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MarkSp
Posted: 08 March 2025 10:09:07(UTC)
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people

If you vote on this via a platform note that voting "For" everything on the global voting buttons will vote FOR DISCONTINUATION.

The motion is that the company should be wound up. If you dont want to wind up UKW you need to vote against motion 17
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6 users thanked MarkSp for this post.
Chris Howland on 08/03/2025(UTC), Sheerman on 08/03/2025(UTC), PW2021 on 08/03/2025(UTC), Tim D on 08/03/2025(UTC), L.P. on 09/03/2025(UTC), Gary Millar on 09/03/2025(UTC)
Robert D
Posted: 08 March 2025 10:15:15(UTC)
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UKW needs to show it is serious about tackling its 26% discount, a record low, in order to continue. Without such, a discontinuation and winding-up may be in investors' best interests.
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PW2021 on 08/03/2025(UTC)
Johan De Silva
Posted: 08 March 2025 10:16:23(UTC)
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Thanks. I have not received the corporate action yet but will vote in the week...

A 26.12% discount means a gain of +35.37% takeaway any fees, if sold at NAV today. This is 4 years dividends but it could take a while to liquidate it all and so we keep receiving the dividends. That approach is attractive.
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Chris Howland on 08/03/2025(UTC)
PW2021
Posted: 08 March 2025 14:59:24(UTC)
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I am no expert on how NAV is arrived at but if UKW disposed of its assets in the coming year or so in the current climate ("Drill baby drill, because climate change is made up by wokists") it's not clear they'd achieve that +35%, right?
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Thrugelmir on 09/03/2025(UTC)
L.P.
Posted: 09 March 2025 08:15:25(UTC)
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PW2021;336942 wrote:
I am no expert on how NAV is arrived at but if UKW disposed of its assets in the coming year or so in the current climate ("Drill baby drill, because climate change is made up by wokists") it's not clear they'd achieve that +35%, right?


Right.
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Thrugelmir on 09/03/2025(UTC)
Johan De Silva
Posted: 09 March 2025 08:32:27(UTC)
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Whatever the price, any proceeds can be re-invested or recycled in other discount opportunities like HICL or in the renewable energy sector. Whatever is best value at the time.
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Stephen B.
Posted: 09 March 2025 14:08:24(UTC)
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I don't think there's any likelihood of being able to sell a multi-billion pound portfolio of wind turbines on any kind of reasonable timescale at any price - if there were any buyers on that scale they'd probably have made an offer already, as we're progressively seeing for the distressed REITs.
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MarkSp on 09/03/2025(UTC)
Johan De Silva
Posted: 09 March 2025 16:13:35(UTC)
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Stephen B.;337000 wrote:
I don't think there's any likelihood of being able to sell a multi-billion pound portfolio of wind turbines on any kind of reasonable timescale at any price - if there were any buyers on that scale they'd probably have made an offer already, as we're progressively seeing for the distressed REITs.

I understand it won't be easy but examples of successful renewable energy transactions in Europe:

1. Ørsted has successfully sold stakes in multiple offshore wind projects, including Hornsea 1 and Borkum Riffgrund 2, to institutional investors and infrastructure funds.

2. Spanish energy giant Iberdrola has sold stakes in renewable energy projects to funds like GIP and Macquarie, demonstrating the liquidity of such assets.

3. Swedish utility Vattenfall sold its Dutch Nuon Magnum gas-fired power plant and reinvested the proceeds into renewable energy projects, highlighting the shift in investor focus.

4 BP has been actively acquiring and divesting renewable energy assets, including its partnership with Equinor to develop offshore wind projects in the U.S. and Europe.

The examples above show that large-scale renewable energy assets in Europe are not only marketable but also highly attractive to a wide range of buyers who would like to attempt to cool down a warming world that all agree is heating up regardless of man made or not.
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MarkSp
Posted: 09 March 2025 17:12:40(UTC)
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Stephen B.;337000 wrote:
I don't think there's any likelihood of being able to sell a multi-billion pound portfolio of wind turbines on any kind of reasonable timescale at any price - if there were any buyers on that scale they'd probably have made an offer already, as we're progressively seeing for the distressed REITs.


You could be looking at 5-7 years to sell out
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Johan De Silva on 09/03/2025(UTC)
LondonYank84
Posted: 09 March 2025 19:39:30(UTC)
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UKW market cap is £2.5bn - call it £3bn with a small takeover premium. It’s large, but not too large to be a target for a large pension fund or SWF looking to swap some of their TIPS/linkers for higher returning fixed duration assets.

Worth remembering the BBGI deal was c.£1bn by a relatively small pension plan…
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