Ft Tre Discussion Threads

[outsizeclothes.com] 12/12/2011 16:35

In for 80k shares. I can't see Carbon falling to 'worthless' now, which is about the only case where TRE could be worth less than 30p.

[bones30] 12/12/2011 13:48

Just KBC and Cenkos MMs to react to the buying.

[bones30] 12/12/2011 13:05

That particular activity was a bit strange.

[edwardt] 12/12/2011 13:02

not sure about 'no brainer' but it is interesting that laxey sold and bought back their stake in a few days , averaging down..

[edwardt] 12/12/2011 13:02

not sure about 'no brainer' but it is interesting that laxey sold and bought back their stake in a few days , averaging down..

[bones30] 12/12/2011 12:59

This is a bit of a no brainer if what I have been reading is correct.

Laxey's involvement is an obvious plus.

[jezza123] 12/12/2011 09:43

yea - look at it fly!

[wowzers] 11/12/2011 20:58

positive news....

[manrobert] 11/12/2011 11:39

probably meant 80%.

[pillion] 10/12/2011 15:38

Having seen its share price drop more than 8 per cent in under three months....

hmmmm....

[crosswire] 10/12/2011 14:34

Pillion

Nope!

[tyh123] 10/12/2011 14:26

Get the best deals and offers on trading and spread betting at including 30% sign bonus when trading shares.

[pillion] 10/12/2011 14:24

crosswire
Any idea when the next dividend is likely to be ?

[crosswire] 10/12/2011 07:33

December 9, 2011 8:34 pm
Small caps:
By Keyur Patel

Trading Emissions bounced 20.3 per cent to 22¼p, after responding to a recent slump in its share price by saying it had sufficient cash resources to meet its current obligations.
Shares in the carbon credit trader had tumbled by around 60 per cent over the past three weeks amid record low carbon permit prices. The company released figures showing that even in the event that carbon prices fell to nothing, it could cover its maximum theoretical exposure of £77.3m.

"With 100 per cent upside to our target price [retained at 19p] and 50 per cent upside to an absolute worst case net asset value, we revise our recommendation to buy from hold," said Peel Hunt. However, it pointed out that the carbon market was an "unpleasant place to be" and looked increasingly unlikely to rebound.

[crosswire] 09/12/2011 20:09

Analysts had mixed views about the company's NAV revision.

At current carbon prices, the company's NAV should be around 26p per share, said Gus Hochschild, an alternative energy equity analyst at Mirabaud Securities LLP. "Whilst most equity valuations have slumped, it appears that management have succeeded in growing this portfolio by 61 percent," he said in a research note.

Analysts at brokerage Peel Hunt revised their recommendation for Trading Emissions to "buy" from "hold" while keeping their target price at 38p. Even if carbon prices fell to zero the company's NAV would be 28p per share, they said, but added: "We do not anticipate an improvement in the carbon market, which remains an unpleasant place to be." ($1 = 0.6398 British pounds) (Additional reporting by Jeff Coelho; Editing by Paul Hoskins and David Holmes)

[crosswire] 09/12/2011 17:30

Trading Emissions soars after making case for the defence

Fri 09 Dec 2011

TRE - Trading Emissions

Latest Prices
Name Price %
Trading Emissions 22.25p +20.27%

FTSE AIM 100 3,150 +0.53%
FTSE AIM All-Share 700 +0.34%
Financial Services 4,564 +0.33%

LONDON (SHARECAST) - AIM-listed investment company Trading Emmissions (TRE) has sought to reassure investors following a year in which the stock has lost 81% of its value.

TRE's main strategy is to buy "emissions assets", these can range from projects designed to reduce greenhouse gas emissions to energy efficiency solutions. The price of these permits has been falling significantly recently, leading to a 30% drop in TRE's net asset value (NAV) between June and October.

In a statement today TRE says it notes "notes the recent material fall in the share price of the ompany, and the price of carbon related securities."

In its defence Trading Emissions issues an updated NAV position.

It's group NAV per share was 76.7p as of 6 December, down from 121.08p at the end of June. This is a drop of 37%, implying the rate of decline has slowed.

It also says it values its private equity portfolio at £149.9m (although this was the June figure). TRE's carbon portfolio stands at £16m as of the 6 December with cash balances at £50.1m. The cash position is expected to improve which is expected to grow after a in early 2012 after a loan repayment to the firm from one of its portfolio companies.

TRE says it has "sufficient cash resources to meet its current obligations and as previously announced the board is overseeing the orderly realisation of the assets of the Company".

This statement saw the share price climb 20% by 09:45 to 22.24p.

[wowzers] 09/12/2011 17:02

can't be too many things trading at this level of discount to NAV (outside of the banks!). any thoughts?

[edwardt] 09/12/2011 16:10

enjoy the holiday!

[narindg] 09/12/2011 16:03

Bye guys .. off to spend some of the money in sunny goa.. made 1.4k this am.. want last too long thats the prob..

[spectoacc] 09/12/2011 14:41

And what's in this PE portfolio? Surely other carbon-trading co's, or co's in similar area? If so........

[stemis] 09/12/2011 13:47

jezza123 - if CER prices fall much lower than they currently are (which is near break-even) - those liabilities would create a liquidity squeeze, because the company doesn't have enough cash to cover (the PE portfolio is irrelevant in this case)

It depends, if the price of CERs fell to say Eur 4.72 (Eur 2 below cost) then it would cost TRE Eur27.0m to fund, which is manageable. At that point the value of the PE is the ultimate payout.

Based on the 'worst' case scenario for carbon prices (assuming the PE valuation is accurate) we haveCash 50.2m (20.1p)
Private equity portfolio 149.9m (60.0p)
Liability for CERs -77.3m (-30.9p)
TOTAL 122.8m (49.2p)The liquidity issue would be whether liability for CERs crystallises before the PE portfolio liquidates.

Of course if 60.0p becomes 30.0p on liquidation then 49.2p becomes 19.2p. Then there are the running costs of TRE as well......

[saud2237] 09/12/2011 13:26

By the way even if kyoto protocol is allowed to expire it will have a signicant impact on the price of CER but that does not mean its end game for carbon trading ---- carbon trading will go on