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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Aquila Energy Efficiency Trust Plc | AEET | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 61.50 | 08:00:04 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 63.50 | 61.50 | 63.50 | 61.50 | 61.50 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 27/09/2024 | Interim | GBP | 0.06139 | 10/10/2024 | 11/10/2024 | 01/11/2024 |
| 16/02/2023 | Interim | GBP | 0.0125 | 02/03/2023 | 03/03/2023 | 20/03/2023 |
| 03/11/2022 | Interim | GBP | 0.0125 | 17/11/2022 | 18/11/2022 | 09/12/2022 |
| 15/09/2022 | Interim | GBP | 0.01 | 29/09/2022 | 30/09/2022 | 31/10/2022 |
| Top Posts |
|---|
Posted at 03/3/2025 11:05 by cousinit The Board of AEET have always felt to be very clunky/procedural.I suspect that they will want a new NAV and maybe even the annual results to be out prior to the capital return. It may be that there is a settlement period for the realisations (one is in Italy after all!) as the announcement said 'agreements' to realise. Maybe that time allows the wealth managers to continue selling... |
Posted at 03/3/2025 00:25 by chucko1 HE, yes, but must also add back net accruals since the published NAV date (30th June 2024). The net effect is around 4p.Taking this into account, then the discount at 57p is 37.6%. But this is not the story; after adjusting for a repayment of £26.5mn (using FX of 1.205), the projected discount becomes 58.4%. There is more - net cash as of 30th June was £9.6mn (adjusted for dividend payable and accounts payable but adding net accruals). What this means is that the two numbers above become 43.2% and 73.1%. You would have to be patient to derive all of that benefit (almost potentially quadrupling your money, except they have stated that they are a marked seller and this would have some effect, obviously). Offsetting this is that income appears to be healthy across most if not all remaining assets that have not been impaired (around 5% of assets, although this impairment is already reflected in the NAV). If the share price was 65p, then the two numbers would be around 33% and 56% with the non-cash-adjusted future discount at 45% - something that is extremely feasible in the short term. The large seller is not bothered with the future, but the recent sales have to affect their strategy to some extent unless they are prone to frantic recklessness. When an IT is at such a large discount and a material event such as Friday's (announcement) is made, something has to give from the pure arithmetic alone, absent of clear and obvious opposing factors of significant scale. Reading through the performance and description of their remaining assets, this is not the base case at all. By the way, at Friday's pre 4.13pm share price of 51p mid, the future cash adjusted discount was 85.8%. But I'm sure Rathbones are analysing this assiduously. Even if you thought the liquidation of these Italian assets had but a 50% probability in 2025, 51p is/was not the right price, even for those high-flying intellectuals at Rathbones, to be selling. |
Posted at 28/2/2025 17:16 by chucko1 I was doing everything from published information (ShareScope) but in a great hurry (obviously). I will do more due diligence over the weekend to sharpen things up.Nevertheless, I will be pretty close as is. Now I need to look carefully at all the other investments remaining to see what is the reasonable set of outcomes. I do not look at this often as you could die of boredom - except every three months or so, when it goes Boooooooooooooom! The 6.14p dividend announcement was its previous hurrah. This more so, and I think we may see vigorous trading on Monday morning. |
Posted at 06/2/2025 08:45 by chucko1 That divi was for the entire year. They are paying out infrequently now, as they stated they would, so this dividend was not inconsistent with income - hence the NAV, ceteris paribus, is more or less unaffected. |
Posted at 06/2/2025 08:34 by cousinit Langland - don't forget we had the 6 odd pence 'divi' last year.These small trusts in wind down do tend to find ways for the NAV to slip despite that not being the original pitch! The superbonus monies (as others have said) should be substantial versus the share price. At least the penalty interest on them is attractive if further delays are experienced. |
Posted at 04/2/2025 20:24 by hugepants On re-reading last results to end June they state they had £14.9M cash in August.Take off the following; £5M (dividends) + £2.5M (hedging euros) + £0.8M (commitments) + £1.05M (creditors) which gives net cash of £5.5M or 6.7p. Can also add 6 month earnings on to that. Then £28.8M of Superbonus investments anticipated to be redeemed by early 2025. "...The Investment Adviser believes that the Superbonus investments are likely to be substantially redeemed by the 2024 year end with full redemption in early 2025 although timing remains uncertain." That's another 35p per share if all redeemed. So AEET could have around 40p per share in cash now. And have they managed to sell any of the other assets? They've stopped the quarterly updates so who knows. I think NAV will be written down to about 90p just because the sector is in the doldrums but AEET is cash generative and ungeared so I don't think any NAV reduction should be too drastic. |
Posted at 02/10/2024 15:35 by 2wild Picked up 4000 at 60.72p, on 35% discount to NAV. 6.139p (10.11%) dividend paid within a month. |
Posted at 27/9/2024 10:40 by cynicalsteve It seems that Aquila bought some very good investments, if only they hadn't taken so long to buy them and treated communicating with shareholders like it was the equivalent of cleaning the shower drain (something I only do when I have to).As Jim Bowen used to say on Bullseye "Let's have a look at what you could have won!". AEET was my worst investment decision because I kept buying into a falling share price but now it seems likely I will make an undeserved profit. Those who bought at the bottom will make a much bigger and deserved profit without taking much risk. |
Posted at 27/9/2024 07:05 by hugepants Thought they may manage a small dividend, not over 6p and there's clearly a big capital return (around £28M) coming early next year.Positive despite their usual best efforts to sound negative! |
Posted at 18/9/2024 16:07 by chucko1 The issue I have with AEET is the extremely long term assets remaining (on average). Given the far greater immediacy of things like GABI, ASLI and API etc., I would rather have the bulk of my winddown chips with the latter.Having said that, I did own a modest chunk of this prior to the first capital return (via tender), and that was uneventful and profitable. But the portfolio has been rather different in composition from that point. Lower rates might still make this interesting. |
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