PREMIER MITON GLOBAL RENEWABLES TRUST
PLC
Annual Financial Report for the year ended to
31 December
2023
The Directors present the Annual Financial Report of
Premier Miton Global Renewables Trust PLC (the "Company") for the
year ended 31 December 2023 (the "Annual
Report").
It has also been submitted in full unedited text to
the Financial Conduct Authority's National Storage Mechanism and is
available for inspection
at data.fca.org.uk/#/nsm/nationalstoragemechanism in
accordance with DTR 6.3.5(1A) of the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules. The Annual Report is
also available to view and download from the Company's
website, www.globalrenewablestrust.com/documents. References to
page numbers are to those in the Annual Report and Accounts,
available to view at the link above. Neither the contents of the
Company's website nor the contents of any website accessible from
hyperlinks on the Company's website (or any other website) is
incorporated into or forms part of this
announcement.
The information set out below does not constitute the
Company's statutory accounts for the year ended 31 December 2023 but is derived from those
accounts. Statutory accounts for the year ended 31 December 2023 will be delivered to the
Registrar of Companies in due course. The Auditors have reported on
those accounts: their report was (i) unqualified, (ii) did not
include a reference to any matters to which the Auditors drew
attention by way of emphasis without qualifying their
report, and (iii) did not contain a statement under Section
498 (2) or (3) of the Companies Act
2006.
The following text is copied from the Annual Report
& Accounts:
Investment
Objectives
The investment objectives
of the Premier Miton Global Renewables Trust PLC are to achieve a
high income from, and to realise long term growth in the capital
value of its portfolio. The Company seeks to achieve these
objectives by investing principally in the equity and
equity-related securities of companies operating primarily in the
renewable energy sector, as well as other sustainable
infrastructure investments.
Company
Summary
Group |
Premier Miton Global
Renewables Trust PLC (the “Company”) (formerly Premier Global
Infrastructure Trust PLC), and its wholly-owned subsidiary, PMGR
Securities 2025 PLC. |
Capital
Structure |
Ordinary Shares (1p
each) |
18,238,480 |
The Ordinary Shares are
entitled to all of the Company’s net income available for
distribution by way of dividends. On a winding-up, they will be
entitled to any undistributed revenue reserves and any surplus
assets of the Company after the Zero Dividend Preference Shares’
(“ZDPs”/“ZDP Shares”) accrued capital entitlement and payment of
all liabilities. The Ordinary Shareholders have the right to
receive notice of, to attend and to vote at all general meetings of
the Company. The Ordinary Shares are qualifying investments for
ISAs. |
|
Zero Dividend Preference
Shares (1p each) |
Issued by PMGR Securities
2025 PLC |
14,217,339 |
The 2025 ZDP Shares (“2025
ZDPs”) will have a final capital entitlement of 127.6111p on 28
November 2025, equivalent to a gross redemption yield#
from the date of issue of 5.0% per annum, subject to there being
sufficient capital in the Company. The 2025 ZDPs are qualifying
investments for ISAs. |
Company
Details |
Investment
Manager |
Premier Fund Managers
Limited (“PFM Limited”), is a subsidiary of Premier Miton Group plc
(“PMI Group”). PMI Group had £10.1 billion of funds under
management at 31 December 2023. PFM Limited is authorised and
regulated by the Financial Conduct Authority (“FCA”). The Company’s
portfolio is managed by James Smith with support from PFM Limited’s
global equity team. Premier Portfolio Managers Limited (“PPM”) is
the Company’s Alternative Investment Fund Manager. PPM has
delegated the portfolio management of the Company’s portfolio of
assets to PFM Limited. |
Management
Fee |
0.75% per annum of the
gross assets under management, charged 40% to revenue and 60% to
capital. |
# See Glossary of Terms
for definitions and Alternative Performance Measures within the
full Annual Report and
Accounts. |
Company
Highlights
for the year to
31 December
2023
|
31
December2023 |
31
December2022 |
%
change |
Total Return
Performance |
Total Assets Total Return
(1)# |
(7.5%) |
(7.3%) |
|
S&P Global Clean
Energy Index (2) (GBP) |
(20.1%) |
6.6% |
|
Ongoing charges
(3)# |
1.81% |
1.70% |
|
Ordinary Share
Returns |
Net Asset Value per
Ordinary Share (cum income)
(4)# |
146.86p |
178.44p |
(17.7%) |
Mid-market price per
Ordinary Share (2) |
118.50p |
155.50p |
(23.8%) |
Discount to Net Asset
Value# |
(19.3%) |
(12.9%) |
|
Revenue return per
Ordinary Share |
8.11p |
7.29p |
11.2% |
Net dividends declared per
Ordinary Share |
7.40p |
7.00p |
5.7% |
Net Asset Value Total
Return (5)# |
(13.5%) |
(12.1%) |
|
Share Price Total Return
(2)# |
(19.2%) |
(17.7%) |
|
2025 Zero Dividend
Preference Share Returns |
Net Asset Value per Zero
Dividend Preference Share (4) |
116.24p |
110.71p |
5.0% |
Mid-market Price per Zero
Dividend Preference Share (2) |
110.00p |
108.50p |
1.4% |
Discount |
6.2% |
2.0% |
|
Hurdle Rates
(6)# |
Ordinary
Shares |
Hurdle rate to return the
share price of 118.50p (2022: 155.50p) at 28 November 2025
(2) |
(3.9%) |
(0.8%) |
|
Zero Dividend Preference
Shares |
Hurdle rate to return the
redemption share price for the 2025 ZDPs of 127.6111p at 28
November 2025 |
(35.9%) |
(27.7%) |
|
Balance
Sheet |
Gross Assets less Current
Liabilities |
£43.3m |
£48.3m |
(10.3%) |
Zero Dividend Preference
Shares |
(£16.5m) |
(£15.7m) |
(5.0%) |
Equity Shareholders’
Funds |
£26.8m |
£32.5m |
(17.7%) |
Gearing
(7)# |
61.7% |
48.4% |
|
Zero Dividend Preference
Share Cover (non-cumulative)
(8)# |
2.26x |
2.51x |
|
# Alternative Performance
Measure (“APM”). See Glossary of Terms for definitions and
Alternative Performance Measures within the full Annual
Report and Accounts. |
(1) Source: PFM Limited.
Based on opening and closing total assets plus dividends marked
“ex-dividend” within the period. |
(2) Source:
Bloomberg. |
(3) Ongoing charges have
been based on the Company’s management fees and other operating
expenses as a percentage of average gross assets less current
liabilities over the year (excluding the ZDPs accrued capital
entitlement). |
(4) Articles of
Association basis. |
(5) Source: PFM Limited.
