Toro has published its first set of accounts, covering the period from 2 March 2015 to 30 September 2015. It raised €331.8m (gross of issue costs) on 8 May 2015 when it IPOd. There were two additional placings made during the Period, €16.4m (gross of issue costs) on 17 July 2015 and €8.8m (gross of issue costs) on 29 July 2015. On IPO the Company was 49% invested through its in specie acquisition of the portfolio of Toro Capital I.
During the Period, the Company’s net asset value increased by 3.61% (net of issue costs) to 101.54 cents. On 29 October 2015 the Company announced the payment of a dividend of 2.0 cent per ordinary share for the Period, exceeding the Company’s target first dividend of at least 1.2 per cent. of the Issue Price per Share as set out in the IPO prospectus. The Company will target (i) a NAV total return (including dividend payments) of 12 to 15 per cent per annum over three to five years once the Company is fully invested and (ii) a dividend of 5 per cent per annum payable quarterly in March, June, September and December of each year.
Toro’s mid-market share price at 30 September 2015 was 98.5 cents, representing a discount to NAV of 2.99%.
The statement runs through, month-by-month, the activity on the portfolio. You’ll be able to read it in full by clicking on the documents tab on Toro’s page on the QuotedData website.
TORO : Toro gets off to good start but moves to discount