Dartington Hall Trust £20 million 4.3 per cent. secured Bonds due 2028


  • Seemed a bit low to me and probably be illiquid
  • Considering risks that lie ahead ( rising rates, Brexit,Corbyn government, credit risk of issuer) no way, would not even touch it at 6%.
  • Paddy thanks for this i missed it completely and maybe because as i read it the issue is only to be traded on Nex Extra Growth market and not ORB. I honestly don't know a thing about Nex but my gut feel is that these bonds could be illiquid after the heady early days of issue. I note no director of the issuer does/will own shares at the outset and also the bond may be extended to redeem in 2030 with a premium of an extra 1 pct p.a. for those 2 years.
    Interest of 4.3pct looks too low for risk and feel 5.3pct would be more like it though still not sure of the basics. The security looks okish as long as the proposed developments get the go ahead and can realise full value but the other activities look a bit wishy washy to me. Shame it looks like a good and well meaning institution.
  • I won't invest because it's not listed on the LSE ORB or main market.
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