Sqn Asset Finance Income Share Discussion Threads

[chucko1] 31/1/2020 09:55

What Bloomberg shows for SQNX is a Schroders holding of 14.47mm shares reported as of 23/01/2020. Represents a reduction of 5.28mm shares. 3% sold and reported on 24/01/2020.

[eeza] 31/1/2020 08:53

SDR proving to be every bit as hapless as Woodford.

[spectoacc] 31/1/2020 08:42

Thanks @chucko1. Another 1.1m went through late-reported on the ords yesterday I see, with 1.64m and 1.75m on SQNX too, both at 73.25p (and not clear if a buy & sell, or two sells - nowhere near enough gone through to cover it if both sells).

Clearly there's sellers in both, but no more RNS's from SDR, nothing at all on the C's, and I just can't see them finding buyers for eg 14m C's.

[chucko1] 31/1/2020 08:36

I Am going to ask a colleague who is in front of Bloomberg. (I am elsewhere today).

[spectoacc] 31/1/2020 07:02

@Chucko1 - any luck looking at BN for the SQNX trades? Ta.

[eeza] 30/1/2020 09:30

The Ords rising to meet the C's falling.

[chucko1] 30/1/2020 09:07

You can get out of anything if you really wish! As NW found out, doing it in a rush is not a good idea.

They sold a lot of Cs. I saw it on Bloomberg when I checked yesterday. I cannot double check as I am elsewhere today, but I’m pretty sure I am right.

[spectoacc] 30/1/2020 08:06

@chucko1 - I've seen zilch evidence of SDR selling the C's? They'd have next to no chance of getting out of that many if they wanted to.

[chucko1] 29/1/2020 19:06

More time and patience than some participants are willing to expend. Schroders throwing in the towel on the whole thing, Ords and Cs, it would appear. Not sure they’re on their own, either.

It’s messy, but likely not nearly as bad as the price suggests. Seldom is with the asset-backed stuff.

[a0002577] 29/1/2020 18:54

Yup, Rippleog, it is well worth reading their RNS update as they are quite strong on AD and making a success of it.

see

It was not so hot for them with their solar and wind output and power prices though. So the other Green Infrastructure funds may well have suffered

[rippleog] 29/1/2020 17:47

"The AD portfolio continued its track record of out-performance, with energy generation 3.0% above budget for the year to date."

From #JLEN

#SQN look like the wrong price to me. As in all investments time and patience) is all that is required here.

[spectoacc] 29/1/2020 15:28

I'm long SQNX already, perfectly happy to have it lumped in with SQN for buying more.

[eeza] 29/1/2020 11:13

Won't be long. It's losing 2p a day.

Equivalent of 1.5yr's divi's lost in the last week.

[orinocor] 29/1/2020 10:49

I don't see SQNX going down as low as SQN but they have the same useless managers so its got to go down.

Wait for the mid 60s.

[eeza] 29/1/2020 09:49

SQNX catching down to SQN.

[spectoacc] 28/1/2020 16:19

Looking at FT data, seems SDR have 19.75m C's, or 14.2%, but no evidence as yet they've been trying to sell.

BMO 6.75%, CCLA 6%, Rathbone 4.7% etc.

Edit - over 4m SQN gone through today, vs 108k SQNX, in comparison.

[eeza] 28/1/2020 16:11

C's starting to drift down.

[spectoacc] 28/1/2020 15:58

SDR have about 49m shares, 3.5m volume today, which is big for SQN, & some large late prints wouldn't be a surprise. But 49m of them? Have my doubts.

Am assuming they're a seller/the seller, tho would make more sense to wait for outcome of the review.

[rogerrail] 28/1/2020 12:52

With the increasing popularity for ethical investments, it seems like JPM are trying to get in on the cheap.

[damp seaweed] 28/1/2020 11:34

I’ve just picked up and copied the article below from Citywire, which apart from trashing my BSIF & JLEN shares has implications for Bio generation.
So in summary we have feedstock prices up and wholesale electricity prices down.....a bit of a perfect storm.!
———;——̵2;——R12;—
“nvestors in London’s expensive listed renewable energy funds are at a risk of a 43% share price fall and a 33% drop in asset values due to the slide in long-term power forecasts, JPMorgan Cazenove has warned. Strong investor demand for their reliable dividends and environmentally friendliness has pushed shares in London’s six wind and solar power investment companies to an average 16% premium above their underlying net asset values (NAV). But UK investment companies analyst Christopher Brown said the double-digit premiums of companies in the £9bn renewables sector were unsustainable in face of mounting evidence that growth in carbon-free energy would slash the cost of electricity in the next 20-30 years. While that's good news for consumers and the planet, it is bad news for funds generating most of their revenues from selling electricity into the wholesale market, said Brown and fellow analyst Adam Kelly. Using the latest figures from Bloomberg New Energy Finance, an independent forecaster owned by financial media giant Bloomberg, the analysts believed the NAVs of Bluefield Solar Income (BSIF), Foresight Solar (FSFL), Greencoat UK Wind (UKW), JLEN Environmental Assets (JLEN), NextEnergy Solar (NESF) and Renewables Infrastructure Group (TRIG) could drop by a third on average. And because of their elevated share prices – trading at premiums of between 12% and 23% - that could translate into a 43% fall in their stocks, they said.”

[delspirido] 28/1/2020 11:23

Three big buy orders this morning - rather a contrast to the institutional selling

[eeza] 28/1/2020 11:10

Only 1p from spec's (initial) target.

[spectoacc] 28/1/2020 10:50

It's standard govnt planning - use taxpayer cash to subsidise a load of AD, then discover there isn't the biomass for it, then start having to import it from abroad.

Drax a prime example, shipping wood pellets from the US to burn.

A few years ago all my tree chipping started heading there. Gets to the point where it's not even "feedstock" you're burning. Again, Private Eye been all over it.

I can't speak for all of SQN's AD - some may work out, as they have previously - but I'd personally discount the entirety of the AD loans.

Edit - I'd be very surprised if those larger trades this morning aren't more SDR selling, and price unlikely to settle until they're done.