Proactiveinvestors United Kingdom Impax Asset Management Proactiveinvestors United Kingdom Impax Asset Management RSS feed en Fri, 24 May 2019 19:57:35 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[RNS press release - Date of Interim Results Announcement ]]> Tue, 30 Apr 2019 13:35:07 +0100 <![CDATA[Media files - Impax Asset Management sees big opportunities as consumers move towards natural foods ]]> Wed, 24 Apr 2019 13:44:00 +0100 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Thu, 18 Apr 2019 18:19:12 +0100 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Wed, 17 Apr 2019 17:31:18 +0100 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Wed, 17 Apr 2019 08:56:29 +0100 <![CDATA[Media files - Impax Asset Management benefiting from transition to more sustainable global economy ]]> Wed, 10 Apr 2019 08:02:00 +0100 <![CDATA[News - Impax Asset Management off to strong start in 2019 ]]> Impax Asset Management Group PLC (LON:AUM) saw its shares rise on Monday after the firm reported a 15% increase in assets under management (AUM) in the first quarter of 2019.

AUM at the end of March stood at £13.3bn, up 6% since the start of the company's fiscal year, which was 1 October 2018.

WATCH: Impax Asset Management sees big opportunities as consumers move towards natural foods

"It has been a strong start to 2019 for Impax,” said Ian Simm, the chief executive officer of Impax AM.

“The transition to a more sustainable global economy is yielding a wide range of attractive investment opportunities, and our specialist expertise in this area continues to resonate with asset owners around the world. At a time when many investment managers are experiencing sustained outflows, Impax is attracting a high level of new subscriptions from multiple channels," he added.

In a note to clients, analysts at ‘house’ broker Peel Hunt commented: “Although current AuM is slightly ahead of what we expected, investor sentiment remains fragile and we, therefore, leave our forecasts unchanged for now.

“We are looking for PBT/EPS of £17.7m/10.0p (consensus is £18.5m/10.7p). The stock continues to trade at a premium to the sector (an EV/EBIT of 15.5x vs c.11x), but this remains justified by the medium-to-longer-term prospects.”

Peel Hunt reiterated a ‘buy’ recommendation and 250p target price on Impax AM shares, which in mid-morning trading were 2.6% higher at 241p.

 -- Adds analyst comment, share price --

Mon, 08 Apr 2019 07:53:00 +0100
<![CDATA[RNS press release - AUM Update ]]> Mon, 08 Apr 2019 07:00:07 +0100 <![CDATA[News - Impax Environmental Markets sees rising demand for shares after volatile 2018 ]]> Impax Environmental Markets PLC (LON:IEM) said 2018 was a challenging year for investors but the fundamentals underpinning the business remained strong with improving demand for its shares.

The investment firm, which focuses on alternative energy, pollution control, waste management, environmental support services and sustainable food and agriculture, said its ordinary share price ended last year at a premium to net asset value (NAV) of 1.4%.

Further growth opportunities seen

The shares had been trading at a maximum discount of 9.4% and a maximum premium of 5.2% during the year amid market volatility, particularly in the fourth quarter.

“Rising demand for our shares, predominantly from private investors, helped the company's share price to move from a significant discount to a small premium, which means that the returns for investors - the combination of share price movement and dividends paid - were well ahead of both comparative indices; indeed, the shares now trade generally at a premium to underlying NAV and we were able to issue shares out of treasury to meet investor demand,” chairman John Scott said.

“The board's view is that the issues and drivers propelling environmental markets, and the investment potential they offer, remain compelling.”

Impax sees further growth opportunities in environmental markets as governments take action to cut plastic wastes and Co2 emissions.

At the end of 2018, Impax had net assets of £450mln and NAV per ordinary share of 249.6p.

The NAV total return per ordinary share fell by 10.8%, reflecting a poor performance of smaller companies.

“In the circumstances, I feel that the company weathered the various storms well and it is heartening to see the steady inflow of new shareholders to our register,” Scott said.

Looking to the 2019 financial year, the group said it has made a good start with the NAV and share price having recovered some ground.

The group raised its dividend for the year to 3p per share from 2.5p.

Thu, 04 Apr 2019 15:10:00 +0100
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> Fri, 15 Mar 2019 16:54:47 +0000 <![CDATA[RNS press release - Result of AGM ]]> Thu, 07 Mar 2019 16:04:38 +0000 <![CDATA[News - Impax Assset Management wins mandate with BNP Paribas client ]]> Impax Asset Management Group PLC (LON:IPX) has picked up a new mandate from a Luxembourg-based pension fund.

The mandate, for Impax Asset Management Limited, is from a customer of BNPP AM France, the investment arm of the French bank. 

Fees payable to IAM will be paid quarterly, as a percentage of the assets under management.

As BNP Paribas is a significant shareholder in Impax, it is regarded as a related-party transaction under AIM rules.

