but make no assumption around the potentially material opportunity from the distribution partnership. Tatto
NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
Undoubtedly, renewable energy is a growth sector, albeit one where public subsidies are pivotal. Approximately 40% of UK electricity demand is now met by renewable energy, a figure that is set to rise further as coal-fired stations are decommissioned and nuclear power capacity, despite the Hinkley Point C project, falls.
Of the privatised electricity companies, SSE, by some way, is the key renewables player: it owns more than 3.8GW of renewables generation capacity. However, there are now
Companies: AVO ARBB ARIX BBGI DNL FAS FJV FSV FLTA ICGT OCI PCA PIN RECI STX SPO SCE VTA
Companies: Harworth Group PLC
In line interim results to 30 June 2021: reported revenue was £11.4m, down 3.4%, as a result of the trust disposals; and reported PBT was £0.9m, down 6.5% YoY also as a result of disposals as well as disappointing volumes in certain areas of new business, namely UK SIPPs and the flexible annuity product. Positively, however, higher-than-anticipated revenues came from UK workplace pensions, while recurring revenues improved, reaching 88% without the inclusion of transaction-driven income in the d
Companies: STM Group PLC