(RIG) CQS Rig Finance

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16-11-12	No Subject	bestone


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Any views on the mandatory offer of 31.5p?. I am holding on for the time. Not sure whether to accept. More View thread 1 Respond Login to Vote up
16-11-12	Hold No Subject	bestone


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Any views on the mandatory offer of 31.5p?. I am holding on for the time. Not sure whether to accept. More View thread 1 Respond Login to Vote up
01-11-12	Re: RIG Statement in Response	Its all good


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I agree great well run share More View thread 2 Respond Login to Vote up Trade this long or short with an interactive markets spread betting or CFD account.
19-10-12	RIG Statement in Response	steelwatch1


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The Board will be writing to shareholders shortly setting out its views on the mandatory offer and in the meantime shareholders should take no action. http://www.investegate.co.uk/Article.aspx?id=20121019170016H0859 More View thread 2 Respond Login to Vote up
19-10-12	Hold Offer for CQS Rig Finance Fund Limited	steelwatch1


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Scanning through, it appears to me that CQS Cayman's preference is for the offer not to be accepted: For these reasons, CQS Cayman views the purchase of Ironsides' stake in CQS Rig Finance Fund as a positive outcome for the CQS Rig Finance Fund and Shareholders as a whole (notwithstanding that the purchase of Ironsides' stake results in the Offer being required under the Code, due to CQS Group's resultant shareholding exceeding 30 per cent. of the issued share capital of CQS Rig Finance Fund). The CQS Group continues to believe in the long-term future of CQS Rig Finance Fund and that CQS Rig Finance Fund will benefit from having a wide and like-minded shareholder base. Further, CQS Cayman has continued confidence in the opportunity presented by the rig finance asset class in which CQS Rig Finance Fund focuses its investment strategies and, therefore, intends that CQS Rig Finance Fund should remain: (i) a public company, (ii) listed on the CISX, (iii) admitted to trading on AIM, and (iv) following its existing investing policy and dividend policy. However, CQS Cayman wishes to assure Shareholders that, in the event that (contrary to its intentions in making the Offer) acceptances are received which, when taken together with the interests of CQS Cayman and the other members of the CQS Group, would exceed 75 per cent. of the issued share capital of CQS Rig Finance Fund and the Board of CQS Rig Finance Fund considers that it would not be in the best interests of Shareholders to keep CQS Rig Finance Fund listed on the CISX, nor for its Shares to continue to be traded on AIM, CQS Cayman would likely take steps to delist, to cancel the admission of its Shares to trading on AIM and to wind-up CQS Rig Finance Fund in order to ensure that Shareholders would not be in the situation of remaining as minority Shareholders in an unlisted private vehicle. http://www.investegate.co.uk/Article.aspx?id=201210191629491442P More View thread 1 Respond Login to Vote up New £5 frequent trader rate - trade UK shares, investment trusts and ETFs
01-12-11	Buy Re: fundamental attractions	Its all good


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Nice to see some other people joining this stock More View thread 3 Respond Login to Vote up
25-11-11	Re: fundamental attractions	tiltonboy


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fa, If you look at the fact sheet, the GRY is shown at 11.5%. Some of that will come from bonds being priced under par, but a good proportion will be from income they do not pay out. Knocking off the dividend payments, and applying compound growth of 6% per annum, NAV should be 43.5p in five years time. Hopefully the bonds will perform, and enhance the NAV and the SP. More View thread 3 Respond Login to Vote up
24-11-11	fundamental attractions	averageup


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massive recent out-performance versus a very nervous market..partly the result of the windfall gain. I am looking forward to getting updated accounts to work out how much income this portfolio is throwing off. It is certainly more than 4% of NAV dividend commitment (8% -10% i suspect) so we should see a steady increase in divi income. There must be some attractive places to park the cash at the moment. It is rare to see a credit fund with 15% - 20% discount to NAV....its a great place to start with an investment. More View thread 3 Respond Login to Vote up Trade this long or short with an interactive markets spread betting or CFD account.
04-03-11	Hold Interesting news today	inv91422	1


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Looks like a dividend will be paid and now the fund is looking to diversify. Hopefully this will lead to higher returns on this investment which has done well to build up a strong NAV based on providing secured credit. More View thread 1 Respond Login to Vote up
27-01-11	finally sold	ruudboy99


