01 August 2024
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
2024 is available at https://www.globalrenewablestrust.com/documents/.
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
2024
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
2024
TOTAL
RETURN PERFORMANCE
|
|
Six months
to
|
Year
ended
|
|
|
30
June
|
31
December
|
|
|
2024
|
2023
|
|
Total
Assets Total Return[1]
|
(8.6%)
|
(7.5%)
|
|
S&P
Global Clean Energy Index (GBP)[2]
|
(12.7%)
|
(20.1%)
|
|
Ongoing
charges[3]
|
2.05%
|
1.81%
|
|
ORDINARY
SHARE RETURNS
|
|
Six months
to
|
Year
ended
|
|
|
30
June
|
31
December
|
|
|
2024
|
2023
|
%
change
|
Net Asset
Value per Ordinary Share (cum income)[4]
|
120.28p
|
146.86p
|
(18.1%)
|
Mid-market
price per Ordinary Share
|
105.00p
|
118.50p
|
(11.4%)
|
Discount
to Net Asset Value
|
(12.7%)
|
(19.3%)
|
|
Net Asset
Value Total Return[5]
|
(18.1%)
|
(13.5%)
|
|
Share
Price Total Return[2]
|
(8.0%)
|
(19.2%)
|
|
RETURNS
AND DIVIDENDS
|
|
Six months
to
|
Six months
to
|
|
|
30
June
|
30
June
|
|
|
2024
|
2023
|
%
change
|
Revenue
Return per Ordinary Share
|
4.46p
|
4.43p
|
0.7%
|
Net
Dividends declared per Ordinary Share
|
4.00p
|
3.70p
|
8.1%
|
|
|
|
|
HISTORIC
FULL YEAR DIVIDENDS
|
|
31
December
|
31
December
|
|
Dividends
paid in respect of the year to:
|
2023
|
2022
|
%
change
|
Dividend
|
7.40p
|
7.00p
|
5.7%
|
ZERO
DIVIDEND PREFERENCE SHARE RETURNS
|
|
Six months
to
|
Year
ended
|
|
|
30
June
|
31
December
|
|
|
2024
|
2023
|
%
change
|
Net Asset
Value per Zero Dividend Preference Share(4)
|
119.11p
|
116.24p
|
2.5%
|
Mid-market
price per Zero Dividend Preference Share(2)
|
115.00p
|
110.00p
|
4.5%
|
Discount
to Net Asset Value
|
(3.4%)
|
(5.4%)
|
|
HURDLE
RATES (PER ANNUM)
|
|
As
at
|
As
at
|
|
|
30
June
|
31
December
|
|
|
2024
|
2023
|
|
Ordinary
Shares
|
|
|
|
Hurdle
rate to return the 30 June 2024 share price of 105.00p (December
2023: 118.50p) at 28 November 2025[6]
|
(2.4%)
|
(3.9%)
|
|
Zero
Dividend Preference Shares
|
|
|
|
Hurdle
rate to return the redemption share price for the 2025 ZDPs of
127.6111p at 28 November 2025[7]
|
(41.1%)
|
(35.9%)
|
|
BALANCE
SHEET
|
|
Six months
to
|
Year
ended
|
|
|
30
June
|
31
December
|
|
|
2024
|
2023
|
%
change*
|
Gross
Assets less Current Liabilities (excluding Zero Dividend Preference
Shares)
|
£38.9m
|
£43.3m
|
(10.3%)
|
Zero
Dividend Preference Shares
|
(£16.9m)
|
(£16.5m)
|
2.5%
|
Equity
Shareholders' Funds
|
£21.9m
|
£26.8m
|
(18.1%)
|
Gearing on
Ordinary Shares[8]
|
77.2%
|
61.7%
|
|
Zero
Dividend Preference Share Cover (non-cumulative)[9]
|
2.03x
|
2.26x
|
|
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 2024.
|
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
2024
Introduction
Your
Company's performance in the first half of 2024 was again
disappointing, as renewable energy remained out of favour in
markets world-wide. With apologies for repeating what I have
already said in previous reports, your Board believes this to be
almost entirely a consequence of a macro-economic environment which
markets perceive to be negative for renewable energy
investment.
Coming
into the year, it was widely expected that inflation would soon
begin to moderate, allowing for central banks to ease monetary
policy by reducing interest rates. However, in key western markets
at least, inflation has proved to be "stickier" than expected, with
expectations of material rate cuts being pushed back toward the end
of 2024, and at a more gradual pace than originally
anticipated.
