Member Info for BofB

UKW's net dividend cover is 1.1 when applying TRIG's net dividend cover definition (after portfolio debt amortisations), which is in line with TRIG's 1.0-1.1.

Wrong.

This is quite common. A company legally declares a dividend as a cash amount, e.g. GBP100mm. A single cash amount, not a cash amount per share. This single cash amount then gets divided by the number of common shares and, if necessary, rounded down per share - if they were to round it up then it would exceed the declared dividend amount and therefore be in violation of the legally binding AGM dividend declaration.

100% of all companies operate this way, although for single-ccy listed shares they often make sure that the declared dividend is a multiple of the number of ordinary shares, in order to avoid rounding altogether. That's not possible in a case where you have listings of the same share in 2 different currencies.

Blaming HL, paying agent or whoever is pointless, blame basic arithmetic instead.

I've seen stranger issuance swaps.

It doesn't help that they've put footnote 4 "Applicable rate represents the swap rate." into the wrong column (I believe) - it shouldn't be in the LTV column but probably in the last column .

https://www.nextenergysolarfund.com/investor-relations/institutional-investors/shareholder-information/

On the 4.75% prefs,

1) I agree that they should be viewed as debt, in line with the market;

2) it's equivalent to perpetual but callable (by the issuer) long-term funding;

3) as it stands I would love NESF to never redeem (call) the prefs as with current gilt yields they can, instead of paying back the pref shareholders (UK pension funds), use any free cashflow to go buy gov debt at >5% for positive carry, all of which would be to the benefit of common shareholders.

4) This implies that mgmt hasn't put on any swap hedges on the pref issuance, i.e. that the cost of funds on these prefs is truly 4.75% - does anyone know if this is indeed the case?

LSE202020,

I'm going to have a go trying reclaiming the residual 15% Canadian witholding tax from dividends received in an ISA via hxxps://www.canada.ca/en/revenue-agency/services/forms-publications/forms/nr7-r.html

It's more difficult for a SIPP, as formally the claim has to be made by the pension scheme rather than the beneficiary - but you could just have a go and try to go the above route and see what happens. Next on the list.

Relatively easy for a dealing account, everything can be claimed via the Self Assessment (Foreign section).

@LSE202020 - as the resident expert, can you advise if it's possible to recover the remaining 15% Canadian WT when holding these shares in a SIPP & ISA (i.e. not outright in a taxable dealing account)?