Share Name Share Symbol Market Type Share ISIN Share Description
Sanditon Investment Trust Plc LSE:SIT London Ordinary Share GB00BMPHJ807 ORD �0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 90.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
88.00 92.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 0.73 0.39 0.68 132.4 45
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 90.00 GBX

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22/11/201922:55Sanditon Investment Trust - a new Ј50m trust50
01/3/201014:21Solar Integrated Technologies: for Solar Roofing2,803
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Sanditon Investment Daily Update: Sanditon Investment Trust Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker SIT. The last closing price for Sanditon Investment was 90p.
Sanditon Investment Trust Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 50,000,000 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Sanditon Investment Trust Plc is £45,000,000.
topvest: The Company’s sole unlisted investment is its 20 per cent. holding in its Investment Manager, Sanditon Asset Management PLC (the “SAM Holding”). The Board and the Investment Manager expect the SAM Holding to be realised either by means of a buyback of shares by the Investment Manager or, in the event that an agreement on a buyback cannot be reached for whatever reason, through the liquidation of the Investment Manager. In the event of a buyback, the Board and the Investment Manager expect the price for the SAM Holding to be agreed on or around 5 December 2019 on the basis of the net realisable value of the SAM Holding. The Board and the Investment Manager do not expect the difference in this price from the Company’s latest valuation of the SAM Holding included in its Annual Report and Accounts for the year ended 30 June 2019 to be material to Shareholders in the context of the total Net Asset Value per Ordinary Share to be realised.
spectoacc: Is going to need a long run like that for that discount to narrow back down again. Only have an incidental holding left in SIT now.
spectoacc: Looking forward to seeing if SIT NAV has benefited from this market rout. Wouldn't bet my pension on it!
spectoacc: 75k director buy at 80p but marred by drop in NAV caused by revaluation of 20% stake in SAM. Can certainly argue that will work the other way if/when SIT is successful. However, for the time being, it isn't. Reluctantly sold at a 10p NAV discount, though still stuck in some in another a/c so will keep an eye on them.
spectoacc: Price ticked up, NAV ticked up, but still been a lot of value destruction. Director buy of 120k at 83.5p the other week - wish I'd waited until then to buy! :)
spectoacc: I think they've acknowledged it themselves already but they're basically betting against momentum. That can work at the top/bottom of the market, but who can call those, and how many of them are there? For the rest of the time, they're shorting risers and longing fallers and losing our money hand over fist. As you say - easier to short CLLN, PFG, CPI, DEB etc as they fall, than to short the likes of JE. on the rise. Love that their biggest long - BAB - fell out of the FTSE 100 at the last review to be replaced by their biggest short - JE. Would be interesting to see how their performance compares to a FTSE tracker - my guess is NAV would be nearer 150p than under 90p. But it's the road back that worries me - just not sure how they're going to manage it. (Tho re-reading the above makes me think we're the fools - we should have gone short SIT!).
spectoacc: To some extent they must suffer the same problem as all the others holding stakes in the management co - when it's going well, the management co is worth more and so is the trust and so is the management co and so on. When it's going poorly, there's the risk that goes into reverse. I doubt SIT is going "poorly" enough just yet, though they won't be looking good in the tables. Not sure how their Unit Trusts are doing. Spoke to them a while ago when I thought about investing and only the premium put me off. Now the performance does. Edit - had to smile at this: "Investment Objective The Company's investment objective is to: deliver absolute returns of at least 2% per annum, compounded annually, above RPIX; and be an asset diversifier for shareholders by targeting low correlation with leading large capitalisation equity indices. " It's certainly low correlation! Markets gone up, SIT gone down.
lbo: Solar power Published: August 13 2009 15:25 | Last updated: August 13 2009 20:31 What looked only last year like a shining future for the solar industry has flared into a supernova, incinerating profits and share prices. Demand for photovoltaic panels had been growing at 45 per cent annually from 2000 to 2008, but the industry underwent an aggressive expansion at the wrong time. Finished panel capacity is at about 9,000 megawatts while demand has contracted from about 6,000MW last year to 4,500 in 2009, according to Barclays Capital. Not long ago, the bullish case for solar stocks painted 2009 as a banner year. Industry growth had been hampered by tight supply of the raw material polysilicon, causing prices to soar 40-fold between 2001 and 2008. Now there is a surfeit but few takers, even as prices plunge. Analysts at iSuppli predict the panel glut will not end until 2012. Price wars are leaving high-cost manufacturers exposed. Germany's Q-Cells fits this category and its shares are off more than 85 per cent from their 2007 peak. Financially weaker manufacturers such as China's LDK Solar are also stressed, but state-directed lending is keeping them afloat for now, worsening the glut. Energy Conversion Devices of the US has suffered as its film technology became uncompetitive when polysilicon got cheap. The solar industry's gold rush mentality and its unhealthy dependence on subsidies are to blame for its travails. The only positive is that private over-investment will make panels cheaper, giving taxpayers who sustain solar power worldwide a better deal.