Based on opening and closing NAVs with dividends marked
“ex-dividend”. |
(6) Source: PFM Limited.
Hurdle rate definition can be found in the Glossary of Terms and
Alternative Performance Measures within the full Annual
Report and Accounts. |
(7) Source: PFM Ltd. Based
on Zero Dividend Preference Shares divided by Equity attributable
to Ordinary Shareholders at the end of each
year. |
(8) Source: PFM Limited.
Non-cumulative cover = Gross assets at year end divided by final
repayment of ZDPs plus management charges to
capital. |
Chair’s
Statement
for the year to
31 December
2023
Introduction
2023 has seen a
continuation of the difficult markets experienced in 2022, with the
Company’s portfolio recording another fall in underlying share
prices despite good business performance. In this sense, markets
have again focussed on the global economic backdrop while seeming
to give little weight to fundamental results at the company
level.
Many of the Company’s
holdings showed a high degree of correlation to bond prices, with
their share prices falling as interest rates and bond yields
increased. The market often views cash flows from renewable energy
companies as relatively static, and thereby assumes valuations are
particularly sensitive to higher discount rates (in market
parlance, they are a “bond-proxy”).
This analysis ignores the
other factors which should influence the share price of a renewable
energy company, and from which the portfolio benefitted during the
year. These include business growth, power prices, the benefits of
inflation on various incentive schemes or tariffs, and exogenous
factors such as government policy. I believe this has resulted in
the types of investments held by the Company trading below what
many would consider to be fair value.
Given this perception, the
economic backdrop was generally unfavourable for renewable energy
companies. Bond yields rose steadily over the first 10 months of
the year as markets realised that inflation was less transient than
originally thought, with expectations of the eventual commencement
of interest rate cuts being further pushed back into 2024. However,
over November and December bond yields fell back sharply, to such
an extent that, for the most part, they ended the year slightly
lower than they started. Likewise, the portfolio staged a sharp
recovery over the final two months, albeit not sufficient to
recover fully the falls seen over January to
October.
Looking longer-term
however, the continued switch to renewable power generation within
the global electricity sector will have benefits not only for the
environment, but also for energy security, by generating more of
the energy we need through domestic sources. The scale of the
opportunity is illustrated by the agreement at COP 28 held in early December in Dubai, that participants will work to treble
global installed renewable energy capacity by
2030.
Trading
environment
European power prices
moderated during 2023; a largely healthy development when seen
against the very high and exceptionally volatile conditions of
2022. European gas and power prices have, however, settled at
levels materially above their “pre-Ukraine” prices as markets
adjust to higher volumes of seaborne Liquified Natural Gas (“LNG”)
and much lower volumes of piped gas from Russia.
The situation in
Ukraine appears no closer to being
resolved than when I wrote my letter for the 2022 annual report. In
addition, the situation in the Middle
East is very worrying and could have important ramifications
for energy markets in 2024.
What concerned markets in
2023, however, is that the long-term decline in renewable energy
costs largely came to a stop as a result of higher project
financing and capital goods costs. While the capital costs for
solar projects have continued to fall on manufacturing
over-capacity, the cost of wind turbines increased due to higher
commodity costs (steel, copper etc) and the efforts by
manufacturers to restore their financial health through improved
margins.
High profile project
cancellations, such as those by market-leading offshore wind
developer Orsted (not owned in PMGR’s portfolio during 2023), acted
to “spook” the markets, and the share prices of those companies in
the portfolio with substantial offshore development businesses fell
in sympathy. Likewise, the UK’s 2023 renewable energy auction
failed to attract bidders for new offshore wind installations, as
the maximum permitted price was viewed as too low in the current
environment, this also being seen as a negative development by the
market.
Against this, it appears
that governments have now recognised the issue, with higher prices
being achieved in German onshore and US offshore renewable energy
auctions toward the end of the year, and the UK government now
having indicated a far more realistic maximum bid price for the
upcoming auction in 2024 for new offshore wind contracts. In
addition, commercial power sales contracts are being struck at
levels reflecting the current cost environment. This demonstrates
that realism is starting to prevail in the renewable energy market.
Importantly, renewable energy remains cost competitive against
other forms of electricity generation.
Performance
Performance was
disappointing, particularly given the fact that, generally
speaking, holdings in the Trust recorded good business growth and
financial results, with many paying higher
dividends.
The total assets total
return, measuring the return on the portfolio including all income
and costs, was a negative 7.5%. This was, however, substantially
better than the Company’s performance comparator, the S&P
Global Clean Energy Index, which recorded a negative total return
of 20.1% in sterling terms.
The extent of the sector’s
under-performance can be illustrated by the fact that equities in
general enjoyed a good year with positive performances seen in the
major markets of the US and Europe.
The Company’s gearing,
through the fixed return Zero Dividend Preference (“ZDP”) Shares,
means that returns to Ordinary Shareholders are amplified, (or
“geared”), with the net asset value (“NAV”) total return, including
dividends paid to shareholders, being a negative 13.5%. The NAV per
ordinary share fell by 17.7% to close the year at
146.86p.
In common with 2022,
investment trust discounts, being the difference between the share
price and the reported NAV per share, generally widened, and PMGR
was no exception with the share price standing at a 19.3% discount
to the NAV at the end of the year (2022: 12.9% discount). For this
reason, the share price total return, based on share price movement
plus dividends received, was negative
19.2%.
As mentioned above, the
year finished well, with a gain in the ordinary share NAV of 28.4%
over the final two months of the year. However, the Company has
seen a difficult start to 2024 on weakening energy markets,
combined with an uptick in bond yields.
Portfolio
positioning
Both the geographical and
sectorial composition of your Company’s portfolio remained largely
unchanged.
The portfolio continues to
be highly weighted to the UK and Europe to benefit from the fundamental and
structural shift in those energy markets away from gas and toward
renewables. Power prices remain strong historically and corporate
buyers are keen to source their energy requirements responsibly. As
a result, there has also been a substantial increase in the price
of “renewable certificates of origin”, a useful addition to
renewable energy companies’ revenues.
In the US, corporate
demand to sign renewable energy purchase contracts is also high.
There is strong demand growth among environmentally conscious, but
power-hungry energy users, for example increased demand from
datacentres. 2024 will see a presidential election, however, we
believe that renewable energy demand growth from the corporate
sector will continue irrespective of its outcome, and with much
renewable energy policy being set at state level, we expect
renewable development to continue to be
strong.
