REG-Premier Miton Global Renewables Trust Plc: Half-year Report
31/07/2025 07:02
31 July 2025
Premier Miton Global Renewables Trust Plc (the `Company')
Legal Entity Identifier: 2138004SR19RBRGX6T68
Premier Miton Global Renewables Trust PLC's half report and accounts for the
six months to 30 June 2025 is available
at https://www.globalrenewablestrust.com/documents/.
It has also been submitted in full unedited text to the Financial Conduct
Authority's National Storage Mechanism and is available for inspection
at data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) in accordance with
DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
PREMIER MITON GLOBAL RENEWABLES TRUST PLC
Half Year Report
for the six months to 30 June 2025
INVESTMENT OBJECTIVES
The investment objectives of the Premier Miton Global Renewables Trust PLC are
to achieve a high income from, and to realise long-term growth in the capital
value of its portfolio. The Company seeks to achieve these objectives by
investing principally in the equity and equity-related securities of companies
operating primarily in the renewable energy sector, as well as other
sustainable infrastructure investments.
GREEN ECONOMY - LONDON STOCK EXCHANGE
The Company has been awarded the London Stock Exchange's Green Economy Mark, a classification which is awarded to companies and funds that are driving the global green economy. To qualify for the Green Economy Mark, companies and funds must generate 50% or more of their total annual revenues from products and services that contribute to the global green economy.
PRI - PRINCIPLES FOR RESPONSIBLE INVESTMENT
The Fund Manager integrates Governance and Social responsibility into its investment process. Premier Miton is a signatory to the Principles for Responsible Investment, an organisation which encourages and supports its signatories to incorporate environmental, social, and governance factors into their investment and ownership decisions.
FE FUNDINFO - CROWN FUND RATING - 4 STARS
The Crown Fund Rating is a global quantitative rating that is based on a fund's historical performance relative to an appropriate benchmark. The rating relies on three key measurements - alpha, volatility and consistent performance, to dictate the one-to-five Crown score. The ratings are designed to help investors distinguish funds that have superior performance in terms of stock picking, consistency and risk control.
COMPANY HIGHLIGHTS
for the six months to 30 June 2025
TOTAL RETURN PERFORMANCE
Six months to Year ended
30 June 31 December
2025 2024
Total Assets Total Return (1) 13.4% (14.0%)
S&P Global Clean Energy Index (GBP)(2) 5.8% (24.1%)
Ongoing charges (3) 1.71% 2.06%
ORDINARY SHARE RETURNS
Six months to Year ended
30 June 31 December
2025 2024 % change
Net Asset Value per Ordinary Share (cum income)(4) 121.34p 101.61p 19.4%
Mid-market price per Ordinary Share 108.50p 93.00p 16.7%
Discount to Net Asset Value (10.6%) (8.5%)
Net Asset Value Total Return (5) 23.9% (26.1%)
Share Price Total Return (2) 21.9% (15.2%)
RETURNS AND DIVIDENDS
Six months to Six months to
30 June 30 June
2025 2024 % change
Revenue Return per Ordinary Share 4.09p 4.46p (8.3%)
Net Dividends declared per Ordinary Share 4.00p 4.00p 0.0%
HISTORIC FULL YEAR DIVIDENDS
31 December 31 December
Dividends paid in respect of the year to: 2024 2023 % change
Dividend 8.00p 7.40p 8.1%
ZERO DIVIDEND PREFERENCE SHARE RETURNS
Six months to Year ended
30 June 31 December
2024 2025 % change
Net Asset Value per Zero Dividend Preference Share (4) 125.06p 122.07p 2.4%
Mid-market price per Zero Dividend Preference Share (2) 123.50p 118.00p 4.7%
Discount to Net Asset Value (1.2%) (3.3%)
HURDLE RATES (PER ANNUM)
As at As at
30 June 31 December
2025 2024
Ordinary Shares
Hurdle rate to return the 30 June 2025 share price of 108.50p (December 2024: 93.00p) at 28 November 2025 (6) (11.1%) (1.9%)
Zero Dividend Preference Shares
Hurdle rate to return the redemption share price for the 2025 ZDPs of 127.6111p at 28 November 2025 (7) (85.0%) (52.3%)
BALANCE SHEET
Six months to Year ended
30 June 31 December
2025 2024 % change*
Gross Assets less Current Liabilities (excluding Zero Dividend Preference Shares) £39.9m £35.9m 11.1%
Zero Dividend Preference Shares (£17.8m) (£17.4m) 2.2%
Equity Shareholders' Funds £22.1m £18.5m 19.6%
Gearing on Ordinary Shares (8) 80.3% 93.6%
Zero Dividend Preference Share Cover (non-cumulative)(9) 2.12x 1.89x
(1) Source: Premier Fund Managers Ltd ("PFM Ltd"). Based on opening and closing total assets plus dividends marked "ex-dividend" within the period.
