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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Harmony Energy Income Trust Plc | HEIT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.10 | -0.16% | 61.00 | 16:35:11 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 61.10 | 61.10 | 61.10 | 61.00 | 61.10 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 30/11/2023 | Interim | GBP | 0.02 | 07/12/2023 | 08/12/2023 | 22/12/2023 |
| 01/09/2023 | Interim | GBP | 0.02 | 14/09/2023 | 15/09/2023 | 29/09/2023 |
| 23/05/2023 | Interim | GBP | 0.02 | 01/06/2023 | 02/06/2023 | 16/06/2023 |
| 26/01/2023 | Interim | GBP | 0.02 | 02/03/2023 | 03/03/2023 | 17/03/2023 |
| 04/07/2022 | Interim | GBP | 0.01 | 01/12/2022 | 02/12/2022 | 16/12/2022 |
| 04/07/2022 | Interim | GBP | 0.01 | 14/07/2022 | 15/07/2022 | 29/07/2022 |
| Top Posts |
|---|
Posted at 30/1/2025 11:32 by craigso DD is long finished. The binding bid price is set in stone. (if the M&A advisers are any good) The bidder's only choice is going to be to walk away or to complete the deal. If they walk away, HEIT will circle back to any other credible bidders still interested.Given that all recent noise around the sector has been good, I doubt that anybody would just walk away. And the binding bids should have included their financing plans - there's been no particular stress that would lead to a MAC (Material Adverse Change) clause being triggered by bank backers. What SHOULD have happened is that the Board was consulted regarding the "final, binding bids" received in December and gave its sign-off to taking a preferred bidder forward. HOWEVER that doesn't guarantee that we will like the price. The Board knows that continuing as a stand-alone entity isn't really an option at this stage. So they might have agreed to recommend almost anything realistic - a small premium to pre-news trading range is often more than enough to cover themselves against criticism / legal action... |
Posted at 28/1/2025 20:38 by cruelladeville I expect it's going to be two or three weeks waiting yet for any more news here. Meanwhile GRID's share price seems to be really suffering. It needs a decent deal to happen at HEIT to help the share price there too. |
Posted at 17/1/2025 14:40 by craigso Somebody must indeed be nervous. Today's DGI9 debacle has ME nervous, and I was feeling quite good about HEIT having far more upside than downside.This morning I wanted to add some HEIT to my ISA and trim from my SIPP and I could have bought as much as I wanted at 63p, and then my smaller sale went through minutes later at slightly higher than 63p. Never seen anything like that before from a share with no price movement... |
Posted at 09/1/2025 13:31 by craigso Yes crafty. The point is that selling assets means that any net cash would be stripped out upon closing and sent to the asset owners i.e. HEIT corporate. (which would then be "ours")Agreeing a takeover of the entire company - i.e. buying HEIT shares from us at a price the BoD agrees with - would mean that the buyer keeps all of the money being earned these days in the electricity market. (but the price won't likely be adjusted) With nearly 800MWh of capacity (i.e. 400MW of 2-hour batteries), a price of £1,000 / MWh means that HEIT could be earning £800k per day. The distinction (in how the company is sold) will be quite relevant if these market prices stay high for a few days in a row. |
Posted at 07/1/2025 19:29 by cruelladeville Well we're going to know the sale price very soon. Myself, I think HEIT carrying on alone is a none starter. The business is far too small to survive on it's own. With about zero chances of raising more capital, the only way forward is to sell up. I am actually pleased that for once, the HEIT management seem to have been honest enough to recognise that. It doesn't always happen. |
Posted at 07/1/2025 13:43 by craigso CC,I don't think we have any fundamental disagreement, although DGI and some of the dodgier REITs are nothing near a "bond proxy" because they indeed rely on questionable projections. Nor are these BESS funds "bond proxies" either FWIW. What I mean is that there are really quite plain vanilla renewables funds - TRIG, Greencoat, etc. for example - that have never relied on "hockey stick" revenue projections to make their NAVs look pretty. Their managers simply apply a discount rate to a relatively conservative revenue stream. The stock market saying "we don't believe the NAV" to that sort of IT (and sending it to a large discount) is simply the market wanting a 15% IRR when the managers of the fund think that, say, 10% is more appropriate when calculating NAVs. My argument is that power companies / private funds / etc. are going to be closer to the 10% in a competitive bid process than 15%. And that "10%" definitely won't change because of some short term fluctuation in gilt prices. And, FWIW, when the TRIGs, Greencoats, etc. sell a windfarm or two, they do tend to achieve NAV. And I'd be genuinely surprised if they were cherry-picking their best assets to sell. Therefore, I believe that the likeliest buyers of HEIT will have lower hurdle rates than "the stock market", so as long as the bid process was as competitive as HEIT made it appear to be, we should get a price closer to NAV. |
Posted at 07/1/2025 10:27 by cc2014 Hi Craig,The closest thing to bond proxies the bond funds have not been trashed. BIPS is a good example. It's trading at a premium to NAV and rarely goes to a discount. This is because investors believe the NAV as it is marked to market not based on a future stream of questionable cashflows. The bond proxies that have been trashed are the renewables, the REITs and to a lesser extent the infrastructure funds. This imho is because "investors" do not believe the NAV. i.e. they do not believe the future stream of cash flows is correct, or they do not agree with the discount rate or they do not agree with the growth in the DCF. DGI9 is a good example where the Board maintained for a very long time that the assets could be sold at NAV, only for them to be massively marked down and so far 2 of them have been sold significantly below the marked down NAV. The market does get things wrong sometimes but more often than not the market is right. With regard to HEIT if my memory serves me correctly we have 3 incidents where the NAV has been marked down due to incorrect figures in the model. First an incorrect treatment of VAT, second on insufficient allowance for network charges and I'm sorry I forget the third as it was so long ago. It's just not a good look and one wonders what else might be found in the final stages of due diligence. I am fascinated to see what HEIT sells for. Good luck. |
Posted at 06/1/2025 09:44 by craftyspeculator The takeover will be wrapped up in the first half of Feb. The GRID announcement today is helpful as a read across as it's a tailwind for the chosen purchaser of HEIT's assets, which reduces the risk of any late pull out. I don't expect to see any major movements in the share price here until HEIT announce the recommended takeover price per share, at which point we will zoom straight there. I'm still expecting 85p-95p per share on that announcement...with only 45 days to wait max. |
Posted at 21/12/2024 09:17 by craigso All one really needs in M&A is 2 serious bidders. I think HEIT has that. HEIT also has a good portfolio of 2-hour batteries and is a nice size - too small to remain independent, but large enough to be relevant to a buyer.And, indeed, a perkier UK BESS market right now does help bidders with their "build or buy" calculations - although any serious bidder active in the UK power market would already be able to make projections for the short and medium term. |
Posted at 09/11/2024 08:06 by craigso I picked up a little tidbit from the Gore Street Capital Markets day presentation.They mention that a 2-hour system would cost £600k / MW to build in 2024. (roughly 25% lower than the £800k / MW it cost in 2022) Apply that to HEIT's installed capacity and you get £240m. Take off the £130m of HEIT debt and you're left with £110m. (a bit less than the current market cap) Obviously grid connections are important and operating assets are usually worth more than development projects, but it doesn't appear to be "cheaper" for bidders to buy HEIT assets close to NAV rather than just building their own. |
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