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for about a 400% profit. its the boredom that got me in the end! gla, hope to be back in one day. More View thread 1 Respond Login to Vote up New £5 frequent trader rate - trade UK shares, investment trusts and ETFs
13-12-10	Buy Static	inv91422


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Not seen much movement lately but hopefully the higher fuel prices of late will give it a boost. More View thread 1 Respond Login to Vote up
15-10-10	Re: Wow	Its all good


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I agree increased bond yields in a credit crunch environment/recession does lead to lower bond prices if forced to a sale, I would still like to see some leverage but agree with you that it should be a managed gearing. Yes I am in agreement with you re the future NAV/SP More View thread 6 Respond Login to Vote up
14-10-10	Re: Wow	tiltonboy


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Increased bond yields = lower bond prices, which again was the root cause of the problems. Banks saw their collateral falling in value and forced RIG to sell bonds into an illiquid market, exacerbating the problem. The company has made a number of new investments which have performed well so far, but I hope they keep borrowing at a level that wouldn't force them to be sellers if the 5h1t hits the fan again. Given a following wind, I think the NAV would be around 37p if all the bonds redeemed at expected levels. It would be nice to see a dividend re-introduced but that is probably a year away. More View thread 6 Respond Login to Vote up Trade this long or short with an interactive markets spread betting or CFD account.
14-10-10	Re: Wow	Its all good


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Agreed, but with all the consolidation and the disaster of BP, as I thought the demand for new rigs would increase to comply with whatever new safety standards were to come into play, therefore new bonds and issues so leveraging now, and based on the stuff hitting the fan before will lead to increased bond yields to persuade investors to invest as bank finance will be a long time coming, Since RIg would probably be able to borrow money based on income stream currently in place, and for an interest rate below double digit returns, in an environment of a rising global economy, a leveraged position would be good for at least the next couple of years. More View thread 6 Respond Login to Vote up
14-10-10	Re: Wow	tiltonboy


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It was the leverage that got us in the 5h1t to start off with!!! More View thread 6 Respond Login to Vote up New £5 frequent trader rate - trade UK shares, investment trusts and ETFs
13-10-10	Re: Its all good	ruudboy99


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SRES - actually bought in for a small amount on 7 Oct for 1.2p. PPA - have been a holder here for a while, and averaged down once. Not sure I want to commit more funds! More View thread 4 Respond Login to Vote up
13-10-10	Re: Wow	ruudboy99


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and also "Total liabilities decreased over the month from GBP18.9m to GBP10.9m at 30 September." its all good! More View thread 6 Respond Login to Vote up
13-10-10	Wow	Its all good	1


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Talk about clarity in providing updates in relation to the fund, all we are missing is what the fund manager thinks he will be getting for his tea, Based on some of the info provided here I may even consider researching some of the companies mentioned who have won orders. Finance re-approved kinda not happy about the arrangement fee, but what can you do, would kinda like to know what full debt position is now, could we leverage up to get more bonds for the increased income. Was nice to see my viewpoint re consolidation was reflected in the update. More View thread 6 Respond Login to Vote up Trade this long or short with an interactive markets spread betting or CFD account.
11-10-10	Re: Its all good	Its all good	1


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not management, but someone cant remember who, think kleinwort, and the fallout of BP was main reason. Looking forward to interim accounts, or failing that feb 2011 accounts, as the emergency finance that was put into place with the caveats that all divi income was to go against repaying that debt, should mean this trust should be practically debt free by mid 2011 and the stated divi in prospectus etc is 8% of NAV so 27p is a divi of around 2.1pps or in my case circa 30% income yield. However all things being equal I have a ceiling of buying at circa 30pps where I feel that the play on this stock is wearing out, and 40pps where I would look to reduce holdings. Current interest to buy as a recover stock is Sunrise resources (SRES) and Pan pacific aggregates (PPA). start with the news on SRES starting in 2006 and look at the behind the scenes manoeuvering that is starting to come good, same principle for ppa but they were a bit more haphazard in the past with equity raising and no firm plan but Mr Voaden appears to be getting it altogether now. dyor of course More View thread 4 Respond Login to Vote up
11-10-10	Its all good	ruudboy99


