Hi.
Unfortunately, the prospectus makes no commitment to publishing factsheets, let alone quarterly ones. |
 On a serious note:
I am a bit cross this morning. I had been looking forward to the quarterly factsheet by the end of the month but having reviewed AEET's website it appears they are only doing these twice a year and the next one isn't due until August. I'm not sure if it was always this way or whether it used to be quarterly but they've now changed it to twice a year. I don't really care whether I get a factsheet or an update but I worry we won't hear anything new until August and I believe as shareholders we deserve better.
Secondly I'm not impressed with AEET taking advantage of the Covid 2 month reporting deadline so that we don't get the Dec-21 results until perhaps the end of June. For a Trust like this where 90% of the investments were "cash" at that point it hardly seems like their would be alot of work for the company to prepare them or the auditors to audit. I accept Covid has made life difficult for everyone but I'm not sure the extension if fully justified. Of course it makes little difference, we know what the NAV was at the end of December but I do like to read the accounts, just to make sure there's nothing in there I don't like.
Probably what frustrates me more is the delay to the accounts means a delay to the AGM |
is.... floundering even to put an RNS together for the end of March factsheet.
or to put together the year end accounts even though they had invested not very much. |
The UK leader in energy efficiency projects (SEIT) announced some new investments this morning. M4eanwhile the team at AEET is ... what? |
This is a great time to be selling 'green' assets, it's a good time to be owning them but I fear it's a terrible time to be buying them. I nearly bought SEIT but the premium put me off so I bought AEET instead. Sometimes the difference between clever and stupid is very small! |
The slow deployment and quality of the investments remains the biggest concern.
Between 31/01 and 21/04 only a further 5.5m euro or 9.5m euro if I count the subject to contract has been deployed. Let's be generous and call that 3.3m euro a month.
This gives us 27.1m euro deployed or subject to contract to date. £22.5m in Sterling or about a quarter of the fund.
To deploy the rest by the end of the year means around £9.5m has to be deployed a month if we just use a straight line basis, which seems a challenge and does seem to risk the credit quality of the investments.
However, Aquila's sister company AERS have a stance of this where they walk away when others don't. There's a very useful video here on which they make this very point.
The whole issue of IT's overpaying for renewable assets concerns me greatly which is why I'm trying to focus on those which build stuff or project manage the build rather than those buying in mature assets. Of course this has construction risk but the price is lower and the returns greater.
I would have though energy efficiency would be a hot area given the impact of Russian sanctions on the oil and gas price. There should be plenty of opportunities. |
Tried to buy some on ii and I was quoted a price of 78p. Quite disappointed |
It's conceivable that Aquila, in a rush to acquire assets, will over-pay (in a competitive bid, say). This would mean they collect income, and fees, but the company's nav won't make progress.
I'm still expecting a decent bounce from here, but whether we'll get anywhere near 95p is moot. |
I must admit to being initially disappointed with today's news. However thinking about it further if you think of this now as being almost like a new IPO where they are starting again, well you can now get in at a massive discount to a normal IPO in which case you would be paying par value for the shares. Lessons learnt hopefully and onwards and upwards.
The shares are moving up already at 76p to sell and 77p to buy |
Our Chair, Miriam Greenwood is on the Coucil of Advisors to Ofgem so I guess CS were known to her. |
CC2014 - thanks, missed that about who pays CS.
The CS website is worth a look. Both National Grid and ofgem have used them. |
It's taken 3 months to produce something which should have not been required and should have happenned all along.
1. The investment strategy is appropriate
2. Aquila put in more resources at their cost to deploy the resources quicker
3. The investment managers fee is paid on committed capital, not the NAV.
It would be my view somemwhere along the line Aquila should never have allowed the slow deployment to get to this stage and should have put more resource in without being required to do so and also the Board should have monitored/take action sooner.
On the basis the capital is all committed by the end of the year and the portfolio is then producing an 8% return it seems likely the share price would return to 100p. Indeed one might argue and I would that you would end up with a 10% premia as with others in the renewable sector. Of course AEET's credibility has collapsed so I'll settle for 100p.
Jon - future work by Complete Strategy is being paid for by the investment manager not the Trust.
The share price reaction this morning seems a little odd. The MMs seem to still have plenty of stock, at least in the size retail investors would want to buy. Three of the buys are mine. |
Yes all trades are buys including mine. |
All trades to date look to be buys, as mine was at 76.1499.
Complete Strategy: |
Here's the review;
Some thngs to like, such as reduction of fees to only committed capital, which should save cash.
But cash will be laid out to "Complete Strategy Ltd" who will be monitoring progress. I'd like to know what they are being paid.
Whilst a quick payment of 20p cash profit on liquidation would have been preferable, this looks OK. |
Another few days go by and still nothing from the company.
10 weeks to do a review is too long. |
Your optimisitc disposition may be justified as the price is edging up still and now 74.8p - 75.5p. The advfn share price quote is not displaying the reality |
It can't be long now. Surely?
I note there's a decent sized trade, 209k gone through at 73.6p. Of course these days you can never quite tell if it is what has been holding back the price or whether it's a delayed buy from days ago.
My guess is that it's a delayed sell and the MM have some left and are working towards a flat book. Or at least that's what my optimistic diposition is hoping for. |
Aquila should announce a review of the review! You would think they would realise that a review resulting from the slow speed of investment has to be done quickly! Who is paying for the review anyway? I've got a feeling it's us. |
Don't get your hopes up. They seem to do everything in slow motion whether it's investing the IPO proceeds or doing this review. |
Year end was 31/12, and so the annual results should be issued soon - their corporate calendar says "April 2022 Annual Report".
The board really can't issue results without reference to the ongoing review.
It will be very disappointing if there isn't some resolution. |
both bid and ask price up this morning |
OMG - AEET is up another half a penny today. There still seems to be plenty of volume available for buyers |
hodl, ignore the published spread on AEET. I dont know why it's so wide but you could get a real time quote to buy of 73.9 for most of today. I used Barclays and Halifax, HL should be the same. It does make me wonder what the spread will be once things settle down though. |
Where's the best place to get tight bid/offers spreads?
Hl's spread are very wide - really puts me off trading at these prices. I'd like to add both because at these levels I think they're both good value.
On AEET 73.50 - 78.00
On TEEC 83.50 - 87.00 |
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