The Federal Government
does have the major role in tax policy, however, and there is
potential for changes in the Inflation Reduction Act, which
contains several tax incentives for renewables and has positively
influenced the US renewables market.
Capital structure,
gearing, and ZDP Shares
Following the weaker
performance in the year, gearing increased from 48.4% at
December 2022 to 61.7% at
December 2023 (gearing being
calculated as the ZDP Share liability divided by the equity
attributable to Ordinary Shareholders).
The nature of the ZDP
Shares means that the gearing is, for the time being, relatively
fixed. The Board will review the Company’s capital structure in
advance of both the Company’s upcoming continuation vote, due to be
held at the 2025 AGM, and the maturity of the ZDP Shares in
November
2025.
The share price of the ZDP
Shares rose only slightly in the year, from 108.50p at the start of
the year to 110.00p by the close of 2023. Their NAV increased at
their accrual rate of 5%, to reach 116.24p at the close of the
year. As such the ZDP Shares stood at a 5.4% discount to their
accrued value. The ZDP Share Cover fell to 2.26x from 2.51x
reflecting the fall in assets. Note that “Gearing” and “Zero
Dividend Preference Share Cover” are Alternative Performance
Measures; please see within the full Annual
Report and Accounts for definitions and
calculations.
No Ordinary or ZDP shares
were either issued or redeemed in the
year.
Income and
dividends
The net revenue return per
Ordinary Share in 2023 was 8.11p, an increase of 11.2% on the 7.29p
achieved in 2022. Revenue generation improved, with many holdings
increasing their dividends in the year. Gross revenue received
increased by 5.7% to £2.15 million. Total operating costs charged
through the revenue account fell by 6.3% to £0.60 million, with
lower gross assets meaning reduced investment management fees,
together with modest savings in other operating
costs.
Of particular note were
the increased dividends received from UK renewable energy
investment companies, where larger asset bases and inflation linked
revenue streams generated improved cash-flows and enabled higher
dividends to be paid to shareholders (standing in sharp contrast to
their lacklustre share prices).
During the year, the Board
declared three interim dividends in respect of the 2023 financial
year, each of 1.85p per Ordinary Share. The Board has now declared
a fourth interim dividend of 1.85p, to bring the total dividend for
the year to 7.40p, fully covered by net revenue earnings. This
represents an increase of 5.7% on the dividends paid in respect of
2022. The fourth interim dividend will be paid on 28 March 2024 with the shares to be marked
ex-dividend on 7 March
2024.
Shareholder
relations
The Company’s AGM will be
held on 25 April 2024 at the offices
of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH, at 12.30 p.m. where a presentation will be given.
Attending shareholders will have the opportunity to meet the Board
and Manager and ask questions.
Shareholders can find
additional details regarding your Company, including factsheets and
articles on topics relating to both the renewable energy sector and
the Company, on the Company’s website, located at
www.globalrenewablestrust.com.
During the year, the
Manager presented directly to investors via the “Investor Meet
Company” platform, and with further events planned for 2024, I
encourage shareholders wishing to hear more from the Manager to
sign up to this free service. Please find further details at
www.investormeetcompany.com.
The Board and the Manager
remain committed to increasing the size of the Trust and were
active in marketing the Trust’s shares to potential new investors
during the year.
Environmental, Social and
Governance (‘ESG’)
Given the change of
investment policy in 2020, adopting a policy dedicated to renewable
energy investment, consideration of ESG factors is an important
part of the Manager’s approach to running the portfolio and the
Company is proud to carry the London Stock Exchange’s “Green
Economy” mark. Further, Premier Miton is a signatory to the
Principles for Responsible Investment, an organisation which
assists participating firms to develop and maintain responsible
investment practices.
The Company’s portfolio is
given additional consideration by Premier Miton’s Responsible
Investing Oversight Committee, with the aim of ensuring that
investee companies adhere to high standards of governance, and that
the portfolio’s composition is consistent with its investment
policy.
By its nature, the
portfolio has strong environmental credentials, mainly consisting
of companies generating renewable electricity in the form of wind,
solar, biomass, and hydro. It also contains companies operating
infrastructure such as electricity transmission and battery
storage, essential for the delivery and management of
renewably-generated power.
The Company’s Manager
engages with investee companies to promote good governance and
encourage responsible social policies. The Manager always votes at
the shareholder meetings of investee
companies.
Audit and broker
relationships
Following a review of the
Company’s audit provision, Haysmacintyre LLP was appointed as the
Company’s Auditor in July 2023
replacing KPMG LLP. I would like to thank KPMG for their audit work
over past years, and we welcome Haysmacintyre as our new
auditor.
In September, the
Company’s broker, finnCap Capital Markets, joined with Cenkos
Securities, to form Cavendish. The merged group has increased
resources to service the Company and institutional shareholders.
The Board looks forward to working with Cavendish in
2024.
Outlook
It is disappointing to
record successive years of a falling NAV. However, there are
several reasons to believe that 2024 will present a more positive
investment environment.
Firstly, the interest rate
cycle looks to have peaked, and market interest rates, or bond
yields, are now heading lower. Higher rates have been a headwind
which has exerted downward pressure on valuation metrics, and by
implication, performance.
Secondly, the underlying
operating performances of investee companies have been robust, and
the development of both asset bases and financial earnings has been
encouraging. The reduction in the valuation of the portfolio
reflects the divergence of share prices from individual company
performance metrics, as referred to in my opening remarks
above.
Thirdly, the global
political will to increase renewable energy volumes, has been
reaffirmed. Planning laws have been adjusted to encourage faster
development, tax incentives have been granted, and we expect
various government sponsored renewable energy tariff auctions in
2024 to be struck at prices which account for the changed economics
of new-build projects.
We expect growth and
financial returns within the renewables sector to continue to be
healthy, and we are optimistic that in time this will be recognised
by markets, to the benefit of the Trust.
Gillian Nott
OBE
Chair
6
March 2024
Investment Manager’s
Report
for the year to
31 December
2023
Performance
overview
The Premier Miton Global
Renewables Trust’s (“PMGR”) portfolio experienced a fall in value
over the year, with a negative total assets total return
performance, including all operating and trading costs, of 7.5%.
The performance was, however, ahead of the Trust’s comparator
benchmark, the S&P Global Clean Energy Index, which returned a
negative 20.1% in GBP terms.
Central banks responded to
persistently high inflation with higher interest rates, and this
had a dampening effect on the renewable sector. There is a debate
as to whether central banks have over-tightened monetary policy,
possibly leading to a recessionary environment in 2024, but markets
are currently assuming a “soft-landing” with major equity indices
recording a positive performance. Large US technology companies, or
the so called “magnificent seven”, continue to drive the
performance of the US market upwards.
