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Started: Uncle_Doug, 14 Jul 2023 13:14
Last post: SmallerThanLife, 23 Apr 2024 09:12
I agree also. I just bought in at 74.5p. I thought the Q&A on Investor Meet was encouraging PLUS there is the falling interest rate scenario PLUS continuing buybacks from the company.
I'm hoping for a 90p SP within 6 months plus the ongoing 7%+ dividend yield.
Completely agree. I bought my first batch yesterday at 74p and will continue to add from time to time. The last issued NAV for DORE was 118p and even assuming it has come down since then, that is still a big margin of safety at these prices. Other than the yield curve moving down, you have to believe that with these discounts to NAV (throughout the Investment Trust Sector), the smart money will attempt to take these Trusts private and capture some of that discount or there will be consolidation within the sector. DORE being one of the small players ought to be a target.
Invested here on friday, have been steadily in most of the renewable infrastructure stocks over the last two weeks. All are ridiculously oversold in my opinion and hold real capital growth potential when interest rates start to come down ( hopefully in June). If they get back towards current NAVs that will be a start! In the meantime great yields to enjoy, mostly well covered.
Even cheaper now.
Keeping up the monthly buys tho.
Four months since last post and DORE looks oversold and maybe even cheap. Maybe a good entry price.
Started: Troajan, 17 Apr 2023 16:07
Last post: Troajan, 17 Apr 2023 16:07
Last post: Troajan, 20 May 2022 15:48
Started: swsquires, 6 Jan 2022 14:53
Last post: swsquires, 6 Jan 2022 14:53
I noticed that the dividend just received was split into two payments. It appears that this is because 65% was deemed to be an interest payment for UK tax purposes. I am not sure as to the detail of this but assume it must be similar to PIDs with REITS? Even then, the dividend comes as one payment. Anyway, I have my DORE dividends set up with AJ Bell for dividend reinvestment. I noticed today that they have only reinvested the smaller compenent of the dividend (the 35%), so have raised a query. I am only noting this so that if anyone else has DRIPs set up for DORE they can check their own account.
Started: swsquires, 22 Nov 2021 10:52
Last post: swsquires, 22 Nov 2021 10:52
According to the financial calendar on the DORE website, these were due on Friday last week.
Last post: swsquires, 15 Oct 2021 17:51
I think it is a pretty good fund and they seem to be making an effort to provide updates. If you sign up on https://www.investormeetcompany.com/ they have done a couple of investor presentations / Q&As on there.
There have been a lot of fundraisings recently, so perhaps appetite has waned a bit. It's also pretty small, new, and probably not that well known. But I thought it looked pretty good and so bought in through PB.
Looks like the placing failed to raise the 25m they were looking for. Any thoughts as to why? The only assumption I can come up with is that their peers are paying 6-7% yield so 5% here is not seen as particularly attractive. I am happy with this now that it is income producing, but whilst I am utilising drips to reinvest dividends I did not consider taking any through Primary Bid.
Started: swsquires, 8 Oct 2021 16:42
Last post: swsquires, 8 Oct 2021 16:42
Primary Bid raise available at 102.5p
The Issue Price represents a discount of 1.68 per cent. to the Company's closing share price of 104.25 per Ordinary Share on 28 September 2021 (being the last business day prior to the date of publication of the announcement regarding a proposed equity raise on 29 September 2021 (the "Placing Announcement") ) and a premium of 3.33 per cent. to the unaudited ex-dividend net asset value per share as at 30 June 2021. The Company is also conducting a placing of new Ordinary Shares at the Issue Price (the "Placing") as announced in the Placing Announcement.
Last post: swsquires, 2 Sep 2021 13:29
First dividend announced and increasing to 5p per annum (1.25p per quarter from Dec payment). All looking positive and should start to see this moving to more of a premium in line with the rest of the sector.
Started: Boyzer1969, 21 Jan 2021 17:05
Last post: swsquires, 11 Jun 2021 16:16
It is good to see the price slowly starting to creep up towards NAV. Now that we are almost fully invested I am pleased to see the managers are becoming more active in presenting the investment case. It seems like a lot of investment trusts are doing cash raises at the moment, so I wouldn't be surprised to see the same from DORE in the coming months. The first dividend is also due in September so hopefully that should get some interest whilst at a discount.
hi Swsquires, indeed, we are one of the rare outliers and that's why I cashed in my TRIG and BSIF a few months ago to take part to the IPO. Once they start paying the divi, the penny will drop and we'll realign with the sector. Good option to generate some safe returns imho
Hi magoo, I am glad I checked this board today as for some reason I had not received the RNS despite it being in my subscriptions. It is a good update and very positive. Despite being less than a year since the IPO this has not stopped a number of other ITs trading at a premium, so I am surprised that this is still a rare outlier. It may be that the dividend is still low and in the renewable / infrastructure space everyone seems to want 5%+ yield.
swsquires if you bought at the IPO you should why the SP is where it is. You don't magically acquire renewable assets in a few days and start raking profits immediately after that. I hope the RNS issued this morning reassures though. Seems like their strategy is being executed ahead of the plan and with returns well above expectations. This is a long term investment and I am confident that it will soon trade above NAV
I am starting to wonder myself devonplay. This is one of only two funds in the renewables sector that is trading at a discount. I think that tells us something. The dividend is low compared to the peer group and we are still priced lower than the IPO. Unfortunately this looks like a poor buy - personally I think I'll monitor over the next few months then decide if it is time to sell.
