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
  -0.25 -0.36% 69.00 188,717 08:00:00
Bid Price Offer Price High Price Low Price Open Price
67.50 70.50 69.00 69.00 69.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -0.57 -0.01 69
Last Trade Time Trade Type Trade Size Trade Price Currency
16:23:28 O 95,840 67.50 GBX

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Aquila Energy Efficiency (AEET) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-02-03 17:15:0067.5095,84064,692.00O
2023-02-03 16:23:2970.476,0004,228.19O
2023-02-03 16:13:4270.4714,0009,865.79O
2023-02-03 15:53:2870.164,0002,806.56O
2023-02-03 15:48:1570.166,0004,209.83O
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Aquila Energy Efficiency (AEET) Top Chat Posts

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Posted at 03/2/2023 08:20 by 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 69.25p.
Aquila Energy Efficiency Trust Plc has a 4 week average price of 68.50p and a 12 week average price of 68.50p.
The 1 year high share price is 85.50p while the 1 year low share price is currently 68.50p.
There are currently 100,000,000 shares in issue and the average daily traded volume is 182,257 shares. The market capitalisation of Aquila Energy Efficiency Trust Plc is £69,000,000.
Posted at 03/2/2023 17:10 by cynicalsteve
Unfortunately I think the opportunity to sell to (or merge with) SEIT has passed. Their share price has fallen recently and they are on a discount of over 10% to NAV. So for it to benefit their shareholders they would have to buy the assets at a discount of 15-20%. This would be hard for many AEET shareholders to accept. A merger might be possible but don't bet on it.
Posted at 03/2/2023 16:13 by stagvalley
Do you think the continuation vote due this month could result in a wind-up decision? The share price as about 30 percent below the NAV. If they have bought good assets maybe SDCL would be interested in acquiring them.
Posted at 06/12/2022 11:00 by cc2014
I have about 60% of my holding inside an ISA or SIPP.

Should the share price be kind enough to rise substantially at least I'll have a tax problem to try and resolve which is better than where I am now.

I'm not happy about the dividend, CGT changes and fiscal drag but there's not much I can do about it except keep ISA'ing away my cash and topping up my SIPP.

Posted at 05/12/2022 14:32 by cynicalsteve
I really need AEET to start moving up! I (unwisely) bought a lot of this outside my ISA and assumed (also unwisely) that when the dividends started the share price would move up and I could sell some at a profit. Next year the dividend tax allowance drops to £1000 and the year after £500. By then I need all my AEET (and a few other shares) sold and (maybe) bought back in my ISA. I make it a rule never to do anything that wakes up the tax man!
Posted at 05/12/2022 14:21 by cc2014
One look at the chart which only ever falls and that's probably reason enough not put most people off. That and the red flags from last year around slow deployment of capital and them taking unusually long to get the accounts done.

The share price looks like it's on a one way trip to the centre of a black hole.

Posted at 15/9/2022 09:29 by cc2014
Regrettably the floundering share price shows what happens once investors lose confidence. It's going to take a long time to shake that off, although I suspect once the dividend reaches 5p and it's 100% invested all will be forgiven.

SEIT is a large fund, around £1.25bn, fully invested and has delivered what it set out to do. The liquidity is good and it deserves it's premium share price.

TENT is a bit all over the place and I believe is suffering by having too many eggs in one basket with about 30% of it's revenues from one company, the largest tomato supplier in the UK. Obviously that's a challenging business to be in right now with shortages of labour and very high heating costs. It's market cap is small at around £100m, but has some interesting investments including Hydro and in deployment battery storage. I own a few. I paid 96p. The discount seems a bit harsh to me.

The investments in AEET look better than TENT to me. Certainly less credit risk and more diversified.

I would hope that by March 23 the discount here is down to 10% and I would expect it to continue to close slowly after that to less than 5%. The difficulty is that AEET really needs to get to a premia so it can issue more shares and I don't see how that's going to happen. Sure I can see it taking on some debt and getting the invested assets up to £125m but it's hard to see it getting anywhere near the AUM required for FTSE250 entry.

The immediate question is whether Invesco, the largest shareholder will stop selling out now they will get and income stream through dividends or whether they have lost the plot with the Board and just want out regardless.

Posted at 15/9/2022 08:38 by cynicalsteve
Thanks CC2014, at last some news that isn't bad.
I wonder what the 'normal' premium/discount to NAV will be. There are two other funds that are similar to AEET, although energy efficiency/transformation is a very diverse area of investment. TENT is on a discount of 10%, SEIT is at a 6% premium. I think we can all agree AEET is going to trade at a discount.
One thing in the half year report that slightly annoyed me was the comment 'The disappointing share price performance has yet to reflect the increasing level of commitments that the Company has achieved post period end'. I don't think they have the right to complain about OUR slow response to events!!!

Posted at 15/8/2022 07:58 by cc2014
Investec are our large seller.

02/06/21 25.78%
23/02/22 24.99%
12/08/22 23.95%

The share price is going nowhere under that force of selling until either
a) someone with bigger pockets than me sees AEET as ridicously undervalued or
b) a significant proportion of the investments start realising a 8% return and AEET are paying the 5% dividend.

Starting the dividend would help.

Posted at 12/8/2022 11:07 by cc2014
The factsheet had nothing new in it. I was hoping for an update with the factsheet on the dividend. I think now that some of the portfolio is invested and generating income it's not unreasonable to start the dividend even if at a low rate.

It's done nothing to help the share price yet.

Regrettably I'm in agreement that some level of discount may be persistent as the reputation of this fund has already been damaged. It's going to take a while to shake that off, but even a move to a 10% discount which I see as too low would give a share price of 88p.

Comparing with SEQI I am relaxed. The loan to Salt Lake Potash was very poor judgement and I do not think Aquila are into that sort of game. They may be common in that they are both loans not equity but Aquila's loans are backed by an income stream at the lender which is well understood, whereas Salt Lake Potash was just an ongoing basket case of poorly understood construction risk. Your comparison is well made though. I'm relaxed but that doesn't mean everyone else is. After all, someone keeps selling down their shareholding in seemingly endless quantities. People sell for all sorts of reasons and sometimes they are very good ones.

Posted at 22/3/2022 11:16 by 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.

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