Despite
lacklustre share prices, the portfolio has continued to perform
well operationally, as detailed in the Manager's report. Corporate
activity within the sector is picking up slightly, indicating that
some private buyers are willing to pay more for renewable energy
assets than public markets, - a positive signal.
The first
half of the year has, however, seen an uptick in political risk.
Recent elections in Europe have
indicated a general swing to the right. Unfortunately, many of the
parties gaining in popularity profess to be sceptical of both clean
energy and also climate change more generally, and this could have
potentially negative consequences in the longer term should this
trend continue.
The UK
general election in early July, resulted in a new Labour
Government. We are not expecting any fundamental policy changes
regarding renewable energy to result from this, although there
could possibly be some planning reforms which may prove to be
positive in the longer term.
November
will see a presidential election in the
United States. At the time of writing, Donald Trump is the marginal favourite to regain
the presidency for the Republican Party. Although the finer points
of policy are yet to be fleshed out, Mr. Trump has, again, been
vocal in his scepticism toward the energy transition.
We believe
the risks of an adverse US political environment to be lower than
perhaps perceived by the market, not least since the majority of US
government spending and tax incentives toward clean energy are
directed at Republican leaning states. Furthermore, the days of
direct subsidy are behind us, and renewable energy is exceptionally
cost competitive in the US; renewable power being transacted
between willing buyers and sellers at market prices, with little to
no government interference. Demand for clean power from technology
companies is high and growing strongly.
Performance
Your
Company's total assets total return, measuring the performance of
the portfolio including costs, was negative 8.6%. While undoubtedly
disappointing, this was an out-performance of the Trust's
performance comparator, the S&P Global Clean Energy Index,
which recorded a negative total return, in sterling, of
12.7%.
Renewable
energy and clean technology again lagged wider equity markets,
which were in positive territory in the first half of 2024. The US
market recorded the strongest performance, with a mid-teens return
in sterling, European and Asian markets generally seeing high
single digit positive returns.
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 negative 18.1%.
Pleasingly,
and despite the difficult environment, the discount at which your
Company's shares trade compared to their NAV, fell from 19.3% at
the end of 2023, to 12.7% at June
2024. As such, the share price total return was better than
the NAV total return, at negative 8.0%.
Review
of the six months
Undoubtedly,
the main headwind facing the Trust is the interest rate
environment. Markets perceive the earnings of renewable energy
companies to be relatively fixed, or "bond-like", and as such, the
sector has fallen as yields have increased.
However,
this ignores the good underlying earnings momentum enjoyed by the
sector, from a combination of outright growth coupled with
attractive investment returns. Your Board shares shareholders'
frustration at strong fundamental performance and attractive
prospects being met with weak share prices.
Key
commodity prices, such as gas and electricity, were relatively firm
over the six months, with weakness in the first quarter followed by
a recovery and stabilisation in the second. European gas and
electricity prices remain at relatively high levels historically
and sit in something of a "sweet-spot" for renewable energy, being
high enough to provide good returns to renewable generators, while
not being so high that economic activity is severely curtailed,
with consequent political risk or windfall taxes.
We believe
that the sector also provides opportunities outside of core
renewable energy generation. Indeed, the portfolio's best
performing holding over the period was offshore wind turbine
installation vessel owner, Cadeler. The Manager believes there to
be a shortage of vessels capable of installing the new generation
of large offshore wind turbines. One of Cadeler's vessels is
pictured on the cover of this report.
Earnings
and Dividends
Income
generation has remained healthy, with a modest increase in net
revenue earnings to 4.46p per share over the first half of the
year. In April the Board declared a first interim dividend of 2.00p
per share, paid at the end of June, representing an increase of
8.1% on the prior quarterly dividend level of 1.85p per share. This
brings the quarterly dividend more into line with net revenue
earnings, following the strong earnings growth seen in the 2023
financial year.
The Board
has now declared a second interim dividend of 2.00p per share, to
be paid on 30 September 2024 and will
be marked ex-dividend on 29 August
2024.
Outlook
The
renewable and clean energy sector has experienced a sustained
period of under-performance, as a result of which the Trust's
portfolio trades at a valuation level which could objectively be
said to not represent fundamental value. Investment companies held
within the portfolio are trading at steep discounts to NAV, and
renewable energy developers tend to be valued based on existing
assets with little to no value given for projects in construction
or development.
In
contrast to share prices, the underlying investee companies within
the portfolio are generally trading well, reporting higher
earnings, and paying attractive dividends. Growth expectations for
global renewable energy are being continually upgraded, and several
holdings have commented that returns on investment, over and above
their cost of capital, have increased. This is not a sector in
distress.