As outlined in the Chair’s
statement, the unfavourable macro-economic environment had a
negative effect on valuations in the renewable and clean energy
sector, together with other sectors viewed as “bond-proxies”, such
as property. While there were some positive performances within the
portfolio, there were a larger number of companies where positive
business development was rewarded with a falling share
price.
This has led to many
companies trading at low valuations. Perhaps uncoincidentally, the
year saw two companies in the portfolio receive takeover offers,
although this was not sufficient to offset wider share price falls.
Further details on these can be read below, and I would not be
surprised to see further corporate activity in
2024.
Market
review
For the generalist
investor, and this was certainly the market’s take for the year,
the sector presented an unattractive proposition in 2023. European
power prices fell, while capital costs for new projects increased,
so in theory, returns on new projects should be lower at a time
when increased interest rates meant investors demanded higher
returns. In addition, higher interest rates could be expected to
have a negative effect on the net earnings of renewable energy
companies which tend to have higher than average levels of
financial gearing.
Looking more closely
however, an alternative narrative can be presented. Power prices
did indeed fall from their exceptional levels in 2022. However,
they remain well above their “pre-Ukraine” levels, and a pull back
to a more rational environment can only be viewed as
healthy.
Capital costs increased
for wind projects (although remain on a downward trend for solar),
to the benefit of the long-term health of the turbine manufacturing
sector, which has experienced widely reported trading difficulties
over recent years. In response, PPA prices (power purchase
agreements, where corporate energy buyers purchase long term power
at a pre-agreed price) have flexed upwards to account for the
higher costs. Further, government sponsored renewable energy
auctions have cleared at higher levels and this should continue
into 2024. In short, there is no evidence that returns on new
projects have suffered a permanent reduction, and companies should
be able to continue to invest at or above their cost of
capital.
Despite the movements in
capital costs, it is worth noting that renewable energy remains
cost competitive against fossil fuel
technologies.
Finally, renewable
projects are, for the most part, financed with long term fixed
price debt, protecting returns on existing projects from higher
rates. Higher financing costs for new projects will, all else
equal, be accounted for in the pricing of the power
produced.
Gas prices remain the key
price determinant in European power markets, and the gas market has
undergone what is likely to be a permanent structural shift.
Russia’s invasion of Ukraine has
led to Europe switching from piped
Russian gas - previously satisfying approximately one third of
Europe’s gas demand - to liquified natural gas,
(“LNG”).
European gas prices
averaged Euro 41.2/MWh in 2023, well
below the Euro 132.4/MWh average in
2022. However, these prices remain high by historical standards, at
over twice the level seen in 2019 and 2020 (these prices being for
a one-month forward contract traded at the Netherlands Title
Transfer Facility, source Bloomberg).
European gas prices were
held in check by lower demand, about 15% below “pre-Ukraine”
levels, on the higher prices and warmer weather. Improved LNG
availability, combined with weak Asian demand, particularly from
China, allowed Europe to replace Russian gas while also
filling storage for winter 2023/2024.
As such it was no surprise
to see lower power prices, with German baseload prices averaging
Euro 104.3/MWh, down from
Euro 284.6/MWh in 2022, with the UK
showing a similar trend. Mirroring the gas price, European 2023
wholesale electricity prices were approximately double their
historic levels although were well below the exceptional levels of
2022 (prices quoted being for one-month forward baseload futures
contracts, source Bloomberg). A recovery in French nuclear output
also put downward pressure on power prices. With the exception of
the UK, this has enabled European windfall taxes, imposed in 2022
to be removed.
The US energy market is
relatively stable in comparison to Europe, with the US being largely
self-sufficient in fossil fuels. Neither does it have a functioning
nationwide carbon market, with only the state of California introducing one so far.
Fortunately, the US has the space to construct very large-scale
renewable energy projects benefiting from economies of scale,
without having to resort to higher-cost options such as offshore
wind development. Renewable energy is cost competitive despite the
low costs of fossil fuel energy.
To speed up development,
the US has implemented a series of incentives through the
“Inflation Reduction Act”, which extended the life of existing tax
credits while also offering several new valuable benefits to
incentivise local supply chains.
In common with the past
few years, North American renewable output per unit of capacity,
was again below its long-term average, and there is some evidence
that investors are beginning to price this into shares as a
permanent reduction. Furthermore, renewable energy output tends to
be sold on relatively long duration, fixed price contracts, which
while reducing risk, do not protect the investor from movements in
inflation. A return of both inflation and wind speeds to more
normal levels in 2024 would be of benefit to the sector in
North
America.
Portfolio segmentation and
allocation
The Trust seeks to offer
investors diversified global exposure to renewable energy and
sustainable infrastructure. Focussing on highly contracted and
regulated listed infrastructure offers an attractive risk / reward
dynamic for long-term investment, with high visibility of earnings
and dividends.
In addition to electricity
generation assets, the portfolio invests in related infrastructure
such as energy storage, electricity transmission networks and
utilities with large renewable energy businesses. The portfolio’s
segmental allocation was almost unchanged over the year, as, on a
fundamental basis at least, most holdings performed in line with
our expectation. Additionally, the relative attractions of regional
markets remained largely consistent with the previous
year.
PORTFOLIO SECTOR
CLASSIFICATION 2023 |
|
2023 |
2022 |
Yieldcos and Investment
Companies |
40.7% |
38.9% |
Renewable energy
developers |
33.7% |
29.9% |
Renewable focused
utilities |
7.8% |
9.5% |
Energy
storage |
5.9% |
9.0% |
Biomass generation and
production |
5.1% |
6.8% |
Electricity
networks |
2.8% |
2.3% |
Renewable technology and
service |
2.0% |
2.2% |
Waste to
energy |
0.0% |
1.3% |
Renewable Energy
Developers
As noted above, the share
prices of many of the Trust’s renewable energy developer holdings,
companies that develop projects from inception, fell during 2023,
although, business wise, most investments performed
well.
Starting with the
positives, in Europe, Spanish
listed Grenergy recorded a share price gain of 23.5%. Grenergy is
primarily a solar developer, having a strategy to “sell some, keep
some”. The company sold several Spanish projects at very attractive
prices, which was well received by the market. Profits from asset
sales are being utilised to build sizable new solar-plus-battery
storage assets in the attractive Chilean
market.
As referred to above, some
holdings were subject to corporate activity during the year. One
such was another Spanish-listed developer, OPD Energy which
received a takeover offer from a private equity buyer. While the
offer process had not completed by the end of the year, the holding
was sold into the higher post-offer market price, realising a price
48.2% higher than the level at which the shares started the year.