Mon, 04 Mar 2019 08:57:00 +0000
<![CDATA[RNS press release - Related Party Transaction ]]> Mon, 04 Mar 2019 07:00:04 +0000 <![CDATA[Media files - Impax Environmental monetises the growth in green markets ]]> Thu, 21 Feb 2019 15:18:00 +0000 <![CDATA[RNS press release - Holding(s) in Company - Replacement ]]> Thu, 14 Feb 2019 16:36:33 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Wed, 13 Feb 2019 14:05:08 +0000 <![CDATA[News - Asset Management One places 1% stake in Impax Asset Management ]]> Impax Asset Management Group PLC (LON:IPX) shareholder Asset Management One Co Ltd (AMO) has placed a 1% stake in the firm at a discounted price.

AMO placed around 1.3mln Impax shares, equivalent to around 1% of the share capital, for 200p each, a 10.5% discount to Impax's last close price of 223.5p.  

Impax itself would not receive any proceeds from the placing.

Following the sale, AMO retained around 4.2mln Impax shares.

In early afternoon trading Friday, Impax shares were down 3.8% at 215p.

--Corrects information--

Fri, 08 Feb 2019 13:09:00 +0000
<![CDATA[RNS press release - Result of Placing in Impax Asset Management Group ]]> Fri, 08 Feb 2019 12:09:42 +0000 <![CDATA[News - Impax Environmental Markets to look for a new auditor ]]> Impax Environmental Markets PLC (LON:IEM) has sought to reassure shareholders who voted against a couple of resolutions at last year’s annual general meeting.

Back in May, 23.7% of shareholders voted against re-appointing Ernst & Young as the company’s auditor, while 22.8% voted against plans to increase the maximum aggregate remuneration of the directors from £150,000 to £200,000 per annum.

WATCH: Impax Environmental monetises the growth in green markets

After listening to the feedback, Impax said it will look for a new auditor to run the rule over this year’s accounts, and shareholders will get the chance to approve the new firm at the AGM in May.

“The company's incumbent auditor will not be invited to participate in the new audit tender,” Impax confirmed in Wednesday’s stock exchange announcement.

As for the increase in aggregate director remuneration, the company said the intention was to give the board more flexibility, such as being able to appoint additional directors during a period of board succession.

“It has been the board's practice to review the ceiling for aggregate director remuneration on a three-year cycle and it confirms that no further increase to the current maximum of £200,000 per annum will be sought before the 2021 annual general meeting.”

Impax shares were broadly flat at 261.5p in late-morning trading on Wednesday.

Wed, 30 Jan 2019 11:32:00 +0000
<![CDATA[News - Impax Environmental Markets clarifies premium and discount management intentions ]]> Impax Environmental Markets PLC (LON:IEM) has noted the strong price performance of the company's shares for long periods of 2018, and the consequent material re-rating of the shares during the course of the year.

The £475mln company, which invests in things such as renewable energy, sustainable food and water, said this reflects both the growing recognition of the merits of its environmental investment thesis, as well as the credentials of its long-term investment manager, who has been responsible for the portfolio since Impax’s launch in February 2002.

READ: Impax believes green investment has never been more relevant

Since late September, the shares have generally traded at a premium to net asset value; and in December, the firm issued shares out of the treasury in order to satisfy the demand that could not readily be met in the secondary market.

Impax added that it has 45.5mln shares available to issue and it will be undertaking a number of one-to-one marketing meetings with shareholders and potential investors over the coming weeks.

“Given the potential for further share issuance, the board recognises that existing shareholders and potential investors alike will welcome some clarification on its intentions regarding premium and discount management,” read a statement on Tuesday.

“The board, therefore, confirms that it remains committed to using its powers, including those to issue and buy back shares, in a proactive manner with the aim of seeing the shares, in normal market conditions, trading close to net asset value on a consistent and long-term basis.”

Impax shares were up 0.6% to 266p in late-morning trading on Tuesday.

Tue, 22 Jan 2019 11:00:00 +0000
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> Thu, 10 Jan 2019 07:00:07 +0000 <![CDATA[RNS press release - AUM update ]]> Mon, 07 Jan 2019 07:00:04 +0000 <![CDATA[RNS press release - Notice of Annual General Meeting ("AGM") ]]> Mon, 17 Dec 2018 16:20:41 +0000 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Mon, 10 Dec 2018 14:03:54 +0000 <![CDATA[RNS press release - Annual Financial Report ]]> Fri, 07 Dec 2018 15:36:12 +0000 <![CDATA[RNS press release - Final Results ]]> Thu, 06 Dec 2018 07:00:08 +0000 <![CDATA[RNS press release - Notice of Results ]]> Wed, 21 Nov 2018 16:52:00 +0000 <![CDATA[RNS press release - Recommendation to Trustees of EBT ]]> Mon, 05 Nov 2018 15:55:41 +0000 <![CDATA[RNS press release - Holding(s) in Company ]]> Fri, 26 Oct 2018 15:51:07 +0100 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Fri, 26 Oct 2018 15:47:24 +0100 <![CDATA[RNS press release - Related Party Transaction ]]> Tue, 09 Oct 2018 07:00:06 +0100 <![CDATA[RNS press release - AUM update ]]> Mon, 08 Oct 2018 07:00:04 +0100 <![CDATA[RNS press release - Holding(s) in Company - Replacement ]]> Wed, 12 Sep 2018 10:31:18 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Tue, 11 Sep 2018 15:59:47 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Wed, 11 Jul 2018 14:00:51 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Wed, 11 Jul 2018 13:56:50 +0100 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Tue, 10 Jul 2018 14:03:06 +0100 <![CDATA[RNS press release - AUM update ]]> Fri, 06 Jul 2018 07:00:03 +0100 <![CDATA[News - Impax Environmental believes green investment has never been more relevant ]]> Environmental issues have never been more prevalent, but does a focus on the green issues stack up as an investment.

