TIDMPMGR
02 August 2023
Premier Miton Global Renewables Trust Plc (the `Company')
Legal Entity Identifier: 2138004SR19RBRGX6T68
Premier Miton Global Renewables Trust PLC's half report and accounts for the six
months to 30 June 2023 is available
at https://www.globalrenewablestrust.com/documents/ (https://urldefense.proofpoin
t.com/v2/url?u=https
-3A__www.globalrenewablestrust.com_documents_&d=DwMFaQ&c=bZnDpUh0cTwskH9nIvyseq2t
J5dkOfcF56epRyP8Xxo&r=wQnexMsUGp0XsVLKr1B45v6qZ8Bu4EcisQIIBezJE74&m=TRPkhQfWOQskK
3-LXMIsamyMn9u7QBywtbvDuPudw6CmkQeiqEe6FL6F6NLQ2M8l&s=8TB0mc-YEt
-SQ9lFhisa7IBZZbwxZOs94cEJLQvm4g0&e=).
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.
PREMIER MITON GLOBAL RENEWABLES TRUST PLC
Half Year Report
for the six months to 30 June 2023
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.
GREEN ECONOMY - LONDON STOCK EXCHANGE
In January 2021, the Company received London 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 30 June 2023
Six months to Year ended
30 June 31 December
2023 2022
TOTAL RETURN PERFORMANCE
Total Assets Total Return[1] (6.2%) (7.3%)
S&P Global Clean Energy Index (GBP)[2] (11.5%) 6.6%
Ongoing charges[3] 1.68% 1.70%
Six months to Year ended
30 June 31 December
2023 2022 % change
ORDINARY SHARE RETURNS
Net Asset Value per 156.35p 178.44p (12.4%)
Ordinary Share (cum
income)[4]
Mid-market price per 132.00p 155.50p (15.1%)
Ordinary Share
Discount to Net Asset (15.6%) (12.9%)
Value
Net Asset Value Total (10.4%) (12.1%)
Return[5]
Share Price Total (12.9%) (17.7%)
Return[2]
Six months to Six months to
30 June 30 June
2023 2022 % change
RETURNS AND
DIVIDS
Revenue Return per 4.43p 3.95p 12.2%
Ordinary Share
Net Dividends 3.70p 3.50p 5.7%
declared per
Ordinary Share
HISTORIC FULL YEAR DIVIDS
31 December 31 December
Dividends paid in respect of the year to: 2022 2021 % change
Dividend 7.00p 7.00p -
Six months to Year ended
30 June 31 December
2023 2022 % change
ZERO DIVID PREFERENCE
SHARE RETURNS
Net Asset Value per Zero 113.42p 110.71p 2.4%
Dividend Preference
Share[4]
Mid-market price per Zero 108.50p 108.50p 0.0%
Dividend Preference
Share[2]
Discount to Net Asset Value (4.3%) (2.0%)
As at As at
30 June 31 December
2023 2022
HURDLE RATES (PER ANNUM)
Ordinary Shares
Hurdle rate to return the 30 June 2023 share price of (1.8%) (0.8%)
132.00p (December 2022: 175.50p) at 28 November
2025[6]
Zero Dividend Preference Shares
Hurdle rate to return the redemption share price for (30.3%) (27.7%)
the 2025 ZDPs of 127.6111p at 28 November 2025[7]
Six months to Year ended
30 June 31 December
2023 2022 % change*
BALANCE SHEET
Gross Assets less Current £ 44.6m £48.3m (7.6%)
Liabilities
Zero Dividend Preference (£ 16.1m) (£15.7m) 2.7%
Shares
Equity Shareholders' Funds £ 28.5m £32.5m (12.3%)
Gearing on Ordinary 56.5% 48.4%
Shares[8]
Zero Dividend Preference 2.32x 2.51x
Share Cover (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 compound rate of
growth of the total assets required each year to meet the Ordinary Share price
at 30 June 2023.
7 Source: PFM Ltd. The ZDP Shares Hurdle Rate is the 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 30 June 2023
Introduction
Following a difficult 2022, it is disappointing to record a further
deterioration in the first half of 2023. The renewable energy sector, despite
performing well on a fundamental basis, with higher earnings and dividends being
the norm, lost value as inflation and interest rates continued to increase.
The macro-economic environment has proved particularly challenging for what the
market perceives to be interest rate sensitive sectors, commonly referred to as
"bond proxies". This includes utilities, property, and of relevance to Premier
Miton Global Renewables Trust ("PMGR"), renewable energy.
