Member Info for swsquires

Assume they want to sell as they know they are losing control of the company.

To quote the summary:

Seraphim Space Investment Trust plc notes that its largest portfolio holding, ICEYE, is raising €450 million in a Series F financing round at a valuation exceeding €10 billion, with an expected closing in Q3 2026. This valuation implies an uplift of approximately £202 million in the fair value of SSIT's holding, representing a 102% increase and an estimated 73p increase in NAV per ordinary share. SSIT expects to reflect this uplift in its results for the year ended 30 June 2026, to be announced in October 2026.

A 73p increase in NAV! That should have a big impact today.

What impresses me the most is the speed at which the board are moving things forwards. Charles Manners is not hanging around. They are not raising for the sake of it, everything has a targeted reason. I fully expect an annoucement in the coming weeks on the next thing they are starting to increaes the value. My only slight negative is that they were approached, but struck the price at 3.5p. I'd prefer much closer to the current price as this is not a standard raise with the begging bowl. Anyway, the price is moving fast and I am loving how the board is operating, so just a minor nag.

It was slipped out in the 12th March RNS that they are now looking to delist HGEN from the London Stock Exchange. This means it would be a private company and not actively traded. Worth reading through before you make any decisions over actions.

DINVOFT, that is exactly where my thinking is heading. In less than a year there will be a bid from a related party.

Exactly what I thought, this is the start of a managed wind down process.

I have to say I was somewhat taken by surprise with today's RNS. Going back to a 7p pa dividend is not what I expected at all. This creates a huge yield for GSF so I am guessing will attract some interest. Despite the fact that I love dividends, I am concerned with the dividend being so high and essentially paid for by selling stuff. This does not come across as a good long term strategy, but I guess the current one wasn't working. Thoughts?

I was wondering what was behind today's rise, looks like it is a write up in the Telegraph

https://www.telegraph.co.uk/money/investing/stocks-shares/cordiant-digital-key-to-cashing-in-on-ai/

Another increased offer for HEIT, this time from Bidco - 92.4p per share, up from the Drax offer a few weeks back of 88p per share. Hopefully this should provide some positive momentum tomorrow.

Postive article related to ITCs and GSF.

https://www.energy-storage.news/investor-outlooks-on-us-bess-projects/?utm_source=dlvr.it&utm_medium=twitter

Https://www.investegate.co.uk/announcement/rns/gore-street-energy-storage-fund--gsf/assets-energised-and-itc-update/8748416

At the moment they continue to deliver to the timetable they had set out. I have to be honest in being disappointed that they haven't submitted the ITC application for Big Rock yet (one month on from energisation)- I'm inclined to think every day matters with the speed Trump is making changes. The applications should have been ready to go.

Regarding how they use the cash, my expectation it will be a combination of reducing debt, share buy backs and some cash to upgrade existing facilities. I am still of the view that a 7p dividend won't be coming back and they will settle on something closer to 5-5.5p. Ultimately the larger institutional shareholders will be directing them here.

The fundamental problem of the discount is not just a GSF problem. Gresham House Energy Storage is on an almost idenitcal discount reflecting a more general view of the asset type. The manager can't do much now though as these funds rely on the ability to raise new cash regularly to spend on 'new' projects and upgrades. This isn't possible until we are back to around NAV. Final point on the fees, they need to get in line with the industry trend and strike a balance between NAV and price - when Investment Trusts were at a premium they all looked good, but for a while now with wide discounts the costs are a huge issue and barrier for new investors. The board should be addressing this asap.

You could say that they have taken a prudent approach but an annual dividend so heavily weighted to the final quarter leads to some obvious conclusions. I've haven't tracked how good they are at delivering to initially stated timelines, but you'd always assume that delays are likely to occur. Given this, I'd expect the final dividend of 4p to be trimmed down to 2p or 3p for whatever reason.

I think one of the main issues with this strategy is that for many this will be an income play. If I was retired and invested in GSF I'd be wanting regular and smooth dividends, not one big lump at year end that could be drastically less than forecasted. I guess ultimately it is about how much an expected change to the dividend is priced in. We now have more certainty but delivery of completed asset build (on time) is now critical.

I'll hold for sure but won't be adding (other than via DRIPs) even with the huge discount.

Last year it was the 15 June so it must be imminent.

I always look at it from a percentage basis. Dividend reinvestment costs 99p which doesn't seem like much. Irrespective of this I don't like to do a DRIP where the cost is over 1% of the amount being reinvested. With bid offer spread and stamp duty on some you can need 2-3% or more to break even. With regular investing being free it provides a nice alternative if you are organised.

I got caught out on the last GSF divi (my first since transferring to II). In my trading account where I hold a small number, the reinvestible component was only £18. I only realised after the fact. It means I paid 5.6% commission on the trade. I was not happy.

I wish I'd moved sooner, but AJB were charging £10 per holding for in specie which put me off. I'm not sure when they removed this, but when I realised and saw that they were also offering a transfer bonus, it made sense. I think the AJB interface is a little better and I am not a fan of the lack of email notifications (for dividends) on II. The cost saving outweighs all of that though.

Regarding GSF, nice to see the price moving in the right direction today. I assume this is off the back of the positive announcement from GRID. Hopefully sentiment is turning and this can quickly retrace back into the 70s and beyond. Once the dividend for the coming year is stated (i.e no cut) and interest rates start to fall, I am confident that we'll see more of rerate back closer to NAV.

This is an issue with some investment trusts and REITS. It is to do with tax treatment of the dividend components. In reality this should be a non issue in a tax free wrapper (Sipp or ISA). Unfortunately most platforms will not reinvest the 'interest' component of the dividend. When I used AJ Bell they would do this for me each time if I emailed them in advance (they'd combine the two parts and treat as one reinvestment).

I have now transferred to II and had the same argument with them. They have refused to budge. The only way around this is to make use of the free regular investment option. Given you know what the GSF dividend will be roughly each quarter, set a regular investment to smooth this over 12 months. I am using this for all my holdings that have similar issues and it cuts the cost slightly as there is no 99p dealing fee.

Yup, disappointing. I was going to sell first thing this morning on the basis that a lot of investment houses were selling down their positions which led me to think no new counter bid was coming. Sadly I was a day late. I need to check the details again to see when we'll be paid, but I'll probably hold too now until we get paid out.

The response from Blackstone would suggest they'll come back with a final offer, but I am guessing they are concerned Concord will just offer 1c more again. We might actually get bif for what they think it is worth. What irks me is that we revalued the portfolio revising the NAV down twice and now the bids are showing that multiple parties see that it is worth more. So the board haven't helped at all. I still need a few more pence anyway to break even having held for a few years...

Another Investment Trust board who need to look at themselves and decide if they are up to the job. This seems to be an increasing problem in the Investment Trust space where the board either don't ask the right (tough enough) questions or don't have the competency to do so. Either they have failed in their duty of care here or they aren't up to the job.