The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Interesting, slow progress and no dividend yet shares rise.
The Board of abrdn European Logistics Income plc (the "Company") provides an update in respect of the strategic review announced on 27 November 2023 (the "Strategic Review").
Since 27 November 2023, the Company has received a number of broad ranging preliminary, indicative non-binding proposals. While there can be no certainty at this stage that the final terms of any proposal will prove to be sufficiently attractive to merit a Board recommendation to the Company's shareholders, the Board is encouraged by the progress made to date and the Company's advisers are actively engaging with a select number of parties to satisfy their due diligence requirements. The Board will provide further updates as appropriate.
Fourth Interim Dividend
In light of the initial response to the Strategic Review, the Board and its advisers are keen to ensure that the Company is optimally positioned, and that it maintains the maximum flexibility, to allow it to advance any particular proposal. As a result, the Board has taken the decision to forgo declaring a fourth interim distribution for the quarter ended 31 December 2023, which has historically been declared in February and paid in March each year.
Subject to the outcome of the Strategic Review, the Board intends to recommence dividend payments in line with the Company's standard dividend timetable.
I have voted for this rebranding and very happy to hold and add at these levels.
Proposed Change of Name, New Website, Renewed Messaging and Investor Presentations
Duke is pleased to announce the outcome of its previously reported review of the SME Financing sector and to update the market on its proposed change of name to Duke Capital, new corporate website and renewed messaging.
Conclusions from our review
Duke's review has focused on ensuring that its unique offering is communicated to business owners and stakeholders in a way which provides greater clarity and improves comparison when evaluating a broad array of financing options. We believe this is in the best interest of the Company and its shareholders for the following reasons:
· The global private credit market is a large, rapidly growing and evolving segment of the financial sector, which includes direct lending, mezzanine, high-yield debt and other alternative products such as royalties
· Private credit, and especially direct lending (ie non-bank lending) has become more widely accepted in the SME sector in the last decade, and we believe Duke's solution is best classified as direct lending
· Duke has a seven-year track record in providing long-term, unique financing solutions to the lower mid-market in the UK, Europe and North America with current invested capital of over £200 million
· During that time, traditional royalty companies in the mining, music and pharmaceutical sectors have proliferated, especially in the public markets, which has resulted in confusion about Duke's solution for lower mid-market businesses which has, to date, been known as 'corporate royalties'
· By reframing our product as 'hybrid capital', we can more easily convey the attributes of our financing solution to business owners and investors and build on our momentum
· We define hybrid capital as a financing solution that blends features of private equity and private credit products and is more flexible than traditional debt or equity alone
· Despite the name change, our core product, investing policy and investment criteria are not changing, and we will continue to provide business owners with our unique 'corporate mortgage' debt product with equity-like attributes which align our success with the success of the business
Additional flexibility for investing
· Going forward, Duke will have additional flexibility to take equity ownership over 30% if and when situations necessitate or there is clear rationale to do so for our shareholders. The Company will maintain the same investment approach which, unlike private equity, is not looking to take control of the business or force an exit
· This additional flexibility is intended to benefit investors by enabling Duke in certain circumstances to continue longer with our best performing partners and ensure our capital growth is maximised, while not affecting our recurring cash revenue during the investment
Cheers guys they lived a long and happy life and passed away years ago.
I'm no spring chicken and been investing since the crash of 87 when you used to have a phone a stockbroker to buy or sell then they'd post you share certificate.
I watch this share with fascination having a technical understanding of computing and networking.
I understand people like Suthy don't like negative comments as it spoils their ramping so they act like little children in a playground throwing insults. Suthy wants an echo chamber with positive jam tomorrow stories and will always attack and make in personal to deflect and confuse.
The whole renewables industry is struggling and one key reason is that natural gas is now cheaper than it any time it has been this century at $1.66 per MMBTU having been over $10 on the Ukraine and other spikes.
