Member Info for Therosy1

That is the plan, Broomtree.

But looking at the September Quarterly Report, the "Contracted Maturities less Projected Borrowing Paydowns" has moved the goalposts somewhat. Fifty million "Contracted" to be repaid by 4th quarter 2025 is now about twenty million with about fifteen moved to 2nd quarter 2026 and about ten million to 4th quarter 2026. And the 2028 values have shrunk from over 40 million to about thirty million.

These are supposedly "Asset Backed Lending" figures. It doesn't say very much about the quality of the assets, does it?

I think I have convinced myself that my SIPP cash needs to be invested elsewhere!

First trade on 3rd Jan at 16.16, three of them, trading 3, 3 and 4 shares only at 28.90p. Two trades at 16.24 , 4,292 at 28.35p and 3,880 at 28.348p. Then two trades at 16.29.55, 2,500 at 27.816p and 10,000 at 27.752p.

Closing price comes from "Uncrossing" trade, 2 shares at 27.20p.

First trade of 6th January was another "Uncrossing" trade - 718 shares at 27.00p.

Details from London Stock Exchange do not indicate whether buys or sells.

I have some dividend money in my SIPP and tempted to add to my VSL holdings. But my last addition at 48p has not been such a good move so far. Am I throwing good money away?

Hi 45Bob,

A good time to get in, imho. Apart from the decent dividend, there is the prospect of buybacks at nav or thereabouts coming up.

I started my holding in April 2023 and doubled up in December 2023. I am just surprised that more retail investors have not spotted this. I intend to hold for the long term, taking the dividends on offer but would likely take profits if a nav selling option is available.

Good luck!

Broomtree, you are obviously an optimist!

I began to think the same and then I remembered that this is VSL. Dead cat bounce was my thought on reading the latest news. Hardly surprising given the manager's track record over recent years. They must have believed that the future would improve when converting debt to equity. But, as is happening consistently, they were wrong. And still no heads have rolled. Board and Management must take equal blame.

With supposed asset backed lending, the priority must be the return of OUR cash and not squandered in an investment in the hope that the Manager had made the right call lending in the first place.

We can take comfort in the knowledge that there is only another £80 million or so that can be written off our investment in VSL.

#shambles

Nice sentiments from both TheTrotsky and Guitarsolo.

The key potential spanner is The Donald. He has a history of doing whatever he wants and damn the consequences.

As far as the GSF share price is concerned, it would appear that Mr Market is wary of the prospect of the $60-$80 not being received. Anyone believing that the money will come as promised will be banking on the final dividend being paid and getting on board at this ridiculous price.

As I have said before, I am in this for the income and I look forward to the final dividend coming, as it will, in time for my birthday.

GLA and DYOR

Read an interesting piece on CNBC website last night. Through my rose tinted varifocals, I surmised that Trump will not rescind the tax credits. GSF share price this morning does not seem to back up my view, however.

Time will tell.

Have a great Christmas, everyone and let's look forward to a better Market in 2025.

What's to like?

Stable and rising dividend currently paying around 12% at yesterday's price.

Nice rise today too.

Long term hold for me.

Yes, Darton, noted.

If you invest your money, you have to either believe in the Board or perhaps, as you have done, withdraw. This from the announcement:

The purchaser:

· The purchaser, NextPower UK ESG Fund, is a 10-year closed-ended private fund managed by NextEnergy Capital.

· The Transaction is not deemed a related party transaction under the FCA's UK Listing Rules. However, in line with best practice governance, Deloitte were appointed to undertake an independent valuation on NESF's behalf.

In my view, the purchaser is a separate company that is also managed by NESF's manager. Since the price paid is higher than the book value at the time and is accretive to NESF's NAV, I am inclined to give them the benefit of the doubt.

Each to their own view.

GL and DYOR

HFEL and GCP dividends received today. Used the cash to top up my SEIT holding at 50.312. Nice 12+% dividend with the first instalment coming at the end of December. Very nice!

I treat NESF and all my other dividend payers as an annuity. As long as the dividends keep coming, the share price is irrelevant. At my average buying price of 85p, my dividend percentage is just under 10 - better than annuity rates.

BUT - it would be nice to see prices higher than where they are now having suffered a 10% decline to my portfolio value in the last month alone, and 25% from buying prices. Time heals everything!

Daily NAV RNS appears in my HL feed.

I am sure that I receive a daily email from LSE Alert to it too.

I agree with you, broomtree. But apart from the "new" shareholder, there are plenty out there bailing.

The problem as I see it is a lack of transparency from the Investment Manager. There is no published strategy to exit the equity holdings and the movement of asset backed lending (paying interest that would fuel dividend payments) is being converted into equity that pays nothing and then is written down to "market value".

The Board seem impotent in all of this but seem happy enough to collect their remuneration.

The Investment Manager proudly proclaims that they have few lending defaults. I believe the reason for that is they convert defaulting loans into equity and claim that it is not a write-off. But the equity position becomes (as in the case of WeFox) worthless.

I am far too deep into this to consider throwing in the towel but I will continue to vote against everything they propose at the AGM and any other shareholder vote. They need to see the build up of dissatisfaction felt by Shareholders.

Rant over for now. GLA

I think that Ireland is a small part of the Company's overall annual revenue and the prospect of lower income as mentioned should be viewed in context.

The new US assets will soon be generating income and $14m of that is guaranteed.

Looking at the 2024 Annual Report, the net revenue per share for the year came in at over 5p. Much has happened over the course of the first months of the 24/25 financial year but even IF the revenue stayed the same, we are looking at a dividend of 5p for the year. But with the prospect of increased income translating into additional earnings per share, the full 7p target is not too far away.