(2) Source: Bloomberg.
(3) Ongoing charges have been based on the Company's management fees and other operating expenses as a percentage of gross assets less current liabilities over the period (excluding ZDPs' accrued capital entitlement).
(4) Articles of Association basis.
(5) Source: PFM Ltd. Based on opening and closing NAVs plus dividends marked "ex-dividend".
(6) Source: PFM Ltd. The Ordinary Shares Hurdle Rate is the annualised compound rate of growth of the total assets required each year to meet the Ordinary Share price at 30 June 2025.
(7) Source: PFM Ltd. The ZDP Shares Hurdle Rate is the annualised compound rate that the total assets could decline each
year until the predetermined redemption date, for ZDP shareholders still to receive the redemption entitlement.
(8) Source: PFM Ltd. Based on Zero Dividend Preference Shares divided by Ordinary Shareholders' Equity at end of each period.
(9) Source PFM Ltd. Non-cumulative cover = Gross assets at period end divided by final repayment of ZDP Shares plus management fees charged to capital.
* % change is calculated on actual figures, and may be different from that which could be obtained by using rounded figures shown within this section.
CHAIR'S STATEMENT
for the six months to 30 June 2025
Introduction
I am pleased to report a marked improvement in performance in the first half
of 2025. As I have discussed in previous reports, markets perceive that a
higher interest rate environment is negative for the renewable energy sector.
The first half of 2025 saw more stable yields on government bonds, and this
was positive for sentiment. In addition, poor recent performance meant many
renewable energy companies were trading at depressed levels, with potential
for a rebound.
Headline inflation has proved sticky, in both the US and Europe. However, many
economic indicators show a deteriorating backdrop, and this allowed the Bank
of England and the European Central Bank to continue with cuts to policy rates
which began in the second half of 2024. In the United States by contrast,
stubborn inflation plus economic and policy uncertainty, caused the Federal
Reserve to sit on its hands during the first half of 2025, keeping interest
rates unchanged (to the consternation of the president). Overall, there is a
feeling that the interest rate environment is becoming more benign.
Equity markets, particularly in the US, have experienced a relatively high
degree of volatility. The new US administration's tariff policies have caused
much uncertainty and appear to have been calculated arbitrarily. The US
continues to run a very high fiscal deficit and President Trump's "One Big
Beautiful Bill", now passed into law, containing further tax cuts, is expected
to exacerbate the situation.
It is unsurprising therefore that the US dollar has been weak over the period.
The US dollar index, which measures the dollar's value against a basket of
other currencies, fell by 10.7% over the six months.
Your Company's portfolio continued to perform well on a fundamental basis, and
it was encouraging to see this reflected in share prices. Corporate activity
has continued to feature, with the portfolio having two positions subject to
takeover offers in the period.
In the UK, the new Labour government is committed to encouraging renewable
energy development. However, a complication in the period has been a review of
the UK's wholesale electricity trading arrangements, notably a potential shift
to regional, or `zonal', power markets designed to encourage higher power
prices in areas where power demand exceeds supply. In July the government
announced that a zonal pricing system would not be pursued, and the UK would
continue with a single electricity market. Instead, the electricity system
operator is tasked with setting out a plan to better spread energy projects
across the country, together with changes to transmission network access
charges. It is hoped this will lead to a more efficient electricity system.
Performance
Your Company's total assets total return, measuring the performance of the
portfolio including costs, was 13.4%. This was an out-performance of the
Company's performance comparator, the S&P Global Clean Energy Index, which
recorded a total return, in sterling, of 5.8%.
Renewable energy companies out-performed wider equity markets. The US market
for once underperformed as investors struggled to digest a raft of new tariff
and economic policies. European markets, performed well on the promise of
looser fiscal policy, with large increases in defence spending. The German
market was a major beneficiary of this shift.
