Ecofin Water&powr Opportunities Share Discussion Threads

[wskill] 23/5/2016 08:07

At least the 15% will only be due on a price above cost or present value , it could be a decent earner over the next 2 years for the manager.
Yes I agree the 50% at NAV is a good effort by the board well done guys may just stay on board for the long term now.
Lonestar could be a valuable company if the oil prices continue upwards.

[hpcg] 23/5/2016 07:58

Hmm, the 15% fee for shifting Lonestar looks like a tasty call on oil prices for the manager. 50% trade in at NAV is good.

[neilyb675] 23/5/2016 07:39

Interesting rns

[edwardt] 29/4/2016 11:45

yep but the share price does not lie. when is the continuation vote on this? anyone know? I for one would like a pop to nav and I will take my chances elsewhere. the team have not exactly smashed it have they - time for my money back pls.

[wskill] 21/4/2016 07:11

Thanks Praipus this is what caught my eye,lonestar presently 4.1% of our portfolio so if it reaches the same valuation as its US peers it will be 24.6% or am I missing something.

And we have a 6% yield whilst waiting that is one thing I am good at waiting.

Despite this impairment charge, Lonestar’s share price is just
one‐third of its book value; the share prices of Lonestar’s US peers are typically twice their book values

[praipus] 20/4/2016 21:58

wskill, quite a mention for Lonestar in the monthly fact sheet

[chattochris] 18/4/2016 12:16

Any idea why the fall today?

[wskill] 11/4/2016 11:40

Anyone know the date we will see lonestar listed in the US.

[zcaprd7] 31/3/2016 18:27

Quite a chunky discount to NAV now, am I missing something?

[wskill] 23/3/2016 11:56

With a rise from $2.70 to $4.5 Aus over the past month that is a good increase from lonestar hopefully it will continue with a decent amount of ECWO assets in this company it can only help.

[wskill] 17/3/2016 10:04

And with lonestar listing on the Nasdaq in April the discount may narrow a decent amount.

[konkel] 17/3/2016 08:20

Indeed, the %age of the portfolio represented by Lonestar merely reflects its precipitous fall rather than any "reducing" of the position!

[jimcar] 16/3/2016 22:25

LNR's price halved from October to end January so if the same happened to the bonds or there were currency movements then that could account for the % fall

[wskill] 16/3/2016 18:22

Yes Jim down from 5.9% think there is some bonds in there as well good to see them reducing.

[jimcar] 16/3/2016 17:37

Lonestar at 3.9% in the last figures

[wskill] 16/3/2016 14:53

I suppose with lonestar at 12% of the portfolio it does help we have a large discount to net assets if it fails, not saying it will but you have a good bit of leeway.

[konkel] 07/3/2016 08:50

Lonestar up 50% in a week!!

[neilyb675] 29/1/2016 13:52

The Company announces that the Directors have today declared a First Interim Dividend for the year ended 30 September, 2016 in an amount of 1.8125p per Ordinary Share.

The First Interim Dividend will be payable on Monday, 29 February, 2016 to holders of Ordinary Shares on the Register at the close of business on Friday, 12 February, 2016 (ex-dividend Thursday, 11 February, 2016).

[neilyb675] 21/1/2016 17:27

British Empire Trust plc, above 7% - notified today.

[jonwig] 21/1/2016 17:10

Yes - and Lonestar is quoted, but the holding may need to be placed off-market.

[hpcg] 21/1/2016 16:43

All the holdings apart from Lonestar are liquid. I am still out of touch and need to revisit on that score. The utilities could be liquidated in a day.

[jonwig] 19/1/2016 16:23

Well, these situations can be interesting!

If they (the BoD) intend a continuation vote of some sort, they should indicate this in good time. On the other hand, if they are determined to wind the company up, they might perform some disposals ahead of the fact.

[ursus] 19/1/2016 15:32

jonwig -

No i'm not sure re the bank facility terms, but have seen no indic that it will cease if the vote is to continue. A continuation does not involve moving assets to some different entity, so the loan doesn't need to be transferred -- I may of course have read too much into what you mean by "transferable". I agree with you re the problems of replacement issues of capital - whether Z's CULS or whatever. Hence my feeling that this one may go the wind up route.

The wind up period needs to be of reasonable length to avoid the co becoming a forced seller and to allow managers to sniff the breeze for the upturn in energy co prices, which must be some time away.

More difficult to my mind is estimating the likelihood of wind up, and the timing of a purchase given the discount to nav.

[jonwig] 19/1/2016 14:15

ursus - When you say "the existing bank facility", are you sure it would exist after the key date and be transferable to a continued company? These geared companies often offer replacement zeroes though that might prove a problem here.

Since the stated NAV is net of dues to the prior charges, at a present wind-up the ords would get 138p or so, less costs. Why would a wind-up of quoted companies take 2-3 years?

[ursus] 19/1/2016 12:33

With plunging nav and the obligation to repay Z's and CULS at end 7/16, might this become a share to be wound up? That decision has to be made in the next few months, I think, as the board must propose a continuation resolution. There is nominally headroom to repay the Z's and CULS from the existing bank facility, but that is a short term solution at best. So the bullet may well be bitten sooner rather than later.
Time to decide on an investment will be about the time of the continuation resolution, I reckon, when you can judge if a liquidation over say a 2-3 yr timespan cd pay out more than the share price predicts. Such investments have been v profitable in many areas over last few yrs, and with a reduced level of the anguish that many other shares are causing at the moment.