A widely held view is that companies with highly visible revenues in which a
large part of investment return is taken through the dividend, are comparatively
less attractive when yields on government bonds or cash increase. However, this
ignores the positive dynamics applicable to the renewable energy sector, such as
its exceptional growth, government support, and power prices which remain
relatively high despite a recent pull back.
The primary triggers for inflation are well understood, primarily the post-covid
supply shock exacerbated by overly loose monetary policy (although central
bankers may dispute the second reason). The debate has now moved on to the
question as to what extent inflation expectations have become "embedded".
Central bankers, caught behind the curve, are now playing catch up. Rates,
particularly in the UK, have reached higher levels than they might otherwise
have done had monetary tightening started earlier.
Despite this rather pessimistic macro-economic backdrop, I believe we are closer
to the end of this cycle than the beginning, and given strong fundamentals, the
renewable energy sector is well placed to rebound when interest rates peak and
potentially start to fall again.
Performance
The Company's total assets total return, measuring the performance of the
portfolio including costs, was a negative 6.2%. This was however better than the
Company's performance comparator, the S&P Global Clean Energy Index (GBP
adjusted), which returned a negative 11.5%.
Renewable and clean energy was a distinct market laggard, with the major western
market indices recording gains over the first half of the year. The US stock
market performed well, although performance was concentrated in the well-known
large capitalisation technology companies. Europe also performed well, but the
UK market, while being in positive territory, was a little way behind Europe.
Given PMGR's geared capital structure, movements in gross assets are amplified
in the net assets. The NAV total return was negative 10.4%.
In common with many other investment trusts, particularly those focussed on
infrastructure, the discount at which PMGR's shares trade in comparison to their
NAV, widened during the period, from 12.9% at December 2022, to 15.6% at June
2023.
Despite depressed capital values, income generation has been strong, reflecting
a good operating environment and the generally strong earnings performance of
the portfolio companies.
Review of the six months
Renewable energy companies currently face a variety of headwinds and tailwinds.
European power prices have pulled back from recent highs but remain elevated in
comparison to "pre-Ukraine" levels. Gas prices, a key determinant of electricity
prices, have fallen back on weak demand from Asia and a combination of mild
weather and low demand in Europe. Europe has made good progress in securing ship
-borne liquified natural gas ("LNG") to replace piped Russian gas, but this
major market change will inevitably lead to structurally higher costs in future.
European governments, while increasing renewable installation targets, have
persisted with additional taxes, increasing sector complexity and risk. The US,
through the "inflation reduction act", appears to be on a very different track
with huge tax incentives available to the renewable energy sector to encourage
further investment.
Higher financing costs, coupled with equipment suppliers seeking to restore
profitability through higher prices for items such as wind turbines, have
increased the costs of new build renewable projects. As such, markets have
become concerned that returns on new renewable projects might be under pressure.
However, current levels of power pricing and strong demand for renewable power,
indicate that returns on well-designed projects should remain attractive.
As noted above, the most significant market driver over the half was the
increase in central bank interest rates. This has been most pronounced in the
UK, where the Bank of England raised its base rate from 3.50% at December 2022
to 5.00% by June 2023. Of more relevance to renewable sector valuations are long
dated bond yields, with UK 10-year gilt yields increasing from 3.67% at the
close of 2022, to 4.39% by the end of June. By contrast, the US Treasury's
increase in the Fed Funds rate, from 4.50% to 5.25%, was not reflected in 10
-year US treasury yields which were relatively flat over the half, from 3.87% at
the end of 2022 to 3.84% at June 2023.
It is worth remembering that interest rates have been increased in order to
bring down inflation. European renewable companies in particular often have a
high degree of indexation built into their revenues, therefore benefitting from
inflation. However, this did not stop the sector being sold down on the back of
higher rates.
Earnings and Dividends
Earnings and dividend growth reported by the majority of portfolio holdings was
very strong, with many companies reporting exceptionally good results on the
back of high power prices, coupled with continued growth in assets. Dividend
receipts were consequently higher, with net revenue earnings per ordinary share
increasing by 12.2% to 4.43p.
Given the healthy income picture, in April the Board declared an increased first
interim dividend, of 1.85p per share, paid at the end of June. The Board has now
declared a second interim dividend of 1.85p per share, to be paid on 29
September 2023 and will be marked ex-dividend on 31 August 2023. These dividends
represent an increase of 5.7% as compared to the dividends paid in respect of
the first half of 2022.
