Member Info for hghotshot

Jim,

Bravo!! I fully agree with all you have said. In particular, I share your disaffection for Terry's repetitive, bigoted claptrap.

Of a more serious nature (to which you also refer), I have always believed that the incomprehensible nature of the results which are reported is a major problem. The problem is the accounting treatment of the hedging activities. Profits routinely end up being reported as losses.

Senator,

Otherwise OK?

By the way, what is a "partial right off"?

What is the best guess for the fourth quarter dividend? Another 5.07p would be lovely but these are very troubled times.

ToD,

I still do not see how you, Senator, or anyone else arrives at current fees paid to the investment and asset manager as 4.91% of the current market cap.

You are clearly far more intelligent than me.

ToD,

I am sorry, but I am not very intelligent. How does one arrive at 4.91% of the current market cap?

Senator,

"The current fees paid to the investment and asset manager is 4.91% of the current market cap."

I would be interested to see how you calculate this? The most recent management fees I can see are £1.984 million (as per the Interim Report for the six months to September 2025); say £4 million for 12 months. The current market cap (per Morningstar) is £260 million.

It is nice to see a director buying some shares. There is still a discount to NAV (around 5%). Maybe the director was persuaded by that.

This sounds like one of those ambulance chasing lawyers that the US is famous for.

https://www.businesswire.com/news/home/20260112029038/en/Diversified-Energy-Company-NYSE-DEC-Under-Investigation-by-Highful-Law-PLLC

Only four directors own shares (largest holding 75,000 i.e. around £50,000). The last purchase was in February, 2025. If the directors do not consider the shares to be good investments at the current share price, it is hard to see why anyone else should see them as good value.

No director owns more than 50,000 shares (£25,000 at today's price). No director has bought any shares in since December 2024. I find this level of disinterest very alarming in the context of the drop in share price over the last six months. If those most closely involved in the business do not consider the shares to be worth buying, it is hard to see why anyone else should want to buy them.

There is now an unusual discount of 4.6% (most recent NAV 0.5243 as at October 31 and Offer Price 0.5000). I am aware of the ex-d date on November 13 (dividend of 2.00 cents), but I am unaware of any reason for the price drop which has caused this unusual discount. The next NAV announcement (as at November 30) will be in about two weeks' time. I hope there is nothing sinister which will be revealed.

Risking,

Thank you for this. I am happy to regard your comments as endorsement for my position. Today must be a sad day for Damien and Trots who are currently reading statements such as (from the half year report ):

"The portfolio remains highly cash generative, driving dividend cover of 1.22x for the first six months of the financial year - with the Company on track to at least match that for the second half of the year - allowing surplus funds to be reinvested back into growing the portfolio and keeping gearing levels to one of the lowest in the sector."

I know it is a sin to take pleasure in human suffering but, every now and then?

No director owns more than 50,000 shares (£25,000 at today's price). No director has bought any shares in since December 2024. I find this level of disinterest very alarming in the context of the recent drop in share price.

Damien, and Trots, thanks for this rather civil exchange of views. I personally have now run out of energy and will desist from further engagement. As a final comment, I remain sanguine as to the future of FGEN (and its kindred ITs). I believe there is long term value in FGEN and the other ITs in this space. FGEN has grown its well covered dividend relentlessly since its inception in 2014. I see no reason for this to change. THE END

Worth a look:

https://www.edisongroup.com/research/breaking-ground/BM-2247/?utm_campaign=3953280_Regional%20REIT-2025-11-20%2012%3A32%20%20BM-2247&utm_medium=email&utm_source=EDISON%20INVESTMENT%20RESEARCH%20LIMITED&ref_id&email=howardmorton%40hotmail.com&dm_i=7R94,2CQDC,2M0OQQ,4MKTK,1

Damien and Trots, you both seem to be nice chaps. I will agree to be friends if someone will answer my question.

"My principal concern surrounding the changes which are being discussed, is the effect (if any) on FCF. According to the most recent Fact Sheet (June 30) the dividend is covered 1.2 times. What are going to be the effects on dividends and dividend cover?"

Trots, this was my first post and it was very simple:

"Clearly the possibility of a reduction in NAV is not good news. However, my principal concern surrounding the changes which are being discussed, is the effect (if any) on FCF. According to the most recent Fact Sheet (June 30) the dividend is covered 1.2 times. What are going to be the effects on dividends and dividend cover? I have seen no comments on this."

I have given up hope of ever seeing any comments on the effects the changes which are being discussed on FCF, dividends and dividend cover. THE END

Trots, the "capital return" hypothesis which you describe (in excruciating detail) is not part of the real world and bears no semblance of a resemblance to FGEN. My guess is that it is the product of the mind of a conspiracy theorist (Damien). FGEN on the other hand is very real and will continue to generate significant amounts of cash for many years, some of which will be used for the repair, maintenance and replacement of assets.

Damien, sadly, I consider this to be conspiracy theory nonsense. FGEN will continue to generate significant amounts of cash for many years, some of which will be used for the repair, maintenance and replacement of assets.

Trots, sadly, I do not know what you are talking about. I am talking about an in investment in FGEN which currently pays annual dividends of 12.3% which can be readily reinvested and compounded. If one invests at the current share price and dividends continue at the current level of 12.3%, you will receive back your initial investment in dividends after six years. 1.123 to the power of 6 is 2.006.