Gresham House Energy Sto... Share Discussion Threads

[hpcg] 27/4/2020 11:15

Its a good opportunity as it has traded at a premium for most of its listing. It held up way better than any of my other fixed income like funds, and more importantly legitimately so.

[nimbo1] 27/4/2020 09:01

Hi HPCG - I also own here now. I've watched for a while and update looks positive - bought 100k shares easy enough so plenty of liquidity around currently.

[hpcg] 27/4/2020 08:26

I own in an IG ISA. Very happy with that update. It is ticking the boxes it should in the way it operates even in this environment.

[jonwig] 27/4/2020 07:54

Mas - I bought some a week ago through II, having failed with Chas Stanley Direct. Is it a 'specialist market' stock, which some brokers don't use?

Full year results out today, seem to be ahead of their projections. 7% dividend for current year.

[masurenguy] 17/4/2020 13:25

Not many brokers handling this stock. Looked to make an initial investment today but my broker does not deal with GRID. Spoke to the fund management and they confirmed that this is the case and that they are frustrated by it.

[cordwainer] 24/1/2020 14:16

the premium ballooned soon after i started watching this. i could be mistaken to watch and wait, but for now it's too rich for me.

[lord mandelbaum] 23/1/2020 10:38

Also happy to sit tight as the share price grinds higher. Await with interest the next tranche of updates, especially if they follow through on their dividend commitment and whether that encourages some move upwards.

There's already a decent premium over NAV, though in te current market that doesn't seem to matter much.

[hiddendepths] 13/1/2020 16:10

Attracting a steady stream of modest buying and sellers are few and far between. What not to like as the share price gently drifts upwards?

The break-out to new highs may elicit some interest from momentum buyers too.

[pavey ark] 12/10/2019 08:47

Having bought in here to provide some diversification I am happy with the obvious progress being made.I have already received one dividend payment and additional increases are on the way.The aim is for an 8% return but this should rise to 15% with gearing.The intended £200m fundraising has been completed which should enable them to get up and running and provide a base for low cost borrowing of up to £100m.Given the origins/background of the fund I can find nothing surprising or untoward in their dealings.I held shares in Gresham from 440p to 590p but sold as I thought they were getting expensive I may return soon as I certainly rate this management.

[jdepp5] 11/10/2019 11:44

I was looking at this and originally had orders in but pulled them because

1. The Noriker relationship seems a bit incestuous?? The fund bought a 5% stake in Noriker for �400,000, but Noriker is a Gresham House company as far as I understand, which now has a value of �20m all created by Gresham.


2. I saw one of the biggest holders is Lux Energy. Their registered office is at Gresham. So are these funds they manage they are channeling into their own GRID?

3. Watched the Hardman and co presentation and can't say I was that impressed.

I prefer the NTMA advisory relationship which GSF has.

Clearly, just my own thoughts!

[hiddendepths] 11/10/2019 09:29

Given the unfortunate timing of the placing, that's not a bad result!

[hiddendepths] 04/10/2019 09:14

Agreed jon, although they may have had their reasons. Maybe the nature of the shareholders means that many were not in a position to take up any open offer, for instance if they are in funds managed by brokers. I don't think there are many ordinary private shareholders in this stock (yet?). Miles under most radars but the brokers know about it. And a few people who I've suggested it too!

[jonwig] 03/10/2019 07:23

They're all at it, by he looks of it: 3IN doing one as well.

They want to increase share capital by one-third so they should have gone for an open offer instead of a GM which will no doubt nod it through.

[hiddendepths] 03/10/2019 07:16

Oh ho, placing at 103p! Explains why the price has been held down. I imagine it's done and dusted already apart from the paperwork.

I'm glad they're expanding - the market's growing quickly and will continue to do so, probably at a faster rate still. Opportunities abound!

[hiddendepths] 01/10/2019 16:02

Looks like the seller might have finished with that final dump!

[hiddendepths] 17/9/2019 13:37

Thanks jonwig! Read that immediately after you drew my attention to the stock in your previous post! I don't think it added much.

[jonwig] 17/9/2019 12:57

Quoted Data has a lengthy research note on JLEN, dated 09/09. It explains battery storage in some detail, though this is currently a negligible part of the portfolio:

[hiddendepths] 17/9/2019 11:21

Yes jonwig, I read that.

I do have a bit of anxiety about the life of lithium-ion batteries but the payback period is not long and should fall further as the price differentials will inevitably widen as wind and solar continue to gain market share. GRID is very aware of the technical issues, which I find comforting, and will quickly move into any improvements which are forthcoming. In the meantime, it looks as though everyone is in the same boat with the possible battery life issue. But demand for what these batteries do can only strengthen for the next five years at least. If the batteries don't last as long as is hoped, prices will have to improve to stimulate enough investment to fill the energy holes and skim off the excesses.

It's certainly important to have critical mass. GRID has it but I agree that GSF is too small. I didn't know about JLEN but there will inevitably be competition in such an explosive high-margin market.

I've only looked seriously at this stock fairly recently. I am not keen on high premium trusts either! But now that premium has fallen sharply with a lower stock price and a higher NAV.

[hpcg] 17/9/2019 10:27

I would buy more if Sterling recovered, otherwise the premium makes no sense. Lithium should be absolutely fine for this use case.

[jonwig] 17/9/2019 09:35

There was some discussion of the Gore Street (GSF) thread about lithium-ion not being as long-lived or reliable as the industry makes out. This may or may not be true, but was one factor putting me off.

Also, GSF is too small, and GRID had a huge premium at the time. I think JLEN is moving into storage as part of its diversification.

[hiddendepths] 17/9/2019 09:25

Strangely overlooked!

Fills a necessary space imo. Plenty of growth inevitable in the sector and GRID seems well-positioned. Like the yield too, which they should be able to achieve barring accidents. Obviously there are one or two technical risk factors but overall, given such a growth market, this seems pretty low risk.

Bought a second tranche this morning. The market has stock hence the 104.06 price, reported inevitably as a sell!

[tomps2] 11/6/2019 12:57

GRID presentation at Mello London May 2019



By Bozkurt Aydinoglu

[jonwig] 28/5/2019 06:35

Interview with fund's manager:

[jonwig] 21/5/2019 10:10

GSF, sorry!

[hpcg] 21/5/2019 09:40

GST? Golden Saint, that GST? That's a datacentre company not grid storage. I added some at 103, which ends up at 104 after costs and stamp duty. One for long term, secure, inflation resistant income. Definitely not a price to chase, but like Bluefield Solar I can see it trading above NAV on an ongoing basis.