Outlook
The war in Ukraine shows little sign of ending in the near future. Commodities,
and in particular energy, remain volatile as a result. Further, it could be
argued that mild weather and an effective voluntary rationing programme, has
allowed a degree of complacency to creep into European energy markets. Continued
conflict, a return to demand growth in Asia, and a cold 2023/24 winter could see
another sharp spike in gas and electricity prices.
The earnings and asset performances of PMGR's portfolio holdings have most
certainly not been reflected in share prices over the past twelve months. Over
the longer term I believe this anomaly will be likely to correct when markets
again focus on fundamental value and business performance. Until then,
investors' patience may continue to be tested.
Gillian Nott OBE
Chair
1 August 2023
INVESTMENT MANAGER'S REPORT
for the six months to 30 June 2023
Market review
While the first half of 2023 proved to be successful in terms of underlying
performance measured by company earnings and dividends paid, share prices rather
frustratingly took their direction from macroeconomic issues, mainly falling in
price.
It is some consolation that the Trust's income levels increased as a result of
the strong underlying performances, and this has enabled the Board to declare an
increased dividend.
Over 2021 and 2022, PMGR's portfolio has had a higher exposure to Europe and the
UK and less in North America. There were a few reasons for this. Firstly,
European and UK renewable energy assets tend to have a higher degree of
inflation linkage within revenues than those in the US, where renewable power is
usually sold on pre-determined fixed prices. Moving into a more inflationary
environment, European and UK companies should therefore offer more protection
against inflation.
Secondly, we expected UK and European electricity prices would move higher, to
the benefit of renewable generators. This was due to the structural shift in the
gas market, replacing piped Russian gas with higher priced LNG, increased carbon
prices, and the increasingly unreliable and ageing French nuclear power
stations.
On a basic level, these decisions have turned out to be largely correct. Many of
the UK and European investments have reported very strong financial results,
with increased dividends on the back of higher power prices and inflation linked
revenues. North American holdings, although benefiting from improved sentiment
generated by the Inflation Reduction Act, have under-performed Europe in terms
of financial results.
What has come as a disappointment, however, is that the market has appeared to
largely ignore reported financial results and higher dividends, focussing
instead on movements in short term interest rates.
European Governments and the EU have not helped matters by imposing windfall
taxes onto renewable generators, while at the same time calling for increased
levels of investment. This has soured investor sentiment, created asymmetric
financial risks and is a disincentive to future investment.
Portfolio review
The portfolio was almost universally weak, with only a few positive performances
to offset falling share prices. Despite this, most companies made good
operational progress, business plans tended to be expanded rather than reduced,
and dividends, with just one exception, were either held or increased.
Given weak share prices, the sector is vulnerable to corporate activity, and one
holding received a takeover offer at a substantial premium to its share price.
Both geographic and sector allocations were relatively settled, and portfolio
trading activity was lower than previous years. The UK and Europe remain the
largest allocations, at around 33% each, with Global (companies operating on a
global basis) just over 20%. The holding in North American companies remains
relatively modest at approximately 8% and we remain of the view that US
renewables offer lower value than European counterparts.
Emerging markets continue to be held at a low weighting in the portfolio, with
China and Latin America each at approximately 2%.
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-flow 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 form approximately 70%
of the portfolio.
Yieldcos & Funds
As noted above, the renewable energy yield companies performed poorly in the
period. Of the UK focussed names held, Greencoat UK Wind, NextEnergy Solar, and
Foresight Solar, saw their shares fall by 5.2%, 15.0%, and 17.1% respectively
over the half year. Reported NAVs per share have been robust, with March 2023
reported NAVs being 11.4%, 0.7% and 6.1% ahead of March 2022 respectively.
Essentially, increased interest rates (used as a "discount rate" to calculate
the NAV) have been offset by higher power price and inflation assumptions. In
addition, the companies have generated cash flows well in excess of dividends
paid to shareholders.
The three UK listed European focussed yieldcos held also showed a similar
dynamic, with Octopus Renewable Infrastructure, Aquila European Renewables, and
Greencoat Renewables seeing share price declines of 7.9%, 3.0% and 11.4%
respectively. March 2023 NAVs were 3.6%, 6.4%, and 3.1% higher than 12 months
earlier, again demonstrating that higher interest rates have been more than
offset by other factors.
As a result of the opposing movements in share prices (down) and NAVs (up),
these companies are now trading at meaningful discounts to their published asset
values, while also offering high dividend yields well covered by cash flows.
