Investment Trust Dividends
The above Trusts are relatively safe shares to build a firm foundation
for a portfolio. No guarantees but each Trust pays a dividend
for re-investing in the portfolio.
U could then add some higher yielding Trusts which by their nature
are more risky.
Using the TR column, whilst that shows a capital gain can be
made if u invest at an opportune moment, it’s very
unlikely similar returns will be achieved until the next
market crash.
SMT
Darvas box. Of use if u traded the double bottom, with the
chart sell to book the Santa Rally profits.
As the Trust pays a minimal dividend, trade only with a stop loss.
Discover how real-world proponents of this mantra are looking to take control of their own financial destiny
Many people dream of retiring early to pursue their real passions before they get too old to enjoy them. Is it just a pipedream or could it be a reality for some people?
This feature explores the pros, pitfalls and practicalities of the so-called FIRE movement which is gaining increasing traction. A recent AJ Bell Money & Markets podcast discussion on the subject provoked a strong response from listeners which suggests the FIRE movement has struck a nerve within a certain cohort of investors.
Throughout the article we share a selection of the opinions and first-hand experiences of real investors who are, to a greater or less extent, part of the movement (though in the interests of their privacy, real names have been changed).
WHAT IS THE FIRE MOVEMENT?
The acronym stands for financial independence, retire early and it was born in the US more than 30 years ago after authors Vicki Robin and Joe Dominguez coined the phrase in their book Your Money or Your Life.
In its simplest form financial independence isn’t about being rich but having enough stashed away to provide financial security. It’s about taking back control and living on your own terms.
As one correspondent William explains: ‘Just about everyone retires at some point. There is nothing special about the dates set by the government or the actuaries. Plan your own. Financial independence allows you to choose what you want to do – that might mean continuing in the same job.’
While there is not one single manifesto or handbook for the FIRE movement there are several key principles underpinning it:
Save as much of your income as you can (potentially up to 70%);
Live very frugally (make do and mend, buy second hand, limit impulse purchases);
Pay off any debts, including your mortgage;
Invest spare funds in low-cost tracker funds to benefit from the returns of the stock market.
Many bloggers on social media pushing the FIRE movement make it sound easy to achieve but that does not paint an accurate picture. If you have children, for example, then putting a large chunk of your income aside may not be realistic.
For most people, the best way to think about FIRE may be as something you can take some inspiration from rather than follow religiously. The idea of squirreling away as much cash as you can is a good one. Going through your regular outgoings to work out where you could be making savings – even if it is only once or twice a year – is an excellent discipline to get into.
Paying off debts where you are able to is also a worthwhile goal, particularly in the current high interest rate environment, as is keeping your costs down when investing.
Some FIRE proponents do not give up work entirely, they may continue to work part time. The key ambition is to create a level of financial flexibility which allows you to make your own choices.
ACHIEVING A PLAN TO RETIRE EARLY
Phil decided very early on in his career that he didn’t want to keep working until he was 65 and hatched a plan in his 20s with the goal of retiring in his 40s.
He knew he would have to put a good chunk of money aside each month to reach his goals. Fortunately, Phil was in a position where he only spent half of his monthly salary to maintain his lifestyle.
‘I never sacrificed experiences like holidays,’ Phil told the AJ Bell Money Markets podcast. For material things like an expensive car, he settled for a decent car instead.
Phil seemingly never missed an opportunity to squirrel away extra cash into his investment portfolio. Take his mortgage for example.
When he took the mortgage interest rates were 13% and although they subsequently fell towards 3% Phil maintained his higher repayments which meant he was able to pay off the mortgage in his mid-to-late thirties.
In turn this gave him more disposable income to add to his pension pot. Phil is now a few years into his retirement. Planning early and investing half his monthly salary has so far worked out well.
