Sdcl Energy Efficiency I... Share Discussion Threads

[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

[cc2014] 08/3/2024 10:33

That's fair enough hpcg. If you bought anywhere near the bottom at 52p you've had a 28% rise in the share price including the dividend in around a month. One might think it not unreasonable to expect a retrace back to 60p and as you imply even if that doesn't happen it's not like there aren't plenty of other places to put the cash to work.

I am minded to slice a few as well but I do honestly like the portfolio at this price and I think it will perform well regardless of interest rates. I'm not sure why the share price ever went to 52p in the first place but I was very grateful to get some down there.

The bigger question for me is not so much whether I think the share price but whether I can get more bang for my buck elsewhere.

[hpcg] 08/3/2024 09:38

I'm not suggesting they are a sell, and I'm probably looking to add more, though opportunities still abound so I'm not anxious. Spread bets are necessarily a shorter time frame than gentle income accumulators. The bottom is in, but I wouldn't mind some more at 60p.

[cc2014] 08/3/2024 09:14

I am staying in. My gut says that GA are still buying and providing a support level to the share price. I do not know if they have a plan but I'll wait for a while and see what plays out.

[hpcg] 07/3/2024 15:01

Closed my spread bets today. Will observe post dividend drift, and obviously price has reached a natural place of resistance. Shares can hang in there. The bleeding obvious buying opportunity has gone for now.

[panshanger1] 07/3/2024 08:53

Ex div today 1.56p

[cc2014] 06/3/2024 08:50

General Atlantic moved their buy price up to 66p? Someone is absorbing lumps.

[cc2014] 01/3/2024 10:34

The buyers keep nibbling way but it seems like we've hit a seller who wants something just over 65p.

I'm quite optimistic though. The buys keep coming sooner or later the seller will be finished.

[cc2014] 29/2/2024 06:55

What we do know is that General Atlantic paid 65p for the 12m shares they bought recently so I assume they will be happy to keep paying that if they want more.

Trades from the last couple of days show volume dropping off so if General Atlantic do want more they are going to have to move the share price up soon.

[spectoacc] 28/2/2024 16:36

11.4% for the stake-acquirer now, you wonder where SEIT would be without it.

Will they keep going once M&G are tapped out?

[spectoacc] 28/2/2024 16:33

Be interesting to know what prices they paid, were they in that large fundraise a year and a half ago at 114p etc.

M&G have form - buyers of HOME even after the allegations emerged.

[hpcg] 28/2/2024 16:19

Specto - My assumption too, absent someone else telling us. It has occurred to me it could be an ESG mandate and not just an income fund. Whomever that's a significant hit for their investors.