Given your Company's geared capital structure, movements in gross assets are
amplified in the net assets. The net asset value ("NAV") total return was
23.9%.
The discount at which your Company's shares trade in relation to their NAV
widened slightly, from 8.5% at the end of 2024, to 10.6%, with the result that
the share price total return was a little behind the NAV return, at 21.9%.
Review of the six months
There was widespread strength in the portfolio over the six months to June. A
more benign inflation outlook allowed the ECB to cut policy rates from 3.00%
to 2.15%, and the Bank of England from 4.75% to 4.25%. As noted above, in the
US, the Federal Funds Rate was unchanged, at 4.50%.
A degree of caution is warranted, however. Many western governments are
running unsustainably large fiscal deficits, and there is a risk that they
will be forced into paying ever higher yields in future to encourage bond
markets to absorb greater amounts of debt, in addition to an increased risk of
default.
As described in more detail in the Investment Manager's Report, the portfolio
benefitted from an improved performance by UK listed renewable energy
investment companies, and some of the larger renewable energy developers. One
of your Company's larger investments, Grenergy, was particularly strong.
The portfolio made reasonable returns on its holdings in the US. This was
despite a volatile political environment and a depreciating US dollar.
Earnings and Dividends
Income generation was lower than the prior calendar period, partly reflecting
a weak US dollar, reducing the value of US dividends. In addition, there were
some modest cuts to dividends at a small number of companies. Despite this,
dividends of 4.00p were covered by revenue earnings of 4.09p.
In April the Board declared a first interim dividend of 2.00p per share, paid
at the end of June. The Board has now declared a second interim dividend of
2.00p per share, to be paid on 30 September 2025 and will be marked
ex-dividend on 28 August 2025.
Outlook and future of the Company
As I noted in my letter within the 2024 Annual Report, the Board did not, at
that time, believe that it would be cost effective to issue new ZDP shares to
replace the existing ZDP share issue on its maturity in November this year.
This would leave the size of the Company, measured by its gross assets, at a
level which the Board did not believe would be viable. Neither was there
sufficient market demand for the Company to carry out an issue of new Ordinary
Shares.
Despite the very welcome improved performance seen over the past six months,
the Board remains of this view.
As such, barring a major change in circumstances, over the coming months the
Board intends to bring forward proposals to wind up the Company and distribute
its assets to shareholders. We aim to do this as cost effectively as possible,
while also offering a roll- over investment option for those shareholders who
wish to remain invested. I am grateful to shareholders for approving the
continuation resolution at the AGM held in April, which allows the Board
maximum flexibility in this regard. The Board expects to make an announcement
in the third quarter as to the future of the Company and options for
shareholders.
Many shareholders will no doubt share my disappointment at this outcome, not
least as the Company appears to be on an improving performance trend.
Gillian Nott OBE
Chair
31 July 2025
INVESTMENT MANAGER'S REPORT
for the six months to 30 June 2025
Market review
The first half of 2025 saw a much-improved performance from both the renewable
energy sector and the portfolio. A more benign interest rate environment has
lowered perceived risks for sectors deemed by markets to be "bond proxies",
i.e. assumed to have fixed bond-like cashflows.
Given renewable energy is a growing sector, this is not a theory that I
believe holds over the long term, but in the short term, the market believes
it and as such the sector has shown a high degree of (negative) correlation to
interest rates.
The new US administration hit its stride in the half year with a raft of
tariff and trade measures. This has undoubtedly hurt the US's global standing
and is a factor behind the weakness in the US dollar seen in the first half of
the year.
The US administration's flagship legislation, now passed, will favour fossil
fuels and phases out tax credits for renewable generation. To the extent this
results in less renewable development and given the time scale required to
build fossil fuel and nuclear alternatives, it is likely to increase US power
prices in coming years as demand for power is not matched by an increase in
supply.
In contrast to recent history, global markets were led by Europe, including a
strong performance by the UK market. Heightened concerns over fiscal
sustainability, plus conflict in the Middle East between Israel and Iran, saw
investors favour alternative stores of value, such as gold, which gained 25.9%
over the six months.
