Premier Miton Global Renewables Trust Plc - Half-year Report
Legal Entity Identifier: 2138004SR19RBRGX6T68
It has also been submitted in full unedited text to the
PREMIER MITON GLOBAL RENEWABLES TRUST PLC
Half Year Report
for the six months to
INVESTMENT OBJECTIVES
The investment objectives of the
______________________________________________________________________________ |GREEN ECONOMY -LONDON STOCK EXCHANGE | |______________________________________________________________________________| |The Company has been awarded theLondon Stock Exchange's Green Economy Mark, a| |classification which is awarded to companies and funds that are driving the | |global green economy. To qualify for the Green Economy Mark, companies and | |funds must generate 50% or more of their total annual revenues from products | |and services that contribute to the global green economy. | |______________________________________________________________________________| |PRI -PRINCIPLES FOR RESPONSIBLE INVESTMENT | |______________________________________________________________________________| |The Fund Manager integrates Governance and Social responsibility into its | |investment process. Premier Miton is a signatory to the Principles for | |Responsible Investment, an organisation which encourages and supports its | |signatories to incorporate environmental, social, and governance factors into | |their investment and ownership decisions. | |______________________________________________________________________________| |FE FUNDINFO - CROWN FUND RATING - 4 STARS | |______________________________________________________________________________| |The Crown Fund Rating is a global quantitative rating that is based on a | |fund's historical performance relative to an appropriate benchmark. The rating| |relies on three key measurements - alpha, volatility and consistent | |performance, to dictate the one-to-five Crown score. The ratings are designed | |to help investors distinguish funds that have superior performance in terms of| |stock picking, consistency and risk control. | |______________________________________________________________________________|
COMPANY HIGHLIGHTS
for the six months to
_________________________________________________________________ |TOTAL RETURN PERFORMANCE | |_________________________________________________________________| | |Six months to|Year ended || |______________________________________|_____________|___________|| | |30 June |31 December|| |______________________________________|_____________|___________|| | |2025 |2024 || |______________________________________|_____________|___________|| |Total Assets Total Return (1) |13.4% |(14.0%) || |______________________________________|_____________|___________|| |S&P Global Clean Energy Index (GBP)(2 )|5.8% |(24.1%) || |______________________________________|_____________|___________|| |Ongoing charges (3) |1.71% |2.06% || |______________________________________|_____________|___________||
__________________________________________________________________________ |ORDINARY SHARE RETURNS | |__________________________________________________________________________| | |Six months to|Year ended | | |_______________________________________|_____________|___________|________| | |30 June |31 December| | |_______________________________________|_____________|___________|________| | |2025 |2024 |% change| |_______________________________________|_____________|___________|________| |Net Asset Value per Ordinary Share (cum|121.34p |101.61p |19.4% | |income)(4) | | | | |_______________________________________|_____________|___________|________| |Mid-market price per Ordinary Share |108.50p |93.00p |16.7% | |_______________________________________|_____________|___________|________| |Discount to Net Asset Value |(10.6%) |(8.5%) | | |_______________________________________|_____________|___________|________| |Net Asset Value Total Return (5) |23.9% |(26.1%) | | |_______________________________________|_____________|___________|________| |Share Price Total Return (2) |21.9% |(15.2%) | | |_______________________________________|_____________|___________|________|
______________________________________________________________________________ |RETURNS AND DIVIDENDS | |______________________________________________________________________________| | |Six months to|Six months to| | |_________________________________________|_____________|_____________|________| | |30 June |30 June | | |_________________________________________|_____________|_____________|________| | |2025 |2024 |% change| |_________________________________________|_____________|_____________|________| |Revenue Return per Ordinary Share |4.09p |4.46p |(8.3%) | |_________________________________________|_____________|_____________|________| |Net Dividends declared per Ordinary Share|4.00p |4.00p |0.0% | |_________________________________________|_____________|_____________|________|
__________________________________________________________________________ |HISTORIC FULL YEAR DIVIDENDS | |__________________________________________________________________________| | |31 December|31 December| | |_________________________________________|___________|___________|________| |Dividends paid in respect of the year to:|2024 |2023 |% change| |_________________________________________|___________|___________|________| |Dividend |8.00p |7.40p |8.1% | |_________________________________________|___________|___________|________|
_____________________________________________________________________ |ZERO DIVIDEND PREFERENCE SHARE RETURNS | |_____________________________________________________________________| | |Six