The portfolio's holdings in North American yieldcos also lost value, with
Clearway Energy's shares falling by 9.8%. Likewise, Atlantica Sustainable
Infrastructure fell by 9.5%. UK listed US Solar Fund fell by 18.5%. The latter
two have undertaken strategic reviews in the half year, and while Atlantica's is
still in progress, US Solar Fund's Board has concluded that the current market
backdrop is not conducive to a sale of the company or its assets. It will
however commence a share buyback programme.
PORTFOLIO SECTOR ALLOCATION
30 June 2023 31 December 2022
Yieldcos & funds 38.1% 38.9%
Renewable energy developers 32.7% 29.9%
Renewable focused utilities 8.3% 9.5%
Energy storage 6.9% 9.0%
Biomass generation and production 6.0% 6.8%
Renewable technology and service 3.3% 2.2%
Electricity networks 2.6% 2.3%
Renewable financing and energy efficiency 1.3% 0.0%
Waste to energy 0.9% 1.3%
Numbers may not sum to 100% due to rounding
Source: PFM Ltd
Renewable Energy Developers
The portfolio contains a larger number of investments in renewable development
companies than yieldcos, although the average investment size is smaller.
Concentrating on the larger holdings, the position in RWE's shares fell by 6.5%
despite reporting excellent results for both 2022 and the first quarter of 2023.
Spanish solar developer, Grenergy Renovables was one of the few gainers in the
portfolio, its shares improving by 1.7%. Grenergy sold one of its development
projects at a good price and sentiment was also improved following a bid for
peer company OPD Energy, also owned, but with a smaller weighting. As a result
of the bid, OPD's shares gained 49.0% over the six months. The bid was pre
-accepted by its major shareholders and illustrates the discrepancy between
private and public market valuations in the renewable energy sector.
Also listed in Spain, global developer Acciona Energias saw its shares fall by
15.3% despite exceptional 2022 financial results, with net earnings more than
doubling from 2021. Norway listed Bonheur recorded a share price fall of 9.4%,
with a fourfold increase in 2022 net earnings over 2021 doing little to help the
stock. Aside from renewable energy, Bonheur also owns offshore wind turbine
installation vessels, a market which looks to become increasingly under
-supplied, plus the Fred Olsen Cruise line business. Both these divisions should
see improved earnings in coming years.
Northland Power is a global renewable developer, with a particular focus on
offshore wind. 2022 results increased sharply on higher power prices received by
their three North Sea offshore wind farms, and 2023 should see the completion of
new onshore wind assets in the US, plus a large solar farm in Mexico. Beyond
that, Northland is developing sizable offshore wind projects in the Baltic Sea
off Poland, and off Taiwan. These are expected to commence commercial operation
over 2026 and 2027. Northland's shares fell by 25.6% over the half year.
PMGR has held the shares of Estonia-listed Baltic developer Enefit Green since
its listing in October 2021, and one of Enefit's wind farms is featured on the
cover of this report. It has been a successful investment to date, showing a
good gain over book cost, and aims to more than double operating capacity by the
end of 2025. Its shares managed to hold steady over the first half of the year.
PORTFOLIO GEOGRAPHIC ALLOCATION
June 2023 December 2022
United Kingdom 33.70% 36.26%
Europe (excluding UK) 32.74% 30.72%
Global 21.35% 18.86%
North America 7.69% 9.16%
Latin America 2.39% 1.90%
China 2.13% 3.11%
Source: PFM Ltd
Other sectors
Biomass producer and generator Drax Group reported very strong earnings momentum
in 2022 (adjusted net earnings up almost fourfold compared to 2021), and this
momentum should continue into 2023 and 2024, benefitting from forward power
sales already locked in at attractive prices. The UK Government is yet to decide
on possible offtake contracts for a carbon capture plant investment at the Drax
Power station site, however the company has now shared investment plans for
biomass power generation with carbon capture in the US, the returns on which
look both very attractive while also being less politically contentious. Drax's
shares fell 17.5% in the first half of the year.
Ever higher levels of intermittent renewable energy production mean a greater
requirement for energy storage assets to match power supply with demand. For
instance, pumped hydro storage assets, of the sort owned within the portfolio by
SSE and Drax Group, have seen very good results in recent years and both
companies aim to expand these assets. However, battery storage is quicker and
cheaper to build, and can also provide frequency regulation services which hydro
is not technically able to do. However, the three battery storage funds held,
Harmony Energy, Gore Street Energy and Gresham House Energy Storage, all lost
value in the half year, with their shares falling by 15.0%, 15.5% and 10.3%
respectively. All three now trade on material discounts to NAV.
