Share Name Share Symbol Market Type Share ISIN Share Description
Aquila Energy Efficiency Trust Plc LSE:AEET London Ordinary Share GB00BN6JYS78 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 79.00 20,002 08:00:00
Bid Price Offer Price High Price Low Price Open Price
78.00 80.00 79.00 79.00 79.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -0.57 -0.01 79
Last Trade Time Trade Type Trade Size Trade Price Currency
15:50:55 O 20,000 77.00 GBX

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Aquila Energy Efficiency (AEET) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2022-07-01 15:50:5677.0020,00015,400.00O
2022-07-01 09:00:3179.0021.58O
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Aquila Energy Efficiency (AEET) Top Chat Posts

Aquila Energy Efficiency Daily Update: Aquila Energy Efficiency Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker AEET. The last closing price for Aquila Energy Efficiency was 79p.
Aquila Energy Efficiency Trust Plc has a 4 week average price of 78.75p and a 12 week average price of 76.25p.
The 1 year high share price is 99p while the 1 year low share price is currently 74.50p.
There are currently 100,000,000 shares in issue and the average daily traded volume is 40,980 shares. The market capitalisation of Aquila Energy Efficiency Trust Plc is £79,000,000.
cc2014: The market can be bizarre at times. I took part in the Forestry IPO last year and watched as within days the price price went to 90p. Now the share price is 115p. AEET is even more bizarre imho. The investment manager is giving a presentation to shareholders at the July general meeting. I assume there will be something positive to say there. Also, in the last update in April there was around £19m committed or already invested and it's planned to be 100% invested by the end of the year. I'm guessing they will miss that target but not by alot. So, as of now maybe £30m is committed and that's enough to start the first dividend. Possibly 3 this year with the one in December say 1p, getting them close to the 5% yield on a running basis
stagvalley: It feels an odd time for a shareholder to be selling a lot of these shares given the near 20 percent discount on largely cash. Yes, I guess there is a risk that the manager will want to move more quickly than is sensible and overpay, but the board will no doubt scrutinise that issue quite carefully as they know everyone else will! Arix Bioscience, recommended by Simon Thompson last month, is in the same position of having most of its share price backed by cash yet being on a wide discount. Both seem attractive to be as, with judicious purchases, they could do very well indeed. A third one that I'm less sure about is Alpha Real Trust which also has a big discount and about 40 percent of its assets in cash. But they all seem to need patience - probably many months - and each seems to be moving very little. Other thoughts on this issue of trusts with lots of cash and wide discounts?
cc2014: "This is predominantly a procedural matter to ensure that the annual report and accounts appropriately reflect the outcome of the investment strategy review and the changes to fee arrangements with the Investment Adviser, and, in no way reflect any concerns about the Company and its financial position" I see there best attempts to assure us there is no bad news coming has had no impact whatsoever on the share price or the number of shares traded.
cc2014: 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
cc2014: 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.
cynicalsteve: 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.
cc2014: I have added to my position 3 times today including the trade at 72.95p. I've got enough for now. A 25% discount to NAV is just odd. I'm not sure how the Board can just watch the share price collapse and say nothing. Either there is market senstitive information which has leaked explaining the fall which they need to RNS or there is nothing of concern in which case they should issue an RNS saying so. Edit: there's either something fundamentally gone wrong here in which case the share price is going to continue to fall or otherwise this is easy money. I shall wait until the discount goes out to 30% before buying any more. (perhaps)
cc2014: #59. I agree. That's a very simple way to resolve the problem and must be one of the options being considered. My puzzle is though that it's now 7 weeks since they started this strategic review and that already seems a few weeks too long to draw the report to a conclusion. It's the nature of these things that the outcome leaks and the share price tends to move in advance. In our case the movement in share price is still downward. Indeed I suspect most of the share deals are PI's picking up what we perceive as cheap stock. Certainly a few have been mine. It is possible the institutions aren't interested because the market cap is now significantly below £100m, but what is clear that the volume a few PI's are buying is less than the volume coming on the market. This is always a circular problem of course. If you think you can buy it tomorrow cheaper than you can buy it today, even if you consider the price to be excellent, you aren't in a hurry to buy. What I can work out is the following: 1. If AEET merges with AERS, we likely get a merger at 97p a share, giving a 26% upside in the 3 months it takes to do the transaction 2. If AEET is wound up we get around 84p within 3 months and around another 11p within about a year allowing for some costs to wind it up. Still around 23% in a year but with most of the cash coming in earlier. 3. If AEET decides to continue as is without or without a wider investment policy it will take another year to deploy the assets fully. At that point the NAV will still be around 97p as I'm broadly saying the income will equal the management fee, but no dividend will have been earnt. From that point forward the dividend will be probably around 4% and ramping up to reflect a NAV return of 7-8%. It then looks like any other renewable trust and will over time get back to NAV and churn the dividends out. I can't see any other options being agreed to by shareholders, unless the Board are considering removing the fund manager, which when I think about it would be a valid discussion. I would have to read the prospectus about whether Aquila can be kicked out at the first AGM and whether unfilled non-exec posts would impact this.
jonwig: The simplest solution might be a merger with AERS. The two aren't so different, but shareholders of both would need to vote it through. AEET shareholders would need to approve change to a simpler 'infrastructure' mandate. Normally these things are done on the basis of NAVs, and the only numbers I have are AEET 96.92p (on 31/12) and AERS 99.4c on 30/06 (= 83.18p at current forex) so that could become: 1 share in AERS = 1 share in Newco, 1 share in AEET = 1.165 shares in Newco. NB. AERS is trading around par.
cc2014: I see the poor share performance is due to the lack of updates. Certainly as an investor how do I make good decisions when there is a lack of information? However, Aquila's other energy fund AERS is doing fine. £400m market cap and running at a 2% premium to NAV. Sure, the 2% premium isn't what some of them are running on but I see a premium of 10% as excessive anyway. In addition AEET isn't currently paying a dividend although this is due to start shortly. I think that puts the income investors off. My guess is that the investment manager is quietly going about his business and slowly deploying the capital. In time as the dividend kicks in I trust the share price will return closer to NAV and I'm not bothered whether I get dividends or capital appreciation. So, that's my rosy glasses scenario. Of course the fund manager could be sitting on the cash in which case the share price will go lower yet.
Aquila Energy Efficiency share price data is direct from the London Stock Exchange
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