Ecofin Water&powr Opportunities Share Discussion Threads

[orinocor] 26/9/2016 07:53

I can't see any news.
Are ECG and EFR to begin trading today?

[wskill] 23/9/2016 18:43

Yes I also have tendered 100% for cash on the basis I could reinvest at a later date when the discount is favourable.

[flyfisher] 23/9/2016 18:05

Yes, I tendered 100% for cash.

[orinocor] 23/9/2016 17:48

If Ecofin Global trades at a premium to NAV then you made the right decision. It's certainly possible. I think it's going to be a very attractive high yielding trust.

[topvest] 23/9/2016 17:40

Anyone take cash? I didn't.

[orinocor] 23/9/2016 17:18

I think Ecofin Global will trade at around a 10% discount. The directors think it will trade at a more attractive rating than ECWO probably because it won't have the illiquid stuff in it and will likely have a higher dividend.

Ecofin Realisation is expected to take up to 2 years to realise but I wouldn't expect it to trade at a greater than 30% discount since they have revalued the assets to the expected realisation amount.For example if it traded at a 30% discount then there would be a possible 42.8% upside in 2 years which would be extremely attractive.If it traded at a 20% discount then possible 25% upside in 2 years also very good.

[orinocor] 23/9/2016 17:14

The liquid assets currently within the Company’s portfolio will be transferred to Ecofin Global, providing Shareholders with: (i) exposure to a portfolio of listed, liquid investments in the global utilities and infrastructure sectors that will not be co-joined with the illiquid assets currently held by the Company; (ii) shares in a company with a simple capital structure consisting of only ordinary shares and flexible bank debt; (iii) an attractive dividend yield at a time of record low interest rates; and (iv) shares in a company that the EWPO Board believes will trade at a more attractive rating than the Company;

The illiquid assets, including the Lonestar Investment, currently within the Company’s portfolio will be transferred to EF Realisation providing all Shareholders with: (i) a separate realisation vehicle for the illiquid investments currently held by the Company; and (ii) cash from any disposal of the illiquid assets achieved by the Investment Manager over the expected realisation period of up to two years; and

[flyfisher] 23/9/2016 10:16

Would anyone have information on what discount / premium to NAV that EGLs peers trade.

Premier utility fund runs at a 9% disc, UK wind trades at a small premium. Any other examples?

[neilyb675] 22/9/2016 09:34

Thanks praipus

[praipus] 22/9/2016 09:02

Thanks hpcg, I have added EGL and EFR charts to the header. They are not showing yet but will once the price feed is active from stock-exchange to ADVFN.

[hpcg] 21/9/2016 14:34

RNS just out under ECOA ticker. New issues are as follows. Trading start 26 Sep, next Monday.

Company: Ecofin Global Utilities and Infrastructure Trust plc
New shares: 91,872,247
Ticker: EGL
ISIN: GB00BD3V4641
SEDOL: BD3V464

Company: EF Realisation Company Limited
New shares: 52,473,633
Ticker: EFR
ISIN: GG00BY7QK538
SEDOL: BY7QK53

[flagon] 21/9/2016 10:38

From the above monthly review Lonestar doing better ...

Lonestar also revealed it had reduced net debt by $23mn following open market purchases of its
notes at a significant discount to their face value, funded by the issuance of secured debt. Perhaps of greater long-term
significance, Lonestar reported that John Pinkerton will become its chairman: John was the driving force that took Range
Resources Corp. from a company valued at a few hundred million dollars to one valued at billions of dollars.

[hpcg] 21/9/2016 10:32

Actually it looks like the new ticker is ECOA - announcement just out of the August monthly review (for ECWO):






Also up on the LSE site with admission on 20 Sep 2016.

but the ISIN and SEDOL are different.

I guess we'll find out for certain soon enough.

[hpcg] 20/9/2016 10:24

Flyfisher - I think EGL

From the prospectus

2.1.1 The ISIN of the Shares is GB00BD3V4641 and the SEDOL is BD3V464. The ticker
symbol of the Company is EGL.

Realisation shares don't have a ticker listed in the prospectus, ISIN and SEDOL below:

The Company intends to issue Shares of no par value each in the capital of the Company. The ISIN of the Shares is GG00BY7QK538 and the SEDOL is BY7QK53.

[flyfisher] 20/9/2016 10:13

Would anyone have the ticker symbol of the new a and b shares.

[hpcg] 20/9/2016 09:53

So, if you don't mind my asking, what did you instruct your account provider?

[spectoacc] 20/9/2016 07:39

Thanks for that rather interesting view @hpcg! "With all due respect I think you need to learn how to manage your account" seems to lack the former.

[hpcg] 19/9/2016 22:53

I wasn't expecting to get an over allocation on the cash option. How much of a gain depends on the discounts the new share trade at.

[orinocor] 19/9/2016 19:59

I'm sure spec will have informed his nominee what option to accept. I need to look it over but looks a better result than what I was expecting.

[hpcg] 19/9/2016 19:38

Sorry Specto, the RNS made perfect sense, but none of what you have just written does at all? What is the nominee effect? What do you mean "various nominees have achieved"? The nominees account managers follow the instructions of the ultimate owners. By the sound of it you have not issued any instructions to your broker, in which case you get the default position, i.e. 1 global and 4 realisation shares. With all due respect I think you need to learn how to manage your account.

[spectoacc] 19/9/2016 16:24

Wonderfully complex! The RNS isn't even out on my main system - has it come out on a different EPIC? Can only see it on ADVFN.

This caught my eye:
"Therefore, for any Shareholder that elected for cash for all of their EWPO Shares under the Cash Exit, approximately 71.29 per cent. of those EWPO Shares can be expected to be accepted under the Cash Exit. "

And that's presumably before any "nominee effect". Which does beg the question - how many of us smaller holders will be left with tu'ppence ha'penny of new ECWO, and even fewer of the illiquid rump co?

Looking forward to seeing what the various nominees have achieved.

[hpcg] 19/9/2016 16:04

RNS out is lovely. I put in for 100% of most of mine. One account with a small amount in missed the deadline by an hour as they didn't actually publish what the deadline was, and I didn't get around to it in good time. As I wrote the cash return has no discount to NAV. I can do with that what I want. If either exit share class immediately trades at a discount, but specifically the Ecofin Global as this is what the cash has substituted for, I can if I wish, depending on my view of prospects, buy back more than I would have held.

[strathroyal] 19/9/2016 13:28

orinocor - Agree with your assessment re the amount of cash to be returned but what I don't understand about this realisation is that over the last few weeks, according to the NAV statements, little attempt has been made to increase cash levels.

From that I have assumed, rightly or wrongly, that a number of institutions must have confirmed that they won't be redeeming their shares. With that in mind I have tendered all of my shares.

Additionally I see that LONE were trading at over $12 on Friday. Nasdaq shows mkt cap as just short of $100M, which makes ECWO stake worth $52M / £40M so the illiquid part of the portfolio appears to have risen in value as well. Personally, hoping for a nearer 10% return if fortune stays with us.