Further down the portfolio, another Iberian developer to receive a
bid was Portuguese listed Greenvolt, although the holding was still
held in the portfolio as at December
2023, its shares having risen by 4.9% in
2023.
Sentiment towards the
offshore wind sector soured in the year due to problems at sector
leader, Orsted (not held in the portfolio during the year), which
was caught out by increased costs on development projects in the
US.
This may be part of the
reason why offshore wind specialist, Northland Power performed
poorly, its shares losing 35.2% over the year despite good business
development and solid financial results.
Another company whose
share price did not match its fundamental performance was Bonheur.
It operates a wind energy business (Fred Olsen Renewables) in the
UK and Scandinavia, together with offshore wind installation
vessels, plus a cruise line (Fred Olsen Cruises). The renewable
energy business recorded reduced earnings on lower power pricing,
but its cruise business experienced a sharp rebound from the COVID
induced losses of 2021 and 2022. Its shares fell by 15.7% in the
year.
RWE is now one of the
world’s largest renewable companies. It undertook a large US
acquisition in the year, and substantially increased its long-term
growth forecasts at its Capital Markets Day held in November. Its
financial results have been exceptionally strong through the year,
benefitting from its ownership of flexible electricity generation
(such as gas turbines and hydro-electricity) plus a very profitable
trading business. Despite this, its share price fell by 1.0% in the
year.
The share price of the
other large cap developer held, Acciona Energias, lost 22.3% as
very high 2022 earnings presented a difficult
comparator.
Other smaller European
developers, held further down the portfolio, generally performed
well operationally. These tend to be held more for growth than
yield. Across many investments, high power prices in 2022 gave a
difficult financial comparator for 2023, disguising underling
growth.
7C Solarparken, which owns
smaller solar projects including commercial rooftop generation in
Germany and Belgium, is a good example. Despite growing
its operational portfolio capacity by over 10%, its shares fell by
15.1%. Likewise Baltic renewable developer Enefit Green, recorded a
share price fall of 18.8%. It is on track to grow its operating
capacity fourfold by 2026 and commissioned several new solar and
wind assets in the year.
PORTFOLIO GEOGRAPHICAL
ALLOCATION |
|
2023 |
2022 |
United
Kingdom |
35.49% |
36.26% |
Europe (excluding
UK) |
33.78% |
30.72% |
Global |
14.71% |
18.86% |
North
America |
11.48% |
9.16% |
China |
1.36% |
3.11% |
Latin
America |
3.18% |
1.90% |
PORTFOLIO MARKET
CAPITALISATION PROFILE |
|
2023 |
2022 |
Large Cap (>
£10bn) |
14.0% |
19.5% |
Medium Cap (£2bn to
£10bn) |
23.2% |
30.1% |
Small Cap (£250m to
£2bn) |
57.4% |
46.4% |
Micro Cap (<
£250m) |
5.5% |
4.0% |
Yieldcos and Investment
Companies
2023 was a difficult year
for the Trust’s holdings in renewable energy investment companies,
many of which traded with a high degree of correlation to
government bonds.
In terms of the
portfolio’s larger London-listed
holdings, Greencoat UK Wind, NextEnergy Solar, Octopus Renewables
Infrastructure, Aquila European Renewables, Foresight Solar Fund
and Greencoat Renewables saw share price declines of 0.4%, 17.1%,
10.5%, 14.9%, 13.5%, and 12.2%
respectively.
Published NAVs held up
relatively well, with the negative effect of higher discount rates
used in valuation calculations being mainly offset through higher
inflation assumptions, the acquisition or commissioning of new
assets, and solid operational performance.
Shares traded at higher
discounts to their NAVs as markets focussed on the interest rate
environment (despite this already being considered in the NAV
calculation). While discounts persist, it is impossible for funds
to issue new equity to acquire further renewable projects. Instead,
cash flows generated in excess of dividend payments are being
directed to buying back shares and the repayment of
debt.
Longer term, I expect to
see some consolidation in the sector, and in December, Octopus
revealed it has approached Aquila with a view to a consolidation.
The logic of a tie up between the two seems
strong.
US-listed holdings fared
no better, hampered by low wind speeds and higher interest rates.
Clearway Energy (A Shares) and Atlantica Sustainable
Infrastructure’s shares fell by 14.5% and 17.0% respectively. The
holding size of the latter was cut back as Atlantica appears to be
struggling to identify a long-term growth
strategy.
PORTFOLIO
CONCENTRATION |
|
2023 |
2022 |
10 largest
investments |
55.95% |
51.74% |
11th to
20th |
25.23% |
28.08% |
21st to
30th |
13.20% |
12.37% |
30th
onwards |
5.63% |
7.81% |
Other
segments
Drax Group’s (biomass
generation and production) share price fell by 30.3% despite
excellent financial results as Drax locked into the high 2022 power
price environment through forward sales at high prices. The weak
share price may be partly attributable to continued scepticism
regarding biomass, much of the commentary being ill-informed in my
view.
The UK battery storage
funds also performed poorly, with available frequency market
revenues falling on higher capacity in the market. National Grid’s
system upgrades to allow batteries access to the balancing market
should, however, provide improved revenue potential. Gore Street
Energy Storage Fund has emerged as the Trust’s preferred holding as
it benefits from international diversification, including
substantial growth projects in the US. Despite good execution on
its growth pipeline, its shares fell by 20.6% in
2023.
National Grid (electricity
networks) and SSE (renewable focussed utilities) both performed
relatively well, with their shares gaining 6.1% and 8.4%
respectively. Both benefit from strong inflation linkages in their
regulated businesses, while SSE is set to see strong growth from
its large North Sea renewable projects over the coming
years.
In the US, the portfolio
gained a new holding in AES (renewable-focussed utilities), which
had a difficult year but looks set to see good long-term growth in
its renewable business. The position was showing a small gain at
the year end. Also in the US, the Trust added a modest position in
renewable finance company Hannon
Armstrong in October, selling out in December with an 80.4%
total return over the two months of
ownership.
Currency and
hedging
The Trust made currency
hedging gains of £0.6 million over the year. Hedging was carried
out against the Euro and Hong Kong
dollar, and mainly in the first half of the year. There are no open
currency hedging contracts at the year
end.
Outlook
Two successive years of
share price falls have left many renewable energy companies trading
at what appear to be attractive levels. UK renewable investment
companies stand at discounts to their NAVs, which I believe are
conservatively calculated. The portfolio’s renewable developers
have continued to grow their businesses, and this has not been
recognised by the market.