The Renewable focussed utilities segment was, by some margin, the best
performing section of the portfolio. The Trust holds SSE in the UK, Iberdrola in
Spain, and Algonquin Power & Utilities in North America. Their shares increased
by 7.5%, 9.3% and 23.5% respectively. SSE out-performed market assumptions for
its March 2023 results, while also announcing an almost 50% increase in its
investment plan to 2027 together with faster predicted earnings growth.
Algonquin saw a recovery in its share price following the poor performance seen
in the latter part of 2022.
Income
Strong underlying earnings have manifested in higher dividends received by the
Trust. Notable increases include Drax Group, which increased its full year
dividend by 11.7%, Acciona Energias increased by 150.0%, Bonheur's payment
increased by 16.3%, and Enefit Green by 37.7%. Dividends paid by the UK listed
yieldcos sector tend to have high correlation to inflation, and 2023 should see
good dividend increases based on targets announced during the first half.
The only company to cut its dividend was waste to energy company China
Everbright, where lower construction revenues meant lower earnings. Its 2022
full year dividend was reduced by 29.4% compared to 2021. However, the other
Chinese position, China Suntien Green Energy, managed to increase its dividend
by 15.6%.
Total income received during the half year was £1.15m, an increase of 5.9%.
Currency
The portfolio was largely hedged against adverse movements in the Euro and Hong
Kong Dollar during the half year, and currency hedging profits of £0.6m were
recorded. Given sterling's recent strength against the Euro, the Euro hedge has
now been removed although the currency situation remains under review.
Portfolio activity
Investment activity levels were relatively modest over the half year, with
purchases of £4.7m and sales also of £4.7m.
Outlook
European power prices have now fallen back to more normal levels although remain
substantially higher than levels seen historically. I believe that higher power
pricing is a structural shift, brought about by changes in the gas market,
carbon pricing, and a higher cost of capital for energy companies.
Given share price movements, it is evident that this is not necessarily a view
held by financial markets, and this creates potential opportunities for
renewable energy investors.
Further, the climate agenda is only increasing in importance, and governments
have acted to increase targets for renewable energy production, not least the
EU's RePower EU programme, the UK Government's ambitions for offshore wind, and
the US Government's targets contained within the Inflation Reduction Act.
Macroeconomic headwinds remain for the time being, but leading indicators give
hope that inflation pressures are now easing, including deflationary trends in
China and sharply falling money supply in the West. We hope, therefore, for an
improved performance in the second half.
James Smith
Premier Fund Managers Limited
1 August 2023
INVESTMENT PORTFOLIO
at 30 June 2023
Company Activity Country Value£000 % of Ranking
Ranking
totalinvestments June
December
2023
2022
Greencoat UK Yieldcos & United 2,900 6.6 1
2
Wind funds Kingdom
RWE Renewable Europe 2,736 6.2 2
4
energy (ex.
developers UK)
NextEnergy Yieldcos & United 2,617 6.0 3
3
Solar Fund funds Kingdom
Drax Group Biomass United 2,610 5.9 4
1
generation Kingdom
and
production
Octopus Yieldcos & Europe 2,498 5.7 5
5
Renewable funds (ex.
Infrastructure UK)
Aquila Yieldcos & Europe 2,291 5.2 6
6
European funds (ex.
Renewables UK)
Atlantica Yieldcos & Global 2,026 4.6 7
7
Sustainable funds
Infrastructure
Grenergy Renewable Global 1,815 4.1 8
11
Renovables energy
developers
Clearway Yieldcos & North 1,783 4.1 9
10
Energy `A' funds America
SSE Renewable United 1,657 3.8 10
15
focused Kingdom
utilities
Foresight Yieldcos & United 1,566 3.6 11
12
Solar Fund funds Kingdom
Bonheur Renewable Europe 1,527 3.5 12
16
energy (ex.
developers UK)
Harmony Energy Energy United 1,508 3.4 13
9
Income storage Kingdom
Trust (incl.
`C'
Shares)
Corp. Acciona Renewable Europe 1,313 3.0 14
14
Energias energy (ex.