months to|Year ended | | |__________________________________|_____________|___________|________| | |30 June |31 December| | |__________________________________|_____________|___________|________| | |2024 |2025 |% change| |__________________________________|_____________|___________|________| |Net Asset Value per Zero Dividend |125.06p |122.07p |2.4% | |Preference Share (4) | | | | |__________________________________|_____________|___________|________| |Mid-market price per Zero Dividend|123.50p |118.00p |4.7% | |Preference Share (2) | | | | |__________________________________|_____________|___________|________| |Discount to Net Asset Value |(1.2%) |(3.3%) | | |__________________________________|_____________|___________|________|
_____________________________________________________________________________ |HURDLE RATES (PER ANNUM) | |_____________________________________________________________________________| | |As at |As at || |________________________________________________________|_______|___________|| | |30 June|31 December|| |________________________________________________________|_______|___________|| | |2025 |2024 || |________________________________________________________|_______|___________|| |Ordinary Shares | | || |________________________________________________________|_______|___________|| |Hurdle rate to return the 30 June 2025 share price of |(11.1%)|(1.9%) || |108.50p (December 2024: 93.00p) at 28 November 2025 (6) | | || |________________________________________________________|_______|___________|| |Zero Dividend Preference Shares | | || |________________________________________________________|_______|___________|| |Hurdle rate to return the redemption share price for the|(85.0%)|(52.3%) || |2025 ZDPs of 127.6111p at 28 November 2025 (7) | | || |________________________________________________________|_______|___________||
_________________________________________________________________________ |BALANCE SHEET | |_________________________________________________________________________| | |Six months to|Year ended | | |_____________________________________|_____________|___________|_________| | |30 June |31 December| | |_____________________________________|_____________|___________|_________| | |2025 |2024 |% change*| |_____________________________________|_____________|___________|_________| |Gross Assets less Current Liabilities| | | | | |£39.9m |£35.9m |11.1% | |(excluding Zero Dividend Preference | | | | |Shares) | | | | |_____________________________________|_____________|___________|_________| |Zero Dividend Preference Shares |(£17.8m) |(£17.4m) |2.2% | |_____________________________________|_____________|___________|_________| |Equity Shareholders' Funds |£22.1m |£18.5m |19.6% | |_____________________________________|_____________|___________|_________| |Gearing on Ordinary Shares (8) |80.3% |93.6% | | |_____________________________________|_____________|___________|_________| |Zero Dividend Preference Share Cover |2.12x |1.89x | | |(non-cumulative)(9) | | | | |_____________________________________|_____________|___________|_________|
______________________________________________________________________________ |(1) Source:Premier Fund Managers Ltd ("PFM Ltd "). 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 gross assets less current liabilities | |over the period (excluding ZDPs' accrued capital entitlement). | |______________________________________________________________________________| |(4) Articles of Association basis. | |______________________________________________________________________________| |(5) Source:PFM Ltd. Based on opening and closing NAVs plus dividends marked | |"ex-dividend". | |______________________________________________________________________________| |(6) Source:PFM Ltd. The Ordinary Shares Hurdle Rate is the annualised | |compound rate of growth of the total assets required each year to meet the | |Ordinary Share price at30 June 2025 . | |______________________________________________________________________________| |(7) Source:PFM Ltd. The ZDP Shares Hurdle Rate is the annualised compound | |rate that the total assets could decline each | |______________________________________________________________________________| |year until the predetermined redemption date, for ZDP shareholders still to | |receive the redemption entitlement. | |______________________________________________________________________________| |(8) Source:PFM Ltd. Based on Zero Dividend Preference Shares divided by | |Ordinary Shareholders' Equity at end of each period. | |______________________________________________________________________________| |(9)Source PFM Ltd. Non-cumulative cover = Gross assets at period end divided | |by final repayment of ZDP Shares plus management fees charged to capital. | |______________________________________________________________________________| |* % change is calculated on actual figures, and may be different from that | |which could be obtained by using rounded figures shown within this section. | |______________________________________________________________________________|
CHAIR'S STATEMENT
for the six months to
Introduction
I am pleased to report a marked improvement in performance in the first half of 2025. As I have discussed in previous reports, markets perceive that a higher interest rate environment is negative for the renewable energy sector. The first half of 2025 saw more stable yields on government bonds, and this was positive for sentiment. In addition, poor recent performance meant many renewable energy companies were trading at depressed levels, with potential for a rebound.