The price of Natural Gas is now $1.823 per MMBtu back to where it was in 2020
And wind farms suffering too;
https://www.bbc.co.uk/news/articles/c9786p4qd83o
Agreed and the net dividend is well covered at 1.6x
Dividend
The Board has set the dividend target for 2024 at 7.47p per share, representing a 4% growth on the 2023 dividend. This increase reflects strong cash generation, but also recognises inflation has reduced materially from its peak and that future cash flows are expected to be moderated by reductions in power prices (with average forwards for 2024 lower than wholesale prices seen in 2023 across TRIG's markets). Maintaining healthy dividend cover provides the Company with optionality to fund organic investment in the portfolio to enhance total returns for shareholders.
Https://uk.investing.com/news/stock-market-news/jefferies-cuts-biopharma-credit-to-hold-on-cash-drag-risk-93CH-3327421
"On Wednesday, investment firm Jefferies downgraded BioPharma Credit PLC (BPCR:LN), shifting its stance from Buy to Hold. The adjustment follows observations of significant loan repayment and prepayment actions within the first half of the year, potentially resulting in a substantial cash balance for the company.
The firm's analyst noted that should BioPharma Credit not secure new investment opportunities, the company could end up with a cash balance that approximates 50% of its net asset value (NAV). This scenario is anticipated due to the high level of loan repayment and prepayment activity noted over the period.
Moreover, with several loans approaching the end of their make-whole periods, there is an increased possibility of additional cash drag. This situation is a key factor influencing the decision to downgrade the stock. The make-whole period is a timeframe during which a borrower must pay a penalty if they repay a loan before its set maturity date.
The potential for a larger cash balance and the risk of further cash drag due to the expiry of make-whole periods have prompted Jefferies to take a more cautious view of BioPharma Credit's stock. The firm's new rating reflects concerns over the impact of these factors on the company's financial performance.
Investors are now watching to see how BioPharma Credit will manage its cash position and whether the company will be able to mitigate the risks associated with the impending expiry of make-whole periods. The outcome of these developments will likely influence the future performance of the company's stock."
Holding up well.
Unaudited net asset value per share at 31 January 2024
Caledonia Investments plc ("Caledonia") announces that its unaudited diluted net asset value per share ("NAV") as at 31 January 2024, calculated on a cum-income basis, was 5174p.
The Edison note is good and combine that with buybacks and director purchases today was a good day.
For me there are two main sticking points here one is the infrastructure and the propensity of the free market to revert to fossil fuels as price allows and natural gas is back to 2020 prices at approx $2.06 per Mmbtu down from a peak over $10 when Putler invaded Ukraine early 2022. On the infrastructure Gresham have extra KwH but the national Grid isn't connected.
I am helping out at golf club and we are looking to put 36KwH peak solar onto the roof and need DNO authorisation before we do as we may supply a few KwH in the summer months we can't use back the grid, the DNO can take 6 months!
Edison said this in March23 - Operational capacity rose to 550MW at end December 2022, a rise of 29% from the 425MW capacity at the end of the previous year. Capacity is set to reach 1GW in 2023 (a rise of 80% compared to end 2022) and around 1.5GW (+170%) in 2024. GRID’s manager expects this to drive further NAV and EBITDA growth.
Now they are saying All these projects are completed and ready for connection to the grid. Once this is done, operational capacity is set to rise from 740MW at present to 1,072MW by end-Q324. In addition, work is also underway to increase the duration of several of GRID’s already operational projects, which should add a further 340MW to its operational capacity and raise potential earnings from these projects by up to 40% at relatively low cost.
GLA
WULF cannot be looking at QBT as they only mention 10% not the 260% that we all know QBT can deliver cos they've said that on an X video
Might need another raise soon to pay for FGs yacht I've heard its in need of a full service and varnish.
Good write up here;
Ian Cowie: clouds on horizon, but 7.8% yield keeps me on board
https://www.ii.co.uk/analysis-commentary/ian-cowie-clouds-horizon-78-yield-keeps-me-board-ii530613