I believe
that investor patience will eventually be rewarded. In the
meantime, the sector should remain a relatively reliable source of
income, with the prospect of long-term income growth.
Gillian
Nott OBE
Chair
1 August 2024
INVESTMENT
MANAGER'S REPORT
for
the six months to 30 June
2024
Market
review
The first
half of 2024 has proved to be another tough period for renewable
energy investment, which was a surprise as the underlying trading
environment was relatively benign.
The market
has reassessed both the timing and pace of the current interest
rate cycle, pushing back the date at which the major western
central banks will begin to ease monetary policy. High levels of
government spending, wage pressures, and residual liquidity from
Covid stimulus programmes have combined to keep core inflation
high, despite headline inflation easing somewhat as energy prices
moderated.
The
performance of renewable energy companies has been highly
correlated to interest rate expectations, with fundamental company
performance being relegated to a secondary factor. This has
however, had positive implications for company valuations as
earnings have continued to grow in many holdings even while share
prices have fallen.
The
operational environment has become increasingly positive as the
half year progressed. Gas and electricity prices fell over the
first few months of the year, before strengthening again over the
second quarter. The market price of European carbon permits
followed a similar pattern. Capital costs for new renewable energy
projects have stabilised, although with continued downward pressure
on solar costs due to over-capacity in the supply chain. Several
holdings made positive comments about the availability of
attractive returns on new investment.
An
emerging positive trend is the outlook for power demand from data
centres, and in particular from artificial intelligence. Within the
portfolio, several companies have announced sales contracts with
technology companies and data centre operators.
There were
no material currency headwinds during the first half of the year,
the value of the Pound holding relatively steady over the period.
It declined marginally against the US Dollar, but gained against
the Euro. The portfolio was unhedged against currency movements
over the period.
Portfolio
review
Most
portfolio holdings lost value during the first half of the year,
with some exceptions, despite often encouraging financial results
and underlying business growth.
We have
made only modest changes to the portfolio, both in terms of
geographical allocation and by sub-sector. Investment activity was
relatively low, with purchases of £3.5m and sales of
£2.8m.
Two
companies held at December 2023 were
sold during the period. Firstly, the remaining Chinese investment,
China Suntien Green Energy as a result of a decision to remove the
residual Chinese exposure from the portfolio, and secondly,
Portuguese based renewables developer Greenvolt, which was sold
into an offer for the company.
Two new
companies have been added into the portfolio. VH Global Sustainable
Energy Opportunities is an investment company with a global
portfolio including Brazilian hydro assets, Australian solar
assets, and UK flexible gas fired generation including carbon
capture. It benefits from being highly contracted with low debt,
and like the rest of the sector, trades at an attractive discount
to NAV. Clean Energy Fuels is a US producer and retailer of
renewable natural gas, mainly produced from digestion of
agricultural waste, being chemically identical to natural gas, for
use in the road transportation sector, principally HGVs.
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
Renewable
energy investment companies performed relatively poorly in the
first half of the year, with share prices showing a degree of
correlation to bonds and movements in market interest
rates/yields.
Of the
larger UK holdings, Greencoat UK Wind, NextEnergy Solar Fund, and
Octopus Renewables Infrastructure, saw share price declines of
12.9%, 12.0%, and 20.0% respectively. These falls mainly occurred
during the first couple of months of the year and could be
attributed to a combination of a falling electricity price and
higher than expected inflation. Disappointingly, share prices
largely failed to respond positively to the recovery in energy
prices seen in the second quarter. First quarter reported NAVs
showed low-single digit declines, much less than share price
movements, with the result that share price discounts to NAV
increased over the period.
Despite
recent poor performance, we believe the UK listed renewable energy
investment companies remain attractive investments. Discounts to
NAVs are at high levels, and at June
2024 ranged from 17.5% for Greencoat UK Wind to above 30%
for Aquila European Renewables and Octopus Renewable
Infrastructure. Dividend yields remain high, typically between 7.5%
and 10.0%, with dividends being well covered by cash flows. Several
companies are buying back shares, both absorbing excess supply and
providing a modest boost to NAV per share in the
process.
In
addition, some companies have sold assets to both "prove" the NAV
and raise cash to repay short term floating rate borrowings. Where
companies have sold assets, these have been transacted at a premium
to NAV, with Octopus having done particularly well in this
regard.
