Ecofin Water&powr Opportunities Share Discussion Threads

[praipus] 26/8/2008 17:34

Ecofin have some Marwyn MVI shares in the portfolio which I think have a holding in Augean.

[praipus] 26/8/2008 17:30

Cluisum did you have some Augean PLC shares? (AUG).

[praipus] 26/8/2008 17:30

Ecofin Water & Power Net Asset Value(s)

RNS Number : 8944B
Ecofin Water & Power Opps PLC
22 August 2008


ECOFIN WATER & POWER OPPORTUNITIES PLC
It is announced that at the close of business on 20 August 2008, the un-audited Net Asset
Values per share of the above investment trust
company were:-
Income Shares: Net Asset Value: 98.36p per share (including undistributed revenue)
Capital Shares: Net Asset Value: 786.87p per share
Ordinary Shares: Net Asset Value: 198.99p per share (including undistributed revenue)
Gross Assets: £723,311,000*
Loan Facility: £179,673,000
Net Assets: £543,638,000
* After provision of £648,465 in respect of a first interim dividend for the year to 31
March 2009 in an amount of 2.0p per share on
32,423,253 Income Shares, declared on 25 July 2008 and payable on 29 August 2008 to holders on
the Register at 8 August 2008 (ex-dividend 6
August 2008).
Phoenix Administration Services Limited - Company Secretary


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

END

[praipus] 21/8/2008 16:27

As allways my pleasure Clusium. It is useful to run through your reasons for staying in an investment from time to time.

I dont know anything about Unit Trusts the bid offer spread allways seemed to be massive and the funds churned too regularily. Things have probably changed now though.

Sleep: Benjamin Graham says you should subtract your age from 100. Put the percentage representing your age in bonds and the remainder in equities. John Murray said many investors these days see utility equities as being between bonds and equities in terms of risk so I'm 100% utility equities (UTL,ECWC,UEM allowing).

[clusium] 21/8/2008 16:14

Many thanks for your reassuring comments, Praipus. I have some PNN but not a lot else except my full holding of ECWO still. I just bang my max into Unit Trusts every month and try to sleep.

[praipus] 21/8/2008 10:27

I didn't go either. Linhur did, post 1941.

The ECWO chart doesn't look pretty but if you compare it to the FTSE UKX it looks quite good and it looks obvious which anyone would rather be invested in.

I share your frustration I think we have had five very good years and got use to anything with Ecofin associated with it going up. Now is probably the time to be loyal IMHO because Ecofin would be just the chaps a distressed Bank or Private Equity house would use to re-float their utility assets to spectacular affect. NWG all over again perhaps.

You are probably right thinking 2009 increases investor uncertainty Ecofin has always had that and it is possibly to our advantage.

I am still a buyer of ECWC they make a lot less investment mistakes than I do. If there are no other compelling choices in March 2009 I will be happy to convert to ECWO.

Are you still investing in the underlying? PNN, BGY etc

[clusium] 21/8/2008 09:09

I didn't go to the AGM, Praipus, but would much appreciate anything you heard/know/believe that is relevant to my comment above.

[praipus] 20/8/2008 21:10

Got this from the ECO BB......amazing news

greenisgood - 20 Aug'08 - 19:29 - 128 of 129


For those unfamiliar with the significance of the recently announced EU CITL link-up to the UN system for ECO the following article from poweralternatives.com should explain:

"August 20, 2008
Carbon Trading: The EU And The UN Finally Get Their Ducks In A Row

By Ivor Watt

It may not have been widely heralded, but earlier this month it was announced that testing to establish communication between the UN and the European Union carbon registries had been successfully completed. Unheralded, yes, but for the EU's carbon trading system, and also for several UK-listed companies, vitally important.

Although the EU Emissions Trading System (ETS) is the most - indeed the only - established mandatory cap and trade system for carbon emissions in the world, it has been under threat of stalling of late, due to the lack of communication with the UN International Transaction Log. This disconnect was threatening to unhinge the relationship between polluters in the developed world and the creators of carbon credits in the developing world.

But the latest moves mean that carbon emissions reduction certificates created in the developing world under UN initiatives can now be transferred into the EU system, freeing up what was threatening to become a debilitating bottleneck in the system. The official launch of communication between the two systems hasn't happened yet but should do so before the end of the year.

The final confirmation of the two systems' ability to communicate removes one of the last major uncertainties in the EU's carbon trading system and should now allow member states to issue their national allocation plans for domestic industries, which determine how much carbon companies are allowed to emit. Some countries had been using the lack of communication as a reason to withhold their allocation plans, adding to the uncertainty about the system.

Confirmation of communication between the registries is of great significance to several companies that specialise in aggregating portfolios of carbon credits in the developing world, where they are issued under the auspices of the UN's Clean Development Mechanism, and then selling them into the EU system to companies who are overshooting their emissions targets. These carbon trading companies were facing up to a potential cash flow problem in that credits they had forward sold, or promised, to clients were stuck in the system and unavailable for physically delivery. As a result their payment for said credits was also held up.