masurenguy: RNS Number : 0680W Solar Integrated Technologies Inc 22 July 2009 Energy Conversion Devices AND SOLAR INTEGRATED TECHNOLOGIES sign definitive MERGER agreement. Rochester Hills, Mich., Los Angeles, Calif., and London, UK - July 22, 2009 - Energy Conversion Devices, Inc. (ECD) (NASDAQ: ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, and Solar Integrated Technologies, Inc. (SIT) (AIM: SIT.LN), a leading provider of building integrated photovoltaic (BIPV) roofing systems, today announced that they have signed a definitive agreement pursuant to which ECD will acquire SIT. Under the terms of the agreement, ECD will pay 6.75 pence in cash (or approximately $0.11) for each share of SIT (the 'Merger Consideration') or approximately $11.2 million. Including the assumption of SIT's net debt obligations, the purchase price will be approximately $16.3 million. ECD plans to finance the acquisition from existing corporate funds.
auks: RNS Number : 5679T Solar Integrated Technologies Inc 09 June 2009 SOLAR INTEGRATED REPORTS PRELIMINARY UNAUDITED 2008 FINANCIAL RESULTS London, UK and Los Angeles, California, June 9, 2009 - Solar Integrated Technologies, Inc. (AIM:SIT.LN), a leading provider of building integrated photovoltaic ("BIPV") roofing systems, today announces its unaudited financial results for the year ended December 31, 2008, including record annual revenue of $95.3 million, an increase of 18% over 2007, and a net loss of $13.1 million, a 47% improvement over 2007. Unless otherwise noted, all amounts are reported in US dollars. This press release contains both US GAAP ("GAAP") and non-GAAP financial information, including certain non-GAAP gross margin metrics and non-GAAP adjusted EBITDA financial information. 2008 Full Year Financial Highlights Revenue of $95.3 million, an increase of 18% from $81.1 million in 2007. European solar and distribution revenue totaled $60.6 million, an increase of 118% from $27.8 million in 2007. Revenue from Europe represented 64% of total 2008 revenue and 34% of total 2007 revenue. US solar revenue was $20.3 million, a decrease of 45% from $37.1 million in 2007. US roofing revenue was $14.4 million, a decrease of 11% from $16.2 million in 2007. Gross profit of $11.0 million, a decrease of 24% from $14.4 million in 2007. Reported gross margin of 11.5%, a decrease from 17.8% in 2007. Core gross margin was 17.9%. Core gross margin equals reported gross margin less unabsorbed manufacturing costs of $3.3 million, inventory reserves of $1.6 million and additional warranty reserves of $1.2 million. Core solar gross margin was 21.1%. Core solar gross margin equals core gross margin less distribution and roofing gross margins. SG&A costs of $21.3 million, a decrease of 31% from $30.7 million in 2007. Excluding non-cash items of warrant- and stock-based compensation and depreciation, SG&A costs were $19.4 million, an increase of 19% from $16.3 million in 2007. Adjusted EBITDA of ($8.1) million, compared to $0.1 million in 2007. Net loss of $13.1 million or $0.14 per share, compared with net loss of $24.7 million or $0.35 per share in 2007. Cash balance of $5.8 million as of December 31, 2008, compared to $3.7 million as of June 30, 2008 and $11.3 million as of December 31, 2007. 2008 Second Half (H2) Financial Highlights Revenue of $52.5 million, a decrease of 14% from $61.3 million in 2007 H2. Gross profit of $3.8 million, a decrease of 66% from $11.1 million in 2007 H2. Reported gross margin of 7.2%, a decrease from 19.4% in 2007 H2. Core gross margin was 16.6%. Core gross margin equals reported gross margin less unabsorbed manufacturing costs of $2.1 million, inventory reserves of $1.6 million and additional warranty reserves of $1.2 million. Core solar gross margin was 20.1%. Core solar gross margin equals core gross margin less distribution and roofing gross margins. SG&A costs of $11.0 million, a decrease of 40% from $18.4 million in 2007. Adjusted EBITDA of ($8.2) million compared to $4.8 million in 2007 H2. 2008 Sales and Operations Highlights A total of 173 solar projects completed in 2008, representing 13.4 MWp of installed solar systems, compared to 76 solar projects completed in 2007, representing 9.1 MWp. Continued market penetration and diversification of geographic and customer distribution. A total of 157 projects were completed in 14 European countries representing 10.7 MWp of installed solar systems. A total of 16 turn-key projects were completed in the US representing 2.7 MWp of installed solar systems. A total of more than 350 projects completed since the Company's inception representing more than 32 MWp of installed solar systems. 2008 production throughput of 12.8 MWp, an increase of 45% over 2007 production. 