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, its borrowings are significantly less and the cost of these are lower. Gross assets are also smaller, which results in lower income for its ordinary shares, whilst the trust’s additional dividends are also coming to an end. However, the managers anticipate income generati
