24th Nov 2009 12:53
Ludgate Environmental Fund
Q2/Q3 2009 Newsletter
This Newsletter of the Investment Adviser to the Ludgate Environmental Fund Ltd ("LEF" or "Fund") covers the six month period from 1 April 2009 to 30 September 2009, and provides an update from the Q1 Newsletter and the final results announced on 28 September 2009.
In the six months to 30 September 2009, the NAV per share increased from 101.0p on 31 March 2009 to 107.0p and represents an increase in NAV per share of 5.9% over the period. The increase in NAV in the period resulted principally from: a recovery in quoted share prices that positively affected holdings in Hydrodec, Renewable Energy Generation, Phoslock and Azure Dynamics and an uplift in value of STX following the revaluation at the end of June 2009. This increase in NAV per share during the six month period takes into account the proposed distribution of 1.5p per share dividend declared on 28 September 2009.
The Investment Adviser believes that investing in the environmental/cleantech sector presents a compelling investment case. The long term prospects for the sector as a whole remain good and the investment opportunities the Investment Adviser is seeing in the market are generally on more attractive terms than were seen in the same period a year ago. Opportunities currently under review by the Investment Adviser reflect this.
The portfolio now includes the recent £5.0 million investment into New Earth Solutions Group ("NESG"), a UK based private waste treatment and renewable energy company. The Investment Adviser believes that the pipeline of potential investments will continue to increase as the environmental/cleantech sector matures and development capital is needed to support growing businesses with their roll-outs and expansion.
Key Fund & Performance Data
|
Q1 2009 as at 31 Mar 09 |
Q2 2009 as at Jun 09 |
Q3 2009 as at 30 Sep 09 |
||
|
Share price (pence) |
96.5 |
93.8 |
94.5 |
|
|
Warrants price (pence) |
12.5 |
9.0 |
11.3 |
|
|
Net assets (£m) |
46.4 |
50.4 |
49.2 |
|
|
No. of shares in issue |
45,966,419 |
45,966,419 |
45,966,419 |
|
|
NAV per share (pence) |
101.0 |
109.6 |
107.0 |
|
|
Market capitalisation (£m) |
44.4 |
43.1 |
43.4 |
|
|
Exchange |
London - AIM |
|||
|
Admission Date |
2nd August 2007 |
|||
|
Currency |
GBP |
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Investment Portfolio
As at 30 September 2009, the Investment Adviser had recommended and the Fund had completed combined investments of £26.5m across nine companies, representing 55.3% of funds raised by LEF (£47.7 million) or 53.7% of net assets under management. Of the £26.5m total invested, £16.7m or 63.3% of investments made by the Fund are structured as convertible loan notes, preferred stock or as working capital facilities, each paying interest of between 8% and 10% per annum. The income generated from those investments structured in this way during the financial year ended 30 June 2009, along with the full year dividend paid by STX Services allowed the Board of LEF to announce and pay a dividend of 1.5p per share.
The following table presents the Investment Portfolio as at 30 September 2009 based on historical costs (using the exchange rate at the point of investment):
|
Investment Amount £m |
% of NAV |
|||||
|
Company |
Activity |
Notes |
Equity |
Convertible |
Total |
|
|
Hydrodec Group |
Oil Recycling |
3.5 |
3.0 |
6.5 |
13.2 |
|
|
agri.capital |
Biogas |
(a) |
3.2 |
2.5 |
5.7 |
11.6 |
|
Rapid Action Packaging |
Food Packaging |
(b) |
1.5 |
3.5 |
5.0 |
10.2 |
|
New Earth Solutions |
Waste Treatment |
3.0 |
2.0 |
5.0 |
10.2 |
|
|
Emergya Wind Technologies |
Turbine manufacturer |
(c) |
2.3 |
0.2 |
2.5 |
5.0 |
|
STX Services |
Environmental broking |
0.6 |
- |
0.6 |
1.2 |
|
|
Renewable Energy Generation |
Wind developer |
0.5 |
- |
0.5 |
0.9 |
|
|
Phoslock Water Solutions |
Water Treatment |
0.4 |
- |
0.4 |
0.9 |
|
|
Azure Dynamics |
Hybrid electric vehicles |
0.3 |
- |
0.3 |
0.5 |
|
|
15.3 |
11.2 |
26.5 |
53.7 |
|||
Notes to table:
|
(a)
|
In the form of (i) €3m Series E 8% Preference Share and (ii) €3.6m Series F 10% Preference Share;
|
|
(b)
|
Includes a committed £1m working capital facility; as at 30 September 2009 - £0.3m was drawn down;
|
|
(c)
|
In the form of (i) €3m 8% Preference Share and (ii) €0.25m Loan Facility with detachable warrants. Under IFRS, it is required to state the cost of investment at its fair value on conversion of the loan note to preference shares, this increases the cost of investment to £4.0m per the audited financial statements rather than the £2.3m stated in the above table, which represents the cash cost of the investment; and
|
It should be noted that a further investment of €0.7 million was made in October 2009 into agri.capital but this is excluded from the table above.
