Ecofin Water&powr Opportunities Share Discussion Threads

[flyfisher] 27/9/2016 19:20

Having tendered 100% for cash, my account with H/L has been allocated a 96% cash redemption, more than I expected.

[flyfisher] 27/9/2016 18:27

EGL - 4% and 135p
EFR - nil and 90p

[asmodeus] 27/9/2016 17:53

Afraid I've lost the plot here. Can anybody suggest the yields and NAVs of EGL and EFR? Also, how is it that they have been able to adopt these epicodes when they were already in use for other shares?

[healthtech] 27/9/2016 17:13

Ok, so I got the EGL and EFR shares actioned in my ISA today. I had 2000 ECWO shares at 135, so total value of £2,700

Now I have 2000 EGL shares at 112, £2,240 and 500 EFR shares at 36, £180, so total value of £2,420

So clearly the cash exit was the better option.

[neilyb675] 27/9/2016 09:47

Halifax a bit tardy not actioned the new holdings yet !

[spectoacc] 27/9/2016 09:42

Thanks @brwo349, that's a relief.

[brwo349] 27/9/2016 09:40

The Ecofin circular says both EFR and EGL can be held in an ISA.

[spectoacc] 27/9/2016 09:31

Am sure I saw 4% mentioned, but don't rely on that. And that will have been on NAV value rather than s/p, so would be higher when at a discount.

Now got EFR in 2 out of 3 a/cs, no EGL as yet (still says ECWO Assured Cash). Can trade EFR in just one a/c, and that same broker it says EFR isn't ISA-eligible. Surely it is? Held about half my ECWO in ISA so in danger of having to offload a few EFR.

Suspect all will be clearer next week when everything settles out.

[brwo349] 27/9/2016 09:23

Anyone know the expectations for the dividend. Last year they paid out 7.25p and they maintained that for first half this year by paying 3.6p.
If that is maintained then that is a 6.2% yield at 117.5p. Many trusts paying out that level seem to be valued at close to NAV or even a premium.
Just wondering if these are worth buying at 118p for a long term buy and hold while collecting a big dividend.

[brwo349] 26/9/2016 21:40

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.

[spectoacc] 26/9/2016 16:16

Probably little to be read into either prices or sizes until people are able to deal in them.

[wirralowl] 26/9/2016 15:52

Yep and a quote of 117.79 for EGL, also via IG Share dealing (spread showing as 108-118 !)

[psync] 26/9/2016 15:06

I can get a quote for 1000 EFR @ 44.89p from IG Sharedealing. I haven't been credited anything for the shares that I held in ECWO yet though.

[kev0856153] 26/9/2016 13:41

I'd be very interested at buying EFR at 50p or less. Does anyone have any thoughts on EFR and what would be a fair price. The only information I have is from the circular which says NAV is 90p and the target is to realise within 2 years.

I've tried TDW and IWeb and none of them even acknowledge the EFR and ECG epic codes. Has anyone been able to deal these yet?

[strathroyal] 26/9/2016 12:57

If EGL does open at around 117p and EFR at 40p then the combined discount is greater than ECWO itself traded at which seems to defeat the objective here. Clearly those who elected for cash will have got the better of the deal particularly if they reinvest.

[wskill] 26/9/2016 12:15

You can trade them now 117p to buy discount is lower than previous not so bad then.

[wirralowl] 26/9/2016 10:33

Not listed at AJBell yet.

[hpcg] 26/9/2016 09:46

Both have first day of dealing RNS but they don't look quite fully listed. There is a bid offer price but I don't think any deals yet. As per above none of my brokers have it listed yet.

[spectoacc] 26/9/2016 09:18

35/45 for EFR I think, so c.50% discount to NAV. Another not yet set up for trading it seems.

[neilyb675] 26/9/2016 09:01

Nothing in Halifax account yet.

[spectoacc] 26/9/2016 08:59

What price is EFR @konkel? Isn't recognised here, only EGL.

[konkel] 26/9/2016 08:46

Tickers are EGL & EFR

[spectoacc] 26/9/2016 08:06

108/118 for EGL fwiw - not that anyone will be able to sell if they've not had their shares yet. Or buy, if the two brokers I've tested are anything to go by.

[spectoacc] 26/9/2016 08:05

Only quote I can find is EGL - and nothing been done in any of the 4 brokers a/cs I had ECWO in. Mind you - my data provider (Ionic) often slow with new EPICs.

[orinocor] 26/9/2016 07:59

If the EWPO Scheme becomes effective, the first day of dealings in the Ecofin Global Shares and the EF Realisation Shares issued under the EWPO Scheme is expected to be 26 September 2016.