The Renewables Infrastru... Share Discussion Threads

[tcuc3e] 11/4/2017 11:10

I see, thanks. So I guess it makes sense to fill our boots at 101 then.

Do you know if the application for shares is affected by the level of holding? I'm guessing it might be over subscribed and I wonder if those with already more shares will get first dibs (or a great percentage of their requested amount?)

[jonwig] 11/4/2017 10:51

103 offer is non-preemptive: basically institutions only.

[tcuc3e] 11/4/2017 09:41

I see, so this has nothing to do with the recent 103 offer and is a throwback to last year?

You say you've found it. Is this offer available to non-shareholders (my brother is keen to buy in) or is it just for existing shareholders?

[jonwig] 11/4/2017 06:26

I wasn't aware that the 2016 offer was still open, but I've found it now. Looks as though you could take up at 101 and make a worthwhile turn.

[tcuc3e] 10/4/2017 20:30

This is what it says:

THE RENEWABLES is proposing an Offer for Subscription on the following basis:

1 New The Renewables Infrastructure Group Limited (TRIG) Ordinary share at a cost of GBP1.01.

Investors can subscribe for any amount of shares subject to a minimum of 1,000 Ordinary shares and thereafter in multiples of 100 Ordinary shares.

Should you wish to subscribe, please enter the NUMBER OF SHARES applied for.


You Have The Following Option:

1 Accept the Offer and apply for shares at the price specified above.

Important Information & Other Key Dates:

On 27th April 2016, TRIG announced a Share Issuance Programme of up to 300 million New Ordinary shares and/or C shares. Under the Initial Placing and the Initial Offer for Subscription (the Initial Issue) up to 50 million New Ordinary shares will be made available.

It followed this up on 23rd February 2017 with the announcement of a second supplementary prospectus and confirmation that 208 million New Ordinary shares remain available for subscription.

The net proceeds from the Share Issuance Programme will be used to pay down balances outstanding under the Acquisition facility and to make further investments in accordance with the Company's investment policy.

The Initial Issue Price compares to the closing mid-market price of GBP1.039 per Ordinary share as at 25th April 2016 (being the latest practicable date prior to the publication of the original prospectus) and the Net Asset Value per Ordinary share as at 31st March 2016 of 97.1 pence.

If the Offer for Subscription is over-subscribed, the allocation of New shares will be scaled back. If the Offer for Subscription is scaled back any consideration owed to you will be returned.

Please note that as your TRIG shares are held through a nominee, all elections to subscribe will be treated on a nominee level and MAY therefore be subject to scaling back (reduction in the number of shares applied for) to a greater degree than that of an individual shareholder. Any scaling back will be made in accordance with the instructions from TRIG and we have no influence/control over any scaling back that may affect your share holding.

If you wish to accept the Offer for Subscription and intend to fund the take up of New shares by selling existing shares held in your portfolio, you will need to ensure that the trade is executed on or before 19th April 2017 in order to ensure cleared funds are available by our deadline.

It is not yet known when the New shares are expected to be credited to accounts. However, should you choose to take up the Offer for Subscription, we will notify you when your account has been updated.

Please note that this correspondence is not to be taken as a recommendation to subscribe or otherwise.

Before making any decision please take into consideration all relevant factors of the event including the current share price and any possible tax implications. If you require any further information in making your decision please contact an appropriate professional advisor.

Should you wish to find more information about the Offer for Subscription please visit the TRIG website, www.trig-ltd.com.

[tcuc3e] 10/4/2017 20:27

Hi. The placement offer at 1.01 is actually still active. I have until April 17th to make my application. I never got a notification about the offering at 1.03.

Would Halifax have made an institutional purchase of shares and then offered to customers? That seems unlikely. I can post the wording of the offer?

[jonwig] 10/4/2017 14:43

If you go back to what the company said, the placing last month was at 103p. Were you able to participate? Did you, at 101p? Or did Halifax do a misprint? Maybe contact them.