Headline inflation has proved sticky, in both the US and
Equity markets, particularly in the US, have experienced a relatively high degree of volatility. The new US administration's tariff policies have caused much uncertainty and appear to have been calculated arbitrarily. The US continues to run a very high fiscal deficit and
It is unsurprising therefore that the US dollar has been weak over the period. The US dollar index, which measures the dollar's value against a basket of other currencies, fell by 10.7% over the six months.
In the
Performance
Renewable energy companies out-performed wider equity markets. The US market for once underperformed as investors struggled to digest a raft of new tariff and economic policies. European markets, performed well on the promise of looser fiscal policy, with large increases in defence spending. The German market was a major beneficiary of this shift.
Given your Company's geared capital structure, movements in gross assets are amplified in the net assets. The net asset value ("NAV") total return was 23.9%.
The discount at which your Company's shares trade in relation to their NAV widened slightly, from 8.5% at the end of 2024, to 10.6%, with the result that the share price total return was a little behind the NAV return, at 21.9%.
Review of the six months
There was widespread strength in the portfolio over the six months to June. A more benign inflation outlook allowed the
A degree of caution is warranted, however. Many western governments are running unsustainably large fiscal deficits, and there is a risk that they will be forced into paying ever higher yields in future to encourage bond markets to absorb greater amounts of debt, in addition to an increased risk of default.
As described in more detail in the Investment Manager's Report, the portfolio benefitted from an improved performance by
The portfolio made reasonable returns on its holdings in the US. This was despite a volatile political environment and a depreciating US dollar.
Earnings and Dividends
Income generation was lower than the prior calendar period, partly reflecting a weak US dollar, reducing the value of US dividends. In addition, there were some modest cuts to dividends at a small number of companies. Despite this, dividends of 4.00p were covered by revenue earnings of 4.09p.
In April the Board declared a first interim dividend of 2.00p per share, paid at the end of June. The Board has now declared a second interim dividend of 2.00p per share, to be paid on
Outlook and future of the Company
As I noted in my letter within the 2024 Annual Report, the Board did not, at that time, believe that it would be cost effective to issue new ZDP shares to replace the existing ZDP share issue on its maturity in November this year. This would leave the size of the Company, measured by its gross assets, at a level which the Board did not believe would be viable. Neither was there sufficient market demand for the Company to carry out an issue of new Ordinary Shares.
Despite the very welcome improved performance seen over the past six months, the Board remains of this view.
As such, barring a major change in circumstances, over the coming months the Board intends to bring forward proposals to wind up the Company and distribute its assets to shareholders. We aim to do this as cost effectively as possible, while also offering a roll- over investment option for those shareholders who wish to remain invested. I am grateful to shareholders for approving the continuation resolution at the AGM held in April, which allows the Board maximum flexibility in this regard. The Board expects to make an announcement in the third quarter as to the future of the Company and options for shareholders.
Many shareholders will no doubt share my disappointment at this outcome, not least as the Company appears to be on an improving performance trend.
Gillian Nott OBE
Chair
INVESTMENT MANAGER'S REPORT
for the six months to
Market review
The first half of 2025 saw a much-improved performance from both the renewable energy sector and the portfolio. A more benign interest rate environment has lowered perceived risks for sectors deemed by markets to be "bond proxies", i.e. assumed to have fixed bond-like cashflows.
Given renewable energy is a growing sector, this is not a theory that I believe holds over the long term, but in the short term, the market believes it and as such the sector has shown a high degree of (negative) correlation to interest rates.
The new US administration hit its stride in the half year with a raft of tariff and trade measures. This has undoubtedly hurt the US's global standing and is a factor behind the weakness in the US dollar seen in the first half of the year.
The US administration's flagship legislation, now passed, will favour fossil fuels and phases out tax credits for renewable generation. To the extent this results in less renewable development and given the time scale required to build fossil fuel and nuclear alternatives, it is likely to increase US power prices in coming years as demand for power is not matched by an increase in supply.
In contrast to recent history, global markets were led by
Portfolio review
There was widespread strength in the portfolio over the half year.
Given the likely cessation of the Company later this year, only modest changes have been made to the portfolio. Less liquid holdings are gradually being sold, and investments in fixed income exchange traded funds have been added as a transitional store of capital and to reduce market risks.
Two companies were sold into offers, continuing an established trend of private markets ascribing a higher value to renewable assets than public markets are prepared to do.