THE EXPERT VIEW
Director of public policy at AJ Bell, Tom Selby, says one of the most important aspects of an early retirement plan is the idea of sustainability. Making a realistic plan which provides security against life’s inevitable ups and downs is crucial to enjoying the benefits of early retirement.
It may seem an obvious point but bear in mind that if you want to retire before you turn 50, assuming you start work at 20, retirement may last longer than your working life.
The earliest someone can access their private pension is 55 which increases to 57 years of age from 2028. Someone retiring before that needs to find other forms of income such as ISAs and buy-to-let rental income.
The state pension is accessible from 66 years of age and currently stands at £10,600 a year. For investors planning further into the future it is worth pointing out that the state pension age increases to 67 from 2028 and 68 from 2046.
Selby reminds investors that the earlier they access a pension pot, the less amount of time investments have to grow and benefit from the compound returns offered by financial markets. Leaving a pension untouched for a further 10 years could make a considerable difference. For example, a pension pot growing at 7% a year will nearly double over a decade.
Some people may be able to live off the annual dividends and fixed income payments out without selling any investments. This leaves the capital in the portfolio unencumbered so it can keep growing.
The sizeable increase in interest rates over the last two years has made a big difference for investors seeking income.
AN IFA VIEW
Independent financial adviser Lena Patel says more clients are asking if they can retire early.
Before launching into cash flow modelling and looking at levels of income Patel asks clients to define what early retirement means for them.
‘It is important to have a vision of what retirement means,’ says Patel. The reality is that people don’t think much about what makes them happy and how to lead a fulfilling life after stopping work.
Patel believes more education is needed and could be provided earlier on in life to encourage people to make plans for how they want to live later.
Putting cash away which is attached to reaching specific life goals is more powerful than simply encouraging a client to feed their pension pot. Making sacrifices are easier to stomach when they are attached to non-financial rewards.
Happiness for some people means slowing down and working part time rather than stopping altogether. For others it may involve going on more holidays or pursuing latent passions.
As always, personal circumstances play a big role is shaping what is possible. Those with children at school or university are in a completely different situation to single parents.
Patel believes the FIRE movement has legs with more people looking to take control of their own futures as the retirement age is pushed further into the future.
IGNORE DIVERSIFICATION AT YOUR PERIL
Investment performance is an important ingredient in achieving financial freedom. Whatever an investor’s risk appetite, it rarely pays to ignore the benefits of diversification.
Spreading investments across different companies, sectors, geographies, and assets reduces overall portfolio volatility. One of our previous examples, Phil, has a cautionary tale which underlines the risk of putting too many eggs into one basket. Intent on putting as much as he could into his investment portfolio Phil added to an already generous company share purchase scheme.
The company he worked for was then taken over by US security systems company Tyco International in an all-share transaction. He had no idea what was about to happen next, but the company became embroiled in one of the largest fraud scandals in the US in the early noughties.
CEO and chair Dennis Kozlowski and finance chief Mark Swartz were prosecuted for stealing $600 million from corporate coffers and subsequently went to jail.
The shares that Phil owned plunged almost 80% overnight and it taught him a lesson about the virtue of spreading his investments and the pitfalls of too much concentration.
ENJOYING RETIREMENT IN SPAIN
Andy is 63 and his wife is 62 and they retired 11 years ago to relocate from the UK to Spain. They maintain a good lifestyle living off the income generated from SIPPs, offshore Spanish-compliant bonds and pensions from previous employers.
‘We have managed to live within our income generated from these sources and our assets have still grown from our original inputs. We look forward to receiving our state pensions in a few more years but see this as a bonus and not something to be relied on,’ says Andy.
WHY RETIRING MAY BE HARDER THAN YOU THINK
People will always find ways to fill their time, so boredom is rarely a factor but dealing with the mental side of retirement should not be taken lightly. Phil said he found it difficult in the first few years after stopping work and did some part-time jobs to help him cope mentally. It was less about the lost income and more about the loss of his professional identity.
