Member Info for David_82

0.42p to 1p...do I really need to say / correct that? Even a hallucinating LLM would have immediately understood it was an honest mistake.

Anyway. I am out of this chat, never coming back.

Will enjoy my A1/A2 preferreds which you of course don't have because you found out about this stock from your taxi driver 2 weeks ago.

I apparently don't understand markets at all anymore. Last week, I was expecting perhaps 5-10% down on the divi suspension, reckoning that most people who are still in it by now know about the liquidation and would be reasonably indifferent as to the eventual type of distribution channel. Boy, was I wrong. And today, when NAV tanks 14% in the final results, and I see some cryptic language about 75-85% to NAV gearing, no impact on the share price. I guess it's all priced in from here? 78p NAV, so let's say they sell with another 20-25% discount incl. all liquidation costs, and we end up pocketing 60p? Anyone modelling significantly more or less?

Hello, a long-term investor here. Just came by to say that I find it hilarious reading this chat as to how many people seem to be unaware that only 10% proceeds ends up with the company, and that after significant litigation financing costs. Assume award is EUR 150m - my own modelled baseline (sunk costs of roughly EUR 80m + interest over the years). I very much doubt that the court would award full profit potential - hardly ever happens. EUR 15m goes to the company, assume 30% in costs (lawyers are on a success fee), EUR 10m net proceeds. Looks like a lot compared to the current market cap, but a rational market should discount the cash, considering less than stellar track record of the company so far and the amount of time it will take to collect. Current market cap is roughly EUR 4m., at 40p. Hence with an award at EUR 150m, you realistically cannot expect the price to go much above 100p on the news. Anyone who's modelling above is just drinking Kool-Aid (though I'll be the first one to be happy to be proven wrong on this point!).

The only scenario where it overshoots is out of ignorance, driven by tourists who didn't read the fine print and have no clue about the preference shares.

Position your sell limits accordingly, and good luck everyone!

Is there a way of finding out what the short interest in FGEN.L is? The reason I got curious about this question is that in my IBKR statemenet, around 1/4 of my FGEN.L dividend was paid through a mechanism called "cash payment in lieu of a dividend" which is apparently triggered in cases where your stock has been lent to someone shorting having to make a cash payment routed ultimately back to you, corresponding to the dividend amount. It seems like a whole lot of people are betting on FGEN.L falling further. You'd think shorting a stock yielding 11%+ dividend covered 1.3x by cash flow does not sound like a very fruitful investment strategy, but to everyone their own!

The piece of information I was most happy with though was the small disposal at almost 20% premium to NAV. The market clearly thinks that the ~ 90p NAV is unrealistic and requires a major haircut, so always good to see the reality disproving Mr Market's apparent calculus. A nice supporting piece of evidence that the NAV is not entirely unrealistic.

Really happy I was able to get in at the depressed prices. Built up my position over several months since the June lows. 50p avg. price that I am very happy with. I also own some other high-yield renewables/energy UK trusts - FGEN and NESF, in particular - but I consider SEIT to be superior to the two mentioned, the geographic diversification is way better and there's no reliance on a single externality (UK power prices/subsidies discontinuation). You can see it nicely in the operational update how it's a mixed bag (some assets underperforming, some overperforming), which is a good thing, as it means their diversification strategy is working as intended.