US listed
investment companies recorded a more mixed performance. Atlantica
Sustainable Infrastructure's share price increased by 2.1%, with
its largest shareholder (at 42%) Algonquin Power & Utilities,
in May agreeing to sell its stake into a takeover offer for the
company from a private buyer. Clearway Energy's shares fell by
11.4% reflecting the difficult interest rate environment and
heightened perceptions of political risk.
PORTFOLIO
SECTOR ALLOCATION
|
30 June
2024
|
31
December 2023
|
Yieldcos
& funds
|
38.6%
|
40.7%
|
Renewable
energy developers
|
30.9%
|
33.7%
|
Renewable
focussed utilities
|
8.6%
|
7.8%
|
Energy
storage
|
6.2%
|
5.9%
|
Biomass
generation and production
|
4.9%
|
5.1%
|
Renewable
technology and service
|
4.5%
|
2.0%
|
Electricity
networks
|
3.3%
|
2.8%
|
Renewable
financing and energy efficiency
|
2.8%
|
2.0%
|
Waste to
energy
|
0.2%
|
0.0%
|
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. Renewable energy developers recorded a
decidedly mixed market performance during the first half of the
year.
Concentrating
on the larger holdings, Norwegian listed Bonheur, the holding
company for Fred Olsen Renewables, was a 5.1% position at the end
of June. In addition to its core renewable energy business, Bonheur
also owns a wind turbine installation vessel business (Fred Olsen
Windcarrier) and a cruise line (Fred Olsen Cruises). 2023 saw a
fall in profitability of the renewables business, not unexpected
given exceptional results recorded for 2022, but strongly improved
results in vessels and cruise. Overall, 2023 earnings attributable
to shareholders grew by 2.6x, with the company increasing its
dividend by 20%. Despite these results, its share price fell
slightly over the period.
Spain listed Grenergy Renovables, a global solar developer
and operator, is currently constructing what we believe to be the
world's largest solar plus battery storage project, in Chile. The company has managed to pre-contract
much of the output to be generated, and with downward pressure on
solar costs, the project looks set to be highly accretive to future
earnings. 2023 financial results were strong, the company managing
to grow net income fivefold with EBITDA (Earnings before Interest,
Tax, Depreciation and Amortisation) more than doubling. Like
Bonheur however, its share price fell slightly over the first half
of the year.
RWE's
share price performance over the period was very disappointing. The
company reported excellent results for 2023, but indicated lower
earnings were expected in 2024. This should not have been a shock
to the market as recent results have been buoyed by "artificially"
high gas and electricity prices, but RWE's shares declined by 22.4%
over the first half of the year in response. However, better than
expected results so far in 2024 indicate that the company's 2024
earnings guidance could be too conservative, so we would not be
surprised to see upgrades in the second half of the
year.
PORTFOLIO
GEOGRAPHIC ALLOCATION
|
June
2024
|
December
2023
|
United
Kingdom
|
32.3%
|
35.5%
|
Europe
(excluding UK)
|
32.1%
|
33.8%
|
Global
|
19.2%
|
14.7%
|
North
America
|
13.0%
|
11.5%
|
Latin
America
|
3.5%
|
3.2%
|
China
|
0.0%
|
1.4%
|
Source:
PFM Ltd
Other
sectors
Entering
the 10 largest investments for the first time is offshore turbine
installation vessel owner, Cadeler (included within the Renewable
Technology and Service segment). Cadeler currently has four
operational vessels, with a further seven to be delivered between
2024 and 2027. This will make it, by some distance, the largest
player in the sector. It has continued to win contracts, utilising
both existing and to be delivered vessels, at very encouraging
rates, indicating the tightness of demand and supply. Cadeler's
share price increased by 43.6% in the six months to
June.
One result
of the high level of renewable energy investment is an increased
requirement for investment in utility networks. SSE's regulated
utility business is a key beneficiary, and it is now one of the
fastest growing utilities in Europe, with the company expecting the
regulatory value of its networks to increase by over 15% per year
out to 2027. In addition, it is aiming to more than double its
renewable energy capacity from 2022 to 2027. SSE's share price fell
by 3.6% in the first half of the year.
National
Grid conducted a £7 billion rights issue over the period, to help
fund its planned £60 billion of capital expenditure over 2025 to
2029. The Trust supported the issue and exercised its rights.
Grid's share price fell by 10.1% over the first half of the year,
largely due to the hopefully short-term impact of its share
issue.