As in prior years, we categorise core renewable generation companies into two groups. Firstly, the investment companies, often referred to as yield companies or "yieldcos", which usually acquire built, or construction-ready, assets paying out the majority of cash-flows to investors and raising capital through new equity. Secondly, integrated development companies, which develop projects from first inception, retaining some assets and raising capital through a combination of retained earnings and project sales. Together, these formed 62% of the portfolio at the end of the half year.
PORTFOLIO SECTOR ALLOCATION
_____________________________________________________________ | |30 June|31 December| |_________________________________________|_______|___________| | |2025 |2024 | |_________________________________________|_______|___________| |Yieldcos and Investment Companies |34.3% |33.2% | |_________________________________________|_______|___________| |Renewable energy developers |28.0% |34.2% | |_________________________________________|_______|___________| |Renewable focused utilities |7.5% |6.9% | |_________________________________________|_______|___________| |Renewable financing and energy efficiency|7.2% |4.1% | |_________________________________________|_______|___________| |Energy storage |5.2% |5.0% | |_________________________________________|_______|___________| |Fixed interest securities |4.7% |0% | |_________________________________________|_______|___________| |Biomass generation and production |4.2% |5.5% | |_________________________________________|_______|___________| |Electricity networks |3.8% |3.9% | |_________________________________________|_______|___________| |Renewable technology and service |3.3% |4.9% | |_________________________________________|_______|___________| |Renewable fuels and charging |1.7% |2.1% | |_________________________________________|_______|___________|
Source:
Yieldcos & Investment Companies
Renewable energy investment companies performed well in the half year, with a more stable interest rate outlook enabling a recovery in
The review into the
Solar investors performed the best however, with
Despite the improved performance, and relatively flat published NAVs, the
In the US, Clearway Energy (`A' shares), which has been one of the portfolio's largest holdings for some time, again performed well, its share price increasing by 23.7% although part of the gain was lost to a depreciating US dollar.
Renewable energy developers
Renewable developers build, own and operate their assets, occasionally selling stakes or entire projects to raise capital for new development.
project in
Another long-term holding,
European developers recorded mixed performances. In
By contrast, in
The holding in renewables developer, Enefit Green, which operates in the Baltic states, was sold in the period into an offer from its majority owner, Eesti Energia. The offered price was 23.1% above the share price at the start of the year.
Other sectors
SSE, classified within
Another long-standing holding, on which the Company has also made an excellent return, is Drax Group (biomass generation and production). Drax has reached an agreement with the
Battery energy storage companies enjoyed a rebound in the first half of the year. Gore Street Energy Storage, which is constituted as an investment company, benefited from the completion of two large new facilities in the US, plus a recovery in trading in the
A further positive from a smaller holding, was the takeover of
Less successful was the holding in wind turbine installation vessel owner Cadeler (renewable technology and service), which had performed exceptionally well in 2024. In the first half of 2025, its shares fell by 25.0%. Sentiment toward offshore wind has been weak, largely due to issues at sector leader Orsted. However, the company's order book and contract rates for its vessels remain healthy.
The position in
Lastly, National Grid (electricity networks), like SSE, is benefitting from a substantial increase in spending on the
PORTFOLIO GEOGRAPHIC ALLOCATION
____________________________________ | |June |December| |_____________________|_____|________| | |2025 |2024 | |_____________________|_____|________| |United Kingdom |33.3%|29.3% | |_____________________|_____|________| |Europe (excluding UK)|27.4%|33.7% | |_____________________|_____|________| |Global |27.0%|23.3% | |_____________________|_____|________| |North America |9.2% |10.7% | |_____________________|_____|________| |Latin America |3.0% |3.1% | |_____________________|_____|________|
Source:
Income
Net revenue earnings were below the prior year. This was largely due to lower dividends at a couple of
Outlook
Renewable energy companies performed well in the half year, with most companies held making solid gains. Growth remains attractive, and power prices relatively well bid.
In addition, renewable energy companies have benefitted from being mainly domestically focussed and not therefore caught up in tariffs.
Well run companies, with modest debt and highly contracted revenues should remain in demand, particularly during periods of market turbulence. Any further monetary easing should also be of benefit to market sentiment.
