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To provide a sustainable and attractive long-term dividend by investing in a diversified portfolio of utility scale energy storage projects located in the UK, North America and Western Europe.
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According to Citywire covered 0.5 times, so somebody has their figures wrong - who though? Be nice to see a bit of reassurance from the company.
Reading on Citywire the concern for BTY funds appears to be driven by divi cut fears. I thought GSF had forecast a covered divi this year so just noise or substance?
I'm pretty sure they were sells, executed via one of the MM's and reported in real time. Quoted spread at 0947 was 70.7 / 71.9 so 71p is at the lower end of the range.
Perhaps Rathbones still reducing? If so we might see another TR1 soon. They've been unloading enough to sit on the price in recent weeks. At some point they'll get below the threshold they are comfortable with. In the meantime they are a source of shares for other buyers to lean into.
Running yield is back toward 11%, which looks great to me. I didn't think the opportunity would last this long.
I think that was a BUY. These Buys and Sells are not based on fact - The. spread. is 70.40. to 71.20. The. price of. 71 is nearer. to the. higher. figure, therefore. almost certainly. a BUY.
1m sold at 9.47 at 71p.
Someone unloading?
jr
I don't know of any company linked reason as to the fall but the European Central Bank kept rates where they are today and made no mention of lowering them, in fact the reverse. The read across is that the BoE and the US Fed will do the same meaning that shares like Gore Street will not have a reprieve any time soon.
Given timing the 200 k trade seems behind late fall but to be honest really struggling to discern an issue here….. other than a falling SP
It now sits about 38% below last net asset value,and for some reason will not stop falling.At the last update there was nothing to suggest any major problems unless i missed something.It's been falling since the start of the year.Scratching my head.
Has been dropping slowly last fortnight....anyone have a inkling what happening ..
No problem, Starbright. My jokes usually fall flat. It's the way I tell them. 😉
Oh - I see! I had read it as 1p per share, my mistake.
Yep. Weve pretty much lost all the ground we made up since early November. Very disappointing after the heavy falls previously and the hope that we were moving away from the lows at last.
More worried about wider market sentiment here as the pullback has been quite sharp
Pretty sure both comments were light-hearted StarBright, the rounding of the two payments has literally deprived them of 1p each (i.e. not 1p per share) which I'm sure you know can happen in these circumstances.
This makes sense as recent SP movement looked very strange given recent updates
As you say rathbones are still in the 90s
I suspect (ie can't prove) that any sp weakness here is a result of Rathbones selling. Their "merger" with Investec resulted in them declaring ownership interests of >5% in 48 investment trusts, >20% in 5 of these. Their GSF holding was disclosed at 13.7% on 1 Nov.
See here for background: https://www.theaic.co.uk/aic/news/industry-news/revealed-rathbones-highest-trust-stakes-after-investec-merger#:~:text=Rathbones%20has%20declared%20it%20owns,20%25%20of%20issued%20share%20capital.
These are uncomfortably large %'s, and Rathbones have been selling down many of the double-digit holdings including GSF. They are leaving quite heavy footprints in the market as they do this. My view is that their actions have created downward pressure on the sp since late October. It looks like they have sold >10m shares.
If you believe the valuation case here - specifically the sustainability & growth potential of the dividend - then Rathbones are offering easy liquidity for you to lean into by buying.
You've not been "swindled" out of anything @tichtich. Specifically, nothing will have been rounded as you suggest. Give your platform/broker a call, they'll explain what you are seeing.
I can see nothing in the update to justify this sharp pullback, honestly thought we’d seen the last of the 70’s, wider markets probably got more to do with this so cautiously adding
I am glad to see someone else o the same wavelength.
Storing variable energy bursts and selling it at peak times is a no brainer, as they say.
Many don't appear to know about peak lopping or premium pricing.
Can only take advantage of it. Have added with today's divi.
jr
Like Av8or, I was swindled out of 1p, presumably due to splitting the dividend into 2 parts and then rounding them both.
From the dividend announcement :
"Dividend Declaration
The Company's Board of Directors has approved a dividend of 2.0 pence per share for the September end quarter. The ex-dividend date will be 28 December 2023, and the record date of 29 December 2023. The dividend will be paid on or around 12 January 2024.
Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income", which may be designated as an interest distribution for UK tax purposes and, therefore, subject to the interest streaming regime applicable to investment trusts. Of this dividend declared of 2.0 pence per share, 1.15 pence is treated as qualifying interest income. "
I *think* if you hold outside an ISA, the 2 'types' of dividend can be treated differently. For the trust, I think it allows then to get tax relief on the "interest" part of the divi, in the same way as if they were paying interest to a bank.
Thanks Geoshock. Just rechecked my ii account and found they have done the same. The discrepancy is now just 1p.
I just checked my Interactive Investor account and the divi was paid in two instalments, 1 @1.15p and 1@0.85p. No idea why.
Whilst there will be fluctuations energy storage is only going one way. Whilst we can discuss ‘moats’ just have a look back at the buildout programme for GSF, new entrants certainly won’t arrive suddenly.
I was in this from the start but got out at the highs when UK pricing began to be questioned. I think this is the first and biggest drop I’ve seen, I believe it has a much better spread of assets so building my holding again….cautiously for sure