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Don't forget FK's SHIPS

lse:flk

#1

It seems to me that a crucial factor in the assessing the prospects for this firm lie in its SHIPS - it now has two in operation SHIPS14 and SHIPS15. This should result in a two fold benefit (1) additional fees of the order of £200,000 - £300,000 per SHIP (2) capital gain on the sale of the SHIP property (e.g. SHIPS 06 and SHIPS11 combined made a realised capital gain of £174,000 boosting 2014’s results. This was on a £500,000 total investment by FK). The latest batch of SHIPS have taken £875,000 of FK’s cash to coinvest with outsiders (they oversubscribed because they saw returns of 11% pa and 20% pa in the past on SHIPS06 and SHIPS11 respectively) to purchase one property at £9 and another at £8m. That will mean a nice income boost. And, maybe, a capital gain on the amount invested. That is about all I know about the SHIPS. Can anyone help? Does anyone have any information beyond that which is presented by Mr Fletcher?


#2

It looks like our SHIP has come in! The result is an 8p special dividend. (Ex-div 11 Sep, paid 25 Sep).