INVESTMENT PORTFOLIO
at
____________________________________________________________________________ | | | |Value |% of total |Ranking |Ranking | |Company |Activity |Country | |investments|June 2025|December| | | | |£000 | | |2024 | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |Greencoat UK |and |United |2,892 |7.4 |1 |1 | |Wind |Investment |Kingdom | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |United | | | | | |SSE |focused |Kingdom |2,563 |6.5 |2 |11 | | |utilities | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |RWE |energy |UK) |2,428 |6.2 |3 |10 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |Clearway |and |North |2,427 |6.2 |4 |3 | |Energy `A' |Investment |America | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |Octopus |Yieldcos | | | | | | |Renewable |and |Europe (ex.|2,129 |5.4 |5 |6 | |Infrastructure|Investment |UK) | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |Northland |Renewable | | | | | | |Power |energy |Global |2,050 |5.2 |6 |8 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Gore Street |Energy | | | | | | |Energy Storage|storage |Global |2,037 |5.2 |7 |14 | |Fund | | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |Bonheur |energy |UK) |1,775 |4.5 |8 |4 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Grenergy |Renewable | | | | | | |Renovables |energy |Global |1,738 |4.4 |9 |2 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |NextEnergy |and |United |1,723 |4.4 |10 |9 | |Solar Fund |Investment |Kingdom | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Biomass | | | | | | |Drax Group |generation |United |1,663 |4.2 |11 |5 | | |and |Kingdom | | | | | | |production | | | | | | |______________|___________|___________|______|___________|_________|________| |National Grid |Electricity|Global |1,508 |3.8 |12 |12 | | |networks | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |Foresight |and |United |1,462 |3.7 |13 |13 | |Solar Fund |Investment |Kingdom | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |Cadeler |technology |UK) |1,281 |3.3 |14 |7 | | |and service| | | | | | |______________|___________|___________|______|___________|_________|________| |SDCL Energy |Renewable | | | | | | |Efficiency |financing |Global |1,234 |3.1 |15 |18 | |Income Trust |and energy | | | | | | | |efficiency | | | | | | |______________|___________|___________|______|___________|_________|________| |Aquila |Yieldcos | | | | | | |European |and |Europe (ex.|850 |2.2 |16 |16 | |Renewables |Investment |UK) | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable | | | | | | |GCP |financing |United |810 |2.1 |17 |23 | |Infrastructure|and energy |Kingdom | | | | | | |efficiency | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |Greencoat |and |Europe (ex.|716 |1.8 |18 |21 | |Renewables |Investment |UK) | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |iShares UK |Fixed |Europe (ex.| | | | | |Gilts 0-5yr |interest |UK) |708 |1.8 |19 |- | |UCITS ETF GBP |securities | | | | | | |______________|___________|___________|______|___________|_________|________| |Corp. Acciona |Renewable |Europe (ex.| | | | | |Energias |energy |UK) |672 |1.7 |20 |24 | |Renovables |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |iShares £ | | | | | | | |Ultrashort | | | | | | | |Bond | | | | | | | |______________|___________|___________|______|___________|_________|________| | |Fixed |Europe (ex.| | | | | |UCITS ETF GBP |interest |UK) |655 |1.7 |21 |- | | |securities | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |Fastned |fuels and |UK) |651 |1.7 |22 |22 | | |charging | | | | | | |______________|___________|___________|______|___________|_________|________| |HA Sustainable|Renewable | | | | | | |Infrastructure|financing |North |588 |1.5 |23 |- | |Capital |and energy |America | | | | | |Incorporation |efficiency | | | | | | |______________|___________|___________|______|___________|_________|________| |The Renewables|Yieldcos | | | | | | |Infrastructure|and |Europe (ex.|571 |1.5 |24 |- | |Group |Investment |UK) | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |Vanguard UK |Fixed |Europe (ex.| | | | | |Gilt UCITS ETF|interest |UK) |482 |1.2 |25 |- | | |securities | | | | | | |______________|___________|___________|______|___________|_________|________| |Polaris |Renewable |Latin | | | | | |Renewable |energy |America |480 |1.2 |26 |25 | |Energy |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable | | | | | | |Orsted |energy |Global |392 |1.0 |27 |26 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Latin | | | | | |Serena Energia|energy |America |390 |1.0 |28 |33 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |AES |Renewable |North | | | | | |Corporation |focused |America |383 |1.0 |29 |15 | | |utilities | | | | | | |______________|___________|___________|______|___________|_________|________| |VH Global |Yieldcos | | | | | | |Sustainable |and |Global |363 |0.9 |30 |30 | |Energy |Investment | | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |MPC Energy |Renewable |Latin | | | | | |Solutions |energy |America |319 |0.8 |31 |27 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable |Europe (ex.