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GSEO Vh Global Sustainable Energy Opportunities Plc

-0.60 (-0.79%)
Last Updated: 14:38:42
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Vh Global Sustainable Energy Opportunities Plc LSE:GSEO London Ordinary Share GB00BNKVP754 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.60 -0.79% 75.00 495,942 14:38:42
Bid Price Offer Price High Price Low Price Open Price
75.40 76.00 75.80 75.00 75.80
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 32.95M 28.2M 0.0670 11.19 315.49M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:03:31 O 3,914 76.0733 GBX

Vh Global Sustainable En... (GSEO) Latest News (1)

Vh Global Sustainable En... (GSEO) Discussions and Chat

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Date Time Title Posts
02/11/202305:09VH Global Sustain51

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Posted at 29/11/2023 08:20 by Vh Global Sustainable En... Daily Update
Vh Global Sustainable Energy Opportunities Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker GSEO. The last closing price for Vh Global Sustainable En... was 75.60p.
Vh Global Sustainable En... currently has 420,648,890 shares in issue. The market capitalisation of Vh Global Sustainable En... is £315,486,668.
Vh Global Sustainable En... has a price to earnings ratio (PE ratio) of 11.19.
This morning GSEO shares opened at 75.80p
Posted at 01/11/2023 11:24 by speedsgh
NAV as at 30/9/23 was 105.72p per share (30/6/23: 110.21p per share).

Net Asset Value and Factsheet -

Movement in fair value of assets

The negative NAV movement this quarter was driven primarily by the increase in the 20-year US Treasury rate from 4.07% as at 30 June 2023 to 4.90% as at 30 September 2023. This increase resulted in a direct rise in the discount rates used in the valuation of assets for the period, and a resulting downward move in net asset value per share as at 30 September 2023. The remaining inputs to the valuation model remained broadly flat. Discount rates for operational assets as at 30 September 2023 are 8.03% in the US, 9.07% in Australia, 9.77% for the Brazilian hydro facility and 12.06% for the Brazilian solar PV assets. The UK asset is in construction and therefore currently held at cost.

Portfolio update

Brazilian solar PV assets:
- Construction has commenced on three of the remaining six solar sites as announced in Q2 2023, with a projected completion in Q1 2024.
- Energy production of the ten operating sites is in line with expectations.

Brazilian hydro facility:
- The Brazilian hydro facility has continued to perform ahead of budget.

US terminal storage assets:
- The US terminal storage assets continue to perform well.

Australian solar PV with battery storage assets:
- The construction of the solar farm component for the three remaining hybrid systems in New South Wales has reached mechanical completion and is awaiting grid testing prior to full commissioning in Q4 2023.

UK flexible power with carbon capture and reuse (CCR) assets:
- The construction of the 10MW site is progressing. First power is expected within the next three months and commissioning of the integrated plant with CCR is expected to be reached in Q1 2024.


The Board of directors of VH Global Sustainable Energy Opportunities plc (the "Company") announces an interim dividend of 1.38p per Ordinary Share with respect to the period 1 July 2023 to 30 September 2023, of this amount, 1.03p per share will be designated as an interest distribution.

Ex-Dividend date: 9 November 2023
Record date: 10 November 2023
Payment date: 8 December 2023
Posted at 15/9/2023 09:01 by speedsgh
Interim Results to 30 June 2023 -

Share Buyback Programme of up to £10 million -
Posted at 16/8/2023 06:34 by speedsgh
Good spot @rambutan2. Reassuring to have a trust like Witan increasing its stake at current levels.

GSEO is now their 3rd largest holding (behind GMO Climate Change Fund & Apax Global Alpha) representing 2.5% of their entire portfolio.

Last month’s investment activity is highlighted overleaf. The largest transaction was a near-doubling of our investment in the VH Sustainable Energy Opportunities Fund. This was at a discount to the market price, benefiting from an impatient seller during a quiet period in the markets. Its investments in renewable and sustainable energy assets have gained from the long-term tailwind from climate change commitments, as well as the level of energy prices more generally.
Posted at 13/8/2023 21:09 by rambutan2
Noted, from the 2022 prospectus, worth bearing in mind:

