In QuotedData’s morning briefing 15 June 2023:
- Aquila European Renewables (AERI) passed its continuation vote at the AGM yesterday. The vote was roughly 75:25 in favour of continuation. [We would expect that next year’s continuation vote (brought forward from 2027) will actually prove less contentious. As we explain in the note published yesterday, with all of AERI’s portfolio now operational, dividend cover should ramp up sharply (the company is saying 1.8x in 2023) and the excess cashflow can be used for buybacks and new revenue- and perhaps NAV-enhancing investments.]
- Gore Street Energy Storage (GSF) reports that its NAV increased to 115.6p from 109.1p over the 12 months ended 31 March 2023. The NAV total return, including dividends, was 12.3%. The dividend was upped to 7.5p from 7.0p. The weighted average discount rate used to value the portfolio increased to 10.1% (FY 2022: 8.3%), in response to the current macroeconomic environment. Operational capacity increased by 59.85 MW, or 25.8% to 291.6 MW. A significant proportion of assets under-construction/pre-construction (521.8 MW) are scheduled to become operational within the following 18 months [which should continue to drive the NAV higher].
- NB Global Monthly Income (NBMI), which is now in wind up mode, will distribute £28.5m through a compulsory redemption of 27.1% of its shares (based on the register of members as at close of business on 29 June 2023) at 79.35p per share (the NAV on 13 June 2023). If you are a shareholder, you should get your money by 13 July.
We also have final results from JLEN Environmental, Biotech Growth, Custodian REIT and Syncona