Aquila Energy Efficiency Share Discussion Threads

[jonwig] 21/4/2022 09:06

CC2014 - thanks, missed that about who pays CS.

The CS website is worth a look. Both National Grid and ofgem have used them.

[cc2014] 21/4/2022 09:00

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.

[cc2014] 21/4/2022 08:27

Yes all trades are buys including mine.

[jonwig] 21/4/2022 08:19

All trades to date look to be buys, as mine was at 76.1499.

Complete Strategy:

[jonwig] 21/4/2022 08:03

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.

[cc2014] 11/4/2022 08:28

Another few days go by and still nothing from the company.

10 weeks to do a review is too long.

[brwo349] 07/4/2022 15:21

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

[cc2014] 07/4/2022 12:22

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.

[cynicalsteve] 07/4/2022 11:23

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.

[brwo349] 07/4/2022 11:15

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.

[jonwig] 07/4/2022 10:15

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.

[brwo349] 07/4/2022 09:55

both bid and ask price up this morning

[cc2014] 06/4/2022 15:24

OMG - AEET is up another half a penny today. There still seems to be plenty of volume available for buyers

[cynicalsteve] 01/4/2022 17:12

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.

[hodl] 01/4/2022 16:28

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

[cynicalsteve] 01/4/2022 14:55

brwo349, I've bought some more at that price today. I would buy more but I'm already in very deep with this one. I just cant think of any outcome that doesn't result in a higher share price than this (unless they spend the cash on scratch cards). I suppose they wont publish the result of the review on April Fools Day but surely soon? That will remove the uncertainty and the shares can be correctly valued by the market.

[brwo349] 01/4/2022 12:45

lol just look at the prices I'm being quoted for a 10K trade with ii

Sell 10K at £0.73905
Buy 10K £0.739049

[rambutan2] 01/4/2022 04:55

For reference/the header:

(then click on Energy Efficiency in the Real Assets selection)

[rambutan2] 31/3/2022 21:28

As I suspected, but had to dig through to pg75 of the prospectus to confirm. Skin in the game usually gets a big thumbs up from me...

Advisory Fee
Under the Investment Advisory Agreement, the following fee is payable to the Investment Adviser:
(i) 0.95 per cent. per annum of NAV (plus VAT) of the Company up to and including £500 million; and
(ii) 0.75 per cent. per annum of NAV (plus VAT) of the Company above £500 million.

During the first year of its appointment, the Investment Adviser has undertaken to apply its fee (net of any applicable tax) in subscribing for, or acquiring, Ordinary Shares. If the Ordinary Shares are trading at a premium to the prevailing NAV, the Company will issue new Ordinary Shares to the Investment Adviser. If, however, the Ordinary Shares are trading at a discount to the prevailing NAV at the relevant time, no new Ordinary Shares will be issued by the Company and instead the Company will instruct its broker to acquire Ordinary Shares to the value of fee due in the relevant period.

[brwo349] 31/3/2022 15:00

Now 75.95p to buy and 73.48 to sell

[cc2014] 30/3/2022 15:32

Am I not so optimistic, but at least we've got through 7 hours without the share price dropping.

The seller is getting some volume down here.

[brwo349] 30/3/2022 08:25

It's possible we've bottom out now. The ask price has moved up slightly and I'm now getting quoted 75p to buy.

[cousin jack] 29/3/2022 16:01

CC2014: Did you receive any response to your request for more information (14th March) from the company ?

[jonwig] 28/3/2022 17:27

Boystown - because it's mainly cash.

steve - yes, maybe that's it. but nobody's announced a holdings change.

[brwo349] 28/3/2022 16:48

boystown, Not any that raised funds at 100p at IPO a year ago.

I also bought more today. The review cannot drag on much longer can it.