8. Discount management
8.1 Share buybacks
The Directors have the authority to purchase in the market Ordinary Shares in the market at prices
which represent a discount to the prevailing NAV per Ordinary Share of that class so as to enhance
the NAV per Ordinary Share for the remaining holders of Ordinary Shares of the same class. The
Company is authorised to make market purchases of up to 46,707,310 Ordinary Shares. The
Directors intend to seek annual renewal of this authority from Shareholders, once their existing
authority has expired or at each AGM. Whether the Company purchases any such Shares, and the
timing and the price paid on any such purchase, will be at the discretion of the Directors, subject to
compliance with the Act, the Listing Rules and the Disclosure Guidance and Transparency Rules.
If, in any rolling 3-month period, the Ordinary Shares have, on average, traded at a discount in
excess of 5 per cent. to the Net Asset Value per Ordinary Share (calculated as at such month end
by comparing the middle market quotation of the Ordinary Shares on the last London Stock
Exchange trading day of each month in the relevant period to the prevailing published Net Asset
Value per Ordinary Share (cum income, but exclusive of any dividend declared once the ex-dividend
date has passed) and averaging this comparative figure over the relevant period), the Company
intends to use 50 per cent. of net cashflows to repurchase Ordinary Shares, subject always to the
impact that such repurchase may have on the ability of the Company to meet its Target Total Return
(which includes the target dividend) or other economic factors that the Board consider it prudent to
take into account at the relevant time.

8.3 Continuation Votes
Shareholders will have the opportunity to vote on the continuation of the Company at the AGM of
the Company to be held in 2026, and every fifth AGM thereafter. If any such ordinary resolution is
not passed, the Directors shall draw up proposals for the voluntary liquidation, unitisation,
reorganisation or reconstruction of the Company for consideration by the Shareholders at a General
Meeting to be convened by the Directors for a date not more than 6 months after the date of the
meeting at which such ordinary resolution was not passed.
Posted at 02/8/2023 13:44 by speedsgh
Net Asset Value and Factsheet -

Financial & Operational Highlights

Interim Dividend

The Board of Directors of the Company announced an interim dividend of 1.38p per share in respect to the period from 1 April 2023 to 30 June 2023, in line with the dividend target for 2023.

Income from the portfolio has remained robust during the quarter and the dividend is 1.3x covered. As more projects become operational, the dividend coverage ratio is expected to strengthen further. The Company's operational assets also continue to benefit from over 90% of contracted revenues.


Total leverage of the Company is 2.2% of NAV, which relates to the asset-level leverage on its US asset. The Company does not currently employ leverage at the fund level and continues to target a total NAV return of 10% net of the Company's costs and expenses.

30 June 2023 Net Asset Value (NAV)

The Company's NAV as at 30 June 2023 was 110.21p per share, compared to the NAV of 112.32p per share as at 31 March 2023 [continues]

Dividend Declaration -
Posted at 24/5/2023 11:18 by gbcol
“The NAV increased from 108.2p per share as at 31 December 2022 to 112.3p per share as at 31 March 2022, a 3.8% increase”

The share price performance has been disappointing - not unique in the current market conditions - but the NAV performance has been solid and it’s a decent enough dividend.

May have to wait until interest rates start to fall before we see share price nearer to or at a premium to NAV, but for those with a medium/long term view like myself I don’t think it’s a bad one to have in the portfolio.
Posted at 28/3/2023 08:35 by speedsgh
Annual results for the year ended 31 December 2022 -

Company highlights

- Net Asset Value of £457.2m as at 31 December 2022, up from 323.9m as at 31 December 2021
- Net Asset Value ("NAV") per share of 108.2p as at 31 December 2022, up from 104.0p as at 31 December 2021 and a total return on a NAV basis in the year of 7.6%
- Profit before tax of £28.2m as at 31 December 2022, up from £20.4m as at 31 December 2021
- Dividend coverage of 1.4x as at 31 December 2022, up from 1.0x at 31 December 2021
- Aggregate dividends of 5.13p per share declared relating to the year ended 31 December 2022, exceeding the 5p target
- Target dividend of 5.52p per share for the year to December 2023, a 7.6% increase from the previous year
- Capital raised of £122m in July 2022 with proceeds substantially deployed or committed into the Company's Enhanced Pipeline of Assets
- Actual clean energy generated 35,117 MWh and actual tonnes of carbon avoided 14,349t

Bernard Bulkin, Chair of VH Global Sustainable Energy Opportunities plc, commented:
"This has been another very busy year for the fund against a backdrop of significant global economic challenges, in particular a growing energy crisis exacerbated by Russia's invasion of Ukraine, and a sharp increase in the cost of living that is severely affecting families and households. The current environment presents a very compelling rationale for us to continue investing in solutions that facilitate the energy transition, enable renewable energy technologies, improve energy security and affordability, while having a meaningful impact in the economies where we deploy capital.

