Member Info for Monkshood

SEEEN plc - Accretive Acquisition of MEDIAL

Watr still have a financial interest in Seeen.

Skodamanpat-

'I know the removing the link to gas will reduce profits but I fail to see why removing carbon tax is having an effect, given it is just that, a tax, and therefore no part of net profit'

It is because gas usually sets the price for marginal pricing. If the cost of generation by gas falls so to will the price paid to alternatives.

It is rather annoying that they have dropped the PY from the monthly updates and only report MtM yield.

I put a question about this at the last Investor Meets presentation but they skipped the question both in the online meeting and in written replies.

I would think 4p is about right. We know that they take 1% off the headline rate for fees.

Not just QuickBooks!

''....Its LexisNexis division is to integrate a legal plugin from AI firm Anthropic, one of a number of partnerships that the latter announced during a software demonstration event yesterday.''

Bloomberg-

'' appears to be driven by Anthropic using the event to emphasise that it intends to partner with a number of companies in developing new plugins using its Claude model, as opposed to the fears that the tools would displace and disrupt various industries.''

To back this the company has also just has struck a deal with Intuit, owner of QuickBooks tax software, to deploy its AI agents.

Looking through the nav/income per share, the cost to existing holders was 0.1p/share fall on this years income.

There may have been other costs such as dilution of reserves.

Although very minor, let's hope the benefits out weighs this, otherwise it was not in share holders interests.

If you want an example of what reform can do look at what has happened in Italy (I think part of the reason for todays fall).

Edited from Bloomberg-

Italy just issued a decree reimbursing the gas generators for their carbon permits, because gas sets the marginal price most of the time for the wholesale market it will reduce the margin for the renewables. 'Italian year-ahead power prices fell for a seventh straight session on Wednesday and are down almost 15% this month as traders position for the reform.'

I think that there is a wider concern that this could be rolled out further in the EU - hence the steeper fall by Trig today - although compounded by yesterday TU which was not great.

Yep, that makes it worthwhile ;0)

They will hold. The sell price is almost always 2.5% over the nav value.

You must have had quite a few to make it very worth while.

Sold at 174.5 and purchased at 173.28. (Less minor dealing charges to sell) so at best £125 on 10k shares.

Well that did not go quite as well as they expected. Around 6% of existing share issue rather than the 20% max. No chance of getting into FTSE250 for a while, although with so many UK companies being bought out who knows...

I still think that they missed a trick by not timing it for the day after the divi was paid,.

Any further new issuance should be around 174.5 from yesterday price- so about 0.5 up over the next day or two.

On the bright side they are now getting 20% more shares from the buyback...

Bloomberg-

Todays fall. The data and analytics firm has fallen more than 4% to the lowest since August 2023 after Anthropic released an AI-powered productivity tool for in-house legal teams.

That is a very good question!

Ultimately it is more money for Invesco in fees. Their argument however, would be, greater liquidity, large volumes to allow them to get better bespoke deals or to increase the trusts holdings to spread the risk, and the potential for lower admin costs per share., They normally issue at a 1.5% premium which covers the issue costs and supposedly covers for dilution of share holder reserves, is this still achieved at 0.75%? There is also an issue if the trust has bonds at a higher MtM value than those that they can purchase now, with new money, as spreads have tightened.

There is an argument to be made that if the demand is so strong why not issue at a higher (say 5%) premium which would be of greater benefit to existing holders. I assume they don't do this as they would not be able to enlarge the fund (and their fees) quite so easily.

On the positive, at the rate things are going they will be able to soon get in the FTSE 250 which may further increase liquidity. It will not help shareholders that much though as the price already sits at a premium to nav and will (currently) always be capped by new issuance.

If you were thinking of adding then it does provide a good opportunity to do it at a slightly lower cost than you normally could.

Midday Feb 12th

I do think that they missed a trick by not timing this just after the next divi was paid on the 20th though.

That should be £700.

On yesterdays prices you would be selling at 173.5 and rebuying at 172.7. If you sold/repurchased £100k it would be worth around £1200.

Decent set of results.

The growth in international sales, all be it from a low level, is very promising, there is greater scope for this to increase compared to the home market.

They are going to option 1, not just considering it..

'It has therefore been jointly agreed to proceed with an immediate switch to CPI-based indexation of the RO buy-out price ahead of the next annual adjustment scheduled in April 2026 (Option 1). This will apply across the RO schemes in England and Wales, Scotland and Northern Ireland (subject to respective legislative processes).'

Yes, link to CPI rather than a freeze.

Impact was 2.4p (rather than 10.6p with option 2).

The share price has dropped more in line with option 2 so hopefully there may be a bit of a bounce back.