Europe has now largely transitioned away from imported Russian natural gas,
and both gas and electricity prices have continued to normalise, albeit at
higher levels than "pre-Ukraine". An on-going debate concerns high industrial
tariffs, making industry uncompetitive. Reducing system costs, particularly
through grid balancing and energy storage, will be key policy areas in coming
years.
Portfolio review
There was widespread strength in the portfolio over the half year.
Given the likely cessation of the Company later this year, only modest changes
have been made to the portfolio. Less liquid holdings are gradually being
sold, and investments in fixed income exchange traded funds have been added as
a transitional store of capital and to reduce market risks.
Two companies were sold into offers, continuing an established trend of
private markets ascribing a higher value to renewable assets than public
markets are prepared to do.
As in prior years, we categorise core renewable generation companies into two
groups. Firstly, the investment companies, often referred to as yield
companies or "yieldcos", which usually acquire built, or construction-ready,
assets paying out the majority of cash-flows to investors and raising capital
through new equity. Secondly, integrated development companies, which develop
projects from first inception, retaining some assets and raising capital
through a combination of retained earnings and project sales. Together, these
formed 62% of the portfolio at the end of the half year.
PORTFOLIO SECTOR ALLOCATION
30 June 31 December
2025 2024
Yieldcos and Investment Companies 34.3% 33.2%
Renewable energy developers 28.0% 34.2%
Renewable focused utilities 7.5% 6.9%
Renewable financing and energy efficiency 7.2% 4.1%
Energy storage 5.2% 5.0%
Fixed interest securities 4.7% 0%
Biomass generation and production 4.2% 5.5%
Electricity networks 3.8% 3.9%
Renewable technology and service 3.3% 4.9%
Renewable fuels and charging 1.7% 2.1%
Source: PFM Ltd
Yieldcos & Investment Companies
Renewable energy investment companies performed well in the half year, with a
more stable interest rate outlook enabling a recovery in UK names.
The review into the UK's wholesale electricity trading arrangements improved
sentiment toward solar generators, while acting as a headwind to wind
generators. Greencoat UK Wind saw its share price fall by 5.6% in the half
year, while Octopus Renewables Infrastructure, having a more balanced
portfolio, gained 7.9%.
Solar investors performed the best however, with NextEnergy Solar's share
price increasing by 12.1% and Foresight Solar by 11.8%.
Despite the improved performance, and relatively flat published NAVs, the UK
renewable investment company sector continues to trade at a meaningful
discount to published NAVs. Boards are taking action to improve the situation,
buying back shares at a discount, and moving to calculating fees based on
market capitalisation rather than accounting asset values.
In the US, Clearway Energy (`A' shares), which has been one of the portfolio's
largest holdings for some time, again performed well, its share price
increasing by 23.7% although part of the gain was lost to a depreciating US
dollar.
Renewable energy developers
Renewable developers build, own and operate their assets, occasionally selling
stakes or entire projects to raise capital for new development.
Spain listed Grenergy Renovables was a stand-out performer in the period; its
share price increasing by 88.2%. The company is making excellent progress in
its substantial new solar plus battery storage
project in Chile. It has managed to sign attractively priced electricity sales
contracts with clients while also selling stakes in the project to third
parties at prices well ahead of invested capital. This has provided the
company with the funds to complete construction without requiring additional
equity from shareholders.
Another long-term holding, Canada listed Northland Power, also had a strong
six months. Its share price gained 19.2%, although its shares remain well
below historic highs. Northland is currently constructing offshore wind farms
off Taiwan and Poland, to add to its three operational assets in the North
Sea. The two projects are progressing on time and budget and are expected to
be fully operational over 2026 and 2027.
European developers recorded mixed performances. In Germany, RWE's shares
gained 24.3%, recovering from lows. Despite a turbulent environment, RWE
appears well positioned in the US to serve fast growing power demand,
particularly from energy hungry data centres. The company has scaled back its
growth ambitions, concentrating on those projects with the highest returns, a
strategy which has gone down well with investors.
By contrast, in Norway, Bonheur has again been a disappointment, its shares
losing 12.4%. This was despite its core wind generation business reporting
solid results and seeing strong trading in its offshore installation vessels
business.
The holding in renewables developer, Enefit Green, which operates in the
Baltic states, was sold in the period into an offer from its majority owner,
Eesti Energia. The offered price was 23.1% above the share price at the start
of the year.
