Month: February 2024 (Page 1 of 16)
As we build on the previous chart, a lot of nothing happening.
The fcast for the first quarter is £3,138.00 for re-investment.
Although ahead of the fcast for 2024, do not scale this figure by 4 to arrive at the total for the year.
ABRDN DIVERSIFIED INCOME AND GROWTH PLC
Information disclosed in accordance with LR 9.7A.2 of the Listing Rules of the Financial Conduct Authority
Interim Dividend for the year ending 30 September 2024
The Board of abrdn Diversified Income and Growth plc (the “Company”) announces that it is declaring an interim dividend of 1.42 pence per share on the Ordinary shares of the Company.
The interim dividend will be paid on 27 March 2024 to shareholders on the register on 8 March 2024. The ex-dividend date is 7 March 2024.
The last date for receipt of mandate instructions for those shareholders who wish to join the Dividend Reinvestment Plan is 15 March 2024.
Following the approval by shareholders, on 27 February 2024, of the new investment objective and policy in respect of the managed wind-down of the Company and subject to required Court approvals being granted, in the absence of unforeseen circumstances, it is the current intention of the Board that following this interim dividend payment the Company will pay an Initial Return of Capital around the end of June 2024. A further interim dividend is also expected to be paid around mid-October 2024. Thereafter, it is likely that dividends will be paid in smaller, less regular amounts principally for the purpose of maintaining the Company’s investment trust status while capital will be returned progressively to shareholders in larger, less regular amounts by the most tax-efficient mechanism available.
The Board intends to continue to pay a sufficient level of dividend to ensure that the Company will not retain more than 15 per cent. of its income in an accounting period so as to maintain the Company’s investment trust status during the managed wind-down. The Directors will declare certain dividends based on the Company’s net income but the quantum and timing of any dividends in future will be at the sole discretion of the Board.
There can be no guarantee as to the payment, quantum or timing of dividends during the managed wind-down process.
Assura plc
Notice of Dividend
Assura plc (“Assura” or “the Company”), the UK’s leading primary care property investor and developer, today announces that the next quarterly interim dividend of 0.82 pence per share will be paid on 10 April 2024 to shareholders on the register on 8 March 2024 (the “Record Date”). The Ex-dividend Date will be 7 March 2024.
NextEnergy Solar Fund Limited
(“NESF” or the “Company”)
Unaudited Quarterly Net Asset Value & Operational Update
NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, announces its unaudited Q3 Net Asset Value (“NAV”) and operational update for the period ended 31 December 2023, alongside an update to its first Standalone Energy Storage asset (“Camilla”) and its Revolving Credit Facilities (“RCF”).
Key Highlights
Financial:
· NAV per ordinary share of 107.7p (30 September 2023: 108.3p).
· Ordinary shareholders’ NAV of £636.4m (30 September 2023: £640m).
· Total gearing (including preference shares) of 45.7% (30 September 2023: 46.4%).
· Financial debt gearing (excluding preference shares) of 28.8% (30 September 2023: 29.8%).
· Weighted average cost of capital of 6.4% (30 September 2023: 6.3%).
· Weighted average discount rate unchanged at 8.0% (30 September 2023: 8.0%).
Dividend:
· Total dividends declared of 6.26p per ordinary share for the nine months ended 31 December 2023 (31 December 2022: 5.64p).
· On track to achieve target dividend of 8.35p per ordinary share for the year ending 31 March 2024.
· Forecasted target dividend cover remains c.1.3x for the year ending 31 March 2024.
· Total dividends declared since IPO of £333m or 65.7p per share.
Portfolio:
· 100 operating solar assets (30 September 2023: 100).
· Total installed capacity of 933MW1 (30 September 2023: 933MW1).
· Remaining weighted asset life of 26.1 years (30 September 2023: 26.4 years).
wind turbines© Provided by The Telegraph
Rising interest rates and volatile power prices have hurt clean energy funds but annual results from The Renewables Infrastructure Group yesterday demonstrate their sell-off has gone too far and the shares look attractive.
Managed by InfraRed Capital Partners, TRIG’s generating capacity of over 2.8 gigawatts (GW) can power 1.9 million homes and avoid 2.3 million tonnes of carbon emissions a year. This makes it appealing for investors worried about climate change, although being green hasn’t been easy in the past two years.
TRIG’s market value has fallen to £2.5bn as the shares have tumbled to 101.6p from a peak of 145p in September 2022 when energy prices soared after Russia’s invasion of Ukraine.
At its height TRIG stood at a 9pc premium over net asset value (NAV) but the shares have de-rated to a 20pc below NAV of 127.7p as investors have turned to UK government bonds, or gilts, for reliable income.
Buy this renewable fund’s clean and well-covered 7pc dividend
InfraRed’s Richard Crawford and Minesh Shah and TRIG’s operation managers at Renewable Energy Systems (RES) had to work hard to deal with rising finance costs, technical challenges and lower-than-expected wind generation.