Renovables developers UK)
National Grid Electricity Global 1,144 2.6 15
18
networks
Northland Renewable Global 1,032 2.3 16
17
Power energy
developers
Opdenergy Renewable Global 1,029 2.3 17
30
energy
developers
Iberdrola Renewable Global 1,025 2.3 18
8
focused
utilities
Algonquin Renewable North 974 2.2 19
19
Power and focused America
Utilities utilities
Enefit Green Renewable Europe 822 1.9 20
27
energy (ex.
developers UK)
Gore Street Energy United 797 1.8 21
22
Energy storage Kingdom
Storage Fund
Cloudberry Renewable Europe 751 1.7 22
29
Clean Energy energy (ex.
developers UK)
Gresham House Energy United 715 1.6 23
13
Energy storage Kingdom
Storage Fund
Eneti Renewable Global 713 1.6 24
32
technology
and service
Cadeler Renewable Europe 593 1.3 25
38
technology (ex.
and service UK)
China Suntien Renewable China 562 1.3 26
20
Green energy
Energy developers
Greencoat Yieldcos & Europe 513 1.2 27
24
Renewables funds (ex.
UK)
US Solar Fund Yieldcos & North 508 1.2 28
26
funds America
7C Solarparken Renewable Europe 505 1.1 29
25
energy (ex.
developers UK)
Omega Energia Renewable Latin 455 1.0 30
31
energy America
developers
MPC Energy Renewable Latin 442 1.0 31
28
Solutions energy America
developers
SDCL Energy Renewable Global 371 0.8 32
-
Efficiency financing
Income Trust and energy
efficiency
China Waste to China 371 0.8 33
23
Everbright energy
Environment
GreenVolt Renewable Europe 288 0.7 34
40
energy (ex.
developers UK)
Solaria Renewable Europe 241 0.5 35
39
Energía y energy (ex.
Medio developers UK)
Ambiente
Atrato Onsite Renewable United 224 0.5 36
33
Energy energy Kingdom
developers
Boralex Renewable Global 214 0.5 37
37
energy
developers
GCP Renewable United 195 0.4 38
-
Infrastructure financing Kingdom
and energy
efficiency
Fusion Fuel Renewable Europe 155 0.4 39
34
Green technology (ex.
(incl. and service UK)
warrants)
Polaris Renewable Latin 150 0.4 40
-
Renewable energy America
Energy developers
Innergex Renewable North 109 0.3 41
41
Renewable energy America
developers
Clearvise Renewable Europe 102 0.3 42
45
energy (ex.
developers UK)
Alternus Renewable Europe 34 0.2 43
-
Energy energy (ex.
developers UK)
43,881 99.9
PMGR ZDP United 50 0.1
Securities subsidiary Kingdom
2025
PLC
Total 43,931 100.0
investments
INTERIM MANAGEMENT REPORT
Premier Miton Global Renewables Trust PLC is required to make the following
disclosures in its Half Year 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 31 December 2022.
Attention is further drawn to the new 2025 ZDP Shares' liability falling due on
28 November 2025, the repayment of which stands in preference to the
entitlements of Ordinary Shares. A fall in value of the Company's portfolio
around that time could have a material adverse effect on the value of the
Ordinary Shares.
RELATED PARTY TRANSACTIONS
The Directors are recognised as a related party under the Listing Rules and
during the six months to 30 June 2023 fees paid to Directors of the Company
totalled £39,860 (six months ended 30 June 2022: £37,700 and year to 31 December
2022: £75,375).
GOING CONCERN
The Directors believe that, having considered the Company's investment
objectives (shown on page 1), risk management policies and procedures, nature of
portfolio and income and expense projections, the Company has adequate
resources, an appropriate financial structure and suitable management
arrangements in place to continue in operational existence for a period of at
least 12 months from the date these financial statements were approved. For
these reasons, they consider that the use of the going concern basis is
appropriate. The risks that the Directors considered most likely to adversely
affect the Company's available resources over this period were a significant
fall in the valuation or a reduction in the liquidity of the Company's
investment portfolio.
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 the FCA's Disclosure and Transparency Rules.
For and on behalf of the Board
Gillian Nott OBE
Chair
1 August 2023
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 ("FCA")
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
Auditor
KPMG LLP
15 Canada Square
London E14 5GL
(resigned 3 July 2023)
Haysmacintyre LLP
10 Queen Street Place
London EC4R 1AG
(appointed 13 July 2023)
Tax Advisor
Crowe U.K. LLP
55 Ludgate Hill
London EC4M 7JW
Stockbroker
finnCap Capital Markets
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
*Calls are charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom will be charged at the applicable international
rate. The Registrar is open between 09:00 - 17:30 Monday to Friday excluding
public holidays in England and Wales.
This information was brought to you by Cision http://news.cision.com
END
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