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QuotedData’s morning briefing 26 May 2022

In QuotedData’s morning briefing 26 May 2022:

  • The Financial Times has a story that there will be a windfall tax on oil and gas firms but, not yet at least, one on energy generators. The idea of an energy generation tax is said to be too complex to implement in a short timeframe. The BBC says that “proposals to tax income from other electricity producers, such as some older windfarms and nuclear plants which have also seen windfall gains, have been shelved.”
  • VH Global Sustainable Energy Opportunities (GSEO) will fund a second UK flexible power generation plant under the programme initially announced on 9 September 2021. The second site is located in County Durham and will consist of a 35MW high efficiency combined heat power with carbon capture and re-use. Construction is expected to begin in August 2022. The fund will now have £106m, up from £78m committed to the UK flexible power programme. The site is expected to deliver attractive margins from the power and purified CO2 revenue streams and will also benefit from further optimisation opportunities under offtake power purchase agreements (PPAs) given its larger size. Once operational, it is expected to deliver returns in line with the company’s target net return of 10%. The first project in this programme consisted of the construction of a 10MW plant in Nottingham, UK. As previously announced, construction on this plant is now well underway, and is expected to be fully operational in Q2 2023. Landmark Power is the operating partner of both plants. Following this commitment, the Company is 94% committed or deployed.
  • BlackRock Latin American Investment Trust (BRLA) has completed the purchase of 9,810,979 tendered shares in #connection with its latest tender offer. Proceeds will be paid to shareholders whose tendered shares are held through CREST accounts today (26 May 2022). 9,810,979 tendered shares have been cancelled, leaving the trust with a total number of ordinary shares with voting rights of 29,448,641.
  • Secured Income (SSIF) is handing back 6p per share to investors through a B share scheme (where shares are issued and immediately bought back).

We also have results from Shires Income, Edinburgh Investment Trust, Caledonia Investments, LondonMetric and Picton Property.

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