2008 Industry Context and 2009 Outlook Although Solar Integrated and the photovoltaic ("PV") market continued to grow in 2008, the industry was impacted by a number of factors beginning mid-year. These factors have led to sluggish demand and increased pricing pressure. There remains a highly uncertain near-term outlook for companies throughout the PV industry value chain. These challenging market conditions and uncertainty have been caused in part by the following factors: The global economic downturn and credit crisis. Construction has slowed, capital spending decisions and projects have been deferred or canceled, capital availability has been reduced and the cost of capital has increased. Collectively, these factors have adversely affected solar customers and project economics, and contributed to project delays and cancellations. The US Investment Tax Credit ("ITC"). The impending expiration of the US ITC for renewable energy projects on December 31, 2008 contributed to delays and cancellations of solar projects in the second half of 2008. The ITC was eventually renewed in October 2008. Currency fluctuations. In the second half of 2008, the Euro significantly weakened against the US dollar, putting further margin pressure on Euro-denominated sales of products made with significant US dollar-denominated costs. Currency exchange rates continue to be highly volatile. During the second half of 2008, these factors contributed to PV inventory build-ups, production overcapacity and a sharp decline in average selling prices across the PV value chain. This industry dynamic has continued in the first half of 2009. Despite these near-term challenges, the Company believes the long-term outlook for the PV industry remains positive. Declining module prices are making PV power more cost-competitive with the grid, which should lead to increased demand in the long-term. In addition, strong government incentives remain in place in key markets: In Europe, attractive feed-in tariffs remain in place in several countries, with increased incentives for BIPV and PV rooftop applications in certain markets. In the United States, the ITC was extended through 2016, and the 30% tax credit it provides is now allowed for utility-scale projects. Further, the American Recovery and Reinvestment Act of 2009 makes cash grants available in lieu of the ITC for certain projects placed into service or commenced in 2009 and 2010. We believe that strong political support also exists for the adoption of a national renewable portfolio standard, which would obligate utilities to produce more electricity from renewable sources and thereby increase support for solar projects at a state level. Company Priorities Commenting on the 2008 results and the 2009 outlook, R. Randall MacEwen, President & CEO, said: "For Solar Integrated, as for many others, 2008 was a challenging year. The year was dominated by a global financial and banking crisis that impacted almost all businesses. There is no doubt that the global credit crunch, the abrupt collapse of the construction boom and volatile foreign exchange rates significantly impacted our 2008 results. The turmoil worsened as the year wore on and sent the global economy into a recessionary tailspin that gained further momentum in the new year. And yet, Solar Integrated achieved record revenues in 2008. "However, it remains unclear as to precisely when the economic deterioration will subside and a recovery will begin. Given this market uncertainty, we expect 2009 to be a challenging year as well. The credit crisis has led to demand destruction and module oversupply, which has been exacerbated by significant capacity expansion. Module oversupply has led to a precipitous decline in average selling prices throughout the value chain. In this context, PV companies throughout the value chain have had to reconsider their business models. Focus has shifted from the upstream end of the value chain to the downstream end. In today's market, success is critically tied to project ownership, customer relationships, access to project finance and corporate balance sheet strength. "And while we believe the US stimulus package will be a powerful catalyst for the US solar market in 2010 and beyond, we expect it will have limited impact in 2009." Given the macro-economic and PV industry backdrop, the Company identified certain areas in its business that needed to be addressed in order to remain competitive in this rapidly changing and challenging environment. These included cost reductions, cash flow enhancements and strengthening of the balance sheet. Cost Reductions. The Company has undertaken a cost reduction program which is expected to reduce SG&A expenses in 2009 by at least $3 million. Additional cost reductions will be considered as the Company continues to evaluate future market conditions. In addition, we took a further opportunity during the seasonal first-half slowdown in business activity to reduce our manufacturing output in order to better manage our inventories and cash flow and to align production with