PUT Premier UT.

TIDMPMGR

Premier Miton Global Renewables

16 March 2023

London, UK, 16 March 2023

Edison issues review on Premier Miton Global Renewables Trust

(PMGR)

The imposition of additional taxes on energy companies by UK and European governments in the last quarter of 2022, together with accompanying anticipation, resulted in a very volatile year for the listed renewables sector. Reflecting uncertainty in 2022, Premier Miton Global Renewables Trust's (PMGR's) performance has also been volatile. During the last 12 months, the NAV total return was -8.4%, further depressed by exposure to China, now reduced to 3.1% of the portfolio (at end February 2023). The share price total return was -10.4% because of the gearing effect (both returns in sterling to end February 2023). The manager, James Smith, has responded by restructuring the portfolio away from Chinese holdings towards higher-yielding UK and European companies. He believes that the share prices of renewable companies should start to rise as uncertainty around extra taxation is removed and the market acknowledges the industry's strong fundamentals.

FY21 and FY22 dividends were fully covered by income and, given ample revenue reserves (c 7.0p per share, almost 1.0x the historical annual dividend), have scope to grow. The manager expects higher income per share for FY23 (7.2p in FY22). The fund is small and highly geared (which potential investors may see in a negative light). The 17.7% discount to NAV remains wider than the three-year average of 9.0%, reflecting investors' cautious attitude towards the renewable energy sector, as investors value it as bond proxy, but may present a buying opportunity at these levels, should sentiment improve.

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