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QuotedData’s morning briefing 12 May 2020

In QuotedData’s morning briefing 12 May 2020:

  • Gore Street Energy Storage says that construction work on its two 50MW battery projects in Northern Ireland has restarted (subject to social distancing measures). Construction is scheduled to be completed in December 2020, allowing sufficient time to complete necessary asset testing before the assets go online. the DS3 contracts that will provide the revenue for these assets need to be secured by April 2021. The company’s Irish contracts are also on track.
  • Aberdeen Frontier Markets has declared a 1 cent dividend. Dividends are declared semi-annually in US dollars in July and December. This dividend was in line with those paid previously.
  • Aquila European Renewables has declared a 075 cent dividend – the first interim for the year ended 31 December 2020. This is in line with targets. separately, it announced a 3% fall in NAV over the first three months of 2020 to 99.6 cents. This was driven by falling power prices. 70% of revenues are fixed for at least the next five years but forecasts for uncontracted power prices have been slashed by 36% on average over the next two years to €26.1 per MWh. Against that, generation was 22.7% above target for the first quarter.
  • Witan redeemed all of its 6.125% 2025 secured Bonds, in line with a commitment made on 25 March 2020.
  • UIL announced that its sale of Optal to WEX had been affected by COVID-19. “WEX recently announced it had concluded that the COVID-19 pandemic and conditions arising in connection with it, is having a material adverse effect on the businesses of eNett and Optal. As a result, WEX had advised eNett and Optal that it is not required to close the transaction pursuant to the terms of the purchase agreement. eNett, Travelport and Optal subsequently announced that they reject WEX’s position and intend to vigorously enforce their contractual rights and to hold WEX to its contractual obligations, including finalising its financing, obtaining the remaining governmental approvals, and closing the transaction. In the event that the transaction did not close, the effect on the value of UIL’s Optal investment is estimated to reduce UIL’s NAV by 2.7%, based on UIL’s last announced NAV of 265.06p as at 5 May 2020.”
  • Trading in the shares of Pacific Alliance China Land has been suspended at the company’s request, pending an announcement. later in the day, shareholders voted to delist the company.
  • Similarly, shareholders in Better Capital approved the delisting of that company.

We also have an update from Standard Life Investments Property Income.

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