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DIRECTOR DEALINGS: Bluefield Solar Income Fund Director Sells Shares
Fri, 4th Dec 2020 06:26
Bluefield Solar Income Fund Ltd - acquires and manages portfolio of low-carbon assets in UK - Director Paul Le Page sells 35,000 shares at GBP1.28, worth GBP44,884, on Thursday. He retains 35,000 shares.
Current stock price: 128.00 pence
Year-to-date change: down 9.5%

Well, well, well. After all I have said, I have just received an offer to subscribe from my broker. I had assumed by now that this wasn't applicable to existing shareholders. Oh go on then, I'll have another thousand.

Hope you are correct Krusty - seems a bit of a strange statement to make.

From memory, we had a delayed launch for GSF, back in Spring 2008, then (rightly so) a six month wait for the first 2p dividend, followed by two further quarters at 1p.
Whenever they fund raise the next dividend is included, so you are actually getting a bargain, and I am sure the company has great prospects for the future (although maybe after a takeover by an energy giant going green). So don't let me put anyone off investing. I just get the feeling their fund raising antics are reminiscent of an AIM oil explorer rather a blue chip company.
I noticed this on their web site - I wonder what they mean exactly -
"however, the fund is ultimately battery technology agnostic"

Excellent reply from Tony....
But in simple terms, GSF are raising vast amounts of money for projects that will not be earning for some time, so the 7p dividend will be coming out of the capital that they raise. My only beef with them is that my initial investment hasn't been appreciated because they raise money from anyone who is willing to invest. Sure I can buy shares in the market, I can take part in the fund raising through Primary Bid or Jarvis, but they haven't offered me any through my broker as an existing shareholder, which is disrespectful. The initial fund raising (with the next dividend included) should have gone to existing investors only.

Not sure selling cheap shares through Primary Bid is looking after anyone, especially not those of us who supported them from the beginning when they were having trouble raising initial funds.

Hope you voted against the relevant clause that allows this .. although to be honest I haven't worked out if we are getting a chance this time or not. They seem to have taken a dislike to long term investors from the start.

Did it really take you 5 years to notice that previous comment ? Although fair do's, a big block did go though on Friday.

This company is getting more like a pyramid scheme. You buy your shares at £1 or less, they pay you 7p a year, and continually raise more money, paying the new investors dividends they haven't earned, and investing in "future projects", so the NAV goes down and down. Great dividend, but it isn't sustainable.

...well you got the NAV update today, and a rise in the share price. I would say that your potential investment depends on whether you are a gambler. You may eventually get 30p per share back, but whether they can realise that value in the next year is highly debatable. I've stopped following this share since I dumped my investment, but the main problems were the number of AD plants - £39m, £31m, £27m, £23m, plus another 6 at between £2m and £8m. Can they be reclaimed and sold on if need be, some were misused and need a complete clean out, some seem to be on farms etc.
There is the construction equipment in Africa where the company pulled out and left it all there. Has it been seen since ? Last I heard was a group of men all with the name Paddy were driving it round Africa offering to tarmac driveways. So either someone has to go and reclaim it (I imagine it is scrap value) or the company who took out the finance needs to be sued, but I would think it was a subsidy company who may have been closed down.
Then there is £24m in Suniva which is in the US courts, but halted because of the huge costs involved.
Hotel IT equipment and Paper Mills were Covid affected. Helicopters, remote vehicles. Mobile Modules (?) and Hospitals were in default. It's all a mess.
Possibly wind turbines can be sold off, then there is glass manufacturing (£20m), Marine vessels, Combined heat and power in wind down (?), and misc "Diversified portfolios" (£30m) and unspecified lending.
Personally, I hope that someone sues the board who let this all get into such a mess. I'd rather throw my money down a dodgy AIM oil well or two.

The plan - Cut dividend, buy more alcohol.
Flip a few director shares.
Or is that too simplistic ?
Personally I have managed to increase my dividends throughout the year, so I am sure EDIN could do the same. There has been some great opportunities to lock into high dividends at low prices. My top twenty are all paying over 6%, some over 10%. EDIN will be paying me 4.12% at current rate.

All very true chris_g. Maybe we will get a statement from AIRE later. I was trying to find out if we had any major shareholders who may have accepted the tender offer, but I couldn't find any info. I have reduced my average from 100p to 76p, and am happy to hold on now for a recovery. Some fairly large buys over the last week, so quite possible Glenstone are still adding.

presume the directors all have cosy jobs lined up with Waterfall ?
The NAV was supposed to be RNS'd week ending 13th November along with the latest (and last) dividend. Almost a week on and nothing has happened - although checking through all these RNS's is a full time job. I may sell out if the price remains at 880p, got so many better places for my money.

.3 to .5p ? 1p by Christmas ? Are you having a laugh lunus1 ? I was promised 3p in three weeks !!!!
If only I had asked for the financial advisor's registration number. Hmphh !!!

I wouldn't have thought that it would take extra time to count the acceptances under the offer. The price is 60p, they are offering 59.5p. Why sell ?
What puzzles me is that I am sure the directors of AIRE would be more than happy to allot new shares for cash. Glenstone want to put money into the company and have stated they will just take a back seat, so why not get your heads together guys and come up with a plan ?

You may recall the reason for DB's silence. What man in his right mind would approach the pack of snarling wolves that attacked him at the time of the last placing.
I doubt he would even offer his throat to the wolf with the red roses, on a cold winters night.

They are going back to cash dividends, but it's not fully reinstated because it was .75p, and we are now on .5p. They have only commented on the dividend to be announced next month.
I can't see the share price getting to 50p in the near future. Our NAV was only 30.9p for the year ending 31st.March and must have gone down a fair bit since.
But hats off to Genghis15 for exiting at 258p. I can only dream of being such a great investor.
Happy to hold, maybe add a few when I can afford it, but there is a long way to go for those of us who stuck with the company through Covid.

Never a good sign when such an experienced director sells out, especially when he waits three months to admit to it.

Fully agree saintly, I have been very impressed with RLE in the way they have kept paying a dividend and have been honest with investors. They put some bigger companies to shame.
I was referring to putting an end to "Doom and Gloom the Undertaker" (I can't remember his user name since I blocked him), who frequents this board despite not being an investor, and having a personal grudge against Paul Bassi. It's a pity LSE don't act on non-investors using these facilities to de-ramp companies.

Let's have a party when we get back to 50p. Put an end to doom and gloom ??