Premier Miton Company Research (PMGR)

Premier Miton Global Renewables Trust’s (PMGR’s) investors will be presented with a continuation vote at the AGM on 24 April. The board is recommending that investors vote in favour of continuation and is offering a range of options for realising value. It would be disappointing to see a fund like PMGR potentially exit the sector, as it provides wide exposure to a managed set of underlying renewable investments. The difficulty is, of course, the sector-wide depression in valuations across renewables. These headwinds, as well as the requirement to redeem the zero dividend preference shares (ZDPs) later in 2025, are weighing on PMGR’s scale. The board’s view is that there is low demand from investors for smaller-sized investment trusts, and it has indicated that it will begin to explore options that may include winding up the fund with a distribution of cash, as well as the potential for shareholders to roll over into a similar open-ended fund. The board will consult with shareholders and advisers to reach an optimal outcome for all parties.