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To provide an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility scale operational energy storage systems, which utilise batteries and generators, located in Great Britain.
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It is always darkest before the dawn.
Unless there is no dawn for GRID that is!
I'm tempted to buy more tomorrow
In the announcement in November, the board seemed confident of covering the dividend as extra capacity came on board. Even if it was slashed 50% the share price couldn't be doing any worse than it is now. Its a paranoid market at the moment, folks selling spooks others into panic selling...
They should say something. Announce a cut or even a suspension of the divi. Anything! Goodness sake, who cares about a 10% yield if the stock's losing 10% a day!
36.75% fall already this year. You would thought GRID have already announced they have slashed the dividend already, (which they haven't).
I've got intouch with the company looking for some answers, no point 2nd guessing things, I want to hear from the horses mouth...
-10% today in an overall flat market
Talk about a falling knife!
The Jefferies note reportedly suggests very low dividend cover. Could this be cause of drastic drop? Surely BOD should say something?
51% discount to the Nav, can't believe folks are selling out...
No idea why this particular renewables/green trust has been especially selected for punishment and in this particular week. What's up, has there been a short report written or something?
Down 33% so far in 2024 and we're not even out of January. No renewables/green trust can match that!
I've just bought in here via II at a tad under 73p. Predictably, my buy appeared as a sell on LSE! I have owned these previously and got out at 96p. Fingers crossed that the slide will stop, although I have no special insights here.
II seem to be ok, though can be restrictive in what they offer...Usf § but not Usfp £ same with Tmi for example. I struggle to rationalise why they do this. Ebox £ seems to be a problem for them, Boxe Euro ok.
It helps to have more than one Broker account to buy what is on offer, if it fits your investment aims. I have Gsf Heit Seit Tent plus lots of Renewables, looking at taking a position in Grid some time when this sell off stops. GLA.
I made the same mistake as the GRID story seemed a very convincing renewable friendly one and the share carried a good dividend albeit uncovered. The share has been on daily free fall since my ill timed entry and what is disappointing is no announcement by BOD to explain this drop to now all time lows. Am also tempted to average down as it is seemingly at a huge 40% discount to NAV but without assurance from the company it is solvent best to stay out I think.
I bought these a month ago and topped up 10 days ago on HL, a big mistake obvs!
15/01/2024 at 95p
19/12/2023 at 107p
Now that you mention it, I do recall being unable to top up with HL when it was around 80p last year. Had to complete forms around familiarity with derivative trading etc and then the sophisticated investor questions arose as you say.
I haven't checked since, but these restrictions could still be in place.
Killing off retail investors by only allowing sells will also be a sure way of reducing the share price here. IIs just wait for it to bottom and then pick up all the gains
Update: I phoned Barclays this evening in case there was some kind of error with their systems. They were great actually and put me on hold whilst they spoke to one on of their analysts to check why I couldn’t buy. Apparently they have deemed this be a”sophisticated/professional investor” investment. Not their exact words - but clearly their compliance team felt there was some kind of risk making this available to unadvised ISA investors. Personally I’d have thought they could have covered that off with some kind of disclaimer (I’ve done that when investing in other assets with Barclays), but fair play, they picked up the phone and answered my query on a Wednesday evening. I’m a bit miffed I can’t buy in my Barclays ISA, but respect to them for handling my query, and actually answering my question!
Same, mine are with HL
Thanks for the response, Unhooked. Interesting, and a shame, as I’ve been watching these for ages and just when I was ready I couldn’t buy! Good luck with yours.
I have them in my HL ISA. I also have an ISA with Barclays and, it's true, GRID doesn't seem to be available there. Has to be said, Barclays doesn't have as wide a selection as HL.... no USA shares on Barclays, for instance.
Has anyone got these in their ISA? I’m with Barclays and for some reason I don’t seem able to buy them.
Heit getting a good poke in the sell dept today..GSF left alone so far in the big dumping of Bess.
Thanks for thoughts...
Krusty: November that GRID should have Project Illea (or something like that) coming online soon in the States and with new licences gain a stronger forward presence there. May help?
Tinstar: Interesting, thanks for posting. Too recent to justify the drops, but a dampener none the less.
FYI: was doing a little furrher digging. So we all know the BM issue last year resulting in under utilisation of assets, apparently by up to 90% at times. An article earlier this month has also highlighted that price income for BESS projects in December actually DROPPED an additional 40% compared with November. You can Google article name: "Battery storage revenue falls to lowest since 2020 in December". This equates to around 2/3rd drop in YoY pricing. This, if not reversed, would be fairly characterised as a significant problem.
It is still peculiar though how other plays have not been hit as severely. Perhaps the internal financial situation has deteriorated more than most recent communication would suggest, making GRID more susceptible? I'm otherwise still unsure. Hit all time low today.
...link removed but there is an article today on "current-news" co uk headlined:
"LDES cap and floor welcomed by developers but lithium-ion exclusion questioned".
Yes, it seems to be along government investment lines, but in this case lack of support for lithium-ion battery solutions.
[LINK REMOVED]
I think the main issue is the GB focus of the fund, and the UK Government's lack of support for clean energy. Compare & contrast with GSF where overseas earnings are at a multiple to those from batteries located on these shores. Dividend not currently covered either, which will have to be fixed soon or is likely to see the yield drop. For all that, it's still an interesting investment case, longer-term.
With divi around 9% and BESS being a major area of infrastructural need over the next decade, I'm v tempted to top up at these levels.
Anyone aware of potential reasons for this drop that could indicate something poor over the long term? E.g. delays or short term impact on divi should be compensated for within a year. Bond rerates may entice some investors away for the immediate term, but again, only for a period. I'm just completely unaware of any major issue here
Yeh, I do anticipate an underperforming update at some point, as it will take time for some of the recent developments to filter through to the bottom line. The risk was always to divi (which is secured for the year, and hopefully sustainable once pricing mechanisms are fully in play. But even if not, reduction can't be >40% or whatever necessary for this drop. Would also be short term) and risk of a raise, but that's also stated as not happening in foreseeable future. You'd think a major shareholder has bailed, yet no announcements of the sorts. Just peculiar