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its been a while. hope alls well. still holding this share, and very happy to see it retrace back towards recent high. did you speak to management? what are your plans with this one? many thanks More View thread 4 Respond Login to Vote up New £5 frequent trader rate - trade UK shares, investment trusts and ETFs
23-08-10	Hold Prices	Its all good


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The bond prices will only be affected imho if the underlying company cant make its bond commitments to CQS rig finance, in essence this is a corporate bond fund. So pending a credit crunch of global proportions like 2008 we should see more of a demand for oil as the global economy recovers. So restrictions on drilling aside at the moment the need for these rigs are more important than ever as the easy oil is not so available and the need to explore in riskier places necessitates more specialist rigs that these providers can offer. consolidation is already taking place in the market and we should see more of this in future as the weak will merge. More View thread 4 Respond Login to Vote up
23-08-10	Lamprell results	farmerdave


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Lamprell published results today and there is apparently a stack up of rigs not being used at present - presumably low oil price and no drilling in GOM but someone correct me please - this will not be helping the debt prices for rigs Farmerdave More View thread 1 Respond Login to Vote up
28-05-10	Re: Drop	Its all good


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Good points well raised, the bans affect things to a degree, methinks I will have a chat with CQS, but we are still not seeing commercial investors dumping out and I dont think Obama can enforca a worldwide ban, so I am unsure as to how sensitive geographically speaking CQS is in relation to the ban More View thread 8 Respond Login to Vote up Trade this long or short with an interactive markets spread betting or CFD account.
27-05-10	Sell Re: Drop	inv91422


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I think there is need for closer analysis on this one. To what extent will President Obamas 6 MONTH ban on deep water drilling affect the market both in general and specifically CQS? Are we about to see a shockwave from what is ostensibly the wost oil sea disaster in history that will mean tougher and more restrictive regulations relating to drilling? The NAV has reduced for the first time in a long while and as a holder myself, I'm doubting this is just a blip and therefore intend to sell out. Bought in at 6p and not going to watch as another investment plummets beyond return. I think this has got a great deal to do with BP's very large oil 'leak'. The repercussions of this may be profound and very unfavourable for 'loyal' inverstors. More View thread 8 Respond Login to Vote up
26-05-10	Hold Re: Drop	Its all good	1


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So, its all good then, SP and Nav year to date have nearly always stayed within 20% of the NAV, recent corporate buyers havent sold so still sentiment and the sentiment surrounding debt because of eurozone is obvioulsy reflected in what the valuers perceive to be the attitude of buyers towards debt equity and lets not forget BP's little leak. More View thread 8 Respond Login to Vote up New £5 frequent trader rate - trade UK shares, investment trusts and ETFs
26-05-10	Re: Drop	ruudboy99


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NAV 25.31p as of 24 May, as against 27.58p on 17 May. 8.2% drop. Whereas share price down 9.4%. More View thread 8 Respond Login to Vote up
26-05-10	Re: Drop	luckbyjudgement


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I'm nervous we're about to see more of a dip ; odd that the NAV normally regular like clockwork on a Tuesday is absent this week so far ? An opportunity to top-up I guess but a little unsettling. More View thread 8 Respond Login to Vote up
25-05-10	Re: Drop	ruudboy99


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yes, disappointed. Thought long and hard about selling at 25 but convinced myself that RIG had proven to be bullet proof. lesson learnt. Should be a few up days, may then take profit until another time. More View thread 8 Respond Login to Vote up Trade this long or short with an interactive markets spread betting or CFD account.
25-05-10	Re: Drop	Its all good


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Worries over debt again, same issue that caused previous fall, sentiment based not rational base, imho More View thread 8 Respond Login to Vote up
25-05-10	Drop	inv91422


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Can't figure this one out. Why has the SP been falling lately? More View thread 8 Respond Login to Vote up New £5 frequent trader rate - trade UK shares, investment trusts and ETFs
12-04-10	Buy Finance Terms	bestone	1


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It is excellent news on new finance terms. The discount to NAV is gradually narrowing and the shares should continue to move upwards. I am very pleased with the recent performance. More View thread 1 Respond Login to Vote up
22-03-10	Re: Year Ended 30/9/09	ruudboy99