Yet despite the difficulties, which knocked 6.9p off NAV per share and saw earnings drop £67m, or 10pc, to £610m, TRIG’s quarterly dividends rose 5pc to 7.18p per share, comfortably covered 1.6 times by revenues.
TRIG lifted this year’s dividend target by 4pc – the rate of inflation it sees across its markets – to 7.47p per share. That puts the shares on a 7.4pc yield, which is good against long-term gilt yields of 4.6pc but in line with its 11 pee
Power prices are expected to fall as Europe ramps up gas storage in response to the threat from Russia and weak economic growth reduces demand, so it was reassuring to see over half of TRIG’s forecast revenues for the next 10 years are linked to inflation.
There was good news on borrowing, with TRIG’s expensive, floating rate overdraft set to shrink from £364m to £150m this year as the managers sell assets to generate cash. Encouragingly, the preliminary offers TRIG has received are either at or above their latest valuation, which suggests the current discount is too wide.
TRIG isn’t just an income fund. It invests for growth and this month bought battery storage developer Fig Power for £20m giving it a 400MW pipeline of projects to either build or sell on.
Encouragingly, TRIG says it can fund its entire 1GW development pipeline from cash without raising money from shareholders.
There was disappointing news with Crawford, the lead fund manager since flotation in 2013, announcing his retirement. Shah, his deputy for the past four years, will take charge in July. Peel Hunt analyst Markuz Jaffe said his departure was a ‘shame’ but took comfort in the big team behind Shah.
Normally a change in fund manager would have Questor hold off making a “buy” recommendation, but we are reassured by Liberum’s Alex O’Hanlon saying TRIG’s strong balance sheet, diverse portfolio and dividend cover mean it is “one of the best-placed” renewable funds to re-rate this year, while Numis’ Colette Ord described the discount as “excessive”.
Questor says: buy
Ticker: TRIG
Breakout, though all breakouts are not profitable.
Earned dividends for re-investment £933.00
Cash £139.00
Re-investment most probably in AEI.
Chair’s Statement
Introduction
The six months to 31 December 2023 (“H1 23/24”, or the “Period”) have seen a further half year of strong results for your Company. Although spot power prices have softened recently, BSIF was the beneficiary of our Investment Adviser’s strategy of fixing prices up to 36 months in advance, with the result that, despite irradiation levels some 13% below those experienced in the second half of calendar 2022, our revenues for the Period grew as compared with the previous year. West Raynham (at 50MW our second largest generating asset) was unavailable for the first three months of the Period, resulting in an additional constraint on power production.
The Company continues to work on its extensive development programme; as at 31 December 2023 we had 660MW under active development and 778MW in pre-construction, comprising a mixture of solar PV and battery storage projects, as well as some wind projects. Our ability to convert this pipeline into electricity generating assets is significantly restricted by current conditions in the capital markets, which make it difficult for us – and most participants in the renewable energy sector – to raise additional equity. In response to this constraint, the Company has entered into a Strategic Partnership with GLIL Infrastructure (“GLIL”), covered in more detail below.
After the Period end, we saw a significant widening in the discount to Net Asset Value (“NAV”) at which BSIF’s shares trade and this prompted the Board to announce a share buyback programme, to which an initial £20 million has been allocated. This will commence once the Company is outside the current closed period, which ends with the publication of this Interim Report.
The main features of the Period under review are:
· The Company announced signing a Memorandum of Understanding (‘MOU’) with GLIL Infrastructure;
· Work on the Company’s development pipeline continued apace, with planning consents being secured on 137MW of solar projects and 90MW of battery projects, while the wider pipeline grew to approximately 968MW of solar and 563MW of battery storage;
· The Group reduced the outstanding balance on its revolving credit facility (RCF) by £10 million, resulting in a loan balance of £167 million as at 31 December 2023;
· At the November AGM, BSIF’s shareholders voted overwhelmingly in favour of the continuation of the Company for a further five years;
· The NAV per share decreased modestly, to 135.95pps as at 31 December 2023 (30 June 2023: 139.70pps);
· BSIF’s closing share price on 31 December 2023 was 13% below the Directors’ Valuation, resulting in a discount to NAV consistent with FY22/23. (30 June 2023: 14%);
· The dividend target for FY23/24 has been set at not less than 8.80pps, up from the 8.60pps dividends paid in respect of FY 22/23;
· Consistent with that target, a first interim dividend for FY23/24 of 2.20pps was declared on 26 January 2024;
· Following the end of the Period, the first phase of the GLIL Strategic Partnership was successfully completed, with an equity investment by BSIF of £20 million and £200 million from GLIL to fund the acquisition of a 247MW portfolio from Lightsource bp;
· Post Period end one solar project of 50MW received planning permission.
At the end of 2023, the Group’s total outstanding debt stood at £577 million, and its leverage was 41% (31 December 2022: £531.1 million and leverage was 38%).