Ecofin Water&powr Opportunities Share Discussion Threads

[praipus] 13/11/2009 15:25

Ecofin Water&powr Opportunities Net Asset Value(s)





TIDMECWO

RNS Number : 4881C
Ecofin Water & Power Opps PLC
13 November 2009

?
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| ECOFIN WATER & POWER OPPORTUNITIES PLC | | | |
+---------------------------------------------------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| It is announced that at the close of business on 11 November 2009, the un-audited Net |
| Asset Values |
+--------------------------------------------------------------------------------------------+
| per Ordinary Share and ZDP Shares of the above investment trust company | | |
| were:- | | |
+--------------------------------------------------------------------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Share Class | NAV (p) | Increase / | Absolute | | |
| | | (Decrease) | movement | | |
+ +-------------+----------------+----------------+--------+--------+
| | (inc. undistributed | % | (p) | | |
| | revenue) | | | | |
+--------------------------+--------------------------+-------------+----------------+----------------+--------+
| Ordinary Shares | 182.36 | 2.15 | 3.84 | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Ordinary Shares | 178.83 | 1.53 | 2.70 | | |
| (dilutive)* | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| ZDP Shares | 101.97 | 0.14 | 0.14 | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| *The Company's Subscription Shares and 6% Convertible Unsecured Loan Stock 2016 in issue |
| may, but |
+--------------------------------------------------------------------------------------------+
| not necessarily will, dilute the Ordinary Shares Net Asset Value. |
+--------------------------------------------------------------------------------------------+
| Where no dilution of Net Asset Value takes place the value box on this line will indicate |
| "not applicable". |
+--------------------------------------------------------------------------------------------+
| The diluted NAV assumes that the subscription shares rights have been exercised at 168p |
| (closing strike |
+--------------------------------------------------------------------------------------------+
| price up to 31 May 2010) and that the 6% Convertible Unsecured Loan Stock has been |
| converted at the |
+--------------------------------------------------------------------------------------------+
| conversion price of 172.6445p. |
+--------------------------------------------------------------------------------------------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Fund Values | | GBP '000 | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Total Assets (less cash | | 531,905 | | | |
| at bank) | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Cash at Bank | | 14,673 | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Total Assets | | 546,578 | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Borrowings: | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Prime Brokerage | 21,851 | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| 6% CULS 2016 | 80,000 | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| ZDP Shares | 61,179 | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | 163,030 | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Net Assets (Ordinary | | 383,548 | | | |
| Shareholders Funds) | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| Gearing (net debt/net | | 38.70% | | | |
| assets) | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| | | | | | |
+--------------------------+-------------+----------------+----------------+--------+--------+
| NB: The assets of the company include approximately GBP47.20m in bonds, and put options |
| representing |
+--------------------------------------------------------------------------------------------+
| approximately GBP6.00m on a delta adjusted basis. Adjusted for these two components, the |
| total equity |
+--------------------------------------------------------------------------------------------+
| exposure of the Company is 124.81% of net assets. |
+--------------------------+-------------+----------------+----------------+--------+--------+


+-----------------------------------+----------+
| Phoenix Administration Services Limited |
+----------------------------------------------+
| Company Secretary | |
+-----------------------------------+----------+



This information is provided by RNS
The company news service from the London Stock Exchange
END

[praipus] 23/4/2009 21:56

New thread for ECWO

[praipus] 23/4/2009 17:52

Same here took a bath on all the more recent purchases.

Yep any suggestions for a splendid title for an ECWO thread welcome.

Although....."survivors" might be a good one....unfortunately.

[spangle93] 23/4/2009 17:12

I took the tender too, despite having to take quite a loss. I think there are other investments that may gain more in the next 12 months, and I've been disappointed at how far these investments (I have ECWO too, but will keep those) have fallen, despite it being (to my clearly untrained thought) a sector that would do OK in a downturn.

Are there plans for an ECWO thread for the survivors?

[praipus] 23/4/2009 16:10

With the dividend having sold some ECWC and made market purchases of ECWO, it works out approximately 15% (by my very unreliable methods) better than converting too. Even with costs (charges, stamp duty and spread).

The risks being the market which we accept by default anyway or enough shareholders tendering to force an asset sale probably all a worse case scenario and making those that tender justifiably content.

By holding to convert some ECWC I think I am not trying to beat the market or predict what will happen and that gives me some comfort...though not much at the moment.

[david77] 22/4/2009 20:35

That's what I've done too.

[ianbrewster] 22/4/2009 20:08

Have taken the tender - may buy back ECWO later

by my sums (at current share price & NAV), I am 15% better of with tender/market buy over convert.

