Ecofin Water & Power Opportunities plc (EWPO) was launched in February 2002 as a geared, split capital investment trust to take advantage of the investment opportunities the board believed existed in the water, electric power and gas distribution industries (commonly referred to as “utilities”) by investing principally in the equity and equity-related securities of such companies, primarily in the United Kingdom, Continental Europe, the United States and other developed countries.
By 30 June 2016, EWPO had total assets of £531.3 million, including £79.8 million nominal of CULS and £96.4 million of ZDP Shares outstanding, £13.0 million of borrowings, and £342.1 million of net assets attributable to EWPO Shareholders. Since the launch of EWPO in February 2002, the net assets attributable to EWPO’s shareholders (adjusted for changes in share capital) had grown by 366.9% on a total return basis (i.e. assuming dividends were re-invested), equivalent to 11.3% per annum. In comparison, over the same period the MSCI World Index of developed markets and the FTSE All-Share Index rose by 7.0% per annum and 6.1% per annum, respectively, on a total return basis and in Sterling terms.
On 31 July 2016, the CULS were redeemed by the Company at their nominal value plus accrued interest and the ZDP Shares matured and holders were repaid 160.70p per share. A Scheme of Reconstruction for EWPO was approved by its shareholders in general meetings during September 2016.
Ecofin Global Utilities and Infrastructure Trust plc
EWPO’s successor company, Ecofin Global Utilities and Infrastructure Trust plc (Ecofin Global) was admitted to trading on the London Stock Exchange on Monday 26 September 2016.
EF Realisation Company Limited in Liquidation
EF Realisation Company Limited was established as a realisation vehicle for the illiquid assets of EWPO. It was intended that the Company’s lifespan would be approximately two years and, further to asset realisations and shareholder approval, it was placed into voluntary liquidation in September 2018. Current shareholders of EF Realisation Company Limited can access liquidation documents here.