Member Info for StarBright

@shaun86: “… To me, this means finance is in the bag because they've put the executive team together...”

Who are the “executive team” that Zanaga have put together?

The draft(?) letter is somewhat naive. The company will respond saying simply that no material non-public information has been (or will be) shared selectively.

It’s a big commitment from the individuals involved, so I see it as a positive development.

SUPR is clearly in a proactive phase. It would be interesting to understand where the decisive impetus for this change came from - the individuals themselves, Atrato or the SUPR board?

Perhaps the most interesting aspect is that the two senior transferees will join the board as CEO and CFO respectively. A huge jump from poachers to gamekeepers.

The only negative is the £19m cost? I assume this will be payable in cash. Not sure how this will be accounted for (ie how/when it will impact distributable earnings). But it’s easy to see how it can be a value-creating exercise overall, as the RNS sets out. All good.

Yes - v interesting. I wonder if we’ll see a reduction TR1 from the other side of the trade; whoever SDR bought the shares from. Hard to see that they could have bought 10% in the market without more obvious price action…

I took a look. You are pretty much spot on….

Yield then was 8p on 122p, 6.6% vs base rate 0.1% so +650bps

Today 8.9p on 84.1p, 10.6% vs base rate 4.5% so +610bps

@MAJWandCo. - what’s the BB mnemonic where “…lots of US based sell quotes coming in today” can be seen?

I agree @allthatguff.

Buying GLEN out at 4.1pps is a classic double-edged sword. Great that they are exited at such a low mark, but WHY did they agree? This is the question that should be asked of management at the investor event. They must have known about the “new NPV”. Have they been out-manoeuvred somehow by Knauth, Trahar and co? Or do they know something (like the intentions of the CB government) that ZIOC don’t?

A placing at a 60% discount would normally be seen as a disaster. But here the placing price is the flip-side of the cost to exit GLEN.

In truth the package is very hard to assess objectively. I am inclined to sit tight and watch/think/learn, through the investor event at least.

@Veteran10 - I’m afraid that your assertion regarding a mandatory offer at the highest price paid in the last twelve months is incorrect. Firstly, because any “highest price” protection extends only as far as the “highest price paid by the offeror” ie not the highest price paid in the market. And secondly (more fundamentally) because the provisions of the Takeover Code don’t apply to Zioc, for complex reasons relating to the legal structure of the company.

No wonder MajorMountebank has been working so hard next door..!

Tipped by Questor 13th Feb 2025 at 84.1p https://www.telegraph.co.uk/money/investing/funds/bluefield-solar-share-price-money-to-be-made/

Also tipped by Questor on 3rd October 2021 at 122.4p…!

https://www.telegraph.co.uk/money/investing/stocks-shares/questor-renewables-fund-offers-sunny-outlook-investors-interested/

Let’s hope Questor is right this time…!

Ok boomers…

Only 40-something trades (the largest of which was for £10k and most are less than £1k) for less than £90k in total.

That’s not an “Interesting game…” - it’s completely irrelevant.

An even more recent update from Modo Energy:

“GB battery energy storage revenues see back-to-back increase in January 2025

Executive Summary

- Battery energy storage revenues in Great Britain reached £88k/MW/year in January 2025, marking a 5% increase from December 2024 and the first back-to-back monthly revenue increase since early 2024.

- Wholesale trading revenues surged by £11.6k/MW/year, driven by 42% higher wholesale price spreads, which hit a two-year high.

- Intraday power prices peaked at £1,780/MWh on January 8th, leading to the highest single-day battery revenues since 2022, with earnings of £394k/MW/year.”

I’m interested!

@Pip56 - thank you for sharing the Crux deck on TTC’s. It’s really helped me better understand how the mechanism works.

The sale of NG’s US Renewable Assets at £1.4bn appears to have been concluded at a premium to their carrying value (per Sep24 FS) of £1.1bn. Good news for investors across the renewables sector if so….

The National Grid Renewables Assets sold for £1.4bn had a carrying value of £1.1bn according to the September 2024 Results statement.

Looks like an excellent deal for NG shareholders.

Yes - although this looks to have been a mixed portfolio of renewables assets so not storage specific. It does however highlight that there are buyers in size who have capital to deploy. It would be very interesting to see any detail on the transaction- I will see what (if any) info is out there.

A reminder that the restated dividend policy/intention is: 1p per quarter for the first three quarters, followed by 4p in the last quarter - assuming everything has gone to plan.

“It is the Directors' intention to continue to pay, in the absence of unforeseen circumstances, a dividend of 7.0 pence per ordinary share for the financial year subject to market conditions and performance, financial position and outlook, and fiscal environment. This is consistent with investors' expectations based on the current NAV but, from the 2024/25 financial year, the profile and quantum of dividend distributions will be more closely aligned with operational and other cashflows rather than NAV.

Moving from roughly equal payments across all quarters, the Board has determined to target a dividend of 1.0 pence per Ordinary Share for each of the first three quarters of the financial year. It is intended the amount of the final quarterly dividend (announced in June and paid in July) will make up the balance of the annual dividend target subject to cash flows at the time.“

Yes - an excellent update. Selling a portfolio asset at a material premium to carried value underpins the NAV. Borrowing at 4.1% fixed to buy assets with an initial yield of 6.8% creates obvious value for shareholders. The (previously announced) new fee structure is a positive for shareholders too.

All good.