The long-term outlook for
the sector is undimmed, and I expect to see continued strong
underlying growth in 2024. I believe the economic environment
remains one in which well-run companies can develop new projects
based on unsubsidised market pricing, while making sensible
commercial returns. Some individual companies may over-reach
themselves and experience trading difficulties, but this does not
mean the entire sector should be tarred with the same brush.
Renewable energy growth will continue for economic and
environmental reasons, irrespective of regulation and tax policy.
Encouragingly, Western governments remain committed to helping the
process.
James Smith
Premier Fund Managers
Limited
6
March 2024
Investment
Portfolio
at 31 December
2023
Company |
Activity |
Principal location of
operation |
Value
£000 |
% total
investments |
Ranking
2023 |
Ranking
2022 |
Greencoat UK
Wind |
Yieldcos and Investment
Companies |
United
Kingdom |
3,182 |
7.6 |
1 |
2 |
NextEnergy Solar
Fund |
Yieldcos and Investment
Companies |
United
Kingdom |
2,846 |
6.8 |
2 |
3 |
Clearway Energy
‘A’ |
Yieldcos and Investment
Companies |
North
America |
2,808 |
6.7 |
3 |
10 |
Octopus Renewable
Infrastructure |
Yieldcos and Investment
Companies |
Europe (ex.
UK) |
2,425 |
5.8 |
4 |
5 |
Grenergy
Renovables |
Renewable energy
developers |
Global |
2,369 |
5.6 |
5 |
11 |
Drax
Group |
Biomass generation and
production |
United
Kingdom |
2,155 |
5.1 |
6 |
1 |
Aquila European
Renewables |
Yieldcos and Investment
Companies |
Europe (ex.
UK) |
2,048 |
4.9 |
7 |
6 |
RWE |
Renewable energy
developers |
Europe (ex.
UK) |
1,957 |
4.7 |
8 |
4 |
Bonheur |
Renewable energy
developers |
Europe (ex.
UK) |
1,865 |
4.4 |
9 |
16 |
SSE |
Renewable focused
utilities |
United
Kingdom |
1,856 |
4.4 |
10 |
15 |
Foresight Solar
Fund |
Yieldcos and Investment
Companies |
United
Kingdom |
1,734 |
4.1 |
11 |
12 |
Gore Street Energy Storage
Fund |
Energy
storage |
United
Kingdom |
1,326 |
3.2 |
12 |
22 |
Corp. Acciona Energias
Renovables |
Renewable energy
developers |
Europe (ex.
UK) |
1,216 |
2.9 |
13 |
14 |
National
Grid |
Electricity
networks |
Global |
1,164 |
2.8 |
14 |
18 |
Northland
Power |
Renewable energy
developers |
Global |
1,144 |
2.7 |
15 |
17 |
AES
Corporation |
Renewable focused
utilities |
North
America |
906 |
2.2 |
16 |
– |
Atlantica Sustainable
Infrastructure |
Yieldcos and Investment
Companies |
Global |
842 |
2.0 |
17 |
7 |
Greencoat
Renewables |
Yieldcos and Investment
Companies |
Europe (ex.
UK) |
769 |
1.8 |
18 |
24 |
Cadeler |
Renewable technology and
service |
Europe (ex.
UK) |
761 |
1.8 |
19 |
38 |
Enefit
Green |
Renewable energy
developers |
Europe (ex.
UK) |
740 |
1.8 |
20 |
27 |
Cloudberry Clean
Energy |
Renewable energy
developers |
Europe (ex.
UK) |
714 |
1.7 |
21 |
29 |
Solaria Energía y Medio
Ambiente |
Renewable energy
developers |
Europe (ex.
UK) |
645 |
1.5 |
22 |
39 |
Harmony Energy Income
Trust |
Energy
storage |
United
Kingdom |
638 |
1.5 |
23 |
9 |
China Suntien Green
Energy |
Renewable energy
developers |
China |
571 |
1.4 |
24 |
20 |
7C
Solarparken |
Renewable energy
developers |
Europe (ex.
UK) |
562 |
1.3 |
25 |
25 |
Gresham House Energy
Storage Fund |
Energy
storage |
United
Kingdom |
535 |
1.3 |
26 |
13 |
Polaris Renewable
Energy |
Renewable energy
developers |
Latin
America |
507 |
1.2 |
27 |
– |
Algonquin Power and
Utilities |
Renewable focused
utilities |
North
America |
497 |
1.2 |
28 |
19 |
US Solar
Fund |
Yieldcos and Investment
Companies |
North
America |
449 |
1.1 |
29 |
26 |
GCP
Infrastructure |
Renewable financing and
energy efficiency |
United
Kingdom |
429 |
1.0 |
30 |
– |
GreenVolt |
Renewable energy
developers |
Europe (ex.
UK) |
425 |
1.0 |
31 |
40 |
MPC Energy
Solutions |
Renewable energy
developers |
Latin
America |
424 |
1.0 |
32 |
28 |
SDCL Energy Efficiency
Income Trust |
Renewable financing and
energy efficiency |
Global |
423 |
1.0 |
33 |
– |
Serena Energia
(1) |
Renewable energy
developers |
Latin
America |
408 |
1.0 |
34 |
31 |
Boralex |
Renewable energy
developers |
Global |
239 |
0.6 |
35 |
37 |
Atrato Onsite
Energy |
Renewable energy
developers |
United
Kingdom |
215 |
0.4 |
36 |
33 |
Innergex
Renewable |
Renewable energy
developers |
North
America |
163 |
0.3 |
37 |
41 |
Fusion Fuel Green (incl.
warrants) |
Renewable technology and
service |
Europe (ex.
