On 31 December 2015, Premier Energy & Water Trust (PEW) issued £24.1m of new Zero Dividend Preference shares (ZDPs) to partially refinance its 2015 ZDP issue that matured that day. Following this transaction, PEW’s ordinary shares are significantly less geared and it has a lower cost of borrowing. The reduction in gearing results in lower revenue for the ordinary shares and the trust’s additional dividends are also coming to an end. However, the managers anticipate incom