[tcuc3e] 10/4/2017 12:06

Hello all, good to find a place to discuss TRIG.

Regarding the new share placing, although I've seen reports, like the Times one posted saying the issue is at 103p, the offer to me via my Halifax ISA is for 101p.

Anyone able to shed light on this difference?

[masurenguy] 24/3/2017 00:40

"Another infrastructure fund offering a good yield to investors: The Renewables Infrastructure Group, Trig to its friends. The company buys wind farms and other assets and then raises cash to pay off debt. It is in advanced discussions to buy two more, an onshore wind farm in Powys, Wales, and a battery storage project in West Lothian, Scotland, with a combined value of about £100m. Trig is raising another £50 million, or more if it can, by means of a placing. The forward yield is a bit above 6"%"



Placing at 103p due to take place at the end of this month.

[a0002577] 21/2/2017 08:22

Those were good results so did a top up this morning. The 10K shares at 8.04 this morning were mine at 1.06192 but ADVFN has marked this as a sale. Prospective (2017) yield is over 6%.

BUT ... it is worth noting this statement

"While TRIG benefits from support scheme revenues which are generally inflation-linked and currently comprise the majority of the portfolio revenue, the shape of cash flows will also be affected, in particular, by the outlook for electricity prices as well as by other factors. As previously stated, TRIG's distribution policy assumes, in particular, steady growth in UK and European wholesale power prices and on-target operating performance. After successive falls in power price forecasts since launch, future dividend increases may trend beneath inflation unless there are sustained real long-term increases in power prices. The Board will keep TRIG's distribution policy under review, taking into account these factors as well as the prevailing rate of inflation and their impact on dividend cover when considering whether it would be prudent to move to a progressive dividend policy rather than one directly linked to inflation in the future."

[jonwig] 21/2/2017 07:07

Final results announcement.
Key points:

· Total shareholder return for the year of 15.7% on a share price basis and 9.3% on a NAV basis

· Profit before tax of £67.9 million (2015: £17.0 million), reflecting an uplift in portfolio valuation1

· Earnings per ordinary share of 8.8 p (2015: 3.0p)

· NAV per ordinary share2 of 100.1p (2015: 99.0p)

· Directors' portfolio valuation of £818.7 million3 (2015: £712.3 million)

· Achieved total distribution target of 6.25p per share for the year4 (2015: 6.19p) and moved from semi-annual to quarterly dividends

· Portfolio generation capacity increased by 8% to 710MW with a total of 53 investments in the UK, Ireland and France

· Launched second share issuance programme and raised £93 million of new equity capital

· Pipeline of further attractive investment opportunities under consideration across multiple technologies and markets

· Shareholders approved increasing the investment limit for technologies beyond onshore wind and solar PV from 10% to 20%

· Targeting an aggregate dividend of 6.40p per share for the year to 31 December 2017

[bolador] 04/10/2016 11:04

Picking up with the oil price (?) ?at 108.

[jonwig] 23/9/2016 12:50

That's fair comment, but the upcoming growth area is probably offshore wind, where TRIG isn't represented (iirc). John Laing Group [JLG] seems to be developing some expertise there.

[bolador] 23/9/2016 12:30

It seems to me that this share is a down side protected option on a rise in oil prices and thus energy prices overall.Within 2 to 3 three years the effects of the huge cut back in exploration and thus replacement oil supplies will give rise to a sharp pick up in oil prices..

[a0002577] 18/8/2016 08:56

Interesting results. It does seem that this share (and UKW) are a bit toppy.

I don't think that the gov't can do much about the FIT but there is scope in the upcoming rate review to do something nasty.

Have just sold my UKW by the way as I was sitting on a 15% gain. Hope to buy them back at a lower price in the next six months - I shall have to wait and see whether this was a good move - but they do seem to have fallen into the same pattern as other shares of an annual move (up and down) of 10% or so in the share price.

