Dunedin Income Growth redeemed its £28.6m 7.875% debenture stock as planned and at par (£100 for every £100 worth of debentures). It borrowed £30m at 3.99% fixed until 2045 ahead of this and funded the redemption by selling a portfolio of corporate bonds.
International Public Partnerships is investing another £12.4m in the Midlands Batch Priority Schools Project. The company agreed with other lenders, the Department for Education, IPA, and other stakeholders to make the investment needed to fund the project to complete the works, remedy defects and finance its operations – this was needed as Carillion was the contractor for the project.
British & American is a complicated beast, partly because of its capital structure (it is heavily geared by preference shares) and partly because of its eclectic portfolio (which is dominated by a few stocks such as biotech company, Geron). Its results to end December show a -32.9% NAV total return (if you deduct the preference shares at their face value, the ordinary shares had no value at the end of 2018). Geron’s share price remains very volatile. It hiked the dividend to 8.7p (uncovered by diluted earnings of 7.2p) but warned that dividend growth was under threat unless Geron recovers.
UK Mortgages said it was in the process of refinancing its Malt Hill No.1 securitisation (a collection of mortgages that it has spun off into a separate vehicle). “…as the pool size has reduced since acquisition from approximately GBP310m to around GBP200m this refinancing will allow the fund to re-lever the portfolio, thereby increasing returns for the fund on the remaining loans whilst simultaneously releasing capital for further investment.”
Blackstone/GSO Loan Financing results show an IFRS NAV total return per Euro Ordinary share of -3.99% in 2018. Dividends totalled 10 cents per share. “At the end of Q4 2018, there was a large market selloff in the broadly syndicated loan market, being the underlying collateral for the CLO Income Notes, and as a result, the CLO Income Notes’ NAVs dropped.”
Our main stories this morning were:
- Oakley Capital’s joint venture in Spain; and
- Ceiba Investments’ first results since its IPO
- Africa Opportunity will offer a switch into a realisation pool
QuotedData’s other news 1 May 2019