Biomass
producer and generator, Drax Group, had a positive six months. The
UK government consulted on a potential transitional mechanism to
remunerate power generation at the Drax power station beyond the
expiry of existing arrangements in 2027, pre the start of carbon
capture at the plant expected in the early 2030s. We believe that
an agreement between the company and the new government is likely,
possibly late this year or early next. Drax's share price increased
marginally in the period.
Finally,
the energy storage companies had a difficult period of trading,
with lower power prices early in the year and a lack of market
volatility combining to reduce the earnings capability of UK
batteries. Over the six-month period Gore Street Energy Storage
Fund's share price fell by 27.6%, with Gresham House Energy Storage
Fund falling by 35.5% and Harmony Energy Income Trust by 31.8%. We
believe that Gore Street's share price has over-reacted as it is
internationally diversified with its non-UK assets performing well,
while Gresham and Harmony are both UK focussed. This is illustrated
by Gore Street retaining its dividend, while Gresham and Harmony
have suspended theirs. The second quarter saw an improvement in
profitability of UK energy storage assets, and we expect share
prices may recover some ground as this continues in the second half
of the year.
Income
Net
revenue earnings were relatively consistent with the first half of
2023. Lower dividends from energy storage companies (detailed
above), and a higher weighting to non-dividend paying companies,
were offset by net dividend increases across the rest of the
portfolio.
Some
dividend cuts were also seen in a small number of European
generators that pay out a fixed percentage of earnings, given these
companies had paid large dividends in 2023 in respect of their 2022
financial years, when earnings had been inflated by unusually
high-power prices.
Outlook
We hope to
see the beginning of long-awaited monetary easing in the second
half of 2024. Given that higher rates have had a very negative
impact on sector valuations, we believe it reasonable to hope that
the opposite is also true.
Irrespective
of interest rate driven market sentiment, the sector is continuing
to invest and grow earnings. The current commodity price
environment is relatively benign which may reduce the earnings
volatility seen in some companies in recent years. A period where
earnings growth is more reflective of underlying business growth,
rather than commodity price movements, would be welcome.
We have
recently seen a step-up in demand for renewably generated power
from technology companies and data-centres. Long term technology
trends such as the use of artificial intelligence, are likely to
lead to higher electricity demand in future. It is also
illustrative of the fact that large corporate power buyers are
increasingly prioritising the purchase of renewably generated
electricity over that generated from fossil fuels.
James Smith
Premier
Fund Managers Limited
1 August 2024
INVESTMENT
PORTFOLIO
at
30 June 2024
Company
|
Activity
|
Country
|
Value
£000
|
% of total
investments
|
Ranking
June 2024
|
Ranking
December 2023
|
Greencoat
UK Wind
|
Yieldcos
and Investment Companies
|
United
Kingdom
|
2,772
|
7.2
|
1
|
1
|
NextEnergy
Solar Fund
|
Yieldcos
and Investment Companies
|
United
Kingdom
|
2,511
|
6.6
|
2
|
2
|
Clearway
Energy `A'
|
Yieldcos
and Investment Companies
|
North
America
|
2,507
|
6.6
|
3
|
3
|
Octopus
Renewable Infrastructure
|
Yieldcos
and Investment Companies
|
Europe
(ex. UK)
|
2,013
|
5.3
|
4
|
4
|
Bonheur
|
Renewable
energy developers
|
Europe
(ex. UK)
|
1,961
|
5.1
|
5
|
9
|
Drax
Group
|
Biomass
generation and production
|
United
Kingdom
|
1,869
|
4.9
|
6
|
6
|
Grenergy
Renovables
|
Renewable
energy developers
|
Global
|
1,849
|
4.8
|
7
|
5
|
SSE
|
Renewable
focussed utilities
|
United
Kingdom
|
1,789
|
4.7
|
8
|
10
|
Cadeler
|
Renewable
technology and service
|
Europe
(ex. UK)
|
1,678
|
4.4
|
9
|
19
|
RWE
|
Renewable
energy developers
|
Europe
(ex. UK)
|
1,625
|
4.2
|
10
|
8
|
Foresight
Solar Fund
|
Yieldcos
and Investment Companies
|
United
Kingdom
|
1,532
|
4.0
|
11
|
11
|
Gore
Street Energy Storage Fund
|
Energy
storage
|
Global
|
1,363
|
3.6
|
12
|
12
|
National
Grid
|
Electricity
networks
|
Global
|
1,254
|
3.3
|
13
|
14
|
Northland
Power
|
Renewable
energy developers
|
Global
|
1,153
|
3.0
|
14
|
15
|
Aquila
European Renewables
|
Yieldcos
and Investment Companies
|
Europe
(ex. UK)
|
1,072
|
2.8
|
15
|
7
|
AES
Corporation
|
Renewable
focussed utilities
|
North
America
|
1,042
|
2.7
|
16
|
16
|
Enefit
Green
|
Renewable
energy developers
|
Europe
(ex. UK)
|
958
|
2.5
|
17
|
20
|
Cloudberry
Clean Energy
|
Renewable
energy developers
|
Europe
(ex. UK)
|
713
|
1.9
|
18
|
21
|
Atlantica
Sustainable Infrastructure
|
Yieldcos
and Investment Companies
|
Global
|
695
|
1.8
|
19
|
17
|
US Solar
Fund
|
Yieldcos
and Investment Companies
|
North
America
|
672
|
1.8
|
20
|
29
|
Greencoat
Renewables
|
Yieldcos
and Investment Companies
|
Europe
(ex. UK)
|
658
|
1.7
|
21
|
18
|
Corp.
