Member Info for manfor

With an adjusted eps of 60p they could have easily afforded to pay a final dividend of 20p

The shares would then have been trading much higher today at about £6

It was a big mistake to not resume the dividend today and the share price has fallen because of it

Very undervalued

The NAV per share has increased to £10.30 from £10.10 in January

And the TNAV per share has increased to £9.10 from £8.40 in January

Probably very open to a takeover bid when the FCA scheme is out of the way but any bidder will certainly have to offer a price over TNAV

The funds like TRIG and UKW that hold stakes in these windfarms represent a particular risk. UKW looks to be playing fast and loose with asset lives and both do not appear to be properly funding future decommissioning liabilities. Yet, they are distributing hundreds of millions of pounds to shareholders through dividends and share buybacks. This is the offshore wind decommissioning timebomb - a disaster waiting to happen.

https://davidturver.substack.com/p/offshore-wind-decommissioning-timebomb?r=nhgn1&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false&triedRedirect=true

https://davidturver.substack.com/p/alas-poor-orit

The funds like TRIG and UKW that hold stakes in these windfarms represent a particular risk. UKW looks to be playing fast and loose with asset lives and both do not appear to be properly funding future decommissioning liabilities. Yet, they are distributing hundreds of millions of pounds to shareholders through dividends and share buybacks. This is the offshore wind decommissioning timebomb - a disaster waiting to happen.

https://davidturver.substack.com/p/offshore-wind-decommissioning-timebomb?r=nhgn1&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false&triedRedirect=true

https://davidturver.substack.com/p/alas-poor-orit

The funds like TRIG and UKW that hold stakes in these windfarms represent a particular risk. UKW looks to be playing fast and loose with asset lives and both do not appear to be properly funding future decommissioning liabilities. Yet, they are distributing hundreds of millions of pounds to shareholders through dividends and share buybacks. This is the offshore wind decommissioning timebomb - a disaster waiting to happen.

https://davidturver.substack.com/p/offshore-wind-decommissioning-timebomb?r=nhgn1&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false&triedRedirect=true

https://davidturver.substack.com/p/alas-poor-orit

In common with other funds focused on renewables, Octopus Renewables Infrastructure Trust appears to be adopting some rather aggressive accounting policies that have the impact of inflating asset values and probably under-stating the risks facing the company.

They benefit from fairly predictable income by harvesting renewables subsidies, but have loaded the company with debt, assumed asset lives that are far too optimistic. They also ignore the risk of a change in the political weather that could see Net Zero abandoned and their realised power price assumptions undermined if carbon taxes and subsidies are cut. Their NAV would be sent tumbling.

The falling share price perhaps tells us that the market is catching on to the risks surrounding funds of this nature. It remains to be seen whether its new roadmap for growth will deliver any benefits. For consumers, renewables have been a tragedy. Like with Shakespeare’s Yorick, one day soon shareholders might be picking over the remains of ORIT lamenting the good times of yesteryear.

https://davidturver.substack.com/p/alas-poor-orit

Citywire article

Close Brothers attractions being recognised, says Aberdeen

Investors are recognising the attractions of Close Brothers after it was caught up in the motor finance scandal, says Aberdeen manager Thomas Moore.

He holds the private bank in his £200m Aberdeen Equity Income (AEI) closed-ended investment trust.

Shares slumped earlier this year due to the ongoing motor finance commission scandal which forced it to make large provisions for potential costs and led to a loss in the first half of the year.

The stock has rallied, and is up 105% year-to-date, with August bringing a 16% gain.

‘The shares surged after a favourable Supreme Court judgement on motor-finance lending,’ said Moore in the August factsheet.

‘Investors are now recognising that the company’s balance sheet is strong enough to cover any liabilities it may face under the Financial Conduct Authority’s redress scheme, paving the way for a valuation rerating.’

Shares were trading down 0.55%, or 2p, at 479p at the time of writing.

Was there a dividend due on 12th September?

Has anyone received it yet?

How long can the dividend last if Reform win the next election?

Probably not very long

https://www.telegraph.co.uk/business/2025/07/16/reform-warns-wind-and-solar-builders-it-would-scrap/

How long can the dividend last if Reform win the next election?

Probably not very long

https://www.telegraph.co.uk/business/2025/07/16/reform-warns-wind-and-solar-builders-it-would-scrap/

How long can the dividend last if Reform win the next election?

