Jlen Environmental Assets Share Discussion Threads

[spectoacc] 22/11/2018 11:32

Sold mine today. 5p NAV premium enough to make me think I can pick something up "cheap" in this dip instead. Will prob be back into JLEN again for a 3rd time at some point tho.

[jonwig] 22/11/2018 11:18

The HY results look to be very satisfactory. I was put into this by one of my brokers (discretionary) in the open offer. It's survived the current sell-off pretty well.

here's the presentation:

[a0002577] 08/11/2018 10:53

Price has moved up since purchase but it is a bit odd at the moment. Bid 105 Offer : 106. Many trades going thru at 105.377 being marked as sells by ADVFN but one of those trades was mine and it was a purchase. So, it seems that many more are buyers than ADVFN are telling us.Also makes a nonsense of the bid/offer spread quoted.

This trade was a switch by the way selling FSFL (ex-div today) at the overnight price first thing and then reinvesting the lot in JLEN a bit later when the published spread narrowed.

[tugwil] 25/10/2018 15:10

All mine were in an iDealing ISA and only got 83.6%
Such is life.

[a0002577] 24/10/2018 09:33

Glad you got them, SpectoAcc. All bids for the same investor were aggregated so your ISA bid and your dealing account bid were put together. I would be interested to know if you got 84% of the total you received and that it was your nominee deciding to give you 100% in your ISA (sensible) and only 62% in your dealing account.

[spectoacc] 24/10/2018 08:36

Ha got mine now - 100% of allocation in ISA, 62% of allocation in Dealing a/c. Same broker. All exactly the same nominee a/c, so the clowns appear to have split it per their own opinion.

[spectoacc] 23/10/2018 13:36

Nothing here, either message or allocation.

[a0002577] 23/10/2018 11:19

olliemagern, Mine were bought via a nominee and they magically appeared in the account yesterday morning. The allocation was almost 84% of what I had asked for and the remaining cash was 'unlocked' in the account - therefore free to use.

[olliemagern] 23/10/2018 09:30

The announcement of allocation and scaling back was due on the 22nd October. Now the 23rd and still no statement issued, it is really annoying.

[a0002577] 22/10/2018 10:40

I seem to have ended up with 84% of what I had asked for in the intermediaries offer - as did my wife. Quite happy with that so selling out early and then buying this way saved quite a lot on the drop in price and gave me an immediate paper profit of about 1.5%. And they are eligible for the next dividend.

See that TRIG are having yet another placing (announced this morning) but only a minor hit on their share price to date. Wish they would do an intermediaries offer as well as a placing as it very difficult to get on on that. They seem to be only looking after institutions whereas as JLEN are very fair to PIs

[spectoacc] 19/10/2018 16:19

Yes they've done well - I particularly like that they've not been greedy and taken in extra as non-earning cash. Instead they've managed to remove the interest charge on the entire revolving credit facility.

[a0002577] 19/10/2018 13:13

So the issue was well oversubscribed See

which inter alia says

"the Board has increased the size of the Issue from the target of £50 million to £105 million which results in the net proceeds of the Issue being sufficient to fully repay the outstanding balance on the Company's revolving credit facility. No cash will be taken onto JLEN's balance sheet as a result of increasing the size of the Issue."

And they are still having to scale back on the applications!

Seems to be some appetite for Green Infrastructure funds - so I expect others to follow and raise more money,

[a0002577] 21/9/2018 10:01

I like TRIG too, Gateside- use it as a banker if the premium is not too great. however, this year I am more cautious about wind rather than solar.

[gateside] 20/9/2018 17:50

All good points. I prefer TRIG over JLEN as it's in the Ftse250, so it has a smaller spread between buy and sell price.Not bothered about buying at a premium to NAV, as if I want to sell, I'll be able to sell at a premium to NAV as well.

[a0002577] 20/9/2018 13:21

All the Green Infrastructure shares trade at a premium partly because the yields are good and partly because a major part of their income is government backed and subject to RPI increase year on year. It would be highly unusual - if not unheard of - for any government to back out of such a promise. Even culpability Brown didn't break that code although he came perilously close when he 'abolished' advance corporation tax.

This premium varies month by month and drops when they issue new shares (surprise!) This gives an opportunity to trade these shares - especially so as as there is no stamp duty on them - I do this and generally make an extra 3 to 5% per annum doing it.

At the moment the premium is between 4.4% (Jlen) and 11.3% (UKW). It never ceases to surprise me that PIs (presumably) will push the shares up between funding rounds with the inevitable share price price drop when there is an announcement of a further equity raise. I just take advantage of this peculiarity because frankly I don't really care which ones I hold at any one time although I do like JLEN for its diversity of asset.

[spectoacc] 20/9/2018 08:32

Fair points @bgb, tho would surely be better if they didn't keep issuing shares (albeit at a slight premium to NAV).

[belgraviaboy] 20/9/2018 08:26

The premium is essentially based on a combination of assumptions about electricity prices and the discount rate used - very different to a premium with say a REIT. Change those assumptions and the NAV will change - an recent example would be the take-over of JILF.

Subsidies by their nature always carry some risk. In this enviroment, changes tend to be made to new projects coming on stream, less often retrospectively to existing projects. I am not aware that Corbyn carries a greater risk to the renewables subsidy regieme than any other political leader (unlike with PFI).

[spectoacc] 20/9/2018 07:58

The 1.36% ongoing charge, the reliance on subsidy (Corbyn), the, um, premium. Saying you're happy to accept nil return in order to see your buy price fall doesn't negate that.

Still - there's worse out there. But never keen on something trading at a premium, that can then keep issuing shares.

[gateside] 19/9/2018 19:28

Not been invested here long and by reinvesting dividends, it has brought my buy price down to 92pSo any premium to NAV soon vanishes. Very low risk investment which pays a 6+% dividend. What's not to like?

[spectoacc] 19/9/2018 15:30

Other than the possibility of scaling back - which seems unlikely, when they've reserved the right to increase the issue subject to demand - am surprised JLEN still trading above 102p. Mind you - also surprised anyone pays a premium to the sub-£1 NAV! :)

[a0002577] 18/9/2018 18:49

Yesterday, I bit the bullet and sold the rest of my JLEN. Then put the resulting funds into the placing. Theoretically I should get 3% more shares than I sold and not miss a dividend. Bit of a no brainer really.

The forward yield at a price of 102 is 6.4% by the way making it the standout Green Infrastructure fund at the moment.

[a0002577] 12/9/2018 16:41

You can find the list of intermediaries here

I really cannot see how/why investors bid up the price in the knowledge that there is to be a placing shortly cos as sure as eggs is eggs the share price will drop when the RNS comes. Luckily for me I sold most in the past ten days so can buy back in at a lower price because inherently I think it is a good company but there is extra money to be made by judicious trading..

[steve73] 12/9/2018 16:09

These are available through i-dealing. Highly recommended (by me) execution only internet broker btw.

[8w] 12/9/2018 13:54

Thanks Gateside
HL are not on the list (JLEN website)for making an offer for subscription.

I can't see that there is an easy way in for me... Wait till price closes on 102 and buy in the market I guess.