“In February 2022, the Board requested a waiverof the disposal fee payable to the Investment Manager in the event of a sale ofthe US Solar Assets. The waiver was not agreed to by the Investment Manager, sothe Company is obliged to pay the disposal fee which is calculated as 1.5% ofthe combined value of the equity and debt of the US Solar Assets.”It went Ex today, so selling today means it will settle on Nov 25th, so you will be a Holder on the 24th, so you will get the 82c on Dec 1st.
So someone selling for 18c today, will receive $1.00 (18c + 82c), against guidance of 16c (or 98c including the 82c Capital Return). Even if the Dec 2023 payout is higher (say 19c), the seller today is still laughing as 18c today is better than 19c next year.
Those buying at 19.5c are on drugs or expect the final payout to be 22c or higher. 22c + 82c is $1.04. The NAV on the 21st was $1.06. But there are FX hedging costs, windup costs and a 1.5% disposal fee payable to the Manager.
From the 22nd August EGM Notice:
