In QuotedData’s morning briefing 7 March 2024:
- Aquila Energy Efficiency Trust (AEET / AEEE) says it didn’t receive any definitive proposal from potential buyers that it believes, at this time, could deliver greater value to shareholders than its ongoing managed run-off of the portfolio. It wants to hold back a cash buffer but plans to distribute £17.5m to shareholders by way of a tender offer at a fixed price of 94.28p, which is the last published NAV. The company has also commented that moving to a managed run-off approach is affecting its relationship with ESCOs (Energy Sevice Companies – such as those used to manage energy efficient lighting projects) and that an appropriate level of provision has been made in the unaudited NAV to reflect some potential bad debts as a result. [This seems odd to us – are counterparties really thinking that they can get away with not paying?]