Why Invest With TRIG

A Focus On Sustainable Yield

The dividend target for the year ending 31 December 2017 is 6.40 pence per share, to be paid in four equal quarterly instalments.1 Details on expected payment dates and the dates when the shares are to be expected to go ex-dividend can be found in the scrip circular in the Investor Relations section, found here

The Company gives dividend guidance for the forthcoming year when announcing its annual results (usually each February). In considering the target dividend for future years the Company will consider the prospects for the Company including prevailing levels of inflation, wholesale power price outlook and other factors impacting on the Company’s expected cash generation.

Additionally, TRIG targets an attractive long-term IRR with an outlook of 7% to 9% annualised total return (net of expenses and fees). There is the potential for capital value upside supported by reinvestment of surplus cash flows available from the diversified portfolio after the payment of dividends.2

A Diversified Portfolio

TRIG has a mixture of wind and solar PV assets in a number of geographies as well as across a range of technologies affording diversification for investors by jurisdiction, power market, energy source and weather system. Broader portfolio diversification will generally reduce investment risk compared to a narrower investment approach investing in a single asset or asset type.

Liquidity

With an average daily share trading volume of c. 800,000 shares, TRIG allows shareholders to access an otherwise illiquid (non-listed) asset class through a market-traded security investment.3

Sustainability & Governance

TRIG invests in a sustainable asset class and the Board of Directors accords a high priority to ESG (Environmental, Social and Governance) matters. InfraRed, TRIG’s investment manager, maintains a market-leading A+ score in respect of the 2016 PRI Assessment for responsible infrastructure investment. 

Additional prudent objectives are pursued by TRIG’s Board, InfraRed and RES, including:

  • Strict adherence of a carefully constructed Investment Policy which maintains limits on single asset concentration, geographical and construction exposure.
  • Effective treasury and cost management by reducing income and balance sheet volatility through foreign exchange (FX) hedging, efficient cash management, as well as offering low ongoing charges (1.09% H1 2017).4
  • Employing strict capital management procedures including issuing new shares at a premium to net asset value per share, avoiding NAV dilution for existing investors.

InfraRed is authorised and regulated by the UK Financial Conduct Authority. The investment company itself is a Guernsey-registered self-managed, non-EEA Alternative Investment Fund.

Institutional Backing

TRIG’s shareholder list is underpinned by a broad range of well-known institutions across key investor groups, including pension funds, asset managers, and insurance and banking groups, as well as retail investors.

  1. The target dividends set out are not profit forecasts and there can be no assurance that these targets can or will be met and they should not be seen as indication of the Company’s expected or actual results or returns.
  2. Achievements of these long-term targets is not guaranteed and may be dependent on a number of factors, not least the reversion of wholesale power prices, after their recent falls, to an expected long-term growth trend at a rate above prevailing inflation.
  3. The Association of Investment Companies, as at 30 June 2017
  4. The Ongoing Charges Percentage have been calculated in accordance with AIC guidance and are defined as annualised ongoing charges (i.e excluding acquisition costs and other non- recurring items) divided by the average published undiluted net assets value in the period.