Other sectors
SSE, classified within Renewable Focussed Utilities, is a name familiar to
most, and has been a successful holding for the Company over the years. Its
Scottish transmission business has exceptional growth as it builds the
infrastructure to transport power south from Scotland to England. In addition,
it is making good, although slightly delayed, progress on its giant Dogger
Bank wind farm in the North Sea. SSE's shares gained 13.8% over the period.
Another long-standing holding, on which the Company has also made an excellent
return, is Drax Group (biomass generation and production). Drax has reached an
agreement with the UK government to continue to operate the Drax Power Station
on a short- term basis beyond the cessation of its existing revenue
arrangements in 2027. Long term generation from the station utilising carbon
capture is, in my view, looking less likely on grounds of cost and complexity,
but the company is not short of other options, including potentially providing
power via a direct supply to a data centre which could be located at the site.
Drax's shares gained 7.0% in the half year.
Battery energy storage companies enjoyed a rebound in the first half of the
year. Gore Street Energy Storage, which is constituted as an investment
company, benefited from the completion of two large new facilities in the US,
plus a recovery in trading in the UK market. Its share price increased by
41.2%. Despite this good performance, at the end of June its shares stood at a
33.9% discount to their net asset value.
A further positive from a smaller holding, was the takeover of Harmony Energy
Income Trust, a UK dedicated battery storage company, at a price equivalent to
its NAV. This represented a 41.9% gain on the share price at the start of the
year.
Less successful was the holding in wind turbine installation vessel owner
Cadeler (renewable technology and service), which had performed exceptionally
well in 2024. In the first half of 2025, its shares fell by 25.0%. Sentiment
toward offshore wind has been weak, largely due to issues at sector leader
Orsted. However, the company's order book and contract rates for its vessels
remain healthy.
The position in SDCL Efficiency Income Trust (renewable financing and energy
efficiency) was steadily increased, taking advantage of the substantial
discount to NAV at which the shares trade together with its high dividend
yield. Approximately two thirds of the company's business is located in the US
and benefits from having long term contracts with creditworthy counterparties.
Although its share price was about level measured over the half year, the
trust managed to acquire shares on dips such that the position generated an
attractive return.
Lastly, National Grid (electricity networks), like SSE, is benefitting from a
substantial increase in spending on the UK's electricity transmission network,
enabling the transition to a carbon free power system. It has also reached
what look to be reasonable settlements with state level regulators in its US
business. Its shares gained 11.8%.
PORTFOLIO GEOGRAPHIC ALLOCATION
June December
2025 2024
United Kingdom 33.3% 29.3%
Europe (excluding UK) 27.4% 33.7%
Global 27.0% 23.3%
North America 9.2% 10.7%
Latin America 3.0% 3.1%
Source: PFM Ltd
Income
Net revenue earnings were below the prior year. This was largely due to lower
dividends at a couple of UK investment companies, Gore Street Storage and
Aquila European Renewables. The former cut its payout to better match its
cashflows, while the latter is in the process of a wind down. In addition,
National Grid conducted a rights issue in 2024, holding its total dividend
steady but reducing the per share amounts to account for the new shares.
Outlook
Renewable energy companies performed well in the half year, with most
companies held making solid gains. Growth remains attractive, and power prices
relatively well bid.
In addition, renewable energy companies have benefitted from being mainly
domestically focussed and not therefore caught up in tariffs.
Well run companies, with modest debt and highly contracted revenues should
remain in demand, particularly during periods of market turbulence. Any
further monetary easing should also be of benefit to market sentiment.
