The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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This seems like a message to the politicians as much as shareholders. If only we could rely on them listening. I fear the benefits of homegrown energy as AB put’s it are too nuanced for them to change direction.
The report James Murray asked for will be out soon. I have an email alert for it on gov website.
The moral, or practical argument will not make it into the brains of politicians. The fiscal one will (remember Liz Truss?). Labour is already leaking the fact they know they must rescind EPL or kill North Sea (see Hansard).
We're going to make it, but could be a scary journey until Lab clarifies tax policy. EPL removed 2027 is err.... very good for us.
Todays JOG RNS seems positive, here's a sample
"Our industry as a whole is engaging with the major political parties and other key stakeholders in more detail than ever before, with a clear narrative on the benefits of backing low carbon, homegrown energy resources. We continue to monitor the political landscape closely and we believe that there is a path forward to unlock the considerable benefits that the GBA project can deliver for the UK economy. "
ZEUS sticking with a total risked NAV of 616P
"Throughout JOG's history, a key part of our strategy has been to identify and evaluate low cost, early-stage entry points into energy investment opportunities with the objective of adding value through maturation. Through our work on the Buchan redevelopment project we have forged important relationships with major players in offshore wind development. As a result, working alongside these sector experts, we are evaluating the Jersey Government's potential interest in creating a utility scale wind farm in the Channel Islands"
Not for me, thanks.
Running cost in excess of £ 3 million.
I was okay with continuing the Management Payroll for most part of 2024 if they were working on the FDP towards a sale.
If it's to investigate putting windmills up in Jersey then I'm not in favour and will be voting against any Management bonus'/ pay rises.
It's quiet incredible that they pull out this sort of nonsense to be honest. Just focus on the job at hand - the lack of any timescales or ambition in today's RNS is the biggest dampener of sentiment.
Thought the annual results might steady the ship, apparently not, our 10k seller has returned.
Thats probably Nick Robinson selling out.
They built a team to extract oil from late life oil assets in the North Sea, and are now looking to get involved with windfarms off the coast of France/Jersey, do they have the expertise for this? and how much will it cost? It also says to me they're probably not looking to sell the business post FEED which despite all the confirmations everything is on track, albeit with no new information, with what to me is an indication they're not looking to sell I read it as a dissapointing update.
Where do you see the bit about windfarms off Jersey/ France?
You could equally say the 10k buyer has returned. All this stock is being absorbed at the current bottom by someone. For every seller, there's a buyer.
From this in the RNS today "As a result, working alongside these sector experts, we are evaluating the Jersey Government's potential interest in creating a utility scale wind farm in the Channel Islands." Seems to to tie in with this https://www.gov.je/Environment/ClimateEmergency/JerseyClimateEmergency/GreenHouseEmissions/pages/offshorewindpower.aspx
Thanks. I can only surmise that it's a low cost 'option' being created to boost green credentials. As mentioned previously, and hinted at by Steve Brown over at Orcadian, Lab gov may fiddle with allowances on green credentials. The industry has been negotiating with gov and labour these last few months. The existing investment allowances allow for a super-deduction on electrification.
Perhaps this cheaply positions JOG for an option should the tax environment shift again.
Les Thomas is very far from dumb and would not allowance a spurious adventure in my view.
It feels exhaustingly bad at the moment but all it takes is a small news release from Labour, on a technical clarification that wouldn't be a 'U-turn' if communicated correctly, and the SP will go nuts. The current price suggests 0% chance of project sanction, which is crazy. Allowances clarified - and it has a 99% chance of sanction!
PS the management are not in control of whether the business is up for sale - shareholders are. And I believe even if secretly you would be delighted in a bid, doing your best to polish the asset up, and look busy gets a higher price. I appreciate they are sitting on their behinds at the moment but 4 months until FID would be an odd time to dissamble the management team and go home. It would also crush the tax advantages on their options.
Gosh I am a suck-up aren't I!