Hydrodec Group PLC (AIM:HYR)
Specialist Oils Recycling
Valuation at 30 September 2009 (method): £5.2m (quoted share price and Black Scholes)
Amounts Invested: £3.5m (Ordinary shares), £3.0m (8% Convertible Unsecured Loan Stock)
LEF Ownership: 9.0% (assuming full conversion of convertible loan notes)
Date(s) of Investment: November & December 2007, March, April & November 2008, February and June 2009
Company Summary:
Hydrodec's technology is a patented sustainable oil refining process that takes existing spent oil as feedstock to produce new specialty oils thus creating a virtuous "green" cycle. The process is closed loop and produces no harmful emissions. Hydrodec's first commercial process re-refines the used transformer oils that insulate and cool utility transformer boxes. It currently has commercially operating plants in Young, New South Wales in Australia and Canton, Ohio in the US, the largest market for transformer oil in the world.
Investments During Period:
As a consequence of the Placing that took place in February 2009, which completed at a 10% discount to the prevailing market price at the time, the conversion price on the CULS has been reduced. In June 2009, LEF invested £0.2m subscribing for 1.65m ordinary shares as part of a Placing at 14p, which brings LEF's total shareholding in Hydrodec to 29.65m ordinary shares, assuming full conversion of the £3.0m unsecured convertible loan note at 17.65p per share (previously 19p per share).
Recent Highlights Include:
May 2009 - Hydrodec confirmed a three year agreement to receive all of Exelon's used transformer oil (c. 650,000 gallons per year). The Chicago-based electricity utility ComEd, an Exelon company, has committed to purchase back this re-refined SUPERfine oil, effectively creating a closed-loop supply chain for transformer oil, the first of its kind in the utility industry.
June 2009 - Hydrodec raised £3.2m before expenses in a Placing at 14p in which LEF participated laying the ground for potential business in Japan. Demonstration trials have been completed and witnessed by the Japanese Environment Ministry in the Young, NSW plant.
June 2009 - Neil Gaskell was appointed as non-executive Deputy Chairman. Neil worked for Shell for 25 years and was, amongst his senior management roles, Shell Group Treasurer, Director of Shell International Ltd and Deputy Chief Executive of Showa Shell Sekiyu KK in Japan. Additionally, Gillian Leates was appointed as a non-executive Director. Gill was Investment Director on the main Board of Majedie Investments Plc.
July 2009 - the finance director, John Dickson decided to leave Hydrodec to pursue other interests, but will remain with the company until a replacement has been appointed or to the end of the financial year. Following the AGM, Neil Gaskell became non-executive Chairman and John Gunn, Deputy Chairman.
September 2009 - the interim results announced that Canton was achieving consistent production levels of c. 60,000 litres per day (c. 75% capacity) and is generating positive net cash flow; and has achieved progress on the Japanese alliance, a significant growth driver for the future with completion of the first site anticipated by 2012.
agri.capital GmbH
German Biogas Company
Valuation at 30 September 2009 (method): £5.7m (minimum guaranteed return and at cost)
Investment: €3.0m (£2.5m) (8% Preference E Shares with Detachable Warrants) and €3.6m (£3.2m) (10% Preference F Shares)
LEF Ownership: undetermined
Date(s) of Investment: December 2008, April and September 2009
Company Summary:
agri.capital is a specialist developer, owner and operator of biogas plants in Germany, established in 2004. The business uses manure and various crop silages as feedstock to produce biogas as the feedstock decomposes. This methane-rich gas mixture is either burned onsite to create electricity or cleaned to biomethane and fed into the existing German natural gas network. The fermentation residue is used as a high-quality fertilizer, returning nutrients to the soil.
agri.capital uses proven technology from leading German EPC contractors, is eligible for high electricity tariffs, has predictable cash flows and can rapidly roll-out fixed-price plants. The Company has secured locked-in feedstock contracts to match the off-take tariffs resulting in stable revenue stream plants. Their current portfolio includes more than 100 biogas plants in different project stages, working in partnership with over 200 farmers. Currently, there is 32.2MW of installed capacity under management across 44 sites.