UK) |
66 |
0.1 |
38 |
34 |
|
42,023 |
99.9 |
|
Unquoteds |
Activity |
Principal location of
operation |
Value
£000 |
% total
investments |
PMGR Securities 2025
PLC |
ZDP Shares
Subsidiary |
United
Kingdom |
50 |
0.1 |
Total
investments |
|
|
42,073 |
100.0% |
(1) Serena Energia
(formerly Omega Energia). |
Review of Top Ten
Holdings
at 31 December
2023
1. |
Greencoat UK
Wind |
Market cap: £3.5
billion |
www.greencoat-ukwind.com |
Greencoat UK Wind (“UKW”)
is a UK focussed renewable energy investment company, its portfolio
containing both onshore (56% at June 2023) and offshore (44%) wind
farms. It operates as an investment company, acquiring newly
completed assets rather than developing projects in-house. High
recent power prices and inflation have driven strong cash flows,
with UKW’s 2022 dividend covered 3.2x in 2022 and by 2.1x in the
first half of 2023. This has allowed the company to increase
dividends by double digits across 2023 and 2024. As is the case
with other UK listed renewable investment companies, higher
interest rates had a dampening effect on the published NAV per
share, as the rate at which future assumed cash flows are
“discounted” back to current values, increased. However, a high
level of exposure to inflation linked tariffs and uplifts on new
investment acquisitions funded through cash flows, largely offset
the higher discount rate such that UKW’s NAV per share of 167.1p at
the start of the year fell by 1.8% to 164.10p by December 2023. Its
share price also held up well, falling by 0.4% to 151.55p over the
year, although remaining at a sizable discount to their
NAV. |
2. |
NextEnergy Solar
Fund |
Market cap: £544
million |
www.nextenergysolarfund.com |
NextEnergy Solar Fund
(“NESF”) is a UK listed renewable energy investment company, owning
large-scale UK solar assets, although has approximately 10% of its
portfolio invested in solar assets in Italy. In addition, NESF is
investing in battery storage, and expects to commission its first
project in the first half of 2024. It also intends to co-locate
storage assets on individual solar farms, enabling the individual
site to better profile its output and maximise revenues from power
sales. In 2024, the company aims to sell certain identified
projects, to reinvest into new, ready to build, assets and repay
short term borrowing. In this way, the company aims to gain
additional returns, reduce financing risks, and demonstrate the
robustness of its portfolio valuation. Over the first 9 months of
2023, NESF’s published NAV fell by 11.6% from 120.90p at December
2022 to 108.30p at September 2023 as higher interest rates impacted
the valuation. Its share price fell 17.1% to 92.10p, standing at a
material discount to NAV therefore. |
3. |
Clearway
Energy |
Market cap: £2.5
billion |
www.investor.clearwayenergy.com |
Clearway Energy
(“Clearway”) is a US listed yield, or investment, company
(“yieldco”), operating 3.7 GW of US wind energy, 2.0 GW of solar,
and 2.5 GW of gas capacity (gas generation operates under contract
to utilities for system stability services). US yieldcos usually
operate with a sponsor which acts as both the company’s manager
while also developing new projects which can be acquired by the
yieldco, subject to the consent of independent directors.
Clearway’s sponsor, Clearway Group, is also a major investor in the
yieldco, and is one of the largest renewable energy developers in
North America. In total, Clearway Group is working on a renewable
project pipeline totalling 29.1 GW, which will be made available to
Clearway as it reaches commercial operation. 2023 saw low wind
speeds in North America, dampening Clearway’s financial results
reported during the year. However, Clearway made several
acquisitions of new assets from its sponsor, and at improved
returns reflecting the higher interest rate environment. Clearway’s
A Shares held by PMGR fell by 14.5% in
2023. |
4. |
Octopus Renewables
Infrastructure Trust |
Market cap: £568
million |
www.octopusrenewalesinfrastructure.com |
Octopus Renewables
Infrastructure (“ORIT”) is a UK listed investment company with
assets across Europe. It invests in a balanced portfolio of both
wind and solar generation totalling 668 MW, while also having
modest equity investments in renewable energy development
companies. It completed a 50 MW onshore wind farm in Scotland
during the year, having acquired the project at pre-construction
stage, and will sell the power produced on a long-term contract to
Kimberley Clark, having signed a similar contract on a UK solar
asset with Iceland Foods earlier in the year. In October, aiming to
demonstrate the robustness of its valuation, and to raise new
capital for investment, ORIT sold its Polish wind farm assets at an
indicated range of between 14% to 19% above their valuation within
the NAV. Over the course of 2023, ORIT’s NAV per share fell 3.1%
from 109.40p at December 2022 to 106.04p at December 2023, although
its share price fell further, by 10.5% to 89.95p over the year,
standing at a 15.2% discount to their
NAV. |
5. |
Grenergy
Renovables |
Market cap: £908
million |
www.grenergy.eu |
Grenergy is a Spain listed
international solar developer, focussing on Spain and Chile. The
company has grown steadily, now having 860 MW of operational
capacity, 873 MW under construction, and 2.6 GW awaiting
construction and in advanced development. Much of the equity
funding for new assets to be retained in the portfolio comes from
selling selected completed projects, and the company managed to
sell several Spanish solar farms in the period, generating sales
proceeds approximately 50% above invested capital. The company held
a capital markets event in November, laying out plans for
substantial investment in the Chilean market. Its shares gained
23.5% over 2023. |
6. |
Drax
Group |
Market cap: £1.9
billion |
www.drax.com |
Drax Group operates the
UK’s largest renewable energy facility, utilising biomass pellets
manufactured from sustainable wood waste. The facility benefits
from subsidy schemes to 2027. Drax is also one of the world’s
largest producers of biomass pellets from its facilities in North
America. Growth options include adding carbon capture facilities at
the Drax power station, expanding pellet manufacturing, adding
additional capacity at their Cruachan pump storage hydro plant in
Scotland, and developing new biomass power stations with carbon
capture in the US. Drax has benefitted from locking in high power
pricing through its forward hedging programme, delivering improved
financial results in 2023. Despite this, its shares fell by 30.3%
during the year. |
7. |
Aquila European Renewables
Income Fund |
Market cap: £333
million |
www.aquila-european-renewables.com |
Like ORIT, Aquila European
Renewables (“AERI”) is an investment company, focussed on Europe,
having a broad spread of both geographic and technology exposures.
In December, ORIT announced that it had approached the board of
AERI over the course of 2023 with a view to a combination of the
two companies. This has logic given AERI’s sub-scale size, and
complimentary portfolios with relatively little overlap. AERI’s NAV
fell by 10.9% from Euro 110.60c to Euro 98.52c during 2023, partly
as a result of tax changes in Norway, with its share price falling
by 14.9% to Euro 78.50c, despite the company actively buying back
its shares over the year. |
8. |
RWE |
Market cap: £26.6
billion |
www.rwe.com |
RWE is a German
multi-national energy company, which is transitioning from fossil
fuels to clean energy. It has expanded rapidly in renewables over
recent years, and recent financial results have been exceptionally
strong. In a capital markets event held in November, RWE outlined
plans to step up spending on renewable energy further still, the
company now envisaging spending Euro 55 billion between 2024 and
2030 on clean technologies, having already invested Euro 20 billion
over 2021 to 2023, including its purchase of US renewables
business, Con. Edison Clean Energy. RWE is particularly strong in
offshore wind development. RWE’s share price fell by 1.0% over
2023. |
9. |
Bonheur |
Market cap: £794
million |
www.bonheur.no |
Bonheur is a Norway listed
renewable energy company operating under the Fred Olsen Renewables
brand. It also owns three offshore wind turbine installation
vessels through the Fred Olsen Windcarrier business and operates
four cruise ships through Fred Olsen Cruises. At September 2023 the
renewables business operated 788 MW of wind farms, mainly in
Scotland, but also in Sweden and Norway, with 17 MW under
construction and a further 530 MW consented and awaiting
construction start. Its offshore installation vessels are highly
contracted for coming years, and the cruise business is recovering
well from losses incurred during the Covid pandemic. Despite the
encouraging outlook, its shares fell by 15.7% in
2023. |
10. |
SSE |
Market cap: £20.3
billion |
www.sse.com |
SSE is a vertically
integrated utility owning power generation assets together with
electricity network infrastructure. SSE’s electricity transmission
business is experiencing high growth as it expands capacity to
accommodate the growth in renewable electricity. SSE’s thermal
energy business primarily operates gas fired power stations, acting
as essential flexible capacity to facilitate the energy transition.
