Purchase of Shares by Investment Manager
15 December 2023
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
Purchase of shares in Company by Investment Manager
Sustainable Development Capital LLP ("SDCL"), the Investment Manager of SDCL Energy Efficiency Income Trust plc, has acquired 1,000,000 Ordinary Shares (approx. £0.6 million) of Ordinary Shares in the Company at a price of 62 pence per share, via a wholly owned subsidiary. Following the purchase and settlement of these shares, the SDCL group owns 1,000,001 Ordinary Shares in the Company, which represents approximately 0.1% of the Ordinary Shares in issue at this date.
Jonathan Maxwell, CEO of Sustainable Development Capital LLP, said:
"Our purchase of SEEIT shares in the market underscores our confidence in the value of the Company's large, unique and diversified portfolio of over £1 billion of energy efficiency projects. As Investment Manager, we believe that the shares represent exceptional value given the high dividend yield, covered by cash flow, and a substantial discount to net asset value. The purchase follows share purchases by members of management and the board throughout 2023.
We believe that SEEIT is well positioned to benefit from the acceleration in the energy efficiency market. Energy efficiency is the largest, fastest, cheapest and cleanest source of greenhouse gas emission reductions, as well as energy cost reductions and energy security. Strong policy support in the United States and Europe is now reinforced by the outcome of the UN climate change conference, COP28, which for the first time calls for a doubling of the rate of energy efficiency improvements alongside a tripling of renewable energy, as the first priorities to achieve decarbonisation."
For Further Information
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Sustainable Development Capital LLP Jonathan Maxwell Eugene Kinghorn Purvi Sapre Toby Richardson
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T: +44 (0) 20 7287 7700
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Jefferies International Limited Tom Yeadon Gaudi Le Roux
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T: +44 (0) 20 7029 8000
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TB Cardew Ed Orlebar Henry Crane |
T: +44 (0) 20 7930 0777 M: +44 (0) 7738 724 630 |
About SEEIT
SDCL Energy Efficiency Income Trust plc is a constituent of the FTSE 250 index. It was the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of commercial and industrial solar and storage projects in the United States, a regulated gas distribution network in Sweden and a district energy system providing essential and efficient utility services on one of the largest business parks in the United States.
The Company aims to deliver shareholders value through its investment in a diversified portfolio of energy efficiency projects which are driven by the opportunity to deliver lower cost, cleaner and more reliable energy solutions to end users of energy.
Past performance cannot be relied on as a guide to future performance.
Further information can be found on the Company's website at www.seeitplc.com.
Investment Manager
SEEIT's investment manager is Sustainable Development Capital LLP, an investment firm established in 2007, with a proven track record of investment in energy efficiency and decentralised generation projects in the UK, Continental Europe, North America and Asia.
SDCL is headquartered in London and also operates worldwide from offices in New York, Dublin, Hong Kong and Singapore. SDCL is authorised and regulated in the UK by the Financial Conduct Authority.
Further information can be found on at www.sdclgroup.com.
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