It’s a £24m rollover!
On 31 December 2015, Premier Energy & Water Trust (PEW) issued £24.1m of new Zero Dividend Preference shares (ZDPs) to partially refinance its 2015 ZDP issue that matured that day. Following this transaction, its borrowings are significantly less and the cost of these are lower. Gross assets are also smaller, which results in lower income for its ordinary shares, whilst the trust’s additional dividends are also coming to an end. However, the managers anticipate income generation from the portfolio to be strong and the board expects to pay at least an 8p dividend per ordinary share for 2016.
PEW invests in equity and equity related securities of companies operating in the utilities and infrastructure sectors with the twin objectives of achieving high income and long term capital growth from its portfolio. Since the change of management and stock selection in June 2012, the portfolio has greater emphasis on emerging markets, smaller companies and special situations and lower weightings to traditional, developed market, utility companies.
Premier Global Infrastructure Trust is an investment company. Co. invests principally in equity and equity related securities of companies operating primarily in the energy and water sectors, as well as other infrastructure investments.
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