Member Info for Monkshood

A good TU, moving to cash profit at EBITDA level and everything moving in a positive direction.

Dowgate have a (rather optimistic?) target of 20p.

Https://www.gov.uk/government/consultations/renewables-obligation-ro-scheme-indexation-changes/outcome/renewables-obligation-ro-scheme-indexation-changes-government-response-html#next-steps#

Although this is countered by the nav falling 4p in Q4!

Hopefully will give some certainty and help lift the share price.

They are proposing issuing up to 20% more shares. This would take it to an MCap of nearly £500m which is very close to the FTSE250 entry level. At this rate if it does not get there this year it will next.

Probably, the key comment in Zeus's research note is-

'Liquidity is tight, but we do not believe (with the current outlook) that fresh equity funding is needed.'

I made a mistake with the MCaps, it will no be large enough for FTSE250.

Remit broadens with Fixed income, preference shares and overseas exposure.

The former two are around 20% of Shires, it is not clear what the future level in the combined Trust will be longer term.

The combined Trust should just about have an MCap that would put it in the FTSE250 which is probably one reason for the merger.

This is their largest January buyback to date. It looks like it is starting to have an impact.

Divi up 5.3% this year -to 10c

On top of a 20% increase in the sp from this time last year.....

Odd prices at 11.48am - around 200k gone through at 150p- it would need to be delayed trades from covid days at that price!

Given that Bips issued 200k at 174.5 yesterday it all seems very strange.

If the navs are going to keep falling then they would be better off paying the debt down .

The argument for buybacks is that it is accretive to nav, but once you reach the point that a buyback this year, is at a price around what the nav will be in two or three years, then it is not accretive (do they unwind this in the nav calculation?)

When the buybacks started they were at just over 100, the nav then was around 120, now it is 109, if it falls much lower then those earlier buybacks will not have been accretive at all.

It is interesting that Trig has still been moving in tandem to UKW even though the buybacks have stopped.

I am surprised that the buybacks have not restarted.

They have stated in both of their past two reports that divi cover for the year was going to be tight, perhaps this is a way of giving themselves a bit more wiggle room. It should be a different 'pot' but accountants can be creative people when needed.

I am almost out for now. If the results look ok I will probably add again.

Read across from SSP

There seems to be a large market for the shares atm. They have issued around £11m over the last week alone.

Moving up from Small Cap to FTSE 250 index.

Should help the share price.

Analysts at RBC have shuffled around their ratings on UK housebuilders, raising Persimmon and Taylor Wimpey to outperform while downgrading Barratt Redrow and Berkeley, as they say the leaders in 2026 will be firms focused on self-help and strategic land.

Nav has finally breached 300.

Ibovespa looks like it could push through 160,000 now that some of the US tariffs have been dropped.

The discount has narrowed since Saba's intervention but it deserves to narrow further given the recent performance.

If you look at the Budget report (pg 20) most of next years GDP growth comes from 'government investment' whilst the main increase in the following three years is 'Private dwellings investment' (includes Includes transfer costs of non-produced assets).

Clearly the OBR see growth in this sector . Not entirely reassured by the fact that this is >6x the predicted growth from business investment though....