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Want to hear about a fascinatingly quirky situation in a dusty corner of UK micro-cap land?
A closed-end fund but think of it like a bond: over the next 4 years your capital is returned to you with an 9% yield - plus the keys to 7x A380s you'll be given for free.
A closed-end fund but think of it like a bond: over the next 4 years your capital is returned to you with an 9% yield - plus the keys to 7x A380s you'll be given for free.
It's a CEF called Doric Nimrod 2 (#DNA2) - there are three of them but this one seems the most interesting.
Long story short, they raised debt and equity, bought 7 A380s and leased them all to Emirates and these are coming off lease over the next 2-4 years, owned free and clear.
Long story short, they raised debt and equity, bought 7 A380s and leased them all to Emirates and these are coming off lease over the next 2-4 years, owned free and clear.
You can buy DNA for 56p and get at least** 76.5p of payments.
The leases are structured to provide for DNA2 to pay investors a total 4.5p over 17 remaining quarters while servicing the debt on each aircraft so they're returned unencumbered and paid for.
(4.5p paid since report)
The leases are structured to provide for DNA2 to pay investors a total 4.5p over 17 remaining quarters while servicing the debt on each aircraft so they're returned unencumbered and paid for.
(4.5p paid since report)
