Member Info for Temple_of_Doom

"the angry man in the pub is entitled to vote though" Agreed ... but democracy assumes that the uninformed guess and so cancel each other out in an electoral system. Politics, however, is geared towards persuading the uninformed to vote against their better interests.

"mass immigration" ... Low birth rates since 1974, net emigrating nation up and until around 1988, and 4 million or so extra over 65s these past 30 years drawing state pension can be compensated for how exactly without immigration?

Does anyone believe management reports here?

Investment required in shifting to battery etc. and replacing dodgy electronics that can't cope with heatwaves in UK I imagine.

Saba have what … 20% … and I see an investment trust …. So they raise money to make money … but not their money necessarily. Against better judgement grabbed a few at 32.6p … the divi cut was on the cards in anycase.

"Interim dividends will be suspended (other than as necessary to maintain Investment Trust Status) " .... I reckon an argument will be made to cut dividend and transfer over to minimal dividends in order to keep investment trust status. Might be persuasive if the "manager" takes a haircut on fees and the directors a well earned paycut.

.... and 26.1 nicer.

Sold 27.2 ... back in 26.5 ... nice.

The Oakbloke is too bullish at times and doesn;t dig deeply enough. DGI9 a couple of years ago and SEIT now are examples. The parallel between DGI9 and SEIT is a major asset that requires cash not producing enough revenues. Arqiva for DGI9 was a terrible purchase . There was great potential, but proper due dilligence should have led to a "no thanks" for a trust like DGI9 - Arqiva gave owners IOUs in effect... worthless ... in the short term.

Feasible case for SEIT like DGI9, is ONYX written off and a firesale of remaining assets. Bear in mind 10% will likely go with fees in selling assets with a haircut for the remaining assets in firesale.

Higher interest rates for longer and Trump have effectivel broken this model ... all IMO.

Sector woes with SEIT I imagine ....

The question is whether Onyx will weight on SEIT like Arqiva did for DGI9 and as I've posted before - how much Red and Primary Energy can fetch. Holding like a sheep because "Saba bought" does not replace one's own research.

“ The Board has decided not to declare a fourth interim dividend, which would normally have been paid at the end of June, because of reduced cash inflows from the portfolio in the second half of the year, mainly as a result of reduced receipts from Onyx, and the continuing capital-constrained position of the Company‘ Ouch … glad I bailed.

Good assets are easy to sell ... even if below NAV ... making one wonder about the rest.

Nice jump from 261 a few days ago ... took profits today ....

Markets look forward …. 🙄

Obviously I kept the Pref problem under wraps until cleared out … but hey ho … predicting future is important in this game.

So … according to 11 March RNS … in 9 years the divi drops to 5p or so even with investment now … meaning that NAV at 10% can drop to the same level … that of course will likely happen as subsidies trail off. So the background bet for me was to hold until July or the AGM to see if the company is sold off … but the spike to 49p was too hood to miss … and bailing today with the rest easily recoverable for me. All my opinion of course.

… and one of the reasons I have been unwinding what was a large position. Shame I got caught by 11 March RNS … was moving across the Maldives at the time c/o Trump not being able to get back to UK … but such are markets.

My understanding:

Conversion into Ordinary Shares

From 1 April 2036, the preference shareholder (USS) may convert all or part of the preference shares into ordinary shares. The number of ordinary shares received depends on:

1. The original preference share value (100p per preference share),

2. Plus any accrued unpaid dividends,

3. Divided by the prevailing NAV per ordinary share at the conversion date.

"BUT would wipe out the £200m in debt" .. is also true ... I emailed investor relations in January pointing out that encouraging conversion into shares would tackle may problems .. but was not aware at the time that conversion would be weighted by NAV ..... in other words ... delay adds value in terms of shares to recoverability of Pref Share holders. NESF have kept this quietly under wraps.