JLEN Environmental Assets faces discontinuation vote following further NAV dip

23.5% discount

JLEN Environmental Assets trust will face a discontinuation vote in September after its net asset value suffered a further 7.8% drop, amid a difficult year for companies investing in the renewables sector.

In its annual results published today (21 June), the trust's NAV dropped to £751.2m in the year ending 31 March 2024, down from £814.6m recorded a year before. Similarly, NAV per share was down to 113.6p from 123.1p. However, JLEN attributed the fall to dividend payments to shareholders, which were "in line" with the trust's target.  The drop in NAV came on the back of lower power price forecasts, a change in outlook for battery revenues and increases in discount rates. As a result, the trust will face a discontinuation vote at the upcoming annual general meeting in September, when th...