Member Info for WillJa

Much talk about a dividend cut amongst other things over on advfn.

So the NAV (June 2025) since this last update at 117.77p has dropped again to 116.56 yet the shares have fell well in excess of 6%?

Appreciate the comments below highlights other bits and bobs, but surely that is overdone?

The NAV has lost a sizeable 0.37p plus the 2p dividend sice last week.

So over 13m shares are to be sold at a discount 2% (the realisation) by close of play 21st Oct, so can these discounted shares only be purchased by the subscription offer? Any further demand above will be issued at a 2% premium or a blended price between the two?

Way too much uncertainty with all these renewable infrastructure funds.

Unless we get a sustained lowering of interest rates and / or m&a, these will just stagnate and dwindle IMO.

I will be selling into any strength and won't be reinvesting dividends into this sector.

Interestingly it hasn't fell by the full 2p as yet.

NICE!

Adore this share!! 😍 Heavy discount to NAV, high dividend, low volatility, transparent reporting. Long may it continue!

Literally zero excuses as far as I'm concerned, complete failure by the management team to actually manage anything.

I've messaged them asking what they intend to do about the current situation and why they are not deploying buybacks, I appreciate I won't get the answer I want but atleast it's another annoyed shareholder at their front door. 🤣

The next ex dividend date is 13th Nov, still over a month away however we might, just might see some action boosting the share price to grab the extraordinary high yield.

Maybe wishful thinking 🤣.

Can't wait to reduce my stake in this and put it towards something that's actually goes up.

I should be buying more but I'm petrified that's it's just gonna be another dgi9 or home reit.

Stinks of mismanagement and skullduggery.

This is prime activist prey! Now on a 35% discount to NAV, this stinks to badly.

AI response below

Yes, Foresight Environmental Infrastructure (FGEN) does amortise project debt facilities as part of its financial management, as evidenced by the mention of dividend cover being anticipated after project debt amortization and the company's use of cash to fund debt repayments. The company also uses a revolving credit facility (RCF) and equity financing to manage short-term debt for acquisitions, but its core environmental infrastructure assets involve project-level debt that is repaid over time.

How Debt Amortisation Works for FGEN

Project-Level Debt: Many of the environmental infrastructure projects in FGEN's portfolio (like wind farms or solar parks) are financed with dedicated debt facilities that have specific terms for repayment.

Cash Flow Application: Strong cash generation from these projects helps fund their associated debt repayments.

Strategic Debt Management: FGEN uses a combination of strategies for its overall debt, including debt amortisation for project facilities, repayments from equity raised, and managing its revolving credit facility.

Recent Activity: In the period leading up to June 2025, the company used cash from asset disposals and strong cash generation to repay floating rate debt and reduce its overall gearing.

In summary, FGEN's core business model involves financing projects with debt that is amortised (repaid) over time, a process supported by strong cash flows from the operational assets.

Back up to 60p, market seems to like the news currently.

Surely the managers have to go? Complete and utter debacle! Thank you for bringing up the buyback or lack of!! This is the time (so we think and are always told) to buy due to the recent under performance, everything is ok until it isn't. Their silence is deafening, something ain't right.

Amortised is mentioned 13 times in the annual report.

It's pretty normal for some debt obligations to be amortising.

The open offer will be a blended price between 2% discount (realisation price) and 2% premium (subscription and/or open offer price) the terminology is a tad confusing to me.

Considering the current open market price is around a 2% premium, I can't see many taking up the discounted realisation price, so the blended price will surely be at some sort of premium nullifying it's attractiveness?

I'm will Freetrade so have no option other than buy in the open market and be done with it anyway. 🤣

You know something is wrong when you second guess investing in something that is well below it's recent high, I normally get giddy with excitement when the markets fall (COVID, 2022 rates, Japan carry trade, Trump tariffs) as it's a decent chance of a quick rebound. These things are literally in a bear market whilst the whole equity market (especially USA) is melting up. Rate cuts will help they said, have they? Nope, not in the slightest! They are all buying back their shares for F sake, goodness knows where we would be if they weren't.

It's getting to the stage where I'm wanting the ex dates to hurry up, atleast I'm getting some of that so called NAV return that way. Hell if I'm reinvesting in these sinking ships any longer.

So depressing!! 🤣

Completely agree, something isn't right here.

The fact that all these trusts simply cannot get the NAVs correct at all when we've had higher interest rates for a few years now, so that isn't new, they forecast power prices to decline on their fancy graphs so that isn't new either, yet the NAVs still go down despite recieving all this so called income generation.

And you can't blame the buybacks as they have been NAV accretive, so it's something else that they hide in the accounting somewhere.

The market can clearly see it as the share prices constantly go down.

The fact is they clearly aren't making enough cashflow to support the NAV, their valuations / forecasts aren't accurate and/or something is causing capital to disappear unbeknown to the accounts.

Stinks of manipulation.

It feels like the end of the road is getting closer and closer, I mean why if the company is making 10-15% cash from it's investments, is the share price constantly in decline? They obviously therefore can't be making what they are claiming? Whether they distribute cash flows or not, the share price is declining and has been since 2022. Blame it on high rates etc but this is old news now, something else is a foot.

It just feels like with all these renewable trusts that the wool has being firmly pulled over our eyes. They just seem to constantly fall further and further despite the odd rally, so much so that there must be other factors at play like market manipulation, cost disclosing around fees and general capital evaporation.

I can't get my head around that if the NAVs are correct, why isn't every man and his dog buying whilst they appear to be near deaths door.

The market ain't stupid unlike us private unaware investors holding the bag.

I feel utterly fed up with the whole sector, I had a chance in April to consolidate all of this tripe into a global tracker but decided I was too smart.