| | | | | |7C Solarparken|energy |UK) |256 |0.7 |32 |28 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Sequoia |Renewable | | | | | | |Economic |financing |Europe (ex.|204 |0.5 |33 |- | |Infrastructure|and energy |UK) | | | | | |Income Fund |efficiency | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable | | | | | | |Boralex |energy |Global |203 |0.5 |34 |32 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | |Renewable | | | | | | |Scatec |energy |Global |201 |0.5 |35 |31 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| |Foresight |Yieldcos | | | | | | |Environmental |and |Europe (ex.|200 |0.5 |36 |- | |Infrastructure|Investment |UK) | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| | |Yieldcos | | | | | | |US Solar Fund |and |North |136 |0.3 |37 |29 | | |Investment |America | | | | | | |Companies | | | | | | |______________|___________|___________|______|___________|_________|________| |Westbridge |Renewable |North | | | | | |Renewable |energy |America |72 |0.3 |38 |35 | | |developers | | | | | | |______________|___________|___________|______|___________|_________|________| | | | |39,212|99.9 | | | |______________|___________|___________|______|___________|_________|________| |PMGR |ZDP |United | | | | | |Securities |subsidiary |Kingdom |50 |0.1 | | | |2025 PLC | | | | | | | |______________|___________|___________|______|___________|_________|________| |TOTAL | | |39,262|100.0 | | | |INVESTMENTS | | | | | | | |______________|___________|___________|______|___________|_________|________|
INTERIM MANAGEMENT REPORT
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by the Company continue to fall into the following categories:
_______________________________________ |· Structure of the Company and gearing | |_______________________________________| |· Repayment of ZDP Shares | |_______________________________________| |· Dividend levels | |_______________________________________| |· Currency risk | |_______________________________________| |· Liquidity risk | |_______________________________________| |· Market price risk | |_______________________________________| |· Discount volatility | |_______________________________________| |· Operational risk | |_______________________________________| |· Accounting, legal and regulatory risk| |_______________________________________| |· Political intervention | |_______________________________________| |· Industry regulation | |_______________________________________| |· Geopolitical risk | |_______________________________________| |· Climate risk | |_______________________________________|
Information on each of these, save for Repayment of ZDP Shares, is given in the Strategic Report in the Annual Report for the year ended
RELATED PARTY TRANSACTIONS
The Directors are recognised as a related party under the Listing Rules and during the six months to
GOING CONCERN
The Directors believe that, having considered the Company's investment objectives (shown on page 1), risk management policies and procedures, nature of the portfolio and income and expense projections, the Company has adequate resources, and suitable management arrangements in place to continue in existence for a period of at least 12 months from the date on which these financial statements were approved.
However, the requirement to satisfy the capital entitlement of the Company's 2025 ZDP Shares, falling due on
For these reasons, the Directors consider that the use of the going concern basis is appropriate, although there is a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors are responsible for preparing the Half Year Report, in accordance with applicable law and regulations. The Directors confirm that, to the best of their knowledge:
______________________________________________________________________________ |· The condensed set of Financial Statements within the Half Year Report has | |been prepared in accordance with International Accounting Standards in | |conformity with the requirements of the Companies Act 2006 and applicable law;| |and | |______________________________________________________________________________| |· The Interim Management Report includes a fair review of the information | |required by 4.2.7R (indication of important events during the first six months| |of the year) and 4.2.8R (disclosure of related party transactions and changes | |therein) of theFCA's Disclosure and Transparency Rules. | |______________________________________________________________________________|
For and on behalf of the Board.
Gillian Nott OBE
Chair
DIRECTORS AND ADVISERS
Directors
Gillian Nott OBE - Chair
Eastgate Court
Telephone: 01483 306 090
Authorised and regulated by the
Investment Manager
Eastgate Court
Telephone: 01483 306 090
Authorised and regulated by the
Secretary and Registered Office
19th Floor
Registrar
MUFG Corporate Markets
Telephone: 0371 664 0300*
Overseas: +44 (0) 371 664 0300*
E-mail: shareholderenquiries@ cm.mpms.mufg.com
https://uk.investorcentre.mpms. mufg.com
Depositary
Authorised by the
Custodian
Tax Advisor
(Tax services are delegated by
Auditor
Stockbroker
Cavendish
One
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| |_________________________________________|___________________|
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