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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ecofin Wtr.Ord | ECWO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 139.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 139.50 | 139.50 |
| Top Posts |
|---|
Posted at 26/9/2016 21:40 by brwo349 I found the following in the circular. It sounds like they will make sure these shares are priced at close to NAV by doing buybacks.Discount control The Ecofin Global Board believes that Ecofin Global’s investment policy (as revised from the investment policy in place for EWPO), providing a strong and stable dividend and an attractive balance between risk and return, will be attractive to investors. As such the Ecofin Global Board believes that Ecofin Global should trade broadly in line with other equity funds with similar yield characteristics. However, the Ecofin Global Board is conscious that despite this, the Ecofin Global Shares may, at times trade at a discount to the NAV. While the Ecofin Global Board does not believe that it is appropriate to introduce a hard discount target, it is intended that Ecofin Global will use its buyback authority in the event that the Ecofin Global Shares trade at a meaningful and sustained discount to NAV and the Ecofin Global Board has an earnest intention to use its buyback authority accordingly. In assessing the level of discount at which to buy back Ecofin Global Shares, the Ecofin Global Board will have regard to Ecofin Global’s absolute level of discount, overall market conditions, prevailing discounts in comparable investment trusts or sectors and the views of Ecofin Global Shareholders. |
Posted at 15/8/2016 10:46 by hpcg There is already information published from early July about the new company:You see from page 34 that whilst the new co won't have a hard discount control mechanism they will have a discount control policy. I'm fairly sure the ZDPs roll over at the new starting NAV and thus like every thing else it cancels out once the starting gun fires. In effect the new interest rate will be about 4.3% - 7*100/163. |
Posted at 07/6/2014 18:41 by jonwig hpcg - thanks, I'd no problem reading your link.The holdings figures in the article seem to be ECWO plus affiliates. As far as I read, ECWO itself holds 55.5% of Lonestar, which is 11.7% of its portfolio. (April factsheet.) What surprises me a bit is that the share price discount to NAV here hasn't narrowed much relative to NAV performance. Investors are still fretting over gearing and restructuring? |
Posted at 04/6/2014 14:57 by zcaprd7 onestar's ordinary shares begin trading today on OTCQX under the symbol "LNREF." U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the company onwww.otcmarkets.com |
Posted at 03/4/2014 18:55 by zcaprd7 Lonestar Resources climbed 6.7 per cent to $0.32, its highest since June 2009, on solid demand for its offering of $220 million senior unsecured notes to US-based institutional investors.Read more: |
Posted at 01/2/2014 14:36 by jonwig Worth sticking with: company has unlimited life, even though there's a debt repayment event in 2016.Board and management will be keen to get existing investors on board ... eg. re-investment opps for ZDP, ords approval at GM. As a short(ish) term play, the balance of risks looks sound. |
Posted at 13/1/2014 07:12 by hpcg There is certainly negative pressure on utilities, but more the power generating kind than some of the US plays in the portfolio. Williams is well up in the last few days as activist investors have announced a stake, and Lonestar is very attractively priced compared with US peers because of where it is listed. It looks to me like sellers see better upside elsewhere, whereas I see some defensive strength at a discount. The NAV has underperformed the SP500 this calendar year but the yield is twice as high and I suspect the delta will be minimal in 2014. |
Posted at 12/9/2013 14:26 by jonwig edwardt - the latest monthly report is out. On Lonestar:Lonestar: Growing confidence among institutional investors in Lonestar's ability to deliver strong growth from its prime Eagle Ford acreage saw the shares rise 47% during August. The PV-10 valuation upgrade helped, taking Lonestar's proven reserves from $347 million to $366 million despite a disposal and the use of lower oil prices by the external independent petroleum engineers. First half results were also well received, especially as management reaffirmed its guidance for full year EBITDAX at between $63 million and $75 million. Lonestar's CEO has maintained a high profile amongst the company's new Australian stock market community and there are now six brokers with research on the company, each with a positive recommendation; the latest three reports contain share price targets between A$0.30 and A$0.40, and un-risked valuations of up to A$0.62 per share. |
Posted at 23/4/2013 09:41 by jonwig The latest monthly update is out. NAV discount around 22%.No water company in the top 10 investments, and they don't break down by type of utility. Lonestar comment: Lonestar's business strategy received validation as M&A activity intensified during March; three deals were announced involving reserves and acreage nearby to Lonestar's position in the Eagle Ford basin in southern Texas, each at valuations that are comparable to the discounted value of Lonestar's proven reserves, which in turn is around double the current share price. Lonestar's management is continuing meetings with institutional investors and brokers to familiarise them with the company's business and prospects in an effort to broaden the market for the shares. The acquisition of the additional working interest in the company's Beall Ranch lease was completed in March and marks a significant increase in LNR's proved reserves (+37%), acreage in the Eagle Ford and valuation metrics over pro-forma 2013 projections. |
Posted at 09/4/2011 14:50 by kenmitch Praipus. You are right about nearly all buybacks being a total waste of money for private investors, including Imvestment Trusts buying back to reduce the discount. That can work temporarily and then the discount widens again until the next buyback. Those who claim they work don't seem to to realise that if the share price subsequently goes up it could well have done so anyway. As for Companies undertaking buybacks - well what about the £30 billion spent on them by BP? They provided no support for the share price either before or after the Gulf of Mexico disaster. Ditto the huge sums spent by the banks - only for them to issue all the shares (and more!) back again in rights issues. Investment Trusts that don't buy back might well see their shares trading at a higher discount than if they did, but so what? That didn't stop THR being a top performer and their sub shares have gone up from 5p to nearly 50p in a bit over a year. The THR discount is always above average for the sector. Unfortunately most Institutions and professional investors and market commentators don't understand that buybacks are a waste of money and they even pressure Companies that now dislike them (e.g Rio Tinto) to buy back heavily. Institutions like them as they can be a good way of getting out of a share without moving the price against themselves. But there is nothing in them for private investors and every company who has "rewarded me" with a buyback has given me nothing as I've never seen a penny of it. But getting this message across is losing battle - and this post might well lead to several more claiming they work even though it is impossible to know that as the share price might well have risen anyway. Morgan Stanley have done detailed research on buybacks showing over many years that those Companies that bought back saw their share prices under perform those that didn't. And though the theory is good for Investment Trusts buying back it doesn't succeed in practice and the money would be far better spent on quality investments than in being thrown away. Or even in higher dividends. |
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