Investments During Period:
During the period and as part of the Series F funding round, LEF invested a total of €3.6 million structured as 10% yielding preferred equity with detachable warrants. In October 2009, LEF made a further investment of €0.7m into agri.capital on the same terms as above, bringing LEF's total investment to date to €7.3m.
Recent Highlights Include:
Completion of the €60m fund raising announced in April 2009 will enable the Company to triple capacity by 2010 through a further 100 plants bringing generation capacity to a total of 115MW under management.
agri.capital is the largest operator of biogas facilities in Europe with plants in operation and management across 44 sites with an installed capacity of approximately 32MW.
The Company is currently constructing an additional 4 sites with 6.8MW of capacity. The construction phase of a 2.3 MW bio-methane-injection project started in June 2009. These sites are primarily located in the rural areas of northern and eastern Germany.
The Company's identified pipeline of acquisitions and greenfield projects includes 80 new sites which the Company estimates will produce an additional 74MW of power generation capacity and an acquisition pipeline of c. 114MW.
The Company expects to have 51MW operational by the end of 2009.
Nick Pople and Bill Weil, a Director and Portfolio Manager, respectively, of the Investment Adviser, are alternates for the LEF observer seat on the Board of agri.capital.
Rapid Action Packaging Limited
Food Packaging Solutions
Valuation at 30 September 2009 (method): £5.0m (cost)
Investment: £1.5m (Ordinary Shares), £2.5m (8% Unsecured Convertible Notes) and £1.0 (Committed Working Capital Facility with £0.3m drawn down to date)
LEF Ownership: 30.3% (assuming full conversion of Unsecured Convertible Notes and issued warrants)
Date(s) of Investment: April 2008 and June 2009
Company Summary:
Rapid Action Packaging Ltd ("RAP") specialises in the design, manufacture and supply of innovative, ergonomic, cost effective and environmentally responsible packaging systems particularly for the "food on the move" marketplace. RAP's unique packaging solutions combine the benefits of both paper and film technologies to improve packaging as a vital tool in sales growth for food retailers whilst also putting a strong emphasis on environmental performance and responsibility. All RAP's products are available in fully recyclable materials. It has licensed production of certain of its products to third parties in the US and Asia. In Europe, product design, sales and production are based in Ireland and the UK.
Investments During Period:
In June 2009, LEF committed to provide a £1.0m working capital facility to RAP to fund equipment, installation costs and planned stock increased levels in advance of a new product launch aimed at Continental Europe and North America in the first quarter of 2010.
Recent Highlights Include:
The company has entered into a rolling agreement to supply a major European "food on the move" retailer with packaging for a further menu item scheduled to launch in January 2010.
New manufacturing equipment designed to enable the launch of two new packaging systems has been successfully installed in RAP's factory in Ireland within the budgeted cost of €3.3m.
Customer trials are currently being undertaken with companies in the ready meal and sandwich markets in the UK and Europe. The company expects to be able to announce the launch of these products in the spring of 2010.
Nick Pople, a director of the Investment Adviser, is a non-executive director of RAP.
New Earth Solutions Group Limited ("NESG")
Waste treatment and renewable energy company
Valuation at 30 September 2009 (method): £5.0m (at cost)
Investment: £3.0m (Preference Shares) and £2.0m (10% Convertible Loan Note)
LEF Ownership: undetermined, percentage ownership dependent on certain trigger events
Date(s) of Investment: September 2009
Company Summary:
NESG is a UK business and comprises the waste treatment company, New Earth Solutions Ltd and the renewable energy company New Earth Energy Ltd.
New Earth Solutions helps local authorities to meet their obligations to divert waste under the EU Landfill Directive and contributes to composting and recycling rates. It has existing and planned operations in the south and central England and contracts to receive waste from the local authorities of Bournemouth, Dorset, Bristol and Kent. Further contracts are under negotiation with the West of England Partnership, Gloucestershire and Leicestershire. It has pioneered enclosed composting and biological treatment in the UK since it was created seven years ago.
New Earth Energy is the new renewable energy subsidiary. It is developing and delivering innovative third party advanced thermal technologies to support the use of waste-derived feedstock for renewable power plants and combined heat and power schemes for public and private customers.
