Member Info for tickhilltim

Just received the begging letter from the Board asking for support for the fund to continue for another 12 months because they have” high confidence in the Company’s medium- term growth opportunity”.

Quite remarkable that 12 months ago they thought completely the opposite- presumably as advised by the Managers.What has changed.Nowt.

I will be voting against the re-election of all the board members.Time for fresh blood who have the guts to be independent.Shame we are not given the option to do so for the managers.

No new money raised.One new bank bought debt from one or more of the existing three bank syndicate.

Is there anything new here? Just a blatant pump ahead of the continuation vote next month? Some guff about share buybacks being measured on a risk- adjusted return against some internal new investments.There is no risk whatsoever in buying back shares at current levels where the discount far exceeds anything available elsewhere.It reduces manager fees,of course.

Stake up to 4.18%.

London Metric are gobblers of funds.Cannot see what is in it for SREI.Just more wrapped up with LM and harder for anyone else to bid for SREI?

Required every year share price is more than a 10% discount to Nav.Next one August 2026.Only 12% voted against in 2025.Selling the fund to another entity could be best result for shareholders.If the board was truly independent it should be pushing for this.And no mention of restructuring managers/ advisers fees so they share the pain.No surprise there then.A decent board would insist.

NAV discount is a reflection of market view of sector attractiveness.And,on case by case basis, the competence of the board and its advisers.Halving the dividend to save £8m pa is not going to improve NAV by very much,but will result in high income seekers dumping the shares .As is happening.So shares aren’t suddenly going to jump up on unproven new strategy.Debt is too high.Covenants prevent share buy- backs which at a 40% discount are the best and most risk- free the board can make.So debt reduction should surely be the priority? Doesn’t leave much for new investments unless generating assets can be sold at sensible values .Other solar funds all pursuing the same strategy depresses prices? The current high- yield payout reduces risk for shareholders each year.An annuity type investment.That risk will now be much higher,imho.DYOR.

NAV was downgraded from 66.3p on 9 Jan.Hard to believe that company was not in discussions with BL at that time.The discount to 57.7p is way too wide.Lets hope others are motivated to compete.And why not a full cash offer? Let’s see what compensation is being paid to the directors and the managers .

Yes,there was a change of manager 12 months ago.Triple Point were replaced by Atrato.Hence name change.Read down far enough and you will see a mass of negative comments about Triple Point over the years.

Good to hear sales have exceeded expectations.Net corporate proceeds to be distributed ,by mandatory share redemptions, possibly starting around June.Edison report yesterday suggests around one- third of gross proceeds will be distributable after costs,debt repayment and taxes.

More bad news.You despair of this lot.The sooner the whole business is sold the better.

Good to see something tangible happening after RNS in February.But phraseology of Today’s RNS frustrating.silence on current value in the books.So,safe to assume lower than the proposed sale price? It includes £7m of lease payments from the National Crime Agency due to expire in Sept 2026.So take that off the purchase price.No mention of structure of purchase price Will it be up front once planning obtained? CLS is still significantly over- leveraged.More big asset sales required in 2026.

Michael McHale is an HNW individual.Ex- City.

Just a no- brainer at this level of discount.And they have plenty of spare cash.once the OCN overhang is cleared out surely both shares will rise?

Great news that more flexibility for apartment sales.With 52% of sales proceeds to be applied to prepay debt,repayment to shareholders in 2026 will be very modest.It is very unusual that bank will permit any early exit for shareholders in this sort of situation.Maybe the bank is just very stupid or PSDL has been a skillful negotiator or there is a cunning plan for a couple of years down the line.Important to see leverage ,etc covenants,if any, attached to the bank refi which may impose additional constraints.Are five years required for an orderly wind- down? Understandable concern about swamping the Berlin market ,although possibly bulk- buyers may be possible without too much of a discount as we saw earlier.As all assets are up for sale it would be logical to value each one net of all sales cost in the year end accounts.An update on the calculations ought to be made available to shareholders.

Board has basically put TRIG up for best offers? Some might think that they are just puppets of InfraRed and just want to keep the fees and lunches rolling in by agreeing the merger with HICL.Maybe the obvious impression is not correct and they are actually being very smart on shareholders behalf?

Now holds 10%.SREI its next target?

How much longer?

Do these guys need to raise more cash before a new contract might be signed?

A rare event.One of PSDL’s NEDs has put his hand in his pocket and bought a few shares.How should shareholders interpret this? Firstly,he has been on the board since Jan 2023 so not a man with a huge commitment to the fund he has joined? Secondly, he has been paid far more money than he has put into PSDL. Thirdly,this is peanuts for a man of his obvious wealth as he appears to live in the Channel Islands and appears to collect CI brass plate NEDships.All CI funds have to have a quota of locals,regardless of competence.Some are excellent.Anyone speak for this guy?

Personally,I think that when an NED buys shares after not doing so for two and a half years , it ought to be a positive sign.But this has been such an unchallenged trough for the directors and advisers who have been complacent guardians of shareholders money over recent years ,so sensible to be cautious?