James Smith
Premier Fund Managers Limited
31 July 2025
INVESTMENT PORTFOLIO
at 30 June 2025
Company Activity Country Value £000 % of total investments Ranking June 2025 Ranking December 2024
Greencoat UK Wind Yieldcos and Investment Companies United Kingdom 2,892 7.4 1 1
SSE Renewable focused utilities United Kingdom 2,563 6.5 2 11
RWE Renewable energy developers Europe (ex. UK) 2,428 6.2 3 10
Clearway Energy `A' Yieldcos and Investment Companies North America 2,427 6.2 4 3
Octopus Renewable Infrastructure Yieldcos and Investment Companies Europe (ex. UK) 2,129 5.4 5 6
Northland Power Renewable energy developers Global 2,050 5.2 6 8
Gore Street Energy Storage Fund Energy storage Global 2,037 5.2 7 14
Bonheur Renewable energy developers Europe (ex. UK) 1,775 4.5 8 4
Grenergy Renovables Renewable energy developers Global 1,738 4.4 9 2
NextEnergy Solar Fund Yieldcos and Investment Companies United Kingdom 1,723 4.4 10 9
Drax Group Biomass generation and production United Kingdom 1,663 4.2 11 5
National Grid Electricity networks Global 1,508 3.8 12 12
Foresight Solar Fund Yieldcos and Investment Companies United Kingdom 1,462 3.7 13 13
Cadeler Renewable technology and service Europe (ex. UK) 1,281 3.3 14 7
SDCL Energy Efficiency Income Trust Renewable financing and energy efficiency Global 1,234 3.1 15 18
Aquila European Renewables Yieldcos and Investment Companies Europe (ex. UK) 850 2.2 16 16
GCP Infrastructure Renewable financing and energy efficiency United Kingdom 810 2.1 17 23
Greencoat Renewables Yieldcos and Investment Companies Europe (ex. UK) 716 1.8 18 21
iShares UK Gilts 0-5yr UCITS ETF GBP Fixed interest securities Europe (ex. UK) 708 1.8 19 -
Corp. Acciona Energias Renovables Renewable energy developers Europe (ex. UK) 672 1.7 20 24
iShares £ Ultrashort Bond
UCITS ETF GBP Fixed interest securities Europe (ex. UK) 655 1.7 21 -
Fastned Renewable fuels and charging Europe (ex. UK) 651 1.7 22 22
HA Sustainable Infrastructure Capital Incorporation Renewable financing and energy efficiency North America 588 1.5 23 -
The Renewables Infrastructure Group Yieldcos and Investment Companies Europe (ex. UK) 571 1.5 24 -
Vanguard UK Gilt UCITS ETF Fixed interest securities Europe (ex. UK) 482 1.2 25 -
Polaris Renewable Energy Renewable energy developers Latin America 480 1.2 26 25
Orsted Renewable energy developers Global 392 1.0 27 26
Serena Energia Renewable energy developers Latin America 390 1.0 28 33
AES Corporation Renewable focused utilities North America 383 1.0 29 15
VH Global Sustainable Energy Yieldcos and Investment Companies Global 363 0.9 30 30
MPC Energy Solutions Renewable energy developers Latin America 319 0.8 31 27
7C Solarparken Renewable energy developers Europe (ex. UK) 256 0.7 32 28
Sequoia Economic Infrastructure Income Fund Renewable financing and energy efficiency Europe (ex. UK) 204 0.5 33 -
Boralex Renewable energy developers Global 203 0.5 34 32
Scatec Renewable energy developers Global 201 0.5 35 31
Foresight Environmental Infrastructure Yieldcos and Investment Companies Europe (ex. UK) 200 0.5 36 -
US Solar Fund Yieldcos and Investment Companies North America 136 0.3 37 29
Westbridge Renewable Renewable energy developers North America 72 0.3 38 35
39,212 99.9
PMGR Securities 2025 PLC ZDP subsidiary United Kingdom 50 0.1
TOTAL INVESTMENTS 39,262 100.0
INTERIM MANAGEMENT REPORT
Premier Miton Global Renewables Trust PLC is required to make the following
disclosures in its Half Year Report:
PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes that the principal risks and uncertainties faced by the
Company continue to fall into the following categories:
· Structure of the Company and gearing
· Repayment of ZDP Shares
· Dividend levels
· Currency risk
· Liquidity risk
· Market price risk
· Discount volatility
· Operational risk
· Accounting, legal and regulatory risk
· Political intervention
· Industry regulation
· Geopolitical risk
· Climate risk
Information on each of these, save for Repayment of ZDP Shares, is given in
the Strategic Report in the Annual Report for the year ended 31 December 2024.
Attention is further drawn to the 2025 ZDP Shares' liability falling due on 28
November 2025, the repayment of which stands in preference to the entitlements
of Ordinary Shares. A fall in value of the Company's portfolio around that
time could have a material adverse effect on the value of the Ordinary Shares.