[daveofdevon] 18/8/2016 08:06

I have come to accept that unlike some of my other "safe" income sources such as HICL JLIF and UKW this one is not going to offer any capital growth in the near future.

Once I adjust my brain to think of this as a Preference share with a bit of income growth I am happy !

[jonwig] 18/8/2016 07:46

Interim results are out.

SP of 108p vs NAV of 97p gives a premium of over 11%. Yield chasing?

They've confirmed annual dividends of 6.25p which at first sight aren't covered by eps. As the accounts (complex enough!) explain, though:

Cash received from the portfolio by way of distributions was £30.8 million. After operating and finance costs, net cash flow of £26.0 million covered the cash dividend paid in March in respect of the six months to 31 December 2015 by 1.3 times, (or 1.6 times, factoring in amounts invested in the repayment of project-level debt - with the amount repaid, net of cash deposits, at the project level amounting to an additional £7 million, as set out more fully in the Interim Management Report).

I'm fairly confident nothing serious will impact dividends in 2017 (reduced FITS?). Though I wouldn't buy more at this premium, I can't see reasons to sell.

[gateside] 14/5/2016 14:37

Thanks for that. Had a look at all the other companies. As mentioned before I have invested in JLEN which I am happy with. Looking at all the others on the list like the look of TRIG as it has a balance of wind and solar and has less debt than some of the others. They all seem to be moving to quarterly dividends. Which if reinvested make for a sound, safe and boring investment.

[a0002577] 11/5/2016 14:40

Hi, Gateside

On the listed side I have FSFL, BSIF, JLEN, NESF, TRIG, and UKW. Highest Yielder is BSIF @ 6.8%. Quite like FSFL as the long term money they have borrowed (at a good rate) should be earnings enhancing without jeopardising the NAV.

On the VCT side I have VEN and rather a lot of VEN2 bought when prices were much lower than they are today. They yield respectively 7.77% and 7.39 % and of course are already tax sheltered. I bought these for quite a bit less than the current price. If the board do their job as they have said they will, there is still upside but boards of VCTs are rather good at finding excuses for poor performance.

VCTs of course don't buy assets they have shares (&loans) in companies that build and later run assets. Unlike other VCTs these two cannot invest any more money in assets of this kind so they can just pass on the dividends etc to investors without adding any more risk capital. There is considerable scope with both of these to do some financial engineering to enhance returns.

kind regards - BBB

[gateside] 11/5/2016 08:34

A0002577That's a good safe investment strategy you have there. I recently bought JLEN and am tempted by TRIG too. What other renewable energy funds for you have?

[a0002577] 09/5/2016 10:37

All my green infrastructure shares are in tax sheltered environments - thank goodness. I am not macho enough to want to see an increase in share price - does me no good as I want the income and if they are low then I can buy more at a lower price. So when I have divis to reinvest I just pick the highest yielder (preferably below NAV) and go.

As to foreign dividends - they are a B nuisance. The better half has plenty and expects me to do her tax return. I have none!

[jonwig] 09/5/2016 08:34

Right, thanks.

I've checked back and didn't pay sd on my TRIG purchase. It was another share where a dispute arose. Serves me right for relying on memory.

Regarding foreign dividends, if your shares are within an ISA it doesn't matter where the dividends originate. If not in an ISA, you should receive an annual tax document from your broker which will show country of origin of dividends. This is needed for your SA tax return if you do one.

[a0002577] 09/5/2016 08:08

Stamp Duty : Top of page 130 of the admission document

Provided that Ordinary Shares are not registered in any register of the Company kept in the UK and are not paired with shares issued by a UK company, any agreement to transfer Ordinary Shares should not be subject to SDRT. The Company does not intend to maintain a share register in the UK

My broker was YouInvest - check with yours as to SDRT. As to the dividend tax, I guess we will have to wait and see what HMRC actually does - their guide makes no mention of where the dividends originated.