‘I can’t emphasise enough it is a tough transition,’ cautions Phil. Spending years developing professional skills which are then ‘tossed away’ could feel like the equivalent of a physical loss.
Another early retiree, Jeff, had a similar experience saying he ‘missed work’ in the first few months after retirement in 2021. ‘Too much time on our hands. Summer is fine, not so much the winter months,’ laments Jeff.
‘Our experience over the past two years, is less with financial worry, but more to do with being active as we have been our whole lives. Yes, we are holidaying more but we find we don’t wish to go on endless cruises.’
ROY TAKES RISKS TO ESCAPE THE RAT RACE
Roy is in his late 60s and quit the ‘rat race’ in 2012. He started investing in the 1990s. The 1997 Asian financial crisis which began in Thailand before spreading to other countries and raised fears of a global financial meltdown.
UK bank shares got caught in the crosshairs and Roy borrowed half a year’s pay to buy shares in Barclays (BARC) and NatWest (NWG).
His thinking was that ‘at worst’ he would be paying an affordable loan for a few years. In the event, Roy made an 80% profit in around nine months.
Roy repeated the same trick a few years later during the dotcom bust and once again borrowed half a year’s pay to put into the stock market. He walked away with a 110% profit in 18 months.
Looking through the rubble left by the collapse of the split capital investment trust market Roy was able to pick up some amazing bargains as the survivors were paying huge dividends while growing underlying capital.
After the 2007/8 financial crisis Roy was able to pick up UK housebuilders Taylor Wimpey (TW.) and Barratt Developments (BDEV) on the cheap and made around 150% over two to three years.
Roy’s last big gambit came in 2014 when he sank a whole year’s net pay into online fashion retailer Boohoo (BOO:AIM) around three months after it listed on AIM via an IPO (initial public offering).
Within a few months Roy was staring at a 50% loss after the company disappointed investors in its debut trading statement. Roy decided to ‘tough it out’ and three years later sold out for a 300% profit.
Most of the proceeds were used to repay his buy-to-let mortgage which today provides Roy with a 4.5% annual yield on its current value and 12% on its purchase price. It is worth saying the risks Roy took would not be suitable for most investors and investing with borrowed money is never advisable.
Roy describes himself as being in the middle band of the FIRE community, which he says is between subsistence and overt wealth.
HOW MUCH IS ENOUGH?
Our earlier contributor Phil knows how much income he needs each year and if everything goes to plan, he expects his pension pots to run out of cash when he reaches the ripe old age of 104. (See the section on life expectancy to get an idea of Phil’s odds.)
That may seem like an optimistic scenario in one sense, (living a long life) but cautious in the sense Phil could potentially spend more cash each year.
Here it is worth repeating Tom Selby’s wise words on sustainability. Phil’s plan provides peace of mind even in the event of some unexpected bills.
The rule of 25 is a popular method used by some investors to estimate when they have enough to retire. It says an investor needs a pension pot which is 25 times future expected annual expenditures.
US financial advisor William Bengen devised the plan based on a 30-year retirement time frame. It may not be suitable for investors retiring at 40 who expect to live into their 80s.
The idea is that taking 4% out of a pension pot each year will see it last around 30 years. It has the advantage of being easy to understand. As an example, an investor targeting an annual income of £40,000 a year before tax in retirement would need a minimum £1 million portfolio (£40,000 x 25).
On the other hand, there are no guarantees. Bengen’s original analysis showed it worked about 90% of the time. It also makes no distinction between withdrawing income and capital. Selling shares to take income reduces the capital value of a portfolio and reduces the future level of income, everything else being equal. Another wrinkle to consider is the rising cost of living.
A portfolio which grows above the rate of inflation maintains the spending power of the income that is generated and allows a retiree to keep up with rising costs. Until the onset of the pandemic, inflation had been negligible for more than a decade. That has since changed dramatically and today inflation is a significant factor to consider.
