Member Info for Gavster-NBC

Not a clear announcement for me, I had to hunt for it.

https://www.londonstockexchange.com/news-article/BSIF/unaudited-nav-and-second-interim-dividend/17591250

Unaudited Net Asset Value as at 31 March 2026

The NAV as at 31 March 2026 was £618.8 million, or 104.52 pence per Ordinary Share ('pps'), compared to the unaudited NAV of 107.80 pps as at 31 December 2025. This equates to a NAV total return for the quarter of -0.96%.

ROC & FiT Inflation Update

On 28 January 2026 the UK's Department for Energy Security and Net Zero ('DESNZ') published a response to the consultation regarding changes to the indexation of Renewable Obligation Certificates ('ROCs') and Feed-in Tariffs ('FiTs'), confirming that the switch from RPI to CPI-based indexation for both ROCs and FiTs will be implemented from April 2026.

The actual 1.56 pps negative impact on the Company's NAV from this policy change represents a slight improvement from the Company's previous estimated guidance in January of a c. 2 pps reduction.

Carbon Price Support ("CPS")

On 23 April 2026, the Company announced the expected impact of the proposed withdrawal of the CPS which was published on 16 April 2026. This has not been included in the Company's NAV as at 31 March 2026 as the announcement occurred after the relevant period end.

Actual Generation Vs Forecast

Combined generation for the period was 7.1% below forecast. Solar generation was 11.1% below forecast, reflecting a lower-than-expected irradiance. Wind generation was 1.6% above forecast largely due to improved wind resource, despite availability being below expectations.

Other Movements

Other movements reflect the change of the calculation date of cash flows from 31 December 2025 to 31 March 2026, along with tax, degradation, debt and working capital adjustments. The NAV has been prepared in line with consistent assumptions and methodology.

Gearing

The Company's UK holding companies and its subsidiaries have total outstanding debt of £551.2 million, with a leverage level of 47.1% of Gross Asset Value (31 Dec 2025: 46.4%).

Second Interim Dividend

The Second Interim Dividend of 2.25 pence per Ordinary Share (May 2025: 2.20 pence per Ordinary Share) will be payable to Shareholders on the register as at 22 May 2026, with an associated ex-dividend date of 21 May 2026 and a payment date on or around 15 June 2026.

Formal Sale Process

The Formal Sale Process continues to progress in line with expectations, and the Board will make further updates when appropriate. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

Even better, thanks jaxon, apologies for typo

Which is not that bad, I saw their recent commentary about CLO's however other CLO investments didn't move yesterday, Chenavari Income went up for example. Instinct as a medium term holder says hold/average down and wait the next few weeks for the expected larger div.

https://www.twentyfouram.com/insights/clos-reprice-as-software-and-geopolitics-test-sentiment

https://www.investegate.co.uk/announcement/prn/twentyfour-income-fund-limited-ord-red--tfif/net-asset-value-s-/9476663

Maybe a leak of news about the upcoming dividend in April not being as high as hoped (I'm hoping for 5p, repeat of last year).

Or.. Jitters to do with bond market.

Or.. I had a large (for me ) order at 108.5 for a week which could be on the MM's list of trades so walking the price down, which I have seen occasionally and saw it with TFIF a couple of years back.

Or a combo.

Well, that's it for me, the massive drop over the last year explains how long this has been in the works. We are the last to know which may explain so many buyers today.

I've been a NESF cheerleader too.

If they care about their investors then a placing is coming, if they don't then who knows but definitely there is a smaller yield is on the horizon.

Yes the SP will rise with gas prices spiking but so will all the other renewable funds. Yes they might spike up a bit with acquisitions but so will other companies I am invested in that are less of a nightmare.

I'm taking a 10% hit on my holdings with this which can be made up in a few months for sure, but I'm very much back seat these days so I cannot be bothered with the incoming shenanegans here, especially with a world chaos TACO backdrop.

Cheers all and GL

Nice, about time too, the nudge needed has been the bump in gas prices.

Now the market knows where we are :

A 2% Discount to NAV. NESF has traded under NAV for years but since this was announced the SP has dipped over 20%, way more than the 2%.

A good time for this news with ex-Dividend due in the next couple of weeks. I'm expecting a 15% rise at least.

I've been buying more shares recently and even traded buy positions on IG index, which is rare for me, as I thought Nesf (and BSIF and UKW) were all oversold and still are.

We'll See. IMO. GL All.

Https://www.trustintelligence.co.uk/investor/articles/podcast-monthly-roundup-can-ukw-maintain-its-dividend-how-ibt-is-riding-the-biotech-recovery-and-why-are-investors-buying-temple-bar-retail-dec-2025

1:40 to 4:00

Sell off is overdone according to this podcast, which is also my opinion.

Agree, a good response. You don't have to be much of business expert to realise changing the goalposts half way through an investment will turn prospective backers off. I had great faith in this government, especially in renewables, but seriously, the way they are scraping minimal savings that destroys sentiment in an entire sector when they could raise massive sums elsewhere has not done them any favours at all, nor us, when the alternative governments we might have don't exactly raise any bars.

