Category: Uncategorized (Page 338 of 375)

 The NAV decreased in aggregate by £2.1 million to £65.7 million, equivalent to 81.62pps as of 31 December 2023. The decrease was primarily due to the £1.9 million (1.9%) reduction in the fair value of the investment properties which were impacted by the upward yield movement seen across the wider UK real estate sector, driven primarily by increases in interest rates and inflation during the year.

·    Dividends declared in respect of the Period totalled 2.85pps, a 3.6% increase compared to half year ended 31 December 2022 and in line with the Board’s target annual dividend of at least 5.9pps ^A, which is expected to be fully covered. Dividends in respect of the Period were covered 103.9% by earnings.

·    Dividend yield ^B of 8.3% is unchanged when compared to the prior Period reflecting the increase of both the dividend and the share price.

·    The Company’s share price of 71.5p at the Period end represents a 10.5% increase during the Period, reflecting the substantial narrowing of the Company’s discount (to NAV) from 23.1% to 12.4%.

·    EPS amounted to a profit of 0.80pps for the Period. The increase is largely due to a £7.9 million improvement in the fair value of the investment properties.

·    The Group’s loan matures in October 2025 and is fixed at a weighted average interest cost of 3.19%. Loan to GAV of 37.5% and interest cover ratio of 571% gives significant headroom on the lender’s loan to value covenant of 60% and an interest cover covenant of 250%.  

^A This is a target only and not a profit forecast. There can be no assurance that the target will be met and it should not be taken as an indicator of the Company’s expected or actual results.

Foresight Solar Fund Limited

(“Foresight Solar” or “the Company”)

Declaration of Dividend

Foresight Solar is pleased to announce the fourth interim dividend, for the period 1 September 2023 to 31 December 2023, of 1.895 pence per ordinary share. The shares will go ex-dividend on 25 April 2024 and the payment will be made on 24 May 2024 to shareholders on the register as at the close of business on 25 April 2024.

This fourth interim dividend completes Foresight Solar’s dividend target of 7.550 pence per ordinary share for the 2023 financial year.

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.