SLF Realisation Share Discussion Threads

[ctrader3] 15/8/2022 11:38

SuLFuR living up to it's name today, it's a good job
u don't need to sell to get a return, just patience
lots of patience.

[ctrader3] 13/8/2022 07:56

With the energy situation, particularly in Europe, in a precarious place at the moment, the case for energy efficiency has become "a lot stronger", believes SDCL Energy Efficiency Income Trust PLC's Purvi Sapre.

Sapre is the managing director and fund manager for FTSE 250-listed SDCL Energy Efficiency Income Trust, or SEEIT, having been at manager SDCL for six-and-a-half years. Sustainable Development Capital LLP, or SDCL, was established in 2007 as a specialist investor in energy efficiency infrastructure.

Shares in SEEIT closed down 0.5% at 121.00 pence in London on Friday, but the stock has risen 3.4% over the past year. It has outperformed the wider FTSE 250 index, which has fallen 14% over the same period.

Most recently, SEEIT struck a deal to buy a series of renewable assets from United Utilities Group PLC. FTSE 100-listed United Utilities in July agreed to sell its non-appointed renewable energy business, United Utilities Renewable Energy, to SEEIT for an enterprise value of GBP100 million.

Following the sale, these assets will continue to provide long-term green energy to its regulated water & wastewater business, United Utilities Water.

In an interview with Alliance News, Sapre described the United Utilities transaction as a "really fantastic" deal.

"This is core for what we at SDCL and what SEEIT is looking to invest in, which is long-term, contracted revenues, with high quality counterparties," she said, adding SEEIT is keen to do deals "more like it".

The United Utilities transaction was in the pipeline over the last few months, and since then the energy backdrop has shifted dramatically.

On Friday, German Economy Minister Robert Habeck said the country will limit heating in public buildings over the winter to save on gas as Russia throttles supplies to Europe. Public buildings and monuments will also not be lit at night, a measure already taken individually by some cities, as Germany searches for ways to save energy.

The recent reduction of gas supplies from Russia, amid tensions over the invasion of Ukraine, has forced the government to act.

Europe's largest economy, which relies heavily on gas to heat homes and power industry, is trying to wean itself off Russian imports, while avoiding shortages over the winter.

In the UK, Bloomberg this week reported the government is bracing for the possibility of organised blackouts this winter under worst-case plans.

Under a "reasonable worst-case scenario", Britain could face an electricity capacity shortfall amounting to around a sixth of peak demand, Bloomberg said citing people familiar with the government's planning.

The report came the same day that Cornwall Insight said the average annual UK energy bill could surpass GBP4,000 in the new year.

Ofgem last week confirmed that the UK energy price cap will be updated quarterly, rather than every six months, as it warned that customers face a "very challenging winter ahead".

Sapre said: "Whereas before, maybe the the timeline towards people really understanding what energy efficiency was, and the benefits that it'll give them, might not have been as obvious or as readily discussed as it is now."

The case has become "a lot stronger", and hopefully means more drive in these types of investments.

As well as all the other benefits of energy efficiency - such as the cost and reducing wastage - energy security has been thrust into the spotlight following Russia's invasion of Ukraine.

"We need to change how we source and deliver power. We can't be reliant on countries like Russia for our energy...all of these things around energy efficiency are long term and completely aligned with what every country is trying to achieve, which is affordable energy, and secure energy, and clean," she said.

SEEIT is seeing "a lot more activity" and interest in the space, she said, but the market is "big enough" for everyone.

"I would say from an investment perspective, there entities who are looking to invest more, and you're seeing a lot of funds being raised where they've specifically also pointed out they want to make more investments in energy efficiency. So I would expect that trend to continue, and that's great for us and it's great for the wider energy efficiency market - the more people talk about it, the more investment opportunities that are created," she said.

On SEEIT's pipeline, she explained that investments are split into two categories: organic and inorganic. Organic investments are into its existing portfolio, with Sapre citing Onyx, which helps reduce greenhouse gas emission from the supply and consumption of energy, and electric vehicle charging firm Electric Vehicle Network.

The inorganic pipeline includes deals such as the recent United Utilities one.

In SEEIT's last financial year, it made 12 investments. Sapre said the firm doesn't target a particular number of investments and is "quite selective" in what it picks. SEEIT rejects most deals it sees, she said.

"If it makes sense, and they're fantastic opportunities, like United Utilities, I'd love to do more of those. But we don't have to, if we don't find the right one...if we don't make any new investments, we're still pretty busy with our existing investments in supporting them," said Sapre.

SEEIT is well placed to benefit from an uptick in interest in the energy efficiency sector given its years of focus on the industry, particularly as it has spent time developing its own projects and working with its investees.

