Vh Global Sust. Share Price (GSEO)

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2 Assets came on stream. Now 69% of all projects up and running. Cash to pay for the remaining in the bank. No increase on the tiny amount of debt needed to finish build out. Share price down over the last 3 months

Or is it just away of saying the shares have been moved to the new company ie Alliance Witan?

Looks like Alliance have sold all there shares in GSEO to a nominee account at Bank of New York?

I have been researching GSEO for some time so as to potentially take a position when I have some spare cash.

So many plus points, little debt, good dividend covered by income from 59% of it's portfolio + interest on uninvested funds, 90% of this income contracted and to some extent inflation linked. Large discount to NAV

The rest of the portfolio under construction is booked at cost in the NAV and all needed future funding is set aside (not included in cash). The portfolio is spread across 3 countries producing income (some currency risk/reward) with projects in 3 more countries coming on stream in 24/25 with the potential to provide 1.4 - 1.5x Dividend cover by end of 25.

The main problem I can see is the share buyback it seems to have had little impact on the SP just mopping up the large number of sells (compared to buys) going through and it will be ending soon, by my estimates they have enough of the £20m left to buy 4 -5 million more shares, at the current rate of 100,000 per trading day that equates to 40 -50 trading days before it runs out.

Longer term the SP will do well as construction assets come on stream, and those who bought at IPO and can no longer bear to sit on the loss peter out, and the potential Witan overhang? clears. A further buyback announcement would certainly help support (if not increase) the SP.

Meanwhile the good Dividend gives a nice return to those who wait patiently, once I have some spare cash I will be taking a long term position as GSEO meets all my investment criteria.

90% of assets have some inflation linkage.

Present dividends are covered 1.1 times. When all assets are up and running expectations are of 1.5 times dividend cover.

And obviously an increase in NAV.

2% debt so with interest rates falling they should be able to take on debt as opposed to others in the sector doing the opposite. HAVING to do the opposite.