djay
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Post by djay on Oct 11, 2019 11:35:58 GMT
That's a reasonably significant sum and vote of confidence in the business by an insider. However I probably have enough Enquest as a proportion of my WA portfolio for the time being.
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djay
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Post by djay on Oct 13, 2019 7:11:51 GMT
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garfield
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Post by garfield on Oct 15, 2019 16:13:36 GMT
"The High Yield Notes accrue a fixed coupon of 7 per cent. per annum payable semi-annually in arrear on 15 April and 15 October of each year, commencing 15 April 2017"
This doesn't show in my "activity" on WA, they say next payment February '20. Without checking, I thought these paid April & October.
February and August, last payment April 2022. I wonder if there's a mistake?
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garfield
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Post by garfield on Oct 15, 2019 21:02:18 GMT
Jezza? No I don't know!!  No Alpha Plus for me - I need my pennies ATM.
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djay
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Post by djay on Oct 16, 2019 6:49:57 GMT
February and August, last payment April 2022. I wonder if there's a mistake? Not sure.
Have you gone for some of the Alpha Plus?
We are getting a flow of ORB bonds.
They've had a bit of a fall recently, so not a surprise to see them here.
I think it was after Labour Party conference, the suggestion that may turn Eton in to a state school....
U.K. Labour Party Adopts Policy to Take Over Private Schools
"and redistributing their investments, endowments and properties “democratically and fairly across the country’s educational institutions.”
I'll have a bit of the playing fields! Castle House School would be second on my list, in honour of Jezza don't you know. 
Alpha looks overloaded with debt, labour party policy aside, the private school sector is being squeezed especially at prep and pre prep age groups and need to invest heavily to maintain position. It wouldn't take much of Alphas assets to be in troubled waters for there to be a problem with the fund overall in servicing and renewing its debt. The discount would need to be a bit bigger for me to take more than a nibble of this one.
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djay
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Post by djay on Oct 16, 2019 12:43:33 GMT
The cost of the Teachers Pension Scheme to schools has been spiralling in recent years. There is also a recent court case win for participants in similar government schemes (firefighters, police....) with financial consequences for TPS. There are two further events that will surface over the next year or so that will significantly increase the cost to employer due to increased contribution and revaluation. In the state school sector it is effectively neutral as the state will have no choice but to fund it. However in the private school sector the schools have to fund it themselves.
I am therefore not surprised in the least that private schools are trying to exit TPS as it looks pretty much unaffordable for for them going forward- if they didn't exit and at the same time are struggling to increase fees there is only one eventual outcome.
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