Investments During Period:
In September 2009, LEF made an investment into NESG structured as £3.0m through the subscription for preferred ordinary shares and £2.0m as a 12 month, 10% Convertible Loan Note.
Emergya Wind Technologies B.V.
Wind Turbine Manufacturing
Valuation at 30 September 2009 (method): £2.1m (re-valued at exercise price of latest warrants issued)
Investment: £2.3m (8% Preference Shares with warrants) and €0.2m (Loan Notes with Detachable Warrants)
LEF Ownership: 2.5%
Date(s) of Investment: December 2007, September 2008 and April 2009
Company Summary:
EWT is a Dutch-based manufacturer and supplier of wind turbines and turnkey wind parks. It specialises in the development and manufacture of advanced direct-drive (gearless) wind turbines. EWT was established in 2004 by the acquisition of the intellectual property of Dutch wind turbines manufacturer Lagerwey. The current product consists of the 750 KW and the 900 KW series and EWT is also developing 2MW wind turbines for onshore applications.
Investments During Period:
In April 2009, LEF invested an additional €0.2m into EWT as part of a €9.6m convertible warranted loan into the company. Post conversion of the warranted loan and follow-on equity investment, LEF holds 4.1m shares in EWT, representing 2.5% of the share capital of the company.
Recent Highlights Include:
New CEO, Eric Bakker was appointed to tackle the challenges facing the Company given market conditions. Previously, he was responsible for the creation of BP Alternative Energy, and for the development of some 600MW of wind energy in the US and the $280m project finance of Sherbino Mesa in Texas.
Several Dutch projects - (i) 16 turbines installed, start of formal trial runs expected end of August 2009, and official hand-over over early October 2009, (ii) 3 turbines, opening of the wind park occurred in June 2009, with certificate for mechanical completion received, and (iii) 3 turbines, contracts signed, financing secured, installation from January 2010.
Chinese project (joint venture with Chinese Academy of launch Vehicle Technology "CALT") - 55 turbines, first delivery to site by Q4 2009, with the first 90 blades having been produced in China.
US - 6 turbines installed or being installed over next few months.
A pipeline of over 300 turbines to be installed with agreements to be finalised over the next twelve months.
At the time of going to press, EWT was in discussions about a further financing which may or may not lead to a substantial change in valuation.
STX Services B.V.
Environmental Product Broking / Trading
Valuation at 30 September 2009 (method): £3.3m (EVCA Valuation methodology)
Investment: €0.8m (£0.6m) Ordinary Shares
LEF Ownership: 19.2%
Date(s) of Investment: December 2007, January and June 2008
Company Summary:
STX is an Amsterdam-based company specialising in the broking and trading of environmental financial products with a particular focus on the carbon markets. STX has mostly been active in broking and trading EU Emission Allowances ("EUAs") but has diversified into transactions in Certified Emission Reduction ("CERs"), Biofuel Tickets, Green Certificates and other environmental financial products. STX is active across the European markets.
Investments During Period:
None
Recent Highlights Include:
Profitable results for the year ending 31 March 2009 generated dividends that have already paid back LEF's total investment in STX.
STX continues to attract new clients, and revenue generating areas include: spot EUAs and CERs; RECs (spot and forward) including STX's first UK REC deal; biofuel tickets; biofuel barges; and NOX.
STX is now regularly broking Compulsory Stock Obligation ("CSO") deal. The scheme is administered by the UK Department of Industry; a CSO represents a minimum stock of fuel reserves that must be held by a supplier against shortages or interruptions in supply.
The team has expanded to 9 full time employees and is looking to recruit further.
Nick Pople, a director of the Investment Advisor, is a member of the supervisory committee of STX, and Nigel Meir, a director of the Investment Advisor, is a member of the credit committee of STX.
Renewable Energy Generation (AIM:RWE)
UK Onshore Wind Development Company
Valuation at 30 September 2009 (method): £0.2m (quoted share price)
Investment: £0.5m (Equity)
LEF Ownership: less than 1%
Date(s) of Investment: September 2008
Company Summary:
Renewable Energy Generation ("REG") is a UK focused renewable energy group, quoted on AIM (RWE), principally involved with wind power generation and bio power. The Group develops, owns and operates UK wind farms and also generates power in the UK from refined, used vegetable cooking oil.
Investments During Period:
None
Recent Highlights Include:
March 2009 - REG announced interim results for the 6 months ended 31 December 2008: revenue of £4.7m; trading loss of £2.1m; capital expenditure of £28m; proposal to pay dividend of 0.5p per share; a pipeline of development projects in the UK of over 300 MW.