"As with last year, the Company was able to go back to market in July 2022 to raise additional funds. This has helped to ensure that GSEO has been well-capitalised to deploy into its enhanced pipeline of assets, as it has continued to do since IPO, to work towards its strategic goals. I am delighted to welcome all the new shareholders to the register and would like to thank existing shareholders for their continued support."

Anthony Catachanas Chief Executive Officer Victory Hill Capital Partners LLP commented:
"This has been a year of continued progress for both Victory Hill and the VH GSEO fund. We have continued bringing value to shareholders through the expansion of further joint venture programmes with new developer/operators and uncovering less obvious and lesser-known sources of investment returns to deliver an increasingly compelling investment proposition, well-diversified by both technology and geography.

"I am also extremely pleased at the way that we have been able to grow and deepen the talent pool that we have at Victory Hill. Over the period, our investment team has doubled in human capital terms, which has increased our capacity to execute the investment strategy and monitor the Company's portfolio as it continues to grow. Our commitment to further growth and enhancement of Victory Hill's operation is already serving, and will continue to serve, the Company and its shareholders well."
Posted at 16/2/2023 17:10 by rambutan2
Having watched since IPO, I've bought a small position. I think it offers something a bit different, with more upside than most of the renewables/infrastrucure. The management are very experienced and pretty tied to the success of GSEO. Currently unlevered. Available to buy at the IPO price but now invested.

A quarterly nav rns is due next week and results should follow next month.
Posted at 13/9/2022 07:50 by gbcol
Solid results. Still trading at a discount to NAV. Not sure why it has fallen back so sharply from recent, albeit short-lived rise to 120p. That was possibly a bit toppy but current share price seems decent value to me with current 5p dividend and a progressive divi policy.


The Company's NAV per share was 113.1p at 30 June 2022, an increase of 8.8% from the NAV per share at 31 December 2021 of 104.0p . GSEO's NAV total return from IPO to 30 June 2022 was 18.1% , including dividends paid.

GSEO's profit before tax for the six-month period to 30 June 2022 was GBP32.4m and earnings per share for the period were 10.4p”
Posted at 09/6/2022 06:42 by speedsgh
New placing/open offer at 110p targeting £150m...

VH Global Sustainable Energy Opportunities plc, the investment company advised by Victory Hill Capital Advisors LLP (the "Investment Adviser") focused on energy infrastructure that is essential for the global transition towards net zero, today announces its intention to raise target gross issue proceeds of £150 million through an Initial Placing, Initial Open Offer, Initial Offer for Subscription and Initial Intermediaries Offer (together, the "Initial Issue") at an issue price (the "Issue Price") of 110 pence per new ordinary share ("New Ordinary Share").

The Issue Price represents a premium of 3.4 per cent. to the NAV per Ordinary Share as at 31 March 2022 adjusted for the interim dividend of 1.25 pence per Ordinary Share declared on 5 May 2022 and a discount of 3.5 per cent. to the closing Ordinary Share price on 8 June 2022 .

Since IPO, the Company has assembled an attractive portfolio of 24 assets, comprising investments which are diversified across a variety of technologies in four jurisdictions (Australia, Brazil, the UK and the USA). The Company's portfolio assets have predominantly long-term contracted inflation-linked cash flows which are based on availability or capacity.

The Investment Adviser has identified a number of potential Sustainable Energy Infrastructure Investments (as defined below) and has (i) secured for the Company the exclusive right to negotiate with the owner to acquire, (ii) issued non-binding offers to acquire, and/or (iii) is at an advanced stage of negotiation with the respective developers in respect of, assets with a total potential value of approximately £280 million (the "Enhanced Pipeline").

The Company targets a Net Asset Value total return of 10 per cent. per annum which includes a progressive dividend policy targeting a cash dividend of 5p per Ordinary Share for the financial year ending 31 December 2022*.

The Company has delivered a Net Asset Value total return of 8.1 per cent. (annualised) as at 7 June 2022 (the "Latest Practicable Date"), including payment of its targeted dividends as set out at IPO.

Vh Global Sustainable En... share price data is direct from the London Stock Exchange

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