Gore Street Energy Storage Share Discussion Threads

[cc2014] 11/6/2024 15:39

70p on the bid... Remind me to keep quiet next time

However, price has held pretty steady on a difficult day on the FTSE so that will do me.

[fordtin] 11/6/2024 10:29

If you compare the last three holdings announcements and factor in the additional shares issued, two of the four funds under management remain unchanged and one has increased it’s holding.



Date on which the threshold was crossed or reached
Rathbones Investment Management Ltd
Rathbones Investment Management International Ltd
Rathbones Asset Management Ltd
Investec Wealth & Investment Limited




21/05/24
9.6378% (1)
0.0561% (3)
0.2574% (3)
0.0437% (2)


08/03/24
10.6018% (1)
0.0572%
0.2624%
0.0279% (2)


02/01/24
11.5737% (1)
0.0572% (3)
0.2624% (3)
0.0223% (3)


01/11/23
12.4414%
0.0588%
0.2700%
0.0238%


 
 
 
 
 


 
(1) share reduction
 
 
 


 
(2) share increase
 
 
 


 
(3) % reduced by share issue, actual share holding unchanged
 
 
 


 
 
 
 
 


 
 
 
 
 


 
 
 
 
 


 
Shares issued
Total Voting Rights
% of previous shares in issue
 


28/03/24
 
505,099,478
101.96%
 


25/03/24
9,700,000
 
 
 


29/12/23
 
495,399,478
102.91%
 


19/12/23
14,000,000
 
 
 


29/04/22
 
481,399,478
 
 


 
 
 
 

[george stobart] 11/6/2024 09:22

Rathbones could be well buying this thing now

[cc2014] 11/6/2024 09:12

70p on the bid now. Hurrah.

I don't think Rathbones are in a particular hurry. They certainly aren't offloading at a certain price and stopping the share price rising.

If they are selling it would feel more like they are letting so many go a day and they are happy at that.

The share price previously rose to 90p at Christmas and Rathbones were owners then so I don't see them as a issue.

[rogerrail] 07/6/2024 17:46

No, my guess it will be touching 90p before they press the sell button again.

[george stobart] 07/6/2024 12:45

Are we at a price point where Rathbones starts sending again those Sell orders with both fists?

[scruff1] 06/6/2024 18:58

It should rise to a level where Rathbones will be amongst company

[rogerrail] 06/6/2024 14:15

Should rise slowly to a level where Rathbones decide to dump another load , look at the price action.

[cc2014] 06/6/2024 10:22

Agreed Panshanger.

The share price is moving up a little most days and there are few sellers along the way

[brucie5] 05/6/2024 11:37

GSF and NESF seem like exceptional income opportunities to me, due to market distrust and ambivalence about structured infrastructure funds. Yet these are both quite diversified and have not as yet, afaik, indicated that their dividends will be cut.

[panshanger1] 05/6/2024 11:20

Mostly buys again today Feels like this has turned Seller finished ?

[cocopah] 30/5/2024 19:21

I think it will be seminal to see how the first 4hr BESS in Ireland will perform … the battery storage project at Cushaling wind farm in Ireland’s midlands sets a new standard for duration in the country’s large-scale energy storage market … let’s hope it doesn’t mean #GSFs CEO hasn’t backed the wrong horse! 🙏🏻😬

[cc2014] 30/5/2024 09:15

GSF desperately trying to move up but the sellers just above 65p getting in the way.

Hopefully we will grind them down soon, unless of course it's Rathbones in which case we may be stuck here for a while but even then if the only seller is Rathbones at least they will be getting all the fills.

[cc2014] 28/5/2024 14:33

95% of the trades today are buys which is hopeful.

Cleary the MM's have some left to shift or there's a seller in the background.

As long as the buys keep coming eventually the seller will run out. It's anyone's guess how long that may take.