NAV down = SP down, but the income stays with debt under control.

The echo of what's happening elsewhere in the sector, most notably UKW recently.

Question : How are the NAV's of these companies calculated and always going lower when the income and dividends seem to remain so constant ?

From an investment /trading stance that's the kind of news that indicates a bubble as loads of projects become the 'next big thing', so worth being invested in a few well before it takes off, and sell before the bubble bursts. Inevitably there would be casualties of a bubble but for the grid, we'd be left with a good array of storage. All IMO

..the SP is currently reckoning on about the same as the previous level, which was between 1.75 and 2p per quarter which would reflect a reasonable yield of 8.8% to 10%.

There is surely no way shareholders would accept a dividend that is not sustainable when restarted, so what level will they be ?

Or are we now a growth share ?

I say this to promote discussion as I'm contemplating taking profits, betting on a lower restarted dividend level which could much reduce the SP as it adjusts to reflect similar yields within the market.

Cheers all and GL.

Https://www.rns-pdf.londonstockexchange.com/rns/2620O_1-2025-6-24.pdf

Had a quick read and so far good :

"The profit of the Company for the Period was €27.2 million (31 March 2024: €15.8 million), or a profit of 8.73 cents per Ordinary Share"

"The Company delivered robust gross returns over six months, up 13.64%. (with dividend reinvested in security) surpassing the 12 months NAV target return of 10%. "

"The Portfolio Manager believes the next 12 to 24 months will continue to present significant investment opportunities in Public European ABS and CLOs.

Although the discount to NAV narrowed to around 16%, the Company intends to continue efforts to reduce it further and capitalise on market strength."

Not sure I'll manage to stay awake until the end, but I'm betting it's full of reassuring boring investment choices and a good outlook.

Still discount to NAV... Still a buy IMO

What a waste of money buying shares in this was. Finally sold out at a loss and invested elsewhere which should see my losses made up in a few years.

IMO Moulding just sees investors as cash cows, with only a few slices of his business now being THG, we are in the realms of fake bids, jam tomorrow pumps and shareholders like myself understand that whilst high revenue serves Moulding with profits, it does not make THG itself any sort of dividend paying business. It will teach me not to invest because of news articles and sentiment without full and proper research. Golden share, his personal wealth made from the company but kept outside of it, just two of many red flags. Trying to profit by averaging down was a beginner's mistake and I should have known better. Watering this weed will not turn THG into flowers, they would get taken away and planted elsewhere anyway. It's now a very different company than when it was floated.

Genuine gold luck to all holders/traders here.

The update is all all good and awesome for the growth of the company in the last few years, except for the share buyback. Clearly there are quite a few sellers who want to take profits at such a high SP, that PAF will buy. I'd prefer this cash as a dividend or pay some debt but the level of only $11.1m is OK and means there are not so many sellers. When I asked the question of buybacks at an AGM a few years back, they agreed they only reward sellers not holders.

Hi Monkshood

Not sure, it could also be OEM approvals in the USA, the prospect of new contracts with BAE Systems PLC due to the UK/EU's recently increased defence spending levels, finally getting noticed by some retail investors or a fund.

Either way, a jolt back up is very welcome. IMO most holders will be hesitant to sell into this, unless trading averages in comparatively small volumes, due to large number of share placements at 40p (including myself).

Surprised sentiment is more positive towards us since the rejected bid, it's a far from the weakness and discount to NAV that the market price suggests. Sit back. add, drip and collect the yield. The discount to NAV will narrow as debt is paid IMO

This could be part of it

https://uk.finance.yahoo.com/news/uk-stocks-trading-43-9-063757098.html?guccounter=1

Top 10 Undervalued Stocks Based On Cash Flows In The United Kingdom

NameCurrent Price

Fair Value (Est)

Discount (Est)

Victrex (LSE:VCT)

£7.99

£15.61

48.8%

Velocity Composites (AIM:VEL)

£0.27

£0.49

44.9%

He corrected it to 10%

You can check the yields everyday here

https://www.dividenddata.co.uk/investment-trust-dividend-yields.py?&sort=yield&order=1

Hi Damofarl, hope all is well ))

I've sold about 3/4 of my FAIR, whilst at NAV in the last few months and what I haven't used to pay the builders, I've put into TORO which is still discounted to its NAV.

As soon as El Trumpo showed his gangster style deal making with the tariff threats my main problem with FAIR is simply that it is listed and pays in US$. Given the number of treasury bonds that could be sold, the lowering USA ratings and the various 'Trumpenfreude' that threaten to devalue the dollar, I'd rather have investments with limited exposure to the USA and the dollar. On one hand Biden's economy was so strong, on the other it was slowly destroying the LSE and others, so the silver lining is I do welcome the money shift back to the UK and Europe. It's been unusual to see the FTSE acting independently of the DOW in recent weeks.

That said, I bought some FAIR today with some 'free money' from trading, as a way of keeping some balance in my ISA.

As far as their report, IMO it's still a steady ship, and mainly wider factors having their effect.