Sdcl Energy Efficiency I... Share Discussion Threads

[rik shaw] 04/3/2021 08:08

Interim Dividend

SDCL Energy Efficiency Income Trust plc is pleased to announce the third quarterly interim dividend in respect of the three month period ended 31 December 2020 of 1.375 pence per Ordinary Share. The shares will go ex-dividend on 11 March 2021 and the dividend will be paid on 31 March 2021 to shareholders on the register as at the close of business on 12 March 2021.

Target Dividend Forward Guidance

Having reviewed with the Investment Manager the future cash flow projections from the Company's current portfolio in the near and medium term, the Board is pleased to report that the Company will target an annual dividend of 5.62 pence per Ordinary Share for the 12 month period commencing 1 April 2021 and a progressive dividend thereafter*. The annual dividend target will continue to be paid in equal quarterly instalments.

[igoe104] 24/2/2021 10:16

Tipped in the times today...

[jonwig] 12/2/2021 07:12

Result of placing:

The Board is pleased to announce that the placing of New Ordinary Shares pursuant to the Company's existing Share Issuance Programme announced on 4 February 2021 has received a strong level of support from investors.

Taking into account the strength of the Company's near-term acquisition pipeline, the Board has determined to increase the size of the Placing to GBP160 million. Accordingly, the Placing will result in the issue of 150.9 million New Ordinary Shares at the Placing Price of 106 pence per share. Notwithstanding the increased size of the Placing, applications for the New Ordinary Shares exceeded the total number of shares to be issued and accordingly a scaling back exercise has taken place.

So we PIs weren't invited to top-up but we can still stay on for the ride! (106p wasn't such steal, anyway.)

[gateside] 04/2/2021 08:52

jonwig - that's what I thought. At least it's not much of a discount, so not missing out that much. It would be nice if Private Investors had the same opportunity though, but I suppose that would increase costs.

[jonwig] 04/2/2021 08:30

Gateside - no, alas! When you see 'bookrunner' (Jefferies here) that's the broker who's soliciting bids from institutions.
You could ring them up and maybe take part, but I guess you'd need £50k at least to put in the pot.

[gateside] 04/2/2021 08:16

Can private Investors participate in the Placing?

[rik shaw] 04/2/2021 07:47

Placing at 106p

[the deacon] 06/1/2021 08:12

The picking up of US assets could prove very fruitful under a democratic controlled house and senate. SEIT well placed

[rambutan2] 09/12/2020 21:46

A fuller presentation and questions from 24/11:

[rambutan2] 09/12/2020 21:43

Shortish presentation:



And interims presentation pdf:

[jonwig] 09/12/2020 07:06

bathcoup - the accounting is a bit complex, but basically when SEIT invests in an operating company it takes a share stake (could be 100%) and also lends money. Hence it gets dividends and interest.

This is quite common with VCTs: the share stake gets a share of potential upside, whilst the loan could be used to protect the downside (claim on assets).

It could well be that dividend income is steady because investee companies agreed to pay a fixed dividend (if possible) for a set time. And it is the cash income you were hoping for.

SEIT itself doesn't own the operating projects, it holds 100% of "Holdco" which in turn holds the projects.
I don't know why it uses such a structure, but I don't think it's uncommon.

I hope that makes you a bit more comfortable. As I said, I'm guilty of not paying much attention to the results!

[bathcoup] 08/12/2020 21:34

(all in £'000)
Investment income 19,359
Dividend income 3,500
Bank interest received 27
Gain on investment at fair value through profit or loss 14,940
Loan interest income 892

The main part of Investment income is valuation gain. Fair enough (Share holders, by definition, must trust the Investment Manager). I'm puzzled by "Loan interest income" and "Dividend income".

Loan interest income 892 is paid to the company by the Holdco, the Company's single wholly owned subsidiary. This is silly (Hope I'm wrong).

Dividend income 3,500. What is this. I was hoping to see some kind of cash income from invested projects. Note it's a round figure. It was also a round figure for the Period ended 30 September 2019. I don't assume they're plucked out of thin air.

I don't have difficulty with "Bank interest received" but until I feel comfortable with other items I won't invest in SEIT.

[jonwig] 08/12/2020 08:29

HY results (see link in header).
I haven't kept up with the detail, but they seem to be rather good (though some pandemic-related concerns).

[gateside] 02/12/2020 23:32

Goes ex-dividend in the morning

[gateside] 23/11/2020 19:11

Investec increased their holding

[igoe104] 18/11/2020 16:38

purchased a load, just over 20k worth before the bell- this looks like a solid investment, with a good yield

[gateside] 17/10/2020 15:40

After reading that the placing was over subscribed I decided to buy a few yesterday.
Plan to building up a bigger holding. Good sector to invest in. Looks like a company with a good vision and well managed too.

[jonwig] 27/9/2020 11:20

A similar company is floating next month, Triple Point Energy Efficiency
Infrastructure Company plc:





Need to apply direct to TP.

[jonwig] 06/8/2020 07:27

Paying £50m for a suite of EV rapid charging sites:



Could commit another £150m in due course. I think they have around £170m cash and have used their £25m debt facility.

[apollocreed1] 25/6/2020 15:41

@jonwig - Thanks.

[jonwig] 24/6/2020 17:39

My broker got me some, but I was scaled down.
There was a prospectus, but it didn't appear until the day before closing!

[apollocreed1] 24/6/2020 17:31

There was a share placing that was oversubscribed today. Was this open to retail investors or only institutions?

[jonwig] 11/2/2020 07:08

Investment update:



More global approach, with FX hedging explained.

[jonwig] 19/12/2019 07:28

On 17 December 2019, SEEIT announced it was seeking to raise GBP40 million through a non pre-emptive placing of new Ordinary Shares in the capital of the Company (the "Placing Shares").

The Board of Directors (the "Board") is pleased to announce that the Placing has been significantly oversubscribed. Taking into account the strength of the Company's acquisition pipeline, the Board has decided to increase the size of the Placing to raise a total of approximately GBP54.1 million of gross proceeds. Accordingly, a total of 52,000,000 Placing Shares will be issued at a price of 104.0 pence per share.

That's just shy of 20%, so my guess in #13 was wrong.
It's always good if you hold a share like this to see others willing to pay a premium to NAV, but it does suggest they could have asked for a bit more.