Share Name Share Symbol Market Type Share ISIN Share Description
New City Energy LSE:NCE London Ordinary Share JE00B2B0SY27 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 16.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown 0.65 0.65 1.01 16.3 9
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 16.50 GBX

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Date Time Title Posts
03/1/201915:08FINE ENERGY TRUST407
23/3/201212:56NEW CITY ENERGY (NCE)10

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New City Energy (NCE) Top Chat Posts

pherrom: 'Good afternoon – there will be a further, small payment from the liquidator – there are still two assets to be sold which is not expected to happen for a few months yet. I believe the payment will be between 1 p and 1.5p per share.' Email from CQSM 8-6-17
bandit99: Just rec'd this via Selftrade LIQUIDATION At an Extraordinary General Meeting of the Company held on 7 March 2017, Shareholders passed resolutions to wind-up the Company and appointed Linda Johnson and Robert Kirkby of KPMG Channel Islands Limited as joint liquidators. Further to the Shareholder circular dated 17 February 2017, the Liquidators announce their intention to make a First Interim Liquidation distribution of GBP0.16120 per Ordinary Sterling Share issued. The First Interim Distribution will be effected pro rata to the holdings of Ordinary Sterling Shares on the register at the close of business on 28 March 2017. Terms: First interim Liquidation distribution of GBP0.16120 per Ordinary Sterling Share. Further information may follow in due course.
pherrom: So good-bye NCE.
8w: Bought some today, all things being equal divi looks safe with funds in reserve to cover any temporary shortfall. Other than that it's a question of an improving oil price ?
spectoacc: Dividend dropped into a/c from NCE, nice little earner. Still not seen John Baron's write-up.
hugepants: Interim results (to end March 2016). Look OK. Current dividend of 1p decribed as "sustainable". "..The Board took the difficult decision at the end of 2015 to reduce the level of dividends to an annual 1.0 pence per share payable as to 0.25p per quarter. We believe that this level is sustainable in the current environment." So current yield is 9% and discount to NAV approx 30%.
spectoacc: Also been buying a few of these recently, though in any firesale the NAV would be considerably lower IMO. Just looking at two of the UK holdings (Egdon & Igas), if you had to sell a couple of hundred k (shares or £s!) of either of those you'd have some fun - doubt you'd get half price on Egdon, if you could get them away at all. So I can see why a winding-up isn't in the interests of anybody (though completely acknowledge the ridiculous costs - think what just the listing and RNSs cost, even before the "investment" manager fees). But can also see how a cyclical recovery could lead to some good gains (again, look at EDR and IGAS charts, which isn't to say both couldn't go lower first). So why am I in? Discount to NAV, recovery prospect, dividend (some bonds in there providing income), and what I think will be the endgame - they'll need to/have to merge with a bigger trust, to get the fees spread over a larger NAV and things like the listing cost removed. That should bring the discount in irrespective of a market recovery. Don't know when it'll happen, but happy to wait. Won't be betting the house on them mind.
hugepants: Ive bought at 11p mid price recently, Looks good value at 30%+ discount. Big dividend. Running costs are reducing and look like they could be down to £0.4M this year. Still high but realistically what you'd expect for a tiny AIM listed trust. About 85% of the investments are listed so the NAV is believable. And a broad range of O&G listed investments, some big companies in there, so looks a decent punt on the O&G sector recovering. At this discount I'm OK with them paying part of dividend out of capital if required..
stemis: Regardless of whether this is a good investment at the present, its clear that the only people who've made money here long term are the investment managers (for whose benefit it was obviously set up). Last year the cost of running this was £660k (nearly £400k of which was paid to the managers)! NAV is currently only £12.6m. All the costs are charged against capital allowing them to pay a good dividend (and the give the appearance of delivering shareholder value) whilst the capital ebbs away. I don't know who the major shareholders are but I'd guess it's discretionary clients put in here without their knowledge. I can't believe any reputable institution would be interested. So I guess the company will survive the continuation votes on the back of clients who don't even really know they are invested here. Unless there is a big recovery in oil price the gravy train will run out eventually. They'll eventually have to start liquidating capital to cover the running costs and then the income will suffer. It's a self perpetuating downward vortex.
speedsgh: Forgive my ignorance but what happens if they do not survive the continuation vote. Are all assets sold off in an orderly manner + cash returned to shareholders? In which case is one likely to receive less/more than the NAV/share?
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