NEW - New Energy Solar

[System]

New Energy Solar is an award-winning sustainable investment business focused on investing in large-scale solar power plants and associated assets that generate emissions-free power. The company currently focuses on assets with contracted cash flows in the US and Australia.

It is anticipated that NEW will list on the ASX during December 2017.

http://www.nes.com.au

 

[Dona Ferentes]

New Energy Solar is an award-winning sustainable investment business focused on investing in large-scale solar power plants and associated assets that generate emissions-free power.
It is anticipated that NEW will list on the ASX during December 2017.

and it did list. Not that has really helped investors. (apart from those getting out early)

looks like the unlisted entity found fertile ground aka uncritical buy and hold bunnies; from today's AFR

Dixon Advisory had also recommended several unlisted investments such as funds operated by Fort Street and New Energy Solar, a clean energy company that has run into problems of late and is also dealing with a large debt burden.

 

[Dona Ferentes]

quel chien

The only one in the negative, out of the 20 largest cap green theme stocks

Renewable energy index?

hello i am just wondering if there is infact a renewable energy/resource index?? seeing as through the rudd govt is tipped to pour resources into more environmentally friendly energy...what stocks should i be looking at for long term growth?? i am new to this sector of the markets and...

www.aussiestockforums.com

 

[Smurf1976]

The only one in the negative, out of the 20 largest cap green theme stocks

An ASX listed stock which, according to their website, has its entire operations in the US.

Perhaps I'm missing something but that seems somewhat odd to me.

 

[Dona Ferentes]

NEW; another silly ASX code to stick into a search engine

09 August ; Sale of US assets update (granting a period of exclusivity to a preferred potential acquirer of 100% of NEW’s interests in its portfolio of 14 U.S. solar assets)
22 August : Binding agreement to sell its portfolio of 14 U.S. solar assets to a subsidiary of MN8 Energy LLC., formerly known as Goldman Sachs Renewable Power LLC., for a gross purchase price of US$244.5 million (A$352 million).

but in the long term, not so pretty. Wasn't this a Dixon favourite?

 

[Dona Ferentes]

From an investment manager:

In spite the backdrop of strong markets during November, one of the largest contributors to [our] positive performance during the month was an investment that is relatively uncorrelated to what broader markets might do: New Energy Solar Fund
(NEW).

We were first drawn to NEW by what appeared to be a good portfolio of assets, but with a share price that was weighed down by the troubles of its investment manager’s ultimate parent, E&P, and an overhang of sellers. After the Board had tried various options to tackle the discount, including the sale of Australian assets, a tender offer, and buybacks, it seemed likely to us that the only permanent solution was either a full sale of the portfolio or, possibly, a merger of the company with its UK-listed sister fund, which at that time was trading on a premium to assetbacking.

As it transpired, in February 2022 the fund announced it would pursue a full sale of the portfolio and a return of capital to shareholders. We used the intervening period to accumulate a large position at an attractive discount to asset backing, even after considering the likely costs of such a transaction, and a potential haircut on the assets to reflect higher interest rates since the last valuation point. We were even able to continue to add to the investment after a sale was announced in August, when exchange rate movements gave us the opportunity to continue to purchase shares on increasingly attractive terms.

During November, NEW completed the transaction and distributed 80% of asset value, crystalizing a sizable gain for [us]. We expect to receive the final proceeds from NEW during 2023.

 

[System]

On February 28th, 2023, New Energy Solar Limited (NEW) was removed from the ASX's Official List at the request of NEW, under Listing Rule 17.11, after security holders resolved to remove NEW from the Official List.