"It's given us what we'd call an edge - it separates us [as] we're not just an investor. We're also developing solutions as well. And it's why we've been able to capture what we have done in terms of investment opportunities and new projects as well," she said.

But she reiterated that the market opportunity is large. "It's just the beginning" for energy efficiency, she said.

One area of the market Sapre is particularly excited by is electric vehicle charging.

"The push for [EV charging] and seeing that scale up even more is what I'm excited about," she said.

She also highlighted geothermal and green gas. SEEIT in 2020 invested in Vartan Gas Stockholm AB, the owner of the regulated gas distribution network for Stockholm, Sweden. Vartan operates Stockholm's regulated gas grid, which mostly runs on locally produced biogas.

"Sweden's been a big champion in promoting biogas within Europe. From a state and national level, there is a huge amount of support for it, which has made all the difference," Sapre said.

More broadly, "if you look at some things like the public sector, that is a huge opportunity for energy efficiency," she added. "For example, whether it's in green gas, I'd love to see that same momentum as EV charging."

Ultimately, she said: "Just the continuation, seeing companies that didn't previously adopt energy efficiency or are now seeing the virtues of it, is what I am most excited about."

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holiday season, so I don't expect any news this month.

[spectoacc] 03/8/2022 14:08

Agreed, HL aren't what they were.

[chucko1] 03/8/2022 13:44

Tomorrow or Friday for HL if recent history is a guide. Unfair for those looking to reinvest (though why they do not have cash on hand in this market is anyone's guess).

[spectoacc] 03/8/2022 13:34

Nothing HL yet.

[2wild] 03/8/2022 13:20

Also got my 1p and 5ps in both my ISA and trading accounts with interactive Investor.

[ctrader3] 03/8/2022 13:07

my cash is in my account.

[spectoacc] 02/8/2022 13:13

Cash should appear sometime tomorrow for Nominee a/cs (unless with Barclays Stockbrokers).

[chucko1] 22/7/2022 21:06

I see it as more than 75% likely.

[gopher] 22/7/2022 16:02

Do people broadly agree with Pandora that there is still 10.35p to come from the C shares over next 18 months?

[andy246] 22/7/2022 07:58

ctrader3, I was testing the waters this morning on the DMA for SLFR.
Turns out one of the brokers has a shadow BUY bid all the way to 5.80-6.10, so it will be basically impossible to actually trade it at 5p unless a bunch of sellers show up today.

[spectoacc] 22/7/2022 07:32

Ah - missed the amendment RNS, thanks.

[ctrader3] 22/7/2022 07:32

SLFR
interesting two buyers with DMA trying to buy on the bid side,
gazumping each other.
One of the buyers has been filled and if/when the other buyer
is filled the bid price may return to 5p.

[ctrader3] 22/7/2022 07:26

The following amendment has been made to the Return of Capital announcement released on 11 July 2022 at (11:11:28 hrs) under RNS No 0135S. The Ex-Dividend date has been changed from Sunday 24 July to Friday 22 July 2022 All other details remain unchanged. The full amended text is shown below.

12 July 2022

SLF Realisation Fund Limited

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xd dates are normally a Thursday but this is xp.

[spectoacc] 22/7/2022 07:08

Clearly Ex today, must admit I thought it was Monday.

" 24 July 2022

Ex-Date"


Hadn't noticed the 24th is Sunday! Never seen it put as a weekend day before.

[2wild] 18/7/2022 19:26

4 what it's worth I think these are a Buy upto 10p or 9p from Friday.

[ctrader3] 18/7/2022 07:53

I need to declare an interest here, otherwise it will look
as if I'm just ramping the share.
I do believe there is still a profit to be made here,
ramp or not ? always best to DYOR.

[ctrader3] 16/7/2022 07:19

if u deduct the 2p returned, still some way to go before
the price get backs to the beginning of the year's price.

[ctrader3] 16/7/2022 06:47

it's taken a long, long time but the ordinairies have out performed
the C class shares, just need to at least maintain the gains made.
will it, won't it, keep watching.

[ctrader3] 14/7/2022 14:43

put into auction bid greater than offer, sometimes a fat
finger but often to give the mmaker time to source some shares.

[ctrader3] 14/7/2022 13:07

IF borrowers 1/2/6 are re-financed at or near NAV I will
definitely exit at a profit, the only way I know is to
watch and wait.

[ctrader3] 14/7/2022 12:24

when oil was 100 usd in Feb, petrol was 150p a litre
less tax reduction so 145p.
don't wait to fill up at that price as u will
run out petrol.

[ctrader3] 14/7/2022 12:13

x return date is Fri 22 July, normally a Thurs but when
as the company bothered about things like that, which
I expect will bring out some profit takers.