expected demand. Cash Flow Enhancements. As part of our continued review of the Company's business model, including our working capital model, the Company is contining to negotiate improved terms with certain suppliers and customers to better align cash payments to our suppliers with cash receipts from our customers. Strengthening of the Balance Sheet. The Company has an asset-based revolving line of credit (the "GE facility") for working capital purposes for up to $20 million with an affiliate of GE Energy Financial Services ("GE"). The GE facility was put into place in 2005 when the Company had limited European business activities, and it does not provide for borrowings against non-US receivables or inventory. Since 2005, the Company has successfully grown its European business. In 2008, Europe contributed 64% of the Company's revenue. In early 2008, the Company began discussions with various potential lenders to replace the GE facility with a credit facility that would allow the Company to borrow against both US and non-US receivables and inventory. With the deterioration in the credit markets, the time required to attract a new credit facility has been protracted. The term of the GE facility was originally scheduled to expire on June 30, 2008. The Company has negotiated several extensions and it is currently set to expire on July 3, 2009. As partial consideration for the extensions, the Company has re-priced a warrant to purchase 2,617,353 common shares previously issued to an affiliate of GE, from an exercise price of £0.30 per share to £0.12 per share, and has extended the term of the warrant from December 31, 2010 to December 31, 2013. Between August 2008 and March 2009, the Company entered into non-binding term sheets with a leading US commercial lender relating to a new asset-based revolving line of credit for up to $25 million. This proposed credit facility was expected to replace the GE facility. In May 2009, in an unexpected development, the Company was advised that the commercial lender was no longer prepared to proceed with the proposed new line of credit. The Company then determined to review all strategic alternatives, including a possible sale of the Company. On May 5, 2009, the Company announced that it had discontinued its discussions with the commercial lender relating to the proposed new revolving line of credit, and that the Company had extended the term of its existing loan and security agreement with GE to July 3, 2009. The Company also announced on May 5, 2009, that it had retained Thomas Weisel Partners LLC ("TWP") as its financial advisor. TWP is assisting the Company's board of directors and management in evaluating strategic alternatives to enhance shareholder value including, but not limited to, a possible sale of the Company and various financing alternatives. The board of directors and management cautioned the Company's shareholders and others considering trading in its securities that there is no assurance that the Company will be successful in further extending the GE facility, or in otherwise securing financing or a buyer for the Company. The Company anticipates releasing audited 2008 financial statements by June 30, 2009. Because of the continued uncertainty that appropriate levels of financing can be achieved, the Company anticipates that the auditor's report accompanying the audited statements will include a going concern emphasis paragraph relating to, among other things, the Company's liquidity challenges and the importance of obtaining additional financing. Mr. MacEwen concluded, "In a year when the solar industry experienced dramatic changes, Solar Integrated made significant progress in a number of key areas. We continued to win new and repeat business; we penetrated new solar markets; we diversified our product offering; and we recorded record revenue. We are responding to continued challenging market conditions by taking steps to control our manufacturing and operating costs and to improve our working capital model, while retaining the ability to respond quickly as markets improve. We will continue to work hard to reduce our costs, improve our cash flow and strengthen our balance sheet. Despite the Company's current financing challenges, we believe that the expected long-term growth of the solar industry, our strategic position in target growth segments and our organizational capabilities to sell and execute in these markets will enable the Company to successfully implement a sale or alternative financing and maximize shareholder value." About Solar Integrated Solar Integrated Technologies, Inc. (SIT: AIM.LN) is a Los Angeles-based company that manufactures, designs and installs building integrated photovoltaic ("BIPV") roofing systems for commercial rooftops. Our BIPV roofing systems enable our customers to transform a rooftop into a value-generating asset. Our customers include