ovidian
29 Nov 2016
Re: What's the story...? Yes the SP is now about 26% below the NAV. I'm down 30% on what I thought was a defensive type investment and the dividends are not that great. the only adverse news I've read is that they were involved with Lending Club which has had problems.
azzalyzarc
28 Nov 2016
What's the story...? What's the real story here?SP going into free fall but NAV seems OK, and lot of buybacks last week.Must be something they are not telling us - not sure how often NAV is really valued, so maybe there is a shock on the way that the insiders know about?
ovidian
18 Nov 2016
Re: Missing something? This has been a really bad investment for me. I'm down 27% now and the dividend isn't that great. As you say the buy back was pretty derisory and inconsistent as they said they weren't going to do one, then did one half heartedly. Rander Direct Lending bought at the same time is up 10% and pays a much higher dividend.
triceratops
18 Nov 2016
Re: Missing something? I notice there have been no further share buybacks either.If they were happy to buy them back at 820-850p I would have thought they'd be falling over themselves at 780p...Trading at a 22% discount is something I'd expect to see on a private equity/investment trust vehicle. Not on a consumer loan fund. SMEF only trades at a 5% discount! No director buys, below expected and irregularly distributed dividends, huge NAV discount. I regret buying these and the only silver lining is I bought a very small holding. I won't be re-investing next weeks dividend until I see or hear something that convinces me there isn't some hidden issue.Tops
ovidian
19 Oct 2016
Re: Missing something? Well to be continual critical I wasn't impressed by the share buy back attempt either! I've seen Investment Trusts do it and it really moves the SP back in line with the NAV when they do. Preusmably they could take the shares they've bought out of issue.
strapuk
30 Sep 2016
Re: Missing something? Actually just noticed there are 85.73 million shares in issue, which means they have accumulated just over 1.1% of the issued share capital, so not particularly significant.Please ignore me - it's been a long day!
strapuk
30 Sep 2016
Re: Missing something? I wonder if the reason they aren't paying out regularly, (say quarterly), is that they are spending income on buying up their own shares - presumably to try to reduce discount to NAV?Noticed since 27th June they have spent £7,879,369.02 net on acquiring 945,525 of their own shares.Just a thought, probably wrong though.
triceratops
22 Sep 2016
Re: Missing something? agreed, it's not a particularly smooth operation from a comms perspective. Not being able to pay out a regular stable dividend will also put people off. SME fund (formally GLI alternative fincnace) pays a steady monthly dividend which is exactly what people who invest in this kind of thing want.I've bought in because of the discount assuming they will sort things out. I assume the dividend will be at the lower end of their 6-8% range in the medium term. (60 p on an 820p Nav comes to 7.2% yield). That's respectable but I'll keep things small until they have more of a track record of doing what they say they will!
ovidian
20 Sep 2016
Re: Missing something? Their comms. seem a bit erratic looking at the release of newsletters last year they were releasing every month and now there hasn't been one since June. They were blaming overall market sentiment towards P2P and specifically lendingclub woes for the share price slump. I compare it with Ranger Direct Lending which is paying a better dividend and has a much better performing SP and I wonder why.
triceratops
19 Sep 2016
Missing something? Short term loan book, diversified by geography and trading at a 15% discount to nav.I've bought few for the yield bought would think this discount should shrink over time so might give a 10% return over next 12 months? Other loan funds don't have a discount anything like this... Anyone have any thoughts on this?
II Editor
11 Jul 2016
NEW ARTICLE: 7 adventurous funds for a £50k windfall " It's a year since we presented some of our leading investment writers with the generous gift of a hypothetical £50,000 and invited them to split it as they wished between two holdings - one sturdy core holding and one more speculative ..."[link]
Ramptastic
19 Feb 2016
From Investment week [link]
Superlux
18 Feb 2016
Re: P2P I was also concerned about the big fall.But Invesco bought more on the 9th Feb, and also have a large holding of C shares.I cannot find any obvious info on a date for C share conversion, other than it being dependent on the 90% of the C share value being invested, and was expected to take place 6-9 months after their issue.(Which was at 66% and change at the end of the last news letter Dec 2015 after 5 months).So no real answer for you, but my only conclusion is that there may be something in play to do with C share conversion, which may be on the cards soon.My view therefore is that I will hold and keep checking the RNS.Regards,SL
ovidian
18 Feb 2016
Re: P2P I actually phoned up but their "investor relations" people but they refused to answer any questions on the basis that it would constitute investment advice, They even refused to say whether the share price slide would be discussed in their next monthly report. I bought into it on the basis that it would be uncorrelated to the wider stock market but it seems to have taken as much or a bigger fall. It confirms my generally bad experience with investment trusts where the share price always seems to go down and languish. The volume has been miniscule. So far I've received one dividend (that is taxed) and have a paper loss of nearly 20% of my capital. Of course I can't sell unless I take a massive hit. As you say the NAV is at least about 15% above the current price. I guess it's possible they'll do a share buy back to narrow the gap.
a certain lapwing
17 Feb 2016
P2P Anyone know what on earth is going on with this share? It's been nose diving recently even though the underlying NAV performance looks good...