Acciona Energias Renovables
|
Renewable
energy developers
|
Europe
(ex. UK)
|
652
|
1.7
|
22
|
13
|
GCP
Infrastructure
|
Renewable
financing and energy efficiency
|
United
Kingdom
|
601
|
1.6
|
23
|
30
|
Harmony
Energy Income Trust
|
Energy
storage
|
United
Kingdom
|
587
|
1.5
|
24
|
23
|
Polaris
Renewable Energy
|
Renewable
energy developers
|
Latin
America
|
555
|
1.5
|
25
|
27
|
MPC Energy
Solutions
|
Renewable
energy developers
|
Latin
America
|
476
|
1.2
|
26
|
32
|
SDCL
Energy Efficiency Income Trust
|
Renewable
financing and energy efficiency
|
Global
|
466
|
1.2
|
27
|
33
|
Algonquin
Power and Utilities
|
Renewable
focussed utilities
|
North
America
|
463
|
1.2
|
28
|
28
|
7C
Solarparken
|
Renewable
energy developers
|
Europe
(ex. UK)
|
453
|
1.2
|
29
|
25
|
Solaria
Energía y Medio Ambiente
|
Renewable
energy developers
|
Europe
(ex. UK)
|
441
|
1.2
|
30
|
22
|
Gresham
House Energy Storage Fund
|
Energy
storage
|
United
Kingdom
|
422
|
1.1
|
31
|
26
|
Serena
Energia
|
Renewable
energy developers
|
Latin
America
|
313
|
0.8
|
32
|
34
|
VH Global
Sustainable Energy
|
Yieldcos
and Investment Companies
|
Global
|
302
|
0.8
|
33
|
-
|
Atrato
Onsite Energy
|
Renewable
energy developers
|
United
Kingdom
|
237
|
0.6
|
34
|
36
|
Boralex
|
Renewable
energy developers
|
Global
|
232
|
0.6
|
35
|
35
|
Innergex
Renewable
|
Renewable
energy developers
|
North
America
|
176
|
0.5
|
36
|
37
|
Clean
Energy Fuels
|
Renewable
fuels
|
North
America
|
84
|
0.2
|
37
|
-
|
Fusion
Fuel Green (incl. warrants)
|
Renewable
technology and service
|
Europe
(ex. UK)
|
52
|
0.1
|
38
|
38
|
|
|
|
38,198
|
99.9
|
|
|
PMGR
Securities 2025 PLC
|
ZDP
subsidiary
|
United
Kingdom
|
50
|
0.1
|
|
|
TOTAL
INVESTMENTS
|
|
|
38,248
|
100.0
|
|
|
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 2023. 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.
In addition, at the Company's AGM in 2025 there will be a
continuation vote in accordance with the Company's Articles of
Association.
RELATED
PARTY TRANSACTIONS
The
Directors are recognised as a related party under the Listing Rules
and during the six months to 30 June
2024 fees paid to Directors of the Company totalled £41,388
(six months ended 30 June 2023:
£39,860 and year to 31 December 2023:
£79,888).
GOING
CONCERN
The
Directors believe that having considered the Company's investment
objectives (shown on page 1), the continuation vote at the AGM in
2025, 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 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 ("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
Central
Square
29
Wellington Street
Leeds LS1 4DU
Registrar
Link
Group
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 SE
50 Bank
Street
Canary
Wharf
London E14 5NT
Auditor
Haysmacintyre
LLP
10
Queen Street Place
London EC4R 1AG
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
*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.