September 2009 - REG announced that it had entered into a conditional sale agreement in relation to the sale to International Power Canada, Inc. of the entire issued share capital of AIM PowerGen Corp for an initial cash consideration of C$119m (c. £69m). The sale of REG's Canadian wind portfolio will allow REG to focus on the UK onshore wind market and on generating power from refined, used vegetable cooking oil.
Phoslock Water Solutions Ltd (ASX: PHK)
Water Treatment Technology
Valuation at 30 September 2009 (method): £0.5m (quoted share price)
Investment: £0.4m (Ordinary Shares with warrants)
LEF Ownership: 3.0%
Date(s) of Investment: September 2008, April and July 2009
Company Summary:
Phoslock is a unique water treatment product, invented and developed by the Commonwealth Scientific & Industrial Research Organisation (CSIRO), Australia's national scientific organization. Phoslock retains phosphorus and provides a protective capping to sediments preventing phosphorus re-release thus improving water quality for human use and aquatic life as well as preventing harmful algae blooms. Phoslock is used for lakes, drinking water reservoirs and other high value water bodies. PWS is headquartered in Sydney, Australia, with offices in Kunming, China and Bremen, Germany, and is represented by licensees and agents in another ten countries.
Investments During Period:
In July 2009, LEF acquired a further 2.75m shares in Phoslock at A$0.11 (5.5p) along with 1,000,000 warrants (exercise price at A$0.11).
Recent Highlights Include:
July 2009 - Phoslock is currently awaiting confirmation to proceed on 11 separate projects with a sales value in excess of A$4m in its key markets (Australia, Europe, Asia and Canada) over the next six months.
August 2009 - Phoslock announced the largest ever application of Phoslock on a lake in northern Germany. Contracts are currently being finalised, but it is expected that approximately 220 tons will be applied to this 70 hectare lake during the autumn 2009, for a total value in excess of A$500,000.
Azure Dynamics Corporation (TSX:AZD)
Electric and Hybrid Electric Drive Technology
Valuation at 30 September 2009 (method): £0.2m (quoted share price)
Investment: £0.2m (Equity)
LEF Ownership: 0.3%
Date(s) of Investment: August & September 2008
Company Summary:
Azure Dynamics Corporation is a world leader in the development and production of hybrid electric and electric components and powertrain systems. Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with various partners and customers. The company states that, in new shuttle lines, fuel consumption is cut by up to 40%, greenhouse gas emissions are reduced by more than 30% and vehicle maintenance costs can be reduced by 30%. AZD is headquartered in Detroit with offices in four centres across North America.
Investments During Period:
None
Recent Highlights Include:
May 2009 - Azure Dynamics announced an order by the city of Toronto for 5 Balance (TM) Hybrid Electric trucks and the appointment of 13 additional dealerships for Azure's Balance (TM) Hybrid Electric Drive.
Delisted from the London Stock Exchange's AIM but remained on the Toronto Stock Exchange.
June 2009 - Azure Dynamics announced an order for 15 Balance (TM) Hybrid Electric shuttle buses from Metro Mobility in Minnesota and an additional order from Purolator of 50 Balance (TM) Hybrid Electric trucks following a previous order of 105.
June 2009 - Azure Dynamics announced its intention to raise CAD$10m through the placement of common stock at a price to be determined in the market.
September 2009 - A recent contract win to supply the Michigan Department of Transport with up to 50 buses over three years with a total maximum value of $5.6m.
The Market
Global cleantech venture investment continued its recovery in the third quarter of 2009 with US$1.6 billion being invested in 134 companies, with the total up 10 per cent compared to the previous quarter, yet still down 42 percent from the same period a year ago. Cleantech is also playing a leading role in the renewal of the IPO market, with much attention given to A123's public launch in September 2009, a developer and manufacturer of advanced lithium-ion batteries and battery systems. According to the Cleantech Group, there are over two dozen cleantech IPOs "in the queue" and also cleantech companies have represented the largest share of venture capital for the first time in the last two quarters, ranging from 23% to 27% across the EU and US, exceeding biotechnology, software, and medical devices.
Cleantech was a key recipient of government stimulus spending, the effects of which will be felt over coming years, further securing the sector's position in the market. In the US, the extension of tax credits for renewables and the partially passed climate change bill offset the limited expectations for the meeting in Copenhagen in December 2009, where the world's leaders will gather to negotiate on global carbon legislation. Utilities continue to increase investments in wind and solar infrastructure, as projects become more economically viable and reach sufficient scale. The Adviser also sees increasing interest from utilities in various forms of waste to energy.