Started: swsquires, 30 Mar 2021 17:37
Last post: swsquires, 30 Mar 2021 17:37
It is worth signing up on the website for news. Three recent articles linked below:
https://www.downing.co.uk/news/dore-acquires-portfolio-of-uk-solar-assets-for-gbp-42-million
https://www.downing.co.uk/news/downing-on-sky-news-tom-williams-discusses-the-future-of-renewables
It was also covered in the FT but you have to be a subscriber to read it (I am not):
https://www.ft.com/content/f5e79984-f8f4-43a7-b5ff-6d2c99870072
Started: Cacher, 15 Jan 2021 07:32
Last post: devonplay, 15 Jan 2021 10:05
As an existing investor in Bagnall Energy I'm not sure how I feel about it.
I sort expected DORE would have some impact on the Bagnall, which they've funded by issuing debt with a very, very, very low LTV. I wouldn't be surprised now if there's no more debt issues. or very few going foward.
Overall, I still prefer debt over equity for this sectors, even better when it's secured or very low LTV.
Downing Renewables & Infrastructure Trust plc ("DORE") has signed an exclusivity agreement with Bagnall Energy Limited ("Bagnall") in relation to a proposed investment in a 100 MW nearshore, shallow water wind farm to be constructed in Lake Vänern in southern Sweden (the "Wind Farm"), developed by Cloudberry Clean Energy AS ("Cloudberry").
Bagnall is part of the Downing Estate Planning Service, which is managed by Downing LLP, DORE's investment manager.
The exclusivity agreement gives DORE the option to enter into a commitment for the Wind Farm once certain conditions have been met. Once these conditions have been met, DORE would own c.40% of the project, with Bagnall and Cloudberry owning c.40% and 20% respectively. Confirmation of the acquisition is expected to be be announced in the summer of 2021.
The 100 MW wind farm project in Lake Vänern is the second wind farm on the lake and is situated close to existing grid infrastructure. It includes 16 turbines with an estimated annual power production around 350 GWh, significantly strengthening the access to clean and renewable energy in the region.
DORE, which raised GBP122.5 million in its IPO on the London Stock Exchange in December 2020, is targeting investment in a diversified portfolio of renewable energy generating assets and other infrastructure assets in the UK, Ireland and Northern Europe.
This project forms part of the renewable energy and infrastructure pipeline identified by Downing LLP and disclosed in DORE's prospectus dated 12 November 2020.
Tom Williams, Head of Energy & Infrastructure at Downing LLP, said:
"We are delighted to sign this exclusivity agreement today with the option to co-invest with Bagnall. We look forward to commencing the imminent construction of the 16-turbine project with an operational launch date for 2023/24. Cloudberry is a leading hydropower and wind power plant expert in the Nordics and the wind farm is going to significantly improve the region's access to clean and renewable energy, supporting our mandate of investing in a diversified portfolio of high-quality renewable projects while continuing to play our part in global efforts to combat climate change."
Started: adv11, 4 Jan 2021 14:52
Last post: adv11, 4 Jan 2021 14:52
I was just about to invest after researching over the New Year. Unfortunately this is another company that is banned by Lloyds/Halifax/i-Web. I can only presume that the reason is the wording of the KID that implies that professional advise is advised before investing. I presume Downing's knows of this as it lists a small number of brokers who will deal with this investment. May invest later if money becomes available, but as my ISA is with I-web, there is not much I can do at the moment.
Started: Hindy86, 21 Dec 2020 08:24
Last post: Hindy86, 21 Dec 2020 08:24
The Portfolio is being acquired from Fortum Sweden AB ("Fortum") for a purchase price of approximately €65 million on a debt and cash free basis. The transaction is expected to complete in February 2021.
Hydropower is a key energy source in the drive towards 100% renewable energy in Sweden by 2040 and is a key sector focus for DORE. The sector provides predictable long-term cash flows from assets that have much longer lives than other renewable energy technologies such as wind and solar.
The Portfolio comprises eight hydropower plants across three different rivers in Sweden, with annual average production of over 100 GWh. The Portfolio has an operating track record spanning more than five decades.
Started: moneybags1, 11 Dec 2020 07:38
Last post: moneybags1, 11 Dec 2020 07:38
Definitely a good sector to be in for the future....and with a decent dividend!
Started: PBShares, 10 Dec 2020 12:59
Last post: FeverClucker, 10 Dec 2020 15:22
Should do well, great management
As a new trust I have big hopes for this based on the opportunities to invest in the renewables sector which is only going to go from strength to strentth imho