And that is without the ITC - which would go against Capital items in my view and not be part of the dividend anyway.

I remain fully committed to this Company for the long term dividend, whether it is 4p or 7p.

Looking through the London Stock Exchange share trades on 14th November, there was one transaction of 100,000 shares. During the few days before that, there are other 100,000 transactions and several in the tens of thousands.

It is likely then that the reportable holding has been built up over some time rather than in one go. Makes one wonder why the share price has been in freefall during this apparently sustained buying.

A Google search reveals that he/they have, over the years, reported similar 3%+ holdings in other companies.

Probably nothing to get too excited about but hopefully someone who believes in a potential decent return in the not too distant future.

GLA - we certainly need it!!

The half-year report states "The Company has now substantially exited the position in Bakkt"

This, to me, implies that there is still a holding, however small. After 162% increase during market hours, the shares were up another 15% or so after hours, reaching $36 at one point. This will surely end in a final offer soon now that the cat is out of the bag.

I saw that too but couldn't see that number of shares traded anywhere. I wonder where they came from.

Also, and I wonder if there is a connection, it has been reported that DJT is buying BAKKT, whose share price is up 162%. Does VSL still have a shareholding there? Insider trading?

One to watch in the morning.

No problems with HL.

Hi BOTAK,

No, it does not mean that Treasury shares will be sold by the time of the 2025 AGM - or ever. All that means is that there are limits on what can be held and the price paid.

My opinion is that it is cheaper to hold the shares in Treasury for later potential sale than to cancel those bought and pay to issue new shares if needed in the future.

There is no "carte blanche" given to the BOD. They give the buying instruction to an outside company to buy shares when/if the price meets the criteria set.

One of the purposes of share buybacks for Investment Trusts is to try to narrow the discount between NAV and share price. Others, like HFEL who trade at a premium to NAV, the strategy is to issue shares (new or from Treasury) to satisfy demand, giving them more money to invest. Both strategies are designed to improve the NAV per share for existing shareholders.

I am going for a lie down now!!!

Rest of document:

(ii) the minimum price (exclusive of expenses) which may be paid for any Ordinary Share

shall be 1p; and

(iii) the maximum price (exclusive of expenses) that the Company may pay for any Ordinary

Share is the higher of (a) an amount equal to 105% of the average of the mid-market

quotations for the Ordinary Shares as derived from the Daily Official List of London Stock

Exchange plc for the five business days immediately before the day on which such

Ordinary Share is contracted to be purchased and (b) an amount equal to the higher of

the price of the last independent trade and the highest current independent bid on the

trading venue where the purchase is carried out;

and, unless renewed, the authority hereby conferred shall expire at the conclusion of the

annual general meeting of the Company to be held in 2025, save that the Company, may, prior

to such expiry, enter into a contract to purchase Ordinary Shares which will or may be

completed or executed wholly or partly after such expiry.

And, of course, the Company is subject to the Laws of Guernsey.

I hope this helps!

Following my earlier message - this from the 2024 Notice of AGM:

Special Business

To consider and, if thought fit, pass the following resolutions as special resolutions:

11. That, in accordance with article 7.7 of the Articles, the Directors be and are hereby generally

and unconditionally authorised pursuant to the Articles to allot and issue (or sell treasury

shares) up to such number of Ordinary Shares as shall be equivalent to 10% of the aggregate

number of Ordinary Shares in issue (excluding treasury shares) at the date of passing of this

resolution as if the pre-emption rights in article 7.2 of the Articles do not apply to such

allotment and issue. This authority shall expire at the conclusion of the annual general meeting

of the Company to be held in 2025 (unless renewed, varied or revoked by the Company prior

to or on such date), save that the Company may, before such expiry, make any offer or

agreement which would or might require Ordinary Shares to be allotted or issued (or treasury

shares to be sold) after such expiry and the Directors may allot and issue Ordinary Shares (or

sell treasury shares) in pursuance of any such offer or agreement as if the authority conferred

hereby had not expired.

12. That, conditional on the passing of Resolution 11 and in addition to the authority granted

thereunder, in accordance with article 7.7 of the Articles, the Directors be and are hereby

generally and unconditionally authorised pursuant to the Articles to allot and issue (or sell

treasury shares) up to such number of Ordinary Shares as shall be equivalent to 10% of the

aggregate number of Ordinary Shares in issue (excluding treasury shares) at the date of

passing of this resolution as if the pre-emption rights in article 7.2 of the Articles do not apply

to such allotment and issue. This authority shall expire at the conclusion of the annual general

meeting of the Company to be held in 2025 (unless renewed, varied or revoked by the

Company prior to or on such date), save that the Company may, before such expiry, make any

offer or agreement which would or might require Ordinary Shares to be allotted or issued (or

treasury shares to be sold) after such expiry and the Directors may allot and issue Ordinary

Shares (or sell treasury shares) in pursuance of any such offer or agreement as if the authority

conferred hereby had not expired.

13. That the Company be and is hereby generally and unconditionally authorised in accordance

with section 315 of the Companies (Guernsey) Law, 2008, as amended, (the “Law”) to make

market purchases (as defined in section 316 of the Law) of Ordinary Shares (which may be

cancelled or held as treasury shares), provided that:

(i) the maximum number of Ordinary Shares hereby authorised to be purchased is 14.99%

of the total number of Ordinary Shares in issue (excluding treasury shares) as at the date

of the passing of this resolution;

More to follow.