RELATED PARTY TRANSACTIONS
The Directors are recognised as a related party under the Listing Rules and
during the six months to 30 June 2025 fees paid to Directors of the Company
totalled £42,350 (six months ended 30 June 2024: £41,388 and year to 31
December 2024: £83,738).
GOING CONCERN
The Directors believe that, having considered the Company's investment
objectives (shown on page 1), risk management policies and procedures, nature
of the portfolio and income and expense projections, the Company has adequate
resources, and suitable management arrangements in place to continue in
existence for a period of at least 12 months from the date on which these
financial statements were approved.
However, the requirement to satisfy the capital entitlement of the Company's
2025 ZDP Shares, falling due on 28 November 2025, will be likely to result in
the Company's assets being of a size such that it is no longer commercially
viable to continue in existence as an investment company. In such case, the
Directors would look to implement a reconstruction or wind up of the Company.
For these reasons, the Directors consider that the use of the going concern
basis is appropriate, although there is a material uncertainty that may cast
significant doubt on the Company's ability to continue as a going concern.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors are responsible for preparing the Half Year Report, in
accordance with applicable law and regulations. The Directors confirm that, to
the best of their knowledge:
· The condensed set of Financial Statements within the Half Year Report has been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and applicable law; and
· The Interim Management Report includes a fair review of the information required by 4.2.7R (indication of important events during the first six months of the year) and 4.2.8R (disclosure of related party transactions and changes therein) of the FCA's Disclosure and Transparency Rules.
For and on behalf of the Board.
Gillian Nott OBE
Chair
31 July 2025
DIRECTORS AND ADVISERS
Directors
Gillian Nott OBE - Chair
Melville Trimble - Chair of the Audit Committee
Victoria Muir - Chair of the Remuneration Committee
Alternative Investment Fund Manager ("AIFM")
Premier Portfolio Managers Limited
Eastgate Court
High Street
Guildford
Surrey GU1 3DE
Telephone: 01483 306 090
www.premiermiton.com
Authorised and regulated by the Financial Conduct Authority ("FCA")
Investment Manager
Premier Fund Managers Limited
Eastgate Court
High Street
Guildford
Surrey GU1 3DE
Telephone: 01483 306 090
www.premiermiton.com
Authorised and regulated by the Financial Conduct Authority
Secretary and Registered Office
MUFG Corporate Governance Limited
19th Floor
51 Lime Street
London EC3M 7DQ
Registrar
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds LS1 4DL
Telephone: 0371 664 0300*
Overseas: +44 (0) 371 664 0300*
E-mail: shareholderenquiries@ cm.mpms.mufg.com
https://uk.investorcentre.mpms. mufg.com
Depositary
Northern Trust Investor Services Limited
50 Bank Street
Canary Wharf
London E14 5NT
Authorised by the Prudential Regulation Authority ("PRA") and regulated by the
FCA and PRA
Custodian
The Northern Trust Company
50 Bank Street
Canary Wharf
London E14 5NT
Tax Advisor
(Tax services are delegated by Premier Portfolio Managers Limited)
Northern Trust Global Services SE
50 Bank Street
Canary Wharf
London E14 5NT
Auditor
HaysMac LLP
10 Queen Street Place
London EC4R 1AG
Stockbroker
Cavendish Capital Markets Limited
One Bartholomew Close
London EC1A 7BL
Telephone: 0207 220 0500
Ordinary Shares
SEDOL 3353790GB
LSE PMGR
Zero Dividend Preference Shares
SEDOL BNG43G3GB
LSE: PMGZ
Global Intermediary Identification Number
GIIN: W6S9MG.00000.LE.826
*Calls are charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom will be charged at the applicable
international rate. The Registrar is open between 09:00 - 17:30 Monday to
Friday excluding public holidays in England and Wales.
Copyright (c) 2025 PR Newswire Association,LLC. All Rights ReservedRecent news on Premier Miton Global Renewables Trust
See all newsREG-Premier Miton Global Renewables Trust Plc: Net Asset Value(s)
AnnouncementREG-Premier Miton Global Renewables Trust Plc: Net Asset Value(s)
AnnouncementREG-Premier Miton Global Renewables Trust Plc: Half-year Report
AnnouncementREG-Premier Miton Global Renewables Trust Plc: Net Asset Value(s)
AnnouncementREG-Premier Miton Global Renewables Trust Plc: Net Asset Value(s)
Announcement