Ft Tre Discussion Threads

[edwardt] 15/6/2011 09:34

thanks - surely some of the cash is trapped in commitments to private equity. also the pe sale will be at a sharp discount to nav or is this already factored in?

[bendyer88] 15/6/2011 09:11

In interims:

PE portfolio = 50.48p
Carbon Credit Portfolio = 56.34p (At 24 March 2011)
Cash = 42.31p

NAV = 149.13

Dividend depends on how much cash they also give back in dividend (30.7m held to cover carbon credits = 12.28p). Current carbon credit spot price 16.59 means carbon credits now worth approx 70p (28% increse since March 2011, however spot price different to futures). The carbon credits will be sold at a discount, especially 2012 credits. TRE are putting forward a minimum price they want to achieve so will have been conservative (I hope). Realistically I think they may get between 55p-63p for carbon credits and if they add in cash cash to cover carbon credits the dividend could be 67p-75p. Which would leave them with:

PE portfolio 50.48p
Cash 30.03p
NAV 80.58p
And a share price ex-dividend of approx 33p-41p, which would be well over 50% discount to NAV.

[papy02] 15/6/2011 09:09

I should have added (Also from Interims),

Valuation: Group Net Asset Value ("NAV") of 135.94 pence per share

[papy02] 15/6/2011 09:01

From interim results for 6mo to 31 Dec 10, published 24 Mar

· Carbon portfolio: £107.3m or 42.97 pence per share at 31 December 2010 (58.41 pence per share as at 30 June 2010).


· Cash: Group Net Cash of £105.7m or 42.31 pence per share at 31 December 2010 (£111.4m or 43.29 pence per share at 30 June 2010).

[aspringo] 15/6/2011 08:48

this was valued at 42p in the interims

[edwardt] 15/6/2011 08:37

all reads well on the rns. not sure that the 50p on the carbon credit portfolio is great news. I was of the understanding that this was circa £1 of the estimated £1.6 enav. i assume that this is an arbitrary figure? Anyone have any colour on this?

[manrobert] 15/6/2011 08:01

carbon credit price 16.59. it is quoted daily in the times.good update looks like money will be coming back to shareholders very soon.

[norbert colon] 15/6/2011 04:12

Does anyone have a good website for checking carbon prices? I did find one a few weeks back but for some reason cannot find it now. Agree that this is a long weight so lets all hope for £1.50 (at least).

[manrobert] 13/6/2011 07:50

12% yield..40% discount to end of march asset value..should be worth the wait.imo.

[sparky8270] 12/6/2011 22:53

Still a very boring stock. Are the management/ non execs waiting for the carbon price to firm further? I know it takes a while for dd to take place over a number of countries, but this is getting redic!... C'mon put us out of our misery.

[jezza123] 09/6/2011 14:53

agreed! this is the worlds most boring share.... :-p

[edwardt] 06/6/2011 14:25

surely an announcement soon, i am getting bored with the wait!!

[manrobert] 26/5/2011 07:34

not really how long does due dilligence take?maybe within 3 weeks.the price has remained very firm.

[jezza123] 25/5/2011 20:17

any idea when that news might finally come?

[manrobert] 24/5/2011 08:41

hope we will have news of firm offers for equity portfolio soon and then maybe a special 40p div.

[manrobert] 01/4/2011 08:14

good write up in IC this morning seems to have got them off to a good start.

[manrobert] 30/3/2011 15:34

bit disappointing shares are down today more than the div.

[manrobert] 29/3/2011 08:26

last day for new buyers to qualify for the 6p div.

[wormcatcher] 26/3/2011 09:56

130p and I'd be happy - bought and sold these over the years and taken some good dividends so overall been a good share for me.

Don't forget to turn your lights out at 8.30pm tonight for Earth hour!!

[manrobert] 26/3/2011 08:36

its difficult to see the co accepting any offer below 130 so we may find that when they go xd.on wed they may not lose the whole 6p.to me it like a dated gilt with 130 almost certain. but only my view.

[jezza123] 25/3/2011 19:40

closed on a two year high.... the question is can it break this resistance?

[manrobert] 24/3/2011 16:46

the div increase sugests a prety high yield which should also support the price.

[jezza123] 24/3/2011 16:38

a lot of resistance just above this price - if it can break it, then all good.

otherwise, it'll probably drift back down again.

only some news on the bidders is likely to break the resistance.

[manrobert] 24/3/2011 09:41

surprisingly muted response from the market so far.

[manrobert] 24/3/2011 07:30

yeah very good results and recent increase in price of carbon credits may have further to go.looks like my target price of 130 is looking rather conservative and will increase it now to 145. hope the market responds well to these results.