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20p finally breached. happy days. More View thread 2 Respond Login to Vote up
16-03-10	Re: o/t bhlcf	Blue Horseshoe loves chip fat	1


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In the ether in 1 minute BH More View thread 3 Respond Login to Vote up Trade this long or short with an interactive markets spread betting or CFD account.
16-03-10	o/t bhlcf	Groovitron	1


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You have the correct email. cheers More View thread 3 Respond Login to Vote up
01-03-10	Rig	Its all good


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If you read the accounts and take into consideration that Baillie Gifford, as Investment Managers for the Monks Investment Trust have since the 30/09/09 increased there exposure from 11% to nigh on 18%. Then this looks good to me. More View thread 1 Respond Login to Vote up New £5 frequent trader rate - trade UK shares, investment trusts and ETFs
26-02-10	rig	Its all good


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I am going extreme high risk i am now all in on this one More View thread 1 Respond Login to Vote up
26-02-10	Year Ended 30/9/09	ruudboy99


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"-NAV declined from 73 pence per ordinary share on Sep. 30, 2008 to 10.8 pence per ordinary share on Sep. 30, 2009. -The price per ordinary share declined from a closing price of 57.75 pence on Sep. 30, 2008 to 8.5 pence on Sep. 30, 2009, representing a return of -85%." As of the last update, NAV is 23.81. Looking at the figures above there is a virtual linear relationship between NAV and sp. 30p NAV should see us at a share price of 23.6p for example. Meanwwhile, looking forward to this breaching 20p imminently. More View thread 2 Respond Login to Vote up
18-02-10	latest update - worth a read	ruudboy99


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"CQS Rig Finance Fund Limited (the "Company") a closed-ended investment company incorporated in Guernsey, is pleased to announce that its Monthly Fact Sheet for January 2010 is now available on the Company's website and includes information on the top ten investments and outstanding borrowings: www.cqsrigfinance.com <http://www.cqsrigfinance.com/> Having started the year above the USD80 mark, WTI crude oil weakened during January, ending the month around USD73 per Barrel. Generally, major equity and credit markets began the year with a firm tone, however ended weaker after measures to curb bank lending were announced in China and over concerns about some European countries' fiscal positions. In the drilling sector, the midwater segment has been the winner so far in 2010 with nine fixtures announced. Although many of these have been of a short term nature and at modest rates, the activity bodes generally well for greater utilisation. With increased utilisation, day-rate increases should follow and, with no new-build rigs on the way, the midwater outlook is considered to be improving. This may not impact any of the Company's positions directly but is positive for the sector as a whole. The Company's NAV during the month also benefited from rising bond prices in response to positive news flow and increased market demand for bonds. Following the completion of the refinancing of Marine Subsea AS, the bonds were marked up significantly during January, albeit on limited trading volume. Gains were also made on the holding in Sevan Drilling as the bonds traded up following the successful completion of construction of the 6th generation UDW drilling rig. The unit is currently in transit from Singapore to Brazil where it is shortly due to commence a six years plus charter with Petrobras in the pre-salt area of the Campos basin. The positions in Skeie Drilling, Production AS and Rubicon Offshore were also marked up, although there was no significant news on these names. As indicated in last month's commentary, the FRN notes issued by Petroprod Ltd were partially redeemed during January and cash was received by the Company. The distribution by the Bondholders' Trustee equated to a c. 21.5% recovery on this position which was slightly higher than expected. No further material recovery is expected on this bond. " More View thread 1 Respond Login to Vote up Trade this long or short with an interactive markets spread betting or CFD account.
18-02-10	Re: URU	Its all good


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Yes, I bought in thank you . Down side is that i have lost my login details on my wrap and cant see my valuations More View thread 1 Respond Login to Vote up
17-02-10	Re: more of a leap	ruudboy99


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sure, the discount on CQS is slowly widening but still tolerable! apologies for the OT, and I think I have referred you to it before, but check out URU, the end game is finally in sight (ie distributions equalling more than the current value of the shares) More View thread 2 Respond Login to Vote up New £5 frequent trader rate - trade UK shares, investment trusts and ETFs
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(RIG) CQS Rig Finance

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