[george stobbart] 27/5/2024 20:54

Blue Horseshoe loves GSF. RNS tomorrow 7am

[stemis] 25/5/2024 11:20

Yes, I agree Cocopah

[daveoz1] 25/5/2024 10:08

g stobbart 1571: Ah, thanks for that. (I think!) If you could make me happier about the GSF price dropping from 95+ p to 64p, I'd be really grateful..

[cocopah] 24/5/2024 16:53

#SteMIS I’m not arguing about what you are saying, or saying that it’s not right or relevant, it is.

I didn’t mention the specific level of fees in my posts, I simply pointed out that there are a whole host of fees and charges (or simply gifts) that Gore Street Capital is making which in total amounts to taking the pi&s out of #GSF investors whilst the share price is in the bin and of course it impacts dividend coverage.

I would say that I am surprised nobody has challenged the significant increase in corporate service fees from £1.89m in 2022, to £5.58m in 2023 … and they have the audacity to call them KPIs in the annual report!

At the next meeting if not before we should all be asking questions about this and how management can justify it.

My point about the increase in the number of staff at Gore Street Capital (and their wages and performance related pay), in their capacity providing services to #GSF, also appears completely unjustified.

I think we’re on the same page in thinking that it’s not on! 👍🏻😎

[george stobart] 24/5/2024 14:23

These comments have been relevant to your whole life, you just didn't know it

[daveoz1] 24/5/2024 14:05

g stobbart: Are these comments relevant to anything?

[stemis] 24/5/2024 12:27

Cocopah. You are, not unsurprisingly, missing my point. Gore Capital don't charge GSF £7.4m, they charge over £13m, although GSF only disclose £7.4m. I'm afraid I have to go out, but when I return I'll show you how they do it and technically stay within the truth of their disclosure.

Whilst it's strictly true that the investment manager (Gore Street Capital) only charge £7.4m to Gore Street Energy Fund PLC, they also route further charges through Gore Street Capital's, subsidiary, Gore Street Services Limited, directly to the porfolio companies of GSF.

Gore Street Services provides 'management services' to these portfolio companies and charges them £5.6m. But Gore Street Services has no employees. Instead it pays Gore Street Capital to provide these services, effectively routing the majority of the income back to them.

So whilst it's technically true that (Gore Street Capital) is only charging £7.4m to Gore Street Energy Fund PLC in reality GSF is being charged £13m.

So out of an group ebitda of £29.8m, and probably a PBT of at most £24.8m, the investment manager is taking out £13m, leaving at most £11.8m for shareholders.

Nice work if you can get it.

[cc2014] 24/5/2024 10:39

Here are my numbers

First figure is 31/03/24, Second figure is after 800MW buildout

Operational Capacity 311.5, 800.0
Revenue 41.4m, 106.3m (pro-rata)
Operational EBITDA 28.4m, 72.9m (pro-rata)
Fund EBITDA 20.4m, 64.9m (fixed)
Debt 12.0m (150m at 8%)
Nett Nett 20.4m, 52.9m

52.9m/505m shares = 10.4p per shares EPS or a 16% yield based on current share price of 65p

Notes:
I'm happy to pro-rata the revenue as it's only UK that's depressed and anyway most of that is already in 2024 results.
Geographical mix should improve average revenue per Mw so I'm being cautious
Pro-rating the running costs will be too high due to larger sites being lower running cost per unit so that's cautious too
Debt forecast is taken from 2023 accounts.

I suggest the risk is the timeline on the buildout.

A price target of 90p does not seem unreasonable to me by Xmas if the assets get energised on time.

[stemis] 24/5/2024 08:58

No waterloo01, that's not the explanation.

Cocopah. You are, not unsurprisingly, missing my point. Gore Capital don't charge GSF £7.4m, they charge over £13m, although GSF only disclose £7.4m. I'm afraid I have to go out, but when I return I'll show you how they do it and technically stay within the truth of their disclosure.

Smoke and mirrors...