[praipus] 22/4/2009 11:58

Read recently that after the Great Crash of 1929 stock prices were 50% below their highs. In the following two years they dropped a futher 80%.

Read somewhere else utility stocks are under pressure now as investors sell defensives to buy bank and commercial property shares.

Converting as well as having sold some ECWC to make market purchases of ECWO.

[praipus] 14/4/2009 12:37

IanBrewster: Yes quite right, sorry, I seem to suffer from this type of more enthusiasm than attention to detail disorder, from time to time.

[cerrito] 11/4/2009 17:26

As an ECW holder I anticipate that I will take the cash especially given the current discrepancy between the ECWO NAV of 148p and share price of 125.
The idea of a subscription share is a good one; however whether it will entice me to buy ecwo on the stock exchange so that I can participate in this will depend on any further information that may be available on the Bonus Issue Record Date on the capital structure of the company going forward.
I doubt somehow I will be enticed but am interested in any ZDP proposal that may come forward.

[ianbrewster] 10/4/2009 17:31

Praipus - don't think so, Bonus Issue record date is 15th May but Tender money is released on 30th April.

[asmagliocco] 10/4/2009 13:50

Yes, the bonus shares are a sweetener that's hard to ignore for anyone willing to stay invested in the sector and with this proven company. FWIW (for I really am a small-scale investor), I'm minded to convert all my ECWC to the ordinaries, unless of course I hear a convincing case for not doing so...

[praipus] 09/4/2009 13:06

You would miss out on the subscription shares!

[ianbrewster] 09/4/2009 09:58

That is the question - on one hand I am tempted to cash in now and buy back cheaper later in the year - the other side doesn't want to be out of the game!!

If it was easy, we would all be rich !!

[clusium] 09/4/2009 08:23

And the next question is: if you sold your ECWC, would you but ECWO?

[ianbrewster] 08/4/2009 19:26

If my calculations are correct, then converting ECWC doesn't make much sense either.

If I convert my 1000 ECWC, I get 3138 ECWO

Selling ECWC and buying ECWO, I get 3407

Tendering ECWC and buying ECWO, I get 3591

at today's prices and 3rd April NAVs (152 & 476)

Is there a flaw in my logic ??

[glynnef] 06/4/2009 16:08

details of the capital reorganisation / conversion offer



Why would anyone convert ECW to ECWO at 148p when the current price in the market is 125p offer?

I appreciate this thread is largely for ECWC holders, for whom conversion makes more sense. I held ECW for the 8%+ divi and it has held its capital value nicely, but sold my last ECWC some time ago.

GlynneF

[clusium] 02/4/2009 10:12

Still a holder of (reduced amount) ECWO. It seems to have downside resistance at 120. Want to buy more but will wait till the above hullabaloo is over, with the announcement bearing so much uncertainty about the capital raising.

[praipus] 01/4/2009 11:16

Conversions, Tender Offers, proposed bonus issue of Subscription Shares and possible capital raising !!!!

[praipus] 27/3/2009 15:35

RNS Number : 5634P
Ecofin Water & Power Opps PLC
27 March 2009

ECOFIN WATER & POWER OPPORTUNITIES PLC

It is announced that at the close of business on 25 March 2009, the un-audited
Net Asset Values per share of the above investment trust company were:-

+----------------------------------+------------+------------+-------------+
| Share Class | NAV (p) | Increase / | Absolute |
| | | Decrease | movement |
| | | % | (p) |
+----------------------------------+------------+------------+-------------+
| Income Shares * | 99.90 | 0.12 | 0.12 |
+----------------------------------+------------+------------+-------------+
| Capital Shares | 469.68 | 8.23 | 35.73 |
+----------------------------------+------------+------------+-------------+
| Ordinary Shares * | 149.20 | 4.31 | 6.16 |
+----------------------------------+------------+------------+-------------+

* Inclusive of undistributed revenue

+----------------------------------------------+------------+
| Fund Values | GBP '000 |
+----------------------------------------------+------------+
| Total Assets (less cash at bank) | 504,403 |
+----------------------------------------------+------------+
| Cash at Bank | 14,370 |
+----------------------------------------------+------------+
| Total Assets | 518,773 |
+----------------------------------------------+------------+
| Borrowings | 118,808 |
+----------------------------------------------+------------+
| Net Assets | 399,965 |
+----------------------------------------------+------------+
| Gearing (net debt/net assets) | 26.1 % |
+----------------------------------------------+------------+
| Effective gearing on Ordinary Shares | 18.5 % |
+----------------------------------------------+------------+

Phoenix Administration Services Limited
Company Secretary


This information is provided by RNS
The company news service from the London Stock Exchange
END

[linhur] 25/3/2009 15:25

GlynneF

Many thanks for info. The answer seems to be after the valuation is known at 31 March 2009.

