Sdcl Energy Efficiency I... Share Discussion Threads

[panshanger1] 13/5/2024 11:51

Pushing on and decent volume today

[cc2014] 10/5/2024 12:21

I note we have got back to the 66p area where SEIT turned in early March.

It also seems to match with some chart resistance points from November and December last year.

Hopefully we will break through and then it's a clear run to around 72p

[cc2014] 08/5/2024 15:12

It looks to me like this is being very slowly walked up with someone trying to get stock cheap.

Not before time imho but I would say that. I will have to decide what to do when it gets back to 66p where it turned down last time. My inclination is to hold on as I believe SEIT to be worth more than that but that strategy didn't work out for me last time.

[cc2014] 07/5/2024 16:22

SEIT was stuck between a rock and a hard place IMHO.

It got caught with too many capital commitments when the endless issuing more shares came to an abrupt finish (like many others) Or rather imho it could just have about managed it's way through things given the free cash flow but the market wasn't prepared to tolerate that. Indeed another rise of 100bp on interest rates would have caused problems.

Fortunately that didn't happen and fortunately it's got this asset away at a decent enough price, spilt the cash between RCF repayment and investment in assets with better returns and now over the next year keep doing more of that from the free cash flow.

We will see what happens now. The market seems to want another asset sale, but I'm not bothered. More than anything it's time for Red Rochester to step up and start delivering.

[rambutan2] 07/5/2024 15:50

But did cost them £100m to buy less than 2yrs ago.

[williamcooper104] 07/5/2024 09:45

Nice - that and a bit of operational cashflow would pay of the RCF

[cc2014] 07/5/2024 09:08

Always good to see the fund manager doing what they said they were going to do. Price looks decent to me to.

[rik shaw] 07/5/2024 08:32

Yes about 8.5% based on portfolio valuation at Sept 23

[hugepants] 07/5/2024 08:18

Is that about 10% of the portfolio? Good result.

[spectoacc] 07/5/2024 07:10

"SDCL Energy Efficiency Income Trust plc is pleased to announce that it has sold its UK onsite solar portfolio, UU Solar, to UK Power Networks Services Holdings Limited, the private networks business of UK Power Networks Group, for a consideration of £90.8 million. The agreed price represents a 4.5% premium to the Company's 30 September 2023 valuation."

[121spa] 28/4/2024 09:51

Is anyone worried about SEEIT's level of debt?

[cc2014] 17/4/2024 15:59

Why am I not surprised it is M&G

[spectoacc] 17/4/2024 15:30

M&G could still have A LOT still to sell, but I'm reassured by them being arguably the single worst "OPM" investor out there.

[cousinit] 19/3/2024 13:15

Might be 2+2=5 but I think ADIG had a number of these names, so some of the weakness could be abrdn raising cash for the first capital distribution.

Just checked and most of the positions are in larger trusts like UKW, HICL etc but there is a tail of £8m across renewables and infra that they didn't disclose in the annual report and the holdings listing isn't working on the abrdn website...

[igoe104] 19/3/2024 12:55

These investment trust and reits will stay in Limbo until probably H2 when interest rates start falling. Patience will be required until then.

[cousinit] 19/3/2024 12:48

I think some of the other renewable energy/battery trusts are indicating what happens when you can't find some institutional buying in decent size.

Looks like maybe one of the big wealth managers is trying to drop shares to find whatever liquidity they can across a broad range of trusts.

[stemis] 19/3/2024 08:55

Same old I'm afraid

"The portfolio aggregate EBITDA has outperformed budget for the calendar year 2023"....but we're not going to tell you what that is.

"The RCF is expected to be circa £155 million drawn at 31 March 2024... The aggregate of borrowings by the Company's portfolio investments, excluding the RCF, is forecast to be around £325 million at 31 March 2024 "...so £480m on a consolidated basis, or 70% of market cap.

[spectoacc] 19/3/2024 08:29

Unchanged on the day :o

[spectoacc] 19/3/2024 07:38

They could do with the money mind:

"During the Period SEEIT made investments totalling £52 million, all of which was organic investment into existing assets under development or construction predominantly in Red Rochester and Onyx where the Company anticipates strong double-digit internal rate of returns."

And now looking for partners to invest more.

Getting a sale away - even of only one asset - would be a big plus.

[cc2014] 19/3/2024 07:35

Much to my surprise it seems they do have bidders for their assets. They do not tell us at what price but I assume that to be broadly in line with NAV.

We will see what happens to the share price. The market was supposedly worried about SEIT's level of gearing so today we will find out whether that was true or just smoke and mirrors.

[spectoacc] 19/3/2024 07:11

""Both the Board and the Investment Manager are pleased to see an improvement in SEEIT's share price over the last month which has been helped by our ongoing efforts to improve the liquidity and marketability of SEEIT's shares."


Um... GASC bought 12.2%, that's the sole reason.

[cc2014] 11/3/2024 15:24

People too busy buying bitcoin to care about SEIT

[spectoacc] 11/3/2024 15:16

Disappointing drop today, -4.9%. GCP -3%.

[cc2014] 08/3/2024 11:32

There we go. GA pick up another 8.5m shares to take them to 12.2%

edit: so in 6 working days GA have picked up 8.5m shares which looking at the daily volume must be a large proportion of the buys.

Which leaves 2 questions:
1. Where would the share price be without them = ouch
2. At what point to the sellers at 65p run out = hurrah