Probably not very long

https://www.telegraph.co.uk/business/2025/07/16/reform-warns-wind-and-solar-builders-it-would-scrap/

The FCA letter is as you might expect completely vague and lacking in any details, or any reference to the recent decision of the Supreme Court

The main goal of the FCA seems to be to remove as much money as possible from the banks and their shareholders through a “redress scheme” and to then give it to the general public

“we are open to considering a range of solutions to any practical issues to ensure that liabilities

that lenders have to their customers are dealt with promptly and efficiently”

And what if the banks and lenders have no or minimal liabilities to their customers in accordance with the recent Supreme Court decision?

What will happen then?

Will the banks still be required by the FCA to make a voluntary payment of £13.5 billion to the general public?

What a farce

If the FCA attempts to push through a redress scheme that is against the recent decision of the Supreme Court then it will be illegal and the banks and the finance companies will obviously have to take the FCA to court

The banks are certainly not going to pay out £13.5 billion to 15 million people when the Supreme Court decision suggests that a maximum figure of £2 billion or £3 billion is probably more accurate

You say that you bought your car in 2007 ?

That is not a problem!

And you say that you have no paperwork or any evidence?

That is also not a problem!

And you say that Martin Lewis said that you should definitely apply for £1,000 as you have got nothing to lose by applying?

That is just fine!

What a farce this has become now

The Chief Executive of the FCA looks like he is completely out of his depth

And I do have shares in CBG and OSB and I have no agenda other than giving a personal opinion

AMG

You may think that you are very liberal but you actually only respect those opinions that are the same as your own

You are not even able to tolerate another poster who simply thinks that the UK may be headed towards a financial crisis

You also said f off earlier because you did not like the opinion of another poster so you do not actually deserve any politeness from others on here

AMG

oh no

not you again

how boring

lol

try not to be so rude to other posters on here with a different opinion to you

now please p*ss off

silly old f*rt

lol

Knot said :

Did I say that there would not be a crisis ?

“the high 30 year yields are just signalling future inflation and a weaker pound”

Yes you basically said that UK 30 year yields at 5.6% were just a product of future inflation and they were nothing much to worry about

Well tell that to the people in Turkey and Argentina and all of the other countries with runaway inflation that inflation is nothing much to worry about

I am sure they will be relieved to hear that future inflation is nothing much to worry about

The UK finances are in a disastrous state and they will just continue to get worse with this useless and incompetent Labour government

All they can do is keep spending more on welfare benefits, and then keep taxing ordinary working people more to pay for the welfare benefits

I think the article in The Telegraph by Allister Heath is very reasonable and so are his predictions of a financial crisis within the next few months

And his forecasts are unlikely to be as bad as your own disastrous predictions for the CBG share price

You are the one who said that CBG shares would most likely rise to £9 on the next day of trading after the Supreme Court decision

And where are CBG shares now?

About half that price

Knot

I certainly do remember 1998

I also remember the UK leaving the ERM in 1992 and 12% interest rates

I also remember the Financial Crisis of 2008 when UK bank shares collapsed and fell by up to 99% in the case of RBS

You are quite wrong if you think that another UK financial crisis is not possible in the next year or two

And you are quite wrong if you do not understand that UK bank shares could easily fall by well over 50% from their current levels

Knot

You are the clueless one if you are not aware of the UK debt crisis

The UK 30 year is now at 5.6% and that is the highest since 1998

It is far higher than Greece at 3.4% and Ireland at 3%

Why do you think that is?

And things will just continue to get worse and worse under this useless Labour government

Now put that in your popcorn and ...munch...munch

https://www.telegraph.co.uk/news/2025/08/27/market-meltdown-will-force-starmer-into-an-early-election/

Britain is facing a historic reckoning. The economic and social model constructed since 1997 has turned into an unsustainable Ponzi scheme, a farrago of lies, obfuscations and delusions.

The maths don’t add up. On one side of the ledger, growth and revenues are stuck thanks to oppressive taxation, poor incentives, net zero, the destruction of the entrepot economy, the throttling of the City, labour and product market regulations, low-productivity immigration and planning rules that make building anything difficult. On the other, spending is out of control: our ruling class is content to pay out of work benefits to 6.5 million UK adults and to serve as the world’s welfare state of first resort. Our free-to-use, taxpayer-financed NHS can’t cope with an ageing population.

We are living beyond our means. We need to slash welfare, and force millions to work. We must stop importing net tax consumers: mass immigration was meant to boost growth, but all too often is crippling the public finances.

For many things

Including

Advising over enthusiastic shareholders of various companies, including CBG, that share prices can go up, and they can also go down a long way

The UK is also headed for a major debt crisis in the next few months and that will not be good for any UK bank