Let’s say inflation remains at around 4% a year for the next decade. In effect, this will reduce the real value of a pension pot by half.
Dean is a reluctant member of the FIRE movement having been forced to retire early due to being made redundant at the start of the pandemic.
‘Expect the unexpected, black swan events are now not uncommon,’ cautions Dean.
‘Do a worst-case scenario cash flow statement and then sense check it. If I have done a cash flow analysis in 2020 or 2021, I certainly would not have accounted for the price of food to have risen 30% (between October 2021 and October 2023) and still be rising at over 10%.’
‘No wonder these FIRE bloggers are young – they are also naïve – I suspect they just want to make money and haven’t really understood middle age,’ says Dean.
James is 43 years old and achieved FIRE in 2021 and moved his family from London to the countryside which freed him of the mortgage. Plans to stop working have been put on the backburner for now.
‘With the current period of high inflation, our annual expenses have risen a lot and our pot is no longer big enough to see us all the way to the end (using the 4% rule).
‘I see having a good job as an excellent offset to high inflation so have decided to carry on doing four days for the time being,’ adds James.
FACTORING IN LIFE EXPECTANCY
New data from the ONS (Office for National Statistics) shows that average life expectancy for both men and women in the UK has dropped significantly since the pandemic.
Life expectancy at birth was 78.6 years for men and 82.6 years for women in 2020-to-2022, down from 79.3 years for men and 83 years for women in 2017-19.
This means life expectancy at birth has dropped to the same levels seen in the period from 2010 to 2012 for women and slightly below for men over the same period.
The same change has been seen in life expectancy for people aged 65 which has fallen by 22 weeks and 15 weeks for men and women respectively.
It is unclear if the previous growth trend will reassert itself but with scientific advances in healthcare coming thick and fast, it would be unwise to bet against it.
In 2020, the number of people reaching 100 increased 20% from the prior year to reach a new high of 15,384 souls. Over the prior two decades the number of UK centenarians has increased by 58%.
DISCLAIMER: AJ Bell, referenced in this article, owns Shares magazine. The author (Martin Gamble) and editor (Tom Sieber) own shares in AJ Bell.
Harmony Energy Income Trust plc
(the “Company” or “HEIT”)
Trading Update
Harmony Energy Income Trust plc, which invests in battery energy storage system (“BESS”) assets in Great Britain (“GB”), today provides a trading update ahead of the publication of its quarterly Net Asset Value update and audited annual results later this month.
Weaker Revenue Environment in 2023 and January 2024
BESS revenues for the year ended 31 October 2023 were markedly lower than revenue generated in the same period in 2022. Whilst a reduction from the remarkable highs of 2022 was expected and built into third party revenue forecasts, the scale and the speed of the reduction has exceeded market expectations.
There are multiple drivers of this reduction in revenue, both macro and sector-specific:
· Saturation of ancillary service markets. The high rate of build-out of BESS in GB led to saturation of ancillary services and has driven clearing prices to record low levels. This was widely anticipated and the Company positioned its 2-hr duration portfolio specifically to protect against this event and take maximum advantage of the inevitable shift by BESS towards wholesale market revenue strategies and the Balancing Mechanism (“BM”).
· Reduction in wholesale power price volatility and spreads. As a 2-hr duration portfolio, this is more relevant to the Company than ancillary services. Wholesale spreads in FY 2023 and FQ1 2024 have narrowed primarily due to a reduction in natural gas prices, itself due to milder than expected weather and high levels of European reserves. In addition, GB has imported a large volume of energy from Europe (via interconnectors) and high consumer prices have encouraged a material reduction in consumer energy usage.
Wholesale price spreads are forecast by independent experts to increase during 2024 and beyond. This is driven by a range of factors including increased consumer energy demand (as the cost-of-living crisis eases), continued electrification of the country’s heating and transport infrastructure, greater penetration of intermittent renewables and an increase in pricing for natural gas and carbon.
