Utilico Investment Trust Share Discussion Threads

[praipus] 05/10/2004 10:33

Price perking up these guys own a significant percentage of ECW and ECWC which are at a 50% + discount to NAV!

[linhur] 18/5/2004 19:32

Thanks Mangal

[mangal] 17/5/2004 19:23

The epics are: UILB(Zeros) & UILP(cnv loan stock)

[linhur] 17/5/2004 19:14

Anyone got Epics for the new zeros and cumulative loan stock?

[emptage] 18/4/2004 16:33

Linhur,

Thanks for the reply, very helpful

[linhur] 13/4/2004 21:42

Emptage

Utilico have announced an open offer of £20 mill issue of 3.75% convertible loan stock (CULS) on the basis of shareholder entitlement of 1 for 5. So if you have 10,000 shares you will be offered 2000 CULS at £1 ( 50p payable now and 50p on 1 november 2004.

The CULS are convertible into Ord shares on the basis of 75 Ord shares for every £100 of CULS at a price of 133.33p per share (10% premium to current NAV) every October from 2006 to October 2009 and in every April from 2007 to 2009. Final redemption of CULS for those not converted will be at 100p on 30 November 2009. It is expected their will be further issues of CULS in the future.


Utilico have also simultaneously had a bonus issue of zero dividend preference shares of £1 on the basis of an entitlement of 9 for 20. In the above example you would be offered 4500 Zeros. The zeros are expected to grow at 7% reaching 177.52p on 31 October 2012.

You can sell zeros on the basis of 10 for 45 at 100p firm.This will mean using the above example a sale of 1000 shares at a £1 which neatly offsets the price to be paid on the first instalment of the CULS. This is the default position if the current shareholder does nothing.

You can sell all your entitlement to the zeros for £1 provided there are shareholders who do not want to sell their zeros. In other words a matching option.

The life of the Company is extended from 2008 to 31 October 2012.

So an ordinary shareholder who now has 10,000 shares will on completion of proposals have 6400 New ord shares and 4500 Zeros.

Warrants will be amended so that each warrant will purchase 0.64 New Ord and 0.45 Zero on subscription.

The effect of these proposals is to increase the gearing of the Ord shares from 22% currently to 55% when the zeros and CULS have been issued.

The reason is that when Utilico was proposed in June 2003 the gross assets were expected to be £122mill and debt of £37mill.On launch in August 2003 the gross assets were £133mill and debt of £34mill. Currently gross assets are £160.8mill and debt £34.7mill. so gearing has been reduced from 30% to 22%.

Mr Duncan Savile and his company GPLPF are expected to continue to own over 50% of Utilico after the proposals have been completed.

I shall be holding the zeros and subscribing to the CULS as I think the performance of Utilico has been exceptional so far despite the reduction in the sale proceeds for Prestwick airport.

This investment trust is a very high risk prospect as nearly 48% of of the trust is in 3 holdings in Infratil (New Zealand) ERG (Australia) and East Surrey Holdings (UK).

I expect the reason for the funny spread is the split of the ords between New ords and the zeros. The zeros have not been quoted yet because the AGM,s are on 5 May.

kind regards
linhur

[emptage] 08/4/2004 18:24

CAn anyone explain what has happened to the Utilico share price. It dropped by about a third yesterday. Also, what is all this talk of a rights issue

[matthewbrooke] 07/4/2004 20:39

mmm ?? bid price looks strange..

[farsight] 07/4/2004 14:19

Bit of a spread, what?

[linhur] 07/4/2004 14:06

I assume someone thought the rights issue and bonus offer was this month instead of May!!

Last transaction was 110p.

Glad I am not selling!!

[the jock] 07/4/2004 13:20

What the hell happened here!

[praipus] 12/3/2004 12:23

Chart Master what do you make of this £1.24 - £1.29 NAV and shares slipping, dividend due in April too - buying opportunity ?

[praipus] 29/1/2004 17:17

NAV's up again £1.26 - £1.31

[chart master] 27/1/2004 18:28

Trend line suggests next move up is imminent for Utilico .....

[praipus] 22/1/2004 18:45

NAV £1.25 - £1.30 share price lagging events ...falling in to the "well kept secret" category..strong buy IMHO

[praipus] 19/1/2004 22:46

Ecofin Water Income (ECW) up again, RNS says quarterly dividend maintained adding still more to the Utilico coffers ...

[chart master] 17/1/2004 22:04

Ecofin Water Income (ECW) now up at 6th place on an ADVFN competitor's 'Gainers for 5 days' chart .....

[praipus] 15/1/2004 11:09

NAV £1.23 - £1.28 still going up market price hasnt factored in forthcoming substantial increases in value yet IMHO ...strong buy

[praipus] 07/1/2004 16:42

NAV £1.21 - £1.26 assuming the Glasgow Airport sale, Bristol Water/Ecofin cash return are still yet to figure in this more upside on its way...strong buy IMHO.

[praipus] 06/1/2004 11:43

Ditto for ECOFIN...

[chart master] 05/1/2004 17:47

Utilico Investment Trust update portfolio, including top ten holdings, on RNS 8561T near close of today ....

[praipus] 29/12/2003 23:03

Encouraging analysis on ECWC. The spread is a problem, however the spread narrowed with Utilico when the volume picked up.



The March, 2003 annual report shows: Top ten holdings as:

Bristol Water
East Surrey (ESH, & ESHA)
International Energy Group
Kelda
Fortum (Scandinavian electricity company)
Pennon Group
Cinergy (US Electricity)
Endesa (Spains Largest Electricity company)
Suez (French Water co.)
AWG

[chart master] 29/12/2003 20:35

Season's greeting to you too - hope 2004 is also profitable.

You asked me about a chartist's view of ECWC (Ecofin Power & Water). I know nothing about the company itself, but on the basis of price and volume action of the share, it is clear that it is only during large volume throughput that these actually move at all. Right now, we appear to be at the end of a period of consolidation before the next move upwards. It has the technically correct cup-and-handle shape, and the Bloomberg interview today about utilities, and water utilities in particular, certainly sounds interesting leading up to June 2004, so a move back upwards to the 80p region looks technically feasible. As a share, particularly as a short term pick, the spread is a little wide for my personal taste, but for Utilico on a longer term basis, it looks potentially very good.

While I don't mind being asked my opinion, and I have pointed out my last cup-and-handle chart pick of Teather and Greenwood back in July 2003, I take responsibility for my own decisions only.

Does Utilico have a website, and which other companies are in the portfolio??

[praipus] 29/12/2003 16:35

Chart Master

Seasons greetings

Utilico own some 26% of ECWC (Ecofin Power & Water) capital shares which trade 46-52p with a NAV of £1.04 what do you think of their chart?