Finally, SSE is a major investor in UK renewable energy, aiming to
double its renewable energy capacity to 9 GW by 2027. It has a
strong position in offshore wind, currently building Dogger Bank,
the world’s largest offshore wind farm at 3.6 GW. SSE’s share price
gained 8.4% in 2023. |
Statement of Directors’
Responsibilities in Respect of the Annual Report and the Financial
Statements
The Directors are
responsible for preparing the Annual Report and financial
statements in accordance with applicable law and
regulations.
Company law requires the
Directors to prepare financial statements for each financial year.
Under that law they are required to prepare the Group financial
statements in accordance with UK-adopted international accounting
standards and applicable law and have elected to prepare the Parent
Company financial statements on the same
basis.
Under company law the
Directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Group and Parent Company and of the Group’s profit
or loss for that period. In preparing each of the Group and Parent
Company financial statements, the Directors are required
to:
• select suitable
accounting policies and then apply them
consistently; |
• make judgements and
estimates that are reasonable, relevant and
reliable; |
• state whether they have
been prepared in accordance with UK-adopted international
accounting standards; |
• assess the Group and
Parent Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern;
and |
• use the going concern
basis of accounting unless they either intend to liquidate the
Group or the Parent Company or to cease operations or have no
realistic alternative but to do so. |
The Directors are
responsible for keeping adequate accounting records that are
sufficient to show and explain the Parent Company’s transactions
and disclose with reasonable accuracy at any time the financial
position of the Parent Company and enable them to ensure that its
financial statements comply with the Companies Act 2006. They are
responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error,
and have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Group and to
prevent and detect fraud and other
irregularities.
Under applicable law and
regulations, the Directors are also responsible for preparing a
Strategic Report, Directors ‘Report, Directors’ Remuneration Report
and Corporate Governance Statement that complies with that law and
those regulations.
The Directors are
responsible for the maintenance and integrity of the corporate and
financial information included on the Company’s website.
Legislation in the UK governing the preparation and dissemination
of financial statements may differ from legislation in other
jurisdictions.
In accordance with
Disclosure Guidance and Transparency Rule 4.1.14R, the financial
statements will form part of the annual financial report prepared
using the single electronic reporting format under the TD ESEF
Regulation. The auditor’s report on these financial statements
provides no assurance over the ESEF
format.
Responsibility of the
Directors in respect of the annual financial
report
We confirm to the best of
our knowledge:
• the financial
statements, prepared in accordance with the applicable set of
accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company
and the undertakings included in the consolidation taken as a
whole; and |
• the strategic report
includes a fair review of the development and performance of the
business and the position of the issuer, and the undertakings
included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they
face. |
We consider the Annual
Report and Accounts, taken as a whole, is fair, balanced, and
understandable and provides the information necessary for
shareholders to assess the Group’s position and performance,
business model and strategy.
For and on behalf of the
Board
Gillian Nott
OBE
Chair
6
March 2024
Directors and
Advisers
Directors |
Gillian Nott OBE –
Chair |
Melville Trimble – Chair
of the Audit Committee |
Victoria Muir – Chair of
the Remuneration Committee |
Alternative Investment
Fund Manager (“AIFM”) |
Premier Portfolio Managers
Limited
Eastgate Court High
Street
Guildford
Surrey GU1
3DE
|
Telephone: 01483 306
090 |
www.premiermiton.com |
Authorised and regulated
by the Financial Conduct Authority |
Investment
Manager |
Premier Fund Managers
Limited
Eastgate Court High
Street
Guildford
Surrey GU1
3DE
|
Telephone: 01483 306
090 |
www.premiermiton.com |
Authorised and regulated
by the Financial Conduct Authority |
Secretary and Registered
Office |
Link Company Matters
Limited
6th
floor
65 Gresham
Street
London EC2V
7NQ
|
Registrar |
Link
Group
The
Registry
Central
Square
29 Wellington
Street
Leeds LS1
4DL
|
Telephone: 0371 664
0300 |
Overseas: +44 (0) 371 664
0300 |
E-mail:
shareholderenquiries@linkgroup.co.uk |
www.signalshares.com |
Depositary |
Northern Trust Investor
Services Limited
50 Bank
Street
Canary
Wharf
London E14
5NT
|
Authorised by the
Prudential Regulation Authority (“PRA”) and regulated by the FCA
and PRA |
Custodian |
The Northern Trust
Company
50 Bank
Street
Canary
Wharf
London E14
5NT
|
Tax
Advisor
(Tax services are
delegated by Premier Portfolio Managers
Limited)
|
Northern Trust Global
Services
SE50
Bank Street
Canary
Wharf
London E14
5NT
|
(appointed 28 December
2023) |
|
Crowe U.K.
LLP
55 Ludgate
Hill
London EC4M
7JW
|
(resigned 27 December
2023) |
Auditor |
Haysmacintyre
LLP
10 Queen Street
Place
London EC4R
1AG
|
(appointed 13 July
2023) |
|
KPMG
LLP
15 Canada
Square
London E14
5GL
|
(resigned 3 July
2023) |
Stockbroker |
Cavendish Capital Markets
Limited
One Bartholomew
Close
London EC1A
7BL
|
Telephone: 0207 220
0500 |
Ordinary
Shares |
|
SEDOL |
3353790GB |
LSE |
PMGR |
Zero Dividend Preference
Shares |
|
SEDOL |
BNG43G3GB |
LSE |
PMGZ |
Global Intermediary
Identification Number |
|
GIIN |
W6S9MG.00000.LE.826 |
|
LEI: 2138004SR19RBRGX6T68