Gresham House Energy Storage (ticker: GRID) was launched in 2018, and it is the larger of the two remaining battery storage trusts listed on the London market. GRID accounts for around one-fifth of the GB battery storage market by capacity and has a market cap of around £450m. In its first few years, it expanded rapidly via numerous share issues, helped by bumper revenues during 2021 and 2022, before overcapacity and technical issues in the GB market caused revenues to slump in 2023 and 2024. GRID was forced to cancel its dividend and curtail its expansion plans, including a proposed diversifi...
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I am inviting readers to send me questions and will be answering selected ones from time to time. While I cannot give individual investment advice, or specific buy or sell recommendations, I am happy to give my honest assessment of macro issues and specific trust or sectors, where I have something of value to say. Here is the first such question.
Q: What are the general implications for the funds held by an investment company if it is bought by private equity? Is there a prevailing sense of what the future holds? As an example I am thinking of RESI and GRID and the offer to buy Gresham Ho...
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Strategic Equity Capital (ticker: SEC) was launched in 2005 and sits in the UK Smaller Companies sector. It runs a concentrated portfolio of 15 to 25 listed companies that mostly have a market value of between £100m and £300m. SEC has net assets of £150m and usually has a net cash position so it can take advantage of any short-term opportunities it sees. The investment style is akin to private equity -- there's a high level of engagement with individual companies and more in-depth research of business fundamentals. SEC was managed by a firm called GVQ from launch until 2020 and Odyssean's Stua...
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