The UK market will also continue to see significant opportunities in cleantech, though the investment trends may be more difficult to predict in the run up to a UK general election in 2010. Energy policy and security will undoubtedly be a focus for the main parties' election strategies and there continues to be broad cross-party support for further government incentivisation of renewable energy, energy efficiency and cleaner waste management practices.
However, in Q3 2009, more than half of overall venture funding continued to be aimed towards solar (28%) and transportation (26%), areas where LEF has invested little so far. While these dominant investment areas are of interest and clear environmental benefit, the Investment Adviser believes that there are interesting opportunities which have so far attracted less funding, such as recycling, waste management, waste to energy and energy efficiency.
As and when global economic conditions improve, the demand for resources such as food, oil and metal may drive commodity prices higher, accelerating the need for resource efficiency, an area that has underpinned the investment case for many of LEF's portfolio companies.
Deal Flow
The Investment Adviser reported in the newsletter to 31 March 2009, that market conditions at that time had focused attention on the existing portfolio companies and, in some cases, their need for capital to maintain growth. During the six months ended 30 September 2009, the Investment Adviser has continued to monitor regularly the current performance of the portfolio companies and has recently announced a follow on investment into agri.capital, supporting its continued growth. However, LEF have made a new investment during the period through the £5.0 million investment into NESG and from the current deal flow the Investment Adviser is reviewing, it expects to complete on a second new investment in Q4 2009.
The opportunities the Investment Adviser has reviewed in the six month period to 30 September 2009 has primarily focused on the energy-generation sector (solar, biomass and waste) and recycling & waste (plastics, metals and municipal solid waste). The Investment Adviser expects that the deal flow in these sectors will continue into the foreseeable future and expects to be able to make further investments in this area in the short to medium term as companies in these sectors mature and require expansion capital.
Companies operating in the energy-generating and recycling & waste areas, looking to finance growth through the debt markets, are finding that the availability of and the terms of financing challenging. The current state of the debt markets continues to make it difficult to raise finance other than on expensive terms. The Investment Adviser believes that the current constraints of the bank funding markets, whilst providing opportunities for LEF, at the same time necessitate careful assessment of financing options going forward when considering new investments.
The Team
In September 2009, Nick Curtis joined the Investment Adviser's team. After graduating from Bristol University with a degree in Geography, Nick qualified as a Chartered Accountant at Price Waterhouse in 1987. He worked in M&A at Kleinwort Benson & PaineWebber before joining Enron as Director, Corporate Development. He moved to BG, and its successor companies Lattice and National Grid, where Nick's roles included Head of Corporate Finance at Lattice Plc and Project Director responsible for the development of the Grain LNG importation project. Latterly, he was Head of European Risk at GE Energy Financial Services, investing money on behalf of GE in the renewable energy market in Europe with transactions including Fotowatio, the Spanish solar developer and owner, Gama Enerji, a Turkish energy joint venture and Theolia, the French wind developer.
Other Information
In July 2009 LEF appointed Matrix Corporate Capital LLP as the Company's corporate broker with a view to increasing research coverage and institutional shareholder relations.
Other Fund Data
ISIN Number - shares JE00BIYW3102
ISIN Number - warrants JE00BIYW3L02
Reuters RIC Code - shares LEF.L
Reuters RIC Code - warrants LEFW.L
Bloomberg code - shares LEFLN
Bloomberg code - warrants LEFWLN
Contact Details
Ludgate Environmental Fund Limited +44 (0) 777 197 6278
John Shakeshaft, Chairman
Ludgate Investments Limited +44 (0) 20 7621 5770
Nick Pople / Nigel Meir
PricewaterhouseCoopers LLP (Nomad) +44 (0) 20 7213 8898
Melville Trimble
Matrix Corporate Capital LLP (Broker) +44 (0)20 3206 7175
Paul Fincham
Carbon International +44 (0) 20 7483 7202
David Hopkins
Important Information
Past performance is not a guide to future performance. The value of investments and the income generated from them may go down as well as up and are not guaranteed. You may not get back the amount you originally invested. Changes in rates of exchange and stock market performance may cause the value of investments to fluctuate. Where investments are made in unquoted securities or smaller companies, their potential volatility may increase the risk to the value of, and the income from, the investments. Net Asset Value (NAV) performance is not the same as share price, and you may realize returns that are lower or higher than NAV performance.
Related Shares:
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