· Implementation issues with National Grid ESO (“NGESO”) Open Balancing Platform (“OBP”). Another key factor in recent revenue weakness is NGESO’s continued sporadic use of BESS in the BM. Despite a well-publicised policy and comprehensive plan from NGESO to increase BESS dispatch rates in the BM via process and software enhancements over 2024 and 2025, the December 2023 launch of the new “bulk dispatch” software was curtailed due to technical issues. Since its re-launch on 8 January 2024, NGESO appears to only be using OBP intermittently, with the Company’s portfolio seeing some days of high BM volume, and some of zero. BESS projects utilise algorithms and AI software to execute revenue strategies, and so the inconsistent use of OBP by NGESO not only limits BESS volumes in the BM, but also creates uncertainty over how much daily capacity BESS can dedicate to other strategies and services. The Investment Adviser continues to have dialogue on this topic with NGESO directly and also via stakeholder interest groups. NGESO has a published ambition to operate the GB system with zero carbon emissions by 2025 (i.e. reducing its use of coal and gas). A consistent use of OBP in relation to BESS by NGESO would, in the Investment Adviser’s opinion, not only help accelerate NGESO’s progress towards this goal, but also result in a near-immediate and marked increase in the Company’s revenue performance.
Despite the conditions described above, the Company’s operating Portfolio continues to out-perform peers (on a £/MW basis). The Company’s Pillswood (Phase 1) and (Phase 2) projects ranked #1 and #3 respectively for the calendar year 2023, and every one of the Company’s five operating assets appear in the Top-10 leaderboard for January 2024 (excluding non-BM units and estimated revenue from the Embedded Export Tariff) (Source: Modo Energy).
Operational free cash flow is forecast to increase in 2024 as the Company’s remaining three projects (c. 236 MWh / 118 MW – c.30% of the current portfolio) complete construction and begin operations. The Company has sufficient cash reserves to complete construction of these projects.
In addition, revenues going forward will be supported by the Company’s existing Capacity Market contracts, for which delivery only began in October 2023.
Postponement of First Quarterly Dividend for FY2024, and Strategy for 2024
In line with its stated dividend policy, the Company distributed 8 pence per share to Shareholders in relation to FY ended 31 October 2023. The first quarterly distribution in relation to FY 2024 (2 pence per share) was expected to be declared later this month and paid in March. However the Board, with support from the Investment Adviser has resolved to postpone this declaration.
While the reasons for the recent low revenue environment are understood, and the market conditions are expected to improve, the short-term outlook remains uncertain. If these conditions do continue for an extended period, this will impact on the ability of the Company to declare and make distributions. It is well understood that BESS revenues can vary across the course of a year and therefore prudent cash management is required.
The Board recognises the importance of dividends to Shareholders and therefore is preparing to implement a series of short-term actions which would better position the Company for long-term stability and growth. These actions will include a restructuring of the Company’s existing debt facilities (to reflect that 70% of the portfolio’s MW capacity is now operational), coupled with one or more asset sales. Any cash proceeds from such sales would be used, in priority, to reduce gearing and then to fund future dividend distributions for FY 2024 and 2025. These distributions could take the form of income and/or capital distributions. The ambition of the Company remains the payment of 8 pence per share per annum. Any funds available after the payment of dividends could be used to repurchase shares. Further updates will be communicated to Shareholders in due course.
REGIONAL REIT Limited
Q4 Trading Update and Year-End Portfolio Valuation
98.6% Rent Collection for 2023
Regional REIT (LSE: RGL) today announces its portfolio valuation as at 31 December 2023 and a positive update for both EPC ratings and rent collections.
