Belong Ltd.



  • That's a proper early closure, like the old days, let's wait for the issue size RNS.
  • Hind, thanks got it. Well that was quicker than expecetd, i thought maybe would be open another few days. Anyway sounds like a small premium.
    Gliderpilot, i too have suffered from not automatically being updated on IPOs etc even though i thought i had updated all the latest data requirements.Oh well tech is great when it works and lousy when it doesn't. !
  • Thanks Wozz, i see the RNS announcement was made yesterday at 15.19 hours and as i said earlier i thought i was signed up for announcements but got nothing at all.

    I guess they don't need all the money right now, so they can sell the retained bonds into the market when they need the cash.

    Issue Date:

    20 June 2018

    Total principal amount of the Bonds issued (including Retained Bonds):


    Total principal amount of Retained Bonds


    Estimated net proceeds of the offer:

  • edited May 2018
    Last evening, i noticed selftrade had updated the close time to this morning 0900, so looks like the issuer had given 24 hour notice or something to wrap it up.

    PS - Reading the LSE announcement confirms this above conclusion i had come up with. It was surprising to see it lasted this long given oliver's thumbs up and small size of charity to begin with.

    Looking at the sizing announcement, is Fixed asset covenant requiring 65mil Fixed asset book value or market value for 50mil bond, is anything encumbered from net debt of 20.4mil? Here's oliver's paragraph -

    The villages are recognised at book value in the accounts (£56.5 million) but they have an (unofficial) approximate value of £80 million – a valuation was done for the banks a year ago. Borrowings (excluding this bond) are £30 million but net debt is £20.4 million – they have a reasonable amount of cash from the sale of their last (old model) homes. They have a pension deficit of £11 million. As with other charity bonds there is the important covenant that there must be asset cover of 1.3 X unencumbered tangible fixed assets to total unsecured debt (i.e. this bond). To be clear, by unencumbered it means assets on which there is no senior ranking bank debt.
  • Out of interest how are broker allocations going, Idealing were satisfied in full
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