Audi, Carrefour, Coca-Cola Enterprises, Frito-Lay, Honeywell, IKEA, Johnson Controls, Metro, Portland General Electric, ProLogis, San Diego Unified School District, Tesco, Toyota, Unibail-Rodamco, US Air Force, US GSA, US Navy and Westfield. For more information, please visit or contact: Investor Contacts R. Randall MacEwen President & Chief Executive Officer Solar Integrated Technologies, Inc. +1 (562) 299-0136 Juliet Thompson or Chris Golden Nomura Code Securities Limited Nominated Adviser and Joint-Broker +44 20 7776 1200 Peter Krens Mirabaud Securities Limited Joint-Broker +44 20 7878 3362 Media Contact Chelsea Hayes or Robert Koh Pelham Public Relations +44 207 337 1523 Thinking Integrated. Building Integrated. * * * * * * * * * * * * * * * * * * * * * * * * * * * 2008 Financial Highlights Revenue Revenue for 2008 was $95.3 million, an increase of 18% from $81.1 million in 2007, primarily due to growth in solar markets in the first half of 2008, new market penetration, new customer penetration and repeat business. Consistent with prior years, the Company booked a higher level of revenue in 2008 H2 than in 2008 H1, although the difference between 2008 H2 and 2008 H1 was less pronounced than in prior years, due to the late renewal of the US Investment Tax Credit and the global economic slowdown in the second half of 2008. First half revenue has typically been, and is expected to continue to be in 2009, lower than second half revenue in large part as a result of the seasonality of the business and the budget and construction cycles of the Company's target customers. As the Company is involved in a construction project-based business, the Company may experience revenue and financial performance lumpiness from period to period. Revenue for 2008 H2 was $52.5 million, a decrease of 14% from $61.3 million in 2007 H2. The decrease in revenue was primarily due to project delays and cancellations due to the uncertainty around the pending expiry of the ITC, as well as the global economic slowdown and the reduced availability of credit and tax equity. Although the ITC was eventually renewed in October 2008, the uncertainty of its renewal adversely impacted our US solar revenue in 2008 H2. Gross Margin The Company achieved gross profit of $11.0 million in 2008, a decrease of $3.4 million or 24% from gross profit of $14.4 million in 2007. In 2008 H2, gross profit was $3.8 million, a decrease of $7.3 million or 66% from $11.1 million in 2007 H2. For 2008, the Company's gross margin fell to 11.5% of revenue, compared to 17.8% of revenue in 2007. For 2008 H2, the Company achieved gross margin of 7.2% of revenue, compared to 19.4% of revenue for 2007 H2. The decreases in the Company's gross margin performance in 2008 full year and 2008 H2 were due to increased competition and lower average selling prices which resulted from an over-supply of solar modules in the industry. In addition, project delays and cancellations contributed to an under-utilization of the Company's manufacturing operations, resulting in unabsorbed manufacturing costs of $3.3 million during 2008, and $2.1 million during 2008 H2. During 2008 H2, the Company also incurred inventory and additional warranty reserves totaling $2.8 million. The Company's core gross margin, which excludes these charges, was $17.1 million, or 17.9% of revenue in 2008, and $8.7 million, or 16.6% of revenue in 2008 H2. European solar gross margin in 2008 H2 was adversely impacted by the strengthening of the US dollar against the Euro, increased competitive pressures, weaker average selling prices and different product mix. The Company's material, labor and manufacturing costs for its products are almost entirely incurred in US dollar denominated costs, while its revenues from European customers are almost entirely denominated in Euros. As a result, the relative weakening of the Euro against the US dollar resulted in lower US dollar revenues upon conversion from Euros and lower gross margins. US solar gross margin was adversely impacted by more challenging customer economics, increased competitive pressures, weaker average selling prices, different product mix and different geographic revenue mix in the US market. SG&A Selling, general and administrative expenses for 2008 were $21.3 million, including $1.7 million in non-cash stock-based compensation and $0.2 million in non-cash depreciation. Excluding all non-cash compensation and depreciation, SG&A costs were $19.4 million in 2008, an increase of 19% from $16.3 million in 2007. Excluding the same items, SG&A costs as a percentage of revenue were 20.3% in 2008 compared to 20.1% in 2007. Adjusted EBITDA On a non-GAAP basis, adjusted EBITDA was ($8.1) million in 2008, compared to $0.1 million in 2007. The following is a reconciliation of GAAP net loss to non-GAAP adjusted EBITDA for 2008 and 2007. (In Millions)
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