Full Year 2023 Valuation and Portfolio Update
· Portfolio valuation £700.7m (2022: £789.5m)
· The like-for-like value of the portfolio decreased by 5.9% from 30 June 2023 to 31 December 2023 after adjusting for capital expenditure, acquisitions and disposals during the period (5.5% excluding capital expenditure adjustment)
· Total rent collection for 2023 is currently 98.6% compared with 97.9% for the equivalent period in 2022
· Gross annualised rent roll £67.8m (2022: £71.8m); ERV £87.0m (2022: £92.0m)
· Equivalent Yield 9.9% (2022: 9.0%)
· Excellent progress on EPC ratings with c.73% of the portfolio EPC C or better
· 144 properties (2022: 154); 978 occupiers (2022: 1,076)
· Total disposals in 2023 of £26.1m (before costs)
· Portfolio: offices (by value) at 92.1% (2022: 91.8%), industrials 3.2% (2022: 3.1%), retail 3.1% (2022: 3.6%), and Other 1.7% (2022: 1.4%)
· England represented 78.4% (2022: 78.3%) (by value), Scotland 16.2% (2022: 16.7%) and Wales 5.4% (2022: 5.0%)
· EPRA Occupancy (by ERV) at 80.0% (2022: 83.4%)
· Average lot size c. £4.9m (2022: c. £5.1m)
· Net loan-to-value ratio 55.1% (2022: 49.5%)
· Group cost of debt (incl. hedging) 3.5% pa (2022: 3.5% pa) – 100% fixed and hedged
· Weighted average debt duration 3.5years (2022: 4.5 years)
Stephen Inglis, CEO of London and Scottish Property Investment Management, the Asset Manager, commented:
“2023 was one of the most challenging years for REITs in recent memory and Regional REIT was not immune from the macro-economic difficulties faced by the sector. Whilst valuations have been impacted, the Asset Manager’s active asset management initiatives continued to mitigate some of the impact on the portfolio. The leasing market was slower than anticipated largely due to the uncertainty around working patterns and the geopolitical situation impacting inflation and interest rates, but with some stability we are witnessing increasing numbers of enquiries for our assets.
“Notably, the Company continued to achieve a strong level of rent collection thanks to its high-quality tenant base. The ongoing asset disposal programme continues to achieve the latest valuations.
“It is pleasing to note that substantial progress has been achieved in improving the EPC rating of the portfolio. Over the course of 2023 the number of properties rated EPC C and above has improved to in excess of 73% of the portfolio.
“The LTV continues to be a key focus of the Board and the management have a plan to reduce LTV to the long term target of 40% through selective sales and repayment of debt. The senior debt is 100% fixed, swapped or capped and will not exceed 3.5%. The Company is actively exploring a range of refinancing options for the retail bond given its near-term maturity date.”
Rent Collection 2023 Update
The Company is pleased to report that as at 30 January 2024, Q1 2023 collections amounted to 99.7%, Q2 2023 to 98.5% and Q3 2023 to 98.2%. Currently, Q4 2023 rent collection, adjusting for monthly rent stands at 98.1%, which is above the equivalent period in 2022, when 95.6% had been collected. The total rent collection for 2023 is currently at 98.6% (see below) compared with 97.9% this time last year.
| % | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | YTD |
| Rent paid | 99.7 | 98.4 | 98.1 | 97.3 | 98.4 |
| Adjusted for monthly rents | 0.0 | 0.0 | 0.1 | 0.7 | 0.2 |
| 99.7 | 98.5 | 98.2 | 98.1 | 98.6 |
Table may not sum due to rounding.
The Company remains supportive of its tenants and is in ongoing discussions with occupiers regarding the balance of the outstanding rent. It expects to collect the vast majority of the outstanding rent in due course.
Gresham House Energy Storage Fund PLC
Share Buyback Programme
Further to the announcement on 1 February 2024, the Board of Directors of GRID today announces the commencement of a Share Buyback Programme. The Company will review the Share Buyback Programme on an ongoing basis in the context of its capital allocation decisions, as well as the discount to NAV at which the shares are trading at any given time.