But now Camco International, EcoSecurities and Trading Emissions can all continue to build their portfolios in the confidence that the credits produced can be sold into the EU system. Investors who have seen the value of their investments in these companies slide in the past year due to uncertainties in the system should begin to see the share prices in these companies recover, as they recover the ability to prove the value inherent in their portfolios. All three companies have seen their share prices suffer as investors have switched to more established sectors. In the meantime, sentiment toward carbon credit portfolio aggregators has not been helped by the demise of one-time rival AgCert, nor by a profit warning from EcoSecurities issued last year.

Another company which has been unaffected by such tribulations, but which will also welcome the news of the removal of further uncertainty from the EU ETS system is Climate Exchange. Climate Exchange has been one of the biggest successes on London's Alternative Investment Market (Aim) over the past year, as it has enjoyed being perceived as a proxy for the growth of the carbon trading market itself, through its operation of the European Climate Exchange, the dominant clearing platform for carbon trades in the EU. With volumes rising incessantly and Climate Exchange seemingly maintaining its market share, the the removal of further uncertainty can only help its cause.

As the carbon market continues to mature, and the communication between the two registries aids this, the participants who have struggled to establish themselves over the past few years may finally begin to see the fruits of their labours realised

[praipus] 20/8/2008 21:03

Clusium did you go to the AGM?

[clusium] 20/8/2008 18:06

ECWO seems to be suffering. Is it perhaps because of the structure and impact of March 2009?

[praipus] 19/8/2008 16:44

Bid rumours at £17.75 mark for SSE Scottish & Southern Energy one of the top twenty value on last annual report of £14m.

Could see up side on renewables minows like RWE, REH and NVE.

[praipus] 15/8/2008 14:35

Ecofin Water & Power Net Asset Value(s)

RNS Number : 3869B
Ecofin Water & Power Opps PLC
15 August 2008

ECOFIN WATER & POWER OPPORTUNITIES PLC
It is announced that at the close of business on 13 August 2008, the un-audited Net Asset
Values per share of the above investment trust
company were:-
Income Shares: Net Asset Value: 98.25p per share (including undistributed revenue)
Capital Shares: Net Asset Value: 782.51p per share
Ordinary Shares: Net Asset Value: 198.17p per share (including undistributed revenue)
Gross Assets: £723,230,000*
Loan Facility: £181,890,000
Net Assets: £541,340,000
* After provision of £648,465 in respect of a first interim dividend for the year to 31
March 2009 in an amount of 2.0p per share on
32,423,253 Income Shares, declared on 25 July 2008 and payable on 29 August 2008 to holders on
the Register at 8 August 2008 (ex-dividend 6
August 2008).
Phoenix Administration Services Limited - Company Secretary


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

END

[praipus] 14/8/2008 09:36

Good news thanks Linhur.

[linhur] 13/8/2008 11:18

Main comment I would make from AGM was that John Murray likes US electricity as there will have to be a large investment in the next 20 years to make up for lack of investment in the last 20 years.

Chairman said there would be a review of the share structure early in 2009 in the lead up to the repayment of the Income shares and capital share conversion/repayment. It was noted that the Co had a gearing (40% currently)at the low end of their normal range (40-60%).So if market conditions are suitable I would expect more funds to be raised next April.

Still a lot of opportunities around in the utility world

kind regards
linhur

[praipus] 12/8/2008 17:32

Monthly report:

[glynnef] 12/8/2008 15:33

Praipus,

I wouldn't bank on the ECWO discount disappearing. It is a rare investment trust that does not trade at a signifcant discount to the underlying NAV. The borrowings will provide gearing which adds to the risk, especially if they have to borrow more to pay out the ECW and ECWC holders in March09.

GF.

[praipus] 12/8/2008 15:13

Yes I suppose the ECWO look safer or at least less volatile than the ECWC in the current market. The VAT I assume by the ratio had not been repaid. So it looks like you did the right thing GlynneF.

ECWO I imagine will loose their discount to NAV after the windup in March 09.

[glynnef] 12/8/2008 13:39

Post 1934
I was surprised how many Capital shares got converted. 5.5m out of 19m.
It didn't look such a good deal to me, so I held them.
Any views ?

Also, as 28% of the portfolio is in the USA I would expect the recent strength of the US$ against the £ will have a positive effect on the NAV of ECWC when it is next reported.

[praipus] 11/8/2008 17:21

Unfortunately I was unable to attend the AGM. Did anyone else go? If so was anything interesting discussed? Did they mention BGY or Iberdrola Renovables rumours/takeovers?