[glynnef] 25/3/2009 14:00

Linhur, This is as definite as I can find for the Incs - April09 - from the prospectus for the new ordinary share placement in Jan07.

The Income Shares have a fixed life to April 2009. They have the right to receive fixed, quarterly
dividends which are preferential and rank ahead of any other dividends payable on any other class
of shares in the Company. They have an entitlement to capital which increases daily at such
compound rate as will give risk to an entitlement to capital on 31 March 2009 of 100p per share. In
April 2009, holders of Income Shares will be given the opportunity either to accept a cash tender
offer for their Income Shares at a price of 100p per share or to convert their Income Shares into
Ordinary Shares on a basis which will value each Income Share at 100p and each Ordinary Share at
its Attributable NAV as at 31 March 2009.

[linhur] 22/3/2009 23:29

When are Ecofin likely to send out any documentation regarding the election of income and capital shares to ordinary shares or cash?

[praipus] 20/3/2009 16:39

Ecofin Water & Power Net Asset Value(s)

TIDMECW

RNS Number : 2239P
Ecofin Water & Power Opps PLC
20 March 2009

?
ECOFIN WATER & POWER OPPORTUNITIES PLC


It is announced that at the close of business on 18 March 2009, the un-audited
Net Asset Values per share of the above investment trust company were:-


+----------------------------------+------------+------------+-------------+
| Share Class | NAV (p) | Increase / | Absolute |
| | | Decrease | movement |
| | | % | (p) |
+----------------------------------+------------+------------+-------------+
| Income Shares * | 102.58 | 0.11 | 0.11 |
+----------------------------------+------------+------------+-------------+
| Capital Shares | 433.95 | 4.91 | 20.32 |
+----------------------------------+------------+------------+-------------+
| Ordinary Shares * | 142.59 | 2.48 | 3.45 |
+----------------------------------+------------+------------+-------------+

* Inclusive of undistributed revenue

+----------------------------------------------+------------+
| Fund Values | GBP '000 |
+----------------------------------------------+------------+
| Total Assets (less cash at bank) | 488,949 |
+----------------------------------------------+------------+
| Cash at Bank | 20,997 |
+----------------------------------------------+------------+
| Total Assets | 509,946 |
+----------------------------------------------+------------+
| Borrowings | 127,394 |
+----------------------------------------------+------------+
| Net Assets | 382,552 |
+----------------------------------------------+------------+
| Gearing (net debt/net assets) | 27.8 % |
+----------------------------------------------+------------+
| Effective gearing on Ordinary Shares | 20.2 % |
+----------------------------------------------+------------+

Phoenix Administration Services Limited
Company Secretary

This information is provided by RNS
The company news service from the London Stock Exchange
END

[praipus] 13/3/2009 14:28

Ecofin Water & Power Net Asset Value(s)

TIDMECW
RNS Number : 7958O
Ecofin Water & Power Opps PLC
13 March 2009

ECOFIN WATER & POWER OPPORTUNITIES PLC

It is announced that at the close of business on 11 March 2009, the un-audited
Net Asset Values per share of the above investment trust company were:-

+----------------------------------+------------+------------+-------------+
| Share Class | NAV (p) | Increase / | Absolute |
| | | Decrease | movement |
| | | % | (p) |
+----------------------------------+------------+------------+-------------+
| Income Shares * | 102.47 | 0.12 | 0.12 |
+----------------------------------+------------+------------+-------------+
| Capital Shares | 413.63 | - 1.23 | - 5.14 |
+----------------------------------+------------+------------+-------------+
| Ordinary Shares * | 139.14 | - 0.50 | - 0.70 |
+----------------------------------+------------+------------+-------------+

* Inclusive of undistributed revenue

+----------------------------------------------+------------+
| Fund Values | GBP '000 |
+----------------------------------------------+------------+
| Total Assets (less cash at bank) | 494,513 |
+----------------------------------------------+------------+
| Cash at Bank | 16,754 |
+----------------------------------------------+------------+
| Total Assets | 511,267 |
+----------------------------------------------+------------+
| Borrowings | 138,513 |
+----------------------------------------------+------------+
| Net Assets | 372,754 |
+----------------------------------------------+------------+
| Gearing (net debt/net assets) | 32.7 % |
+----------------------------------------------+------------+
| Effective gearing on Ordinary Shares | 24.6 % |
+----------------------------------------------+------------+


Phoenix Administration Services Limited
Company Secretary

This information is provided by RNS
The company news service from the London Stock Exchange
END