Impax Environmental Markets PLC (LON:IEM) has specialised in the space for 16 years and the outlook has never been brighter or more relevant says Jon Forster, the trust’s co-portfolio manager.

WATCH: Impax Environmental Markets 'all about growth & investing in pure play businesses'

People tend to think of environmental investing as just renewable energy adds Forster, but it’s much broader than that.

The trust splits the broad environmental market into four categories: new energy; sustainable food and agriculture; water and waste/resource recovery.

Forster says the long-term investment hypothesis across all of the areas is very strong and durable.

Faster growth than broader economy

Indeed, environmental markets could potentially grow faster than the broader economy due to the need to address some of the challenges facing the world.

A rising population wanting higher living standards is bringing incremental demand for basic resources and services, which is putting pressure on the supply side.

Better infrastructure is a key issue in developed countries as well as those emerging.

London, for instance, loses up to half of its water out of the pipes before it makes it to the household, says Forster.

China, too, has major problems meeting the water requirements of a rapidly urbanising population.

This month’s heatwave coming just months after the Beast from the East struck has also underlined how the climate is becoming more changeable, even in temperate areas.

Earnings driver

This climate volatility will require a whole new level of infrastructure believes Forster.

Plastics meanwhile are barely off the front pages at the moment and recycling is another area seeing strong growth.

And behind it is what Forster calls the ‘policy ratchet’ of tightening regulation.

Recycling directives, efficiency standards, building regulations and water controls and so on will only get more stringent and offer big opportunities for companies providing the solutions.

In other areas too, major leaps forward with innovation such as electric vehicles, the internet of things, plastics recycling and renewable energy area are all proving to be major market disruptors.

Environmental markets evolving

At these times the environmental space can see very rapid growth says Forster.

“These are major earnings drivers. The basic story is that we are only at the evolution of these markets.”

As an indicator of the growing importance of the environmental sector to investors, Impax estimates the numbers of analysts covering the sector grew to 1,100 last year from 250 in 1999. 

That growing interest has been reflected in the share price of Impax, which has risen almost 90% since the start of 2016 to 267p or close to a five-year high. 

The company is now worth around £480mln, a 5% discount to the net asset value of £507mln stated in the May factsheet.

On an earnings basis, Forster says that over the past five years the trust has performed well against ACWI, the global equities comparator.

Long-term thesis

In each of the past three years (April to March), the share price has also outperformed, but Forster admits there are times when the portfolio may not be as strong.

There are no financial, conventional oil, healthcare or telecoms companies in the portfolio, for instance, and when those sectors are in favour IEM can struggle to keep up.

Forster, who has been with the trust since its launch, nonetheless remains ‘very confident’ that over the long term Impax’s stance will prove its worth financially as well as environmentally.

“The basic investment thesis is more valid today than it was five years ago and will be even more valid tomorrow.”

Thu, 05 Jul 2018 10:35:00 +0100
<![CDATA[Media files - Impax Environmental Markets 'all about growth & investing in pure play businesses' ]]> Thu, 28 Jun 2018 15:32:00 +0100 <![CDATA[RNS press release - Director/PDMR and PCA Shareholding ]]> Mon, 18 Jun 2018 12:38:34 +0100 <![CDATA[RNS press release - Directorate Change ]]> Tue, 12 Jun 2018 10:54:41 +0100 <![CDATA[RNS press release - Interim results to 31 March 2018 ]]> Thu, 07 Jun 2018 07:56:50 +0100 <![CDATA[RNS press release - Recommendation to Trustees of EBT ]]> Fri, 04 May 2018 13:30:33 +0100 <![CDATA[RNS press release - Notice of Results ]]> Wed, 25 Apr 2018 07:00:12 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 23 Apr 2018 18:01:07 +0100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 23 Apr 2018 11:43:23 +0100 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Mon, 16 Apr 2018 18:25:13 +0100 <![CDATA[RNS press release - Share Incentive Plan ]]> Wed, 11 Apr 2018 07:00:03 +0100 <![CDATA[RNS press release - AUM update ]]> Tue, 10 Apr 2018 07:00:06 +0100