The Company has engaged Jefferies International Limited (Jefferies) as buy-back agent in relation to the Share Buyback Programme on a discretionary basis within certain pre-set parameters. The maximum price payable per share (exclusive of expenses) will not exceed the higher of: (1) 105 per cent. of the average market value of the Company’s Shares for the five business days immediately preceding the day on which such Share is contracted to be purchased; or (2) the higher of the price of the last independent trade and the highest current independent bid on the London Stock Exchange.
Share buybacks under the Share Buyback Programme will be made pursuant to the authority granted to the Company at its general meeting held on 30 May 2023 which limits purchases of shares by the Company in the market to up to 14.99% of the Company’s then issued share capital.
The Company will announce any market repurchase of Shares on the business day following the calendar day on which the repurchase occurred. The Company intends that the repurchased shares will be held in Treasury.
The Company is satisfied that it is not currently in a closed period, nor is it party to any inside information which has not previously been disclosed via Regulatory Information Service.
The Company shall not (i) exercise any influence over how, when or whether Jefferies effects share buybacks or (ii) change the number of shares, price or timing of the purchases.
It’s all about choices.
Memo to myself ONLY buy shares that are going up, u then u will
have a 60/40 chance of printing a profit.
Gresham House Energy Storage Fund PLC on Thursday said it decided against declaring a dividend for the fourth quarter of 2023 as it continued to be hurt by a weak revenue environment.
For the fourth quarter of 2022, it had declared a 1.75p dividend.
The Gresham House-managed fund invests for income from utility-scale battery energy storage systems.
Instead of the dividend, it plans to start a share buyback programme, noting a recent sharp decline in its share price.
The stock is down 70% over the past 12 months.
The company said that battery energy storage systems are “significantly” under-utilised in the National Grid PLC electricity system operator balancing mechanism.
Further, it noted a slower than expected pace of commissioning new projects to date due to elongated grid connection times.
Chief Executive Officer John Leggate said: “The UK’s need for increased energy storage capacity remains as clear as ever given the rising levels of committed renewable generation coming online over the period to 2030. In turn, clean energy dominates energy output more and more frequently, as legacy gas-fired electricity generation continues to be squeezed off the system by cheaper renewables, with battery storage the clear technological leader in tackling the consequential rising intermittency.”
Ben Guest, fund manager of the company, said: “Electricity system operator has always said that its balancing programme progress will occur in stages during 2024 and we look forward to learning of and reporting on progress, particularly around the imminent launch of balancing reserve in March 2024, as well as communicating continued progress on our construction and asset enhancement programme.”
GRID dropping their dividend doesn’t alter
the portfolio dividend fcast of 8k but it
makes the target harder to achieve, unless
there is positive corporate news.
I’ve bought for the portfolio 2408 shares in API
Abdrn Property for £2,500.00
I will collect the dividend and then re-assess.
1 February 2024
Unaudited Net Asset Value as at 31 December 2023
Net Asset Value and Valuations
– Net asset value (“NAV”) per ordinary share was 78.4p (Sep 2023 82.2p), a decrease of 4.6% for Q4 2023, resulting in a NAV total return, including dividends, of -3.5% for the quarter;
19/01
Custodian Property Income REIT PLC and abrdn Property Income Trust Ltd on Friday said they have agreed to an all-share merger to create a real estate investment trust with combined assets of GBP1.0 billion.
It will mark yet another absorption of an abrdn fund, after Fidelity China Special Situations PLC took over abrdn China Investment Co Ltd, Asia Dragon Trust PLC took over abrdn New Dawn Investment Trust PLC, and Shires Income PLC took over abrdn Smaller Companies Income Trust PLC in the second half of last year.
abrdn Property Income shareholders will receive 0.78 of a new Custodian Property Income share for each share held. Based on Custodian’s closing share price on Thursday of 79.6 pence, the deal values abrdn Property Income shares at 62.1p and the entire company at GBP237 million.
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