The Board has again reviewed the potential to merge the share classes and believes that the challenges that existed two years ago (resulting in the May 2017 decision not to recommend a merger) can now be overcome, particularly given the further stabilisation of the operating record of the assets. The Board expects to conclude a share class merger in the next year.
Hmmm ... that and the reduction in investment manager fees look positive, at the cost (if such it be) of new barriers to the shareholder rebellion. But it's been a long slog from BBB&co to get there!
And how does this fit with a merger?
Over the next five years, the Directors currently anticipate a target annual dividend of 5.00p per ordinary share, 8.00p per “C” share and 5.00p per “D” share.
And the Good News(?) stories seem rather on the vague side:
The refinancing of an investee company which owns the 10.25MW Halesworth wind farm, reducing the cost of debt in the company to 3.29% per annum.
to 3.29%. From ... hmm, are we being coy? Any beancounters here find reference to how much debt they're talking about?
The Investment Manager acted to fix near term electricity prices in many of our investee companies at an attractive rate in September 2018.
The prices secured were 24% ahead of the relevant price forecast.
"The relevant price forecast"? Is this some disingenuous spin (spinning with prices inclusive/exclusive of taxes, ROCs, or something)? Or too-good-to-be-true territory?
And conveniently after shareholders have approved the new investment management agreement:
The Board expects to publish a report in October 2019, along with the half-yearly accounts, to set out the future landscape for the Company.
Is my memory failing me? Wasn't Temporis the same as the previous manager, rebranded/repackaged?
When Temporis was appointed Investment Manager in 2011 it was clear that investee companies were not being adequately administered. For example, it became apparent that across the portfolio our companies had under-billed for power and related benefits. Temporis subsequently corrected this on behalf of the relevant investee companies.
(all the above from the V2 report).