[praipus] 11/8/2008 08:33

Ecofin Water & Power Net Asset Value(s)

RNS Number : 0032B
Ecofin Water & Power Opps PLC
08 August 2008

ECOFIN WATER & POWER OPPORTUNITIES PLC
It is announced that at the close of business on 06 August 2008, the un-audited Net Asset
Values per share of the above investment trust
company were:-
Income Shares: Net Asset Value: 98.13p per share (including undistributed revenue)
Capital Shares: Net Asset Value: 764.05p per share
Ordinary Shares: Net Asset Value: 194.93p per share (including undistributed revenue)
Gross Assets: £727,175,000*
Loan Facility: £194,960,000
Net Assets: £532,215,000
* After provision of £648,465 in respect of a first interim dividend for the year to 31
March 2009 in an amount of 2.0p per share on
32,423,253 Income Shares, declared on 25 July 2008 and payable on 29 August 2008 to holders on
the Register at 8 August 2008 (ex-dividend 6
August 2008).
Phoenix Administration Services Limited - Company Secretary


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

END

[jackiewilson] 01/8/2008 15:32

Conversion approved for those who elected to do so. Capital shares remain for the rest of us!

ECOFIN WATER & POWER OPPORTUNITIES PLC

1 August 2008

Conversion of Capital Shares

The Board of Ecofin Water & Power Opportunities plc (the 'Company') announces that, in connection with the conversion opportunity for Capital Shareholders, valid Forms of Election were received in respect of 5,551,948 Capital Shares. The resolution to effect the Conversion was duly passed at the Extraordinary General Meeting of the Company held earlier today.

The Conversion Ratio, based on the Adjusted Attributable NAV of a Capital Share and the Attributable NAV of an Ordinary Share as at the close of business on 30 July 2008, is 3.892:1. Therefore, a holder of 1,000 Capital Shares who has elected to convert such shares will receive 3,892 Ordinary Shares. Individual Shareholders' entitlements will be rounded down to the nearest whole number of Ordinary Shares.

A total of 21,608,161 new Ordinary Shares will result from the Conversion. These shares will rank pari passu with the existing Ordinary Shares.

Following the Conversion the total number of Shares of each class in issue will be:


204,160,513 Ordinary Shares;

13,406,595 Capital Shares;

32,423,253 Income Shares; and

495,555,977 Deferred Shares.


The Company has applied for the Ordinary Shares arising on Conversion to be admitted to the Official List and to trading on the London Stock Exchange's market for listed securities. Dealings in such shares are expected to commence at 8.00 a.m. on 4 August 2008. It is expected that CREST accounts will be credited with Ordinary Shares arising on Conversion on 4 August 2008 and that certificates for Ordinary Shares arising on Conversion (together, where applicable, with balance certificates for any Capital Shares not converted) will be despatched in the week commencing 4 August 2008.

Terms used in this announcement have the meaning given to them in the Prospectus issued by the Company dated 3 July 2008.

[asmagliocco] 29/7/2008 09:59

Hi Spangle93, that's more or less how I see it too, FWIW.
I'm holding, hoping the markets will be kinder next year and a better deal will be available.

[spangle93] 27/7/2008 13:23

Is this too simplistic?

If I convert to ECWO at e.g. 4:1, based on the NAV's.... Since discount is around 16% for ECWC and 11% for ECWO, I therefore get some uplift on the deal compared to 4:1 on share price. If I get 4 "O" shares for each "C" share, then based on closing price on friday, the uplift is about 6.5%. ECWO is less volatile than ECWC, and pays a dividend.

If I wait til March 2009, I get a similar offer to convert at a ratio of the ANAV's, whatever it may be at the time, or to take cash equivalent to 97.5% of the ANAV at the time, which would be a considerable uplift based on the large discount to NAV. Of course, if there is major trauma in the markets before then, the drop in ECWC is (a) likely to be greater than ECWO and (b) may offset the potential greater uplift.

Of course, markets could in fact recover, especially if this sector is seen as defensive. So if we assume that the market stays about this sort of level, it's likely that holding the capital shares til March rather than converting them now would be a better option.

Is that how others see the decision we're asked to make in the next couple of days?

[praipus] 25/7/2008 16:23

Ecofin Water & Power Net Asset Value(s)

RNS Number : 9424Z
Ecofin Water & Power Opps PLC
25 July 2008

ECOFIN WATER & POWER OPPORTUNITIES PLC
It is announced that at the close of business on 23 July 2008, the un-audited Net Asset
Values per share of the above investment trust
company were:-
Income Shares: Net Asset Value: 99.91p per share (including undistributed revenue)
Capital Shares: Net Asset Value: 776.79p per share
Ordinary Shares: Net Asset Value: 196.73p per share (including undistributed revenue)
Gross Assets: £743,744,000
Loan Facility: £204,942,000
Net Assets: £538,802,000
Phoenix Administration Services Limited - Company Secretary


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

END

[praipus] 24/7/2008 14:03

British Energy takeover by Centrica and EDF getting closer