Premier Miton Global Renewables’s (PMGR) results for 2024 show a -26.1% return on NAV and -15.2% return to shareholders. The return on the S&P Global Clean Energy Index was -24.1%. Equity shareholders’ net assets are now just £18.5m and the asset cover on the zero dividend preference (ZDP) shares is down to 1.89x.
The full year dividend was 8p, this was not covered by earnings which fell by 6.9% to 7.55p.
No ordinary nor ZDP shares were either issued or redeemed in the year.
The chairman had this to say:
Continuation Vote and Future of your Company
Based on the market situation and valuations existing at the date of this report, the Board does not believe it will be cost effective to issue new ZDP Shares at the maturity of the existing ZDP issue in November this year. This would leave the size of the Company, measured by gross assets, at a level which the Board believes would be too small to be viable.
Further, a lack of demand from investors for smaller sized investment trusts indicates that increasing the size of the Company through an Ordinary Share issue is unlikely to be possible.
Your Board will therefore explore other options which may include the wind up of the Company with a distribution of cash, with a potential option for shareholders to roll-over into a similar open-ended fund. The Board will consult with shareholders and advisers to reach the optimal outcome.
With this in mind, having consulted with advisers and Premier Miton, the Board recommends shareholders vote in favour of the continuation resolution at the 2025 AGM to be held in April. This will allow the Board maximum flexibility to bring forward proposals to wind up or otherwise reconstruct the Company, or should market conditions improve substantially, to continue as an Investment Trust. Voting in favour of continuation does not, of itself, mean that the Company will continue in existence after the repayment of the ZDP shares in November this year.
[It will be a shame to see the company disappear but it clearly is no longer viable. Ecofin Global Utilities and Infrastructure has a far superior track